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Academy of Community Health Experts Limited

Registered number: 10840024
Director's report and
 financial statements
For the year ended 30 June 2023

 
ACADEMY OF COMMUNITY HEALTH EXPERTS LIMITED
 
 
COMPANY INFORMATION


Director
I Rahman 




Registered number
10840024



Registered office
1-6 Star Building
Caxton Road

Fulwood

Preston

PR2 9BS




Independent auditor
Mazars LLP
Chartered Accountants & Statutory Auditor

One St. Peter's Square

Manchester

M2 3DE





 
ACADEMY OF COMMUNITY HEALTH EXPERTS LIMITED
 

CONTENTS



Page
Director's Report
 
1 - 2
Independent Auditor's Report
 
3 - 6
Statement of Comprehensive Income
 
7
Statement of Financial Position
 
8
Statement of Changes in Equity
 
9
Notes to the Financial Statements
 
10 - 21

 
ACADEMY OF COMMUNITY HEALTH EXPERTS LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 JUNE 2023

The director presents his report and the financial statements for the year ended 30 June 2023.

Director's responsibilities statement

The director is responsible for preparing the Director's Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is 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 to enable him to ensure that the financial statements comply with the Companies Act 2006He is 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.

Director

The director who served during the year was:

I Rahman 

Going concern

As at 30 June 2023, the Company had net assets of £1,483,315 (2022: £981,698) including a bank cash balance of £1,292,589 (2022: £898,052). In determining whether the Company’s accounts can be prepared on a going concern basis, the director considered the Company’s business activities together with factors likely to affect future development, performance, it’s financial position including cash flows, liquidity position, borrowing facilities and risks and uncertainties relating to its business activities.
This includes the director regularly reviewing these factors, and the performance and financial position of the wider group to ensure that any risks are recognised and managed effectively. 
After considering all these factors the director has a reasonable expectation that the Company, and wider Group, have adequate resources to continue in operation and manage the risks for the foreseeable future. Accordingly, the director decided to adopt the going concern basis in the preparation of the annual financial statements.

- 1 -

 
ACADEMY OF COMMUNITY HEALTH EXPERTS LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023

Economic impact of global event

UK businesses are currently facing many uncertainties such as the consequences of Brexit, COVID-19, environmental sustainability and geopolitical events such as Ukraine and the Middle East instability. These uncertainties have contributed to an environment where there exists a range of issues and risks, including inflation, rising interest rates, labour shortages, disrupted supply chains and new ways of working.
The director has carried out an assessment of the potential impact of these uncertainties on the business, including the impact of mitigation measures, and have concluded that the greatest impact on the business is expected to be from the economic ripple effect on the global economy. The director has taken account of these potential impacts in the going concern assessment.
Academy of Community Health Experts Limited continues to work with its partners to minimise any impacts of these events and maximise the realisation of any opportunities they may provide to the business.

Disclosure of information to auditor

The director at the time when this Director's Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

The director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

The auditor, Mazars LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 2 February 2024 and signed on its behalf.
 





I Rahman
Director
- 2 -

 
ACADEMY OF COMMUNITY HEALTH EXPERTS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ACADEMY OF COMMUNITY HEALTH EXPERTS LIMITED
 

Opinion

We have audited the financial statements of Academy of Community Health Experts Limited (the ‘Company’) for the year ended 30 June 2023 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and notes to the financial statements, including a summary of significant accounting policies. 
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:

give a true and fair view of the state of the Company’s affairs as at 30 June 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

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 director's 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 director 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 director is 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.
- 3 -

 
ACADEMY OF COMMUNITY HEALTH EXPERTS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ACADEMY OF COMMUNITY HEALTH EXPERTS LIMITED
 

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 the audit:
 
the information given in the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Director's Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In 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 Director's 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:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made
we have not received all the information and explanations we require for our audit; or
the director was not entitled to prepare the financials statements in accordance with the small companies regime and take advantage of the small companies’ exemption in preparing the Director's Report. 
- 4 -

 
ACADEMY OF COMMUNITY HEALTH EXPERTS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ACADEMY OF COMMUNITY HEALTH EXPERTS LIMITED
 

Responsibilities of Director

As explained more fully in the Director's Responsibilities Statement set out on page 1, the director is 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 director determines 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 director is 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 director intends either to liquidate the Company or to cease operations, or has 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.
 
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. 

Based on our understanding of the Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation and anti-money laundering regulation.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.  

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation and the Companies Act 2006. 
- 5 -

 
ACADEMY OF COMMUNITY HEALTH EXPERTS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ACADEMY OF COMMUNITY HEALTH EXPERTS LIMITED
 

In addition, we evaluated the director's and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, revenue recognition (which we pinpointed to the cut-off assertion) and significant one-off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:
Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
Gaining an understanding of the internal controls established to mitigate risks related to fraud;
Discussing amongst the engagement team the risks of fraud; and
Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

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

Use of the audit 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.




Christopher Martin (Senior Statutory Auditor)

  
for and on behalf of Mazars LLP

Chartered Accountants and Statutory Auditor
One St. Peter's Square  
Manchester
M2 3DE



2 February 2024
- 6 -

 
ACADEMY OF COMMUNITY HEALTH EXPERTS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023

12 month period ended
30 June
15 month period ended
30 June
2023
2022
Note
 £
£

  

Turnover
  
3,953,370
5,581,958

Cost of sales
  
(2,824,764)
(4,040,445)

Gross profit
  
1,128,606
1,541,513

Administrative expenses
  
(625,660)
(715,362)

Operating profit
  
502,946
826,151

Interest payable and similar expenses
  
(325)
(48)

Profit before tax
  
502,621
826,103

Tax on profit
 5 
(1,004)
(98,915)

Profit for the financial year
  
501,617
727,188

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022: £NIL).

The notes on pages 10 to 21 form part of these financial statements.

- 7 -

 
ACADEMY OF COMMUNITY HEALTH EXPERTS LIMITED
REGISTERED NUMBER: 10840024

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 6 
16,152
13,065

  
16,152
13,065

Current assets
  

Debtors: amounts falling due within one year
 7 
611,435
956,955

Cash at bank and in hand
 8 
1,292,589
898,052

  
1,904,024
1,855,007

Creditors: amounts falling due within one year
 9 
(433,095)
(883,612)

Net current assets
  
 
 
1,470,929
 
 
971,395

Total assets less current liabilities
  
1,487,081
984,460

Provisions for liabilities
  

Deferred tax
 10 
(3,766)
(2,762)

Net assets
  
1,483,315
981,698


Capital and reserves
  

Called up share capital 
 11 
17,356
17,356

Profit and loss account
 12 
1,465,959
964,342

  
1,483,315
981,698


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 February 2024.




I Rahman
Director

The notes on pages 10 to 21 form part of these financial statements.
- 8 -

 
ACADEMY OF COMMUNITY HEALTH EXPERTS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2021
17,356
237,154
254,510


Comprehensive income for the period

Profit for the period
-
727,188
727,188
Total comprehensive income for the period
-
727,188
727,188



At 1 July 2022
17,356
964,342
981,698


Comprehensive income for the year

Profit for the year