Company registration number 03591270 (England and Wales)
HADDENHAM HEALTHCARE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
HADDENHAM HEALTHCARE LIMITED
COMPANY INFORMATION
Directors
L A Wright
J Wright
T A Wright
H Fickling
(Appointed 1 December 2023)
S Harding
(Appointed 1 December 2023)
Secretary
J Wright
Company number
03591270
Registered office
30 Upper High Street
Thame
Oxfordshire
OX9 3EZ
Auditor
Richardsons Chartered Accountants
30 Upper High Street
Thame
Oxfordshire
OX9 3EZ
HADDENHAM HEALTHCARE LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of income and retained earnings
8
Balance sheet
9
Statement of cash flows
10
Notes to the financial statements
11 - 23
HADDENHAM HEALTHCARE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 1 -

The directors present the strategic report for the year ended 30 June 2023.

Principal activities

Haddenham Healthcare continues its principal activity of providing high quality medical devices to the lymphoedema, chronic oedema and wound care market in the UK, Australia and to several other countries via distribution agreements.

Review of the business

We donate a proportion of our retained earnings to charity and good causes and in the year ending 30 June 2023 we donated £85,115.

The company operates in the competitive UK and Australian market supplying both the public and private sector. The strategy is to grow sales year on year by offering innovative new products and continually improving our existing range. We support sales activity with clinical training and support to our customers.

Principal risks and uncertainties

The company’s future success is dependent on maintaining supply of high-quality medical devices delivered in a timely manner to its customers. The Company works closely with our customers to ensure that we understand their needs.

The rising costs of raw materials, fuel, and labour, along with healthcare systems aiming to decrease overall expenditure, have been partially alleviated by the introduction of new innovative products, the review of our logistics contracts, and the streamlining of internal processes.

Key performance indicators

Year ended 30 June            2023        2022

                    £’000        £’000

Turnover                    14,692        11,278

Turnover movement            30%        22%

Operating profit                1,633        1,288

Suppliers

Suppliers are a critical part of the business and top management devote considerable time to maintaining and building strong working relationships.

Liquidity

The Company adopts the strategy of investing from retained earnings and mitigates the liquidity risk by maintaining a strong cash collecting regime.

Regulation

The Company maintains ISO 13485, ISO 90001 and ISO 140001 Standards and Cyber Essentials to ensure that it maintains state of the art compliance with regulatory requirements.

Workforce

The Company endeavours to ensure that all employees align themselves with the Company ethos and values and that in-house training ensure employees have a broad understanding of the Company’s products and procedures.

 

Technology Change

Maintaining state of the art IT systems is essential to meet the needs of our business. In the next financial year, the Company will implement new systems to ensure needs continue to be met.

 

 

 

HADDENHAM HEALTHCARE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -

On behalf of the board

L A Wright
Director
22 January 2024
HADDENHAM HEALTHCARE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -

The directors present their annual report and financial statements for the year ended 30 June 2023.

Branches

The company has one foreign branch based in Australia.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

L A Wright
J Wright
T A Wright
H Fickling
(Appointed 1 December 2023)
S Harding
(Appointed 1 December 2023)
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
L A Wright
Director
22 January 2024
HADDENHAM HEALTHCARE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

HADDENHAM HEALTHCARE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HADDENHAM HEALTHCARE LIMITED
- 5 -
Opinion

We have audited the financial statements of Haddenham Healthcare Limited (the 'company') for the year ended 30 June 2023 which comprise the statement of income and retained earnings, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

HADDENHAM HEALTHCARE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HADDENHAM HEALTHCARE LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

The auditor’s assessment of the susceptibility of the entity’s financial statements to material misstatement, including how fraud might occur.

Which laws and regulations the auditor identified as being of significance in the context of the entity.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditors responsibilities. This description forms part of our auditor’s report.

 

HADDENHAM HEALTHCARE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HADDENHAM HEALTHCARE LIMITED
- 7 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters which we are required to address

Note that the corresponding figures for the financial year 30 June 2022 were unaudited. However, sufficient appropriate audit evidence has been obtained to ensure that the opening balances do not contain misstatements that materially affect the current period’s financial statements.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Alison Richardson
Senior Statutory Auditor
For and on behalf of Richardsons Chartered Accountants
22 January 2024
Chartered Accountants
Statutory Auditor
30 Upper High Street
Thame
Oxfordshire
OX9 3EZ
HADDENHAM HEALTHCARE LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
14,692,350
11,278,030
Cost of sales
(7,940,031)
(6,191,997)
Gross profit
6,752,319
5,086,033
Administrative expenses
(5,119,378)
(3,797,708)
Operating profit
1,632,941
1,288,325
Interest receivable and similar income
5,504
3,623
Profit before taxation
1,638,445
1,291,948
Tax on profit
7
(225,397)
(277,276)
Profit for the financial year
1,413,048
1,014,672
Retained earnings brought forward
4,403,892
3,497,720
Dividends
8
(140,800)
(108,500)
Retained earnings carried forward
5,676,140
4,403,892

The profit and loss account has been prepared on the basis that all operations are continuing operations.

HADDENHAM HEALTHCARE LIMITED
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
9
96,796
115,766
Tangible assets
10
2,779,836
1,756,153
Investments
11
95,302
106,015
2,971,934
1,977,934
Current assets
Stocks
1,174,902
738,062
Debtors
12
3,041,035
2,865,431
Cash at bank and in hand
815,168
1,182,626
5,031,105
4,786,119
Creditors: amounts falling due within one year
13
(2,277,476)
(2,054,677)
Net current assets
2,753,629
2,731,442
Total assets less current liabilities
5,725,563
4,709,376
Creditors: amounts falling due after more than one year
14
-
0
(301,231)
Provisions for liabilities
(49,323)
(4,153)
Net assets
5,676,240
4,403,992
Capital and reserves
Called up share capital
16
100
100
Profit and loss reserves
5,676,140
4,403,892
Total equity
5,676,240
4,403,992

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.true

The financial statements were approved by the board of directors and authorised for issue on 22 January 2024 and are signed on its behalf by:
L A Wright
Director
Company registration number 03591270 (England and Wales)
HADDENHAM HEALTHCARE LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023
- 10 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
1,642,023
416,854
Income taxes paid
(307,926)
(123,701)
Net cash inflow from operating activities
1,334,097
293,153
Investing activities
Purchase of intangible assets
(38,433)
(73,220)
Purchase of tangible fixed assets
(1,019,564)
(1,760,407)
Repayment of loans
8,678
8,505
Interest received
5,504
3,623
Net cash used in investing activities
(1,043,815)
(1,821,499)
Financing activities
Proceeds from borrowings
-
0
817,627
Repayment of borrowings
(516,940)
-
0
Dividends paid
(140,800)
(108,500)
Net cash (used in)/generated from financing activities
(657,740)
709,127
Net decrease in cash and cash equivalents
(367,458)
(819,219)
Cash and cash equivalents at beginning of year
1,182,626
2,001,845
Cash and cash equivalents at end of year
815,168
1,182,626
HADDENHAM HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 11 -
1
Accounting policies
Company information

Haddenham Healthcare Limited is a private company limited by shares incorporated in England and Wales. The registered office is 30 Upper High Street, Thame, Oxfordshire, OX9 3EZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

HADDENHAM HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 12 -

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Patents and trademarks
33% Straight Line
Software license
10% Sraight Line
Website development
20% Straight Line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold buildings
2% Straight Line
Plant and equipment
33% Straight Line UK   25% Straight Line AUS

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

HADDENHAM HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 13 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

HADDENHAM HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 14 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

HADDENHAM HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 15 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

HADDENHAM HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 16 -
1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
10,674,840
8,103,385
Rest of Europe
541,222
431,200
Rest of the world
3,476,288
2,743,445
14,692,350
11,278,030
2023
2022
£
£
Other revenue
Interest income
5,504
3,623
HADDENHAM HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 17 -
4
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
18,500
-
0
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
72
65

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
2,643,133
2,086,214
Social security costs
229,625
190,948
Pension costs
264,816
207,146
3,137,574
2,484,308
6
Directors' remuneration
2023
2022
£
£
Remuneration paid to directors
372,926
288,064

The number of directors for whom pension benefits are accruing under defined contribution schemes amounted to 3 (2021: 3)

7
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
258,831
279,151
Adjustments in respect of prior periods
(78,604)
(1,875)
Total current tax
180,227
277,276
HADDENHAM HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
7
Taxation
2023
2022
£
£
(Continued)
- 18 -
Deferred tax
Origination and reversal of timing differences
45,170
-
0
Total tax charge
225,397
277,276

The corporation tax rate for Haddenham Healthcare Limited increased from 19% to 25% from 01 April 2023.

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
1,638,445
1,291,948
Expected tax charge based on the standard rate of corporation tax in the UK of 20.50% (2022: 19.00%)
335,881
245,470
Tax effect of expenses that are not deductible in determining taxable profit
34,184
27,588
Tax effect of income not taxable in determining taxable profit
(1,128)
(688)
Adjustments in respect of prior years
(78,604)
(1,875)
Effect of change in corporation tax rate
(43)
-
0
Double tax relief
(85,796)
(93,098)
Permanent capital allowances in excess of depreciation
(45,887)
(9,280)
Effect of overseas tax rates
115,515
121,437
Tax relief in respect of gift aid
(3,578)
(11,658)
Deferred tax adjustment
45,170
-
0
Non trade loan relationship credit
1,128
688
Patent box adjustment
(69,865)
(33,562)
Over provision of tax
-
0
32,254
Research and development enhanced allowance
(21,580)
-
0
Taxation charge for the year
225,397
277,276
HADDENHAM HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 19 -
8
Dividends
2023
2022
2023
2022
Per share
Per share
Total
Total
£
£
£
£
Ordinary
Final paid
1,120.00
900.00
100,800
81,000
A Ordinary
Final paid
4,000.00
275.00
40,000
27,500
Total dividends
Final paid
140,800
108,500
9
Intangible fixed assets
Patents and trademarks
Software license
Website development
Total
£
£
£
£
Cost
At 1 July 2022
500,785
98,140
73,786
672,711
Additions
38,433
-
0
-
0
38,433
At 30 June 2023
539,218
98,140
73,786
711,144
Amortisation and impairment
At 1 July 2022
458,805
98,140
-
0
556,945
Amortisation charged for the year
42,645
-
0
14,758
57,403
At 30 June 2023
501,450
98,140
14,758
614,348
Carrying amount
At 30 June 2023
37,768
-
0
59,028
96,796
At 30 June 2022
41,980
-
0
73,786
115,766
HADDENHAM HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 20 -
10
Tangible fixed assets
Freehold buildings
Plant and equipment
Total
£
£
£
Cost
At 1 July 2022
1,723,007
309,201
2,032,208
Additions
1,021,001
81,242
1,102,243
At 30 June 2023
2,744,008
390,443
3,134,451
Depreciation and impairment
At 1 July 2022
-
0
276,055
276,055
Depreciation charged in the year
36,493
42,067
78,560
At 30 June 2023
36,493
318,122
354,615
Carrying amount
At 30 June 2023
2,707,515
72,321
2,779,836
At 30 June 2022
1,723,007
33,146
1,756,153

The net carrying value of Freehold Buildings includes the cost of land which amounts to £508,961.

11
Fixed asset investments
2023
2022
£
£
Other investments other than loans
95,302
106,015
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 July 2022
106,015
Foreign exchange movement
(10,713)
At 30 June 2023
95,302
Carrying amount
At 30 June 2023
95,302
At 30 June 2022
106,015
HADDENHAM HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 21 -
12
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,445,438
2,107,193
Other debtors
240,232
563,422
Prepayments and accrued income
355,365
194,816
3,041,035
2,865,431
13
Creditors: amounts falling due within one year
2023
2022
£
£
Other borrowings
15
300,687
516,396
Trade creditors
1,087,884
856,901
Corporation tax
143,316
225,845
Other taxation and social security
265,600
55,901
Other creditors
81,409
18,865
Accruals and deferred income
398,580
380,769
2,277,476
2,054,677
14
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Other borrowings
15
-
0
301,231
15
Loans and overdrafts
2023
2022
£
£
Other loans
300,687
817,627
Payable within one year
300,687
516,396
Payable after one year
-
0
301,231
16
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
90
90
90
90
A Ordinary of £1 each
10
10
10
10
100
100
100
100
HADDENHAM HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 22 -
17
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
264,816
207,146

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

18
Financial commitments, guarantees and contingent liabilities

Barclays Bank PLC currently holds fixed and floating charges that are secured over the company. The charges cover the undertakings and all property and assets present and future of the company.

19
Directors' transactions

At the year end, the company was owed £126,065 (2022 - £134,743) by one of the directors. Interest of £2,602 (2022 - £2,774) was charged during the year on this loan.

20
Contingent liabilities

The company has contingent liabilities in respect of a forward foreign exchange contract amounting to £43,725 (2022: nil)

21
Analysis of changes in net funds
1 July 2022
Cash flows
30 June 2023
£
£
£
Cash at bank and in hand
1,182,626
(367,458)
815,168
Borrowings excluding overdrafts
(817,627)
516,940
(300,687)
364,999
149,482
514,481
HADDENHAM HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 23 -
22
Cash generated from operations
2023
2022
£
£
Profit for the year after tax
1,413,048
1,014,672
Adjustments for:
Taxation charged
225,397
277,276
Investment income
(5,504)
(3,623)
Foreign exchange on fixed asset investments
10,713
8,133
Amortisation and impairment of intangible assets
57,403
50,958
Depreciation and impairment of tangible fixed assets
78,560
27,286
Increase in provisions
45,170
-
Movements in working capital:
Increase in stocks
(436,840)
(204,681)
Increase in debtors
(184,282)
(946,351)
Increase in creditors
438,358
193,184
Cash generated from operations
1,642,023
416,854
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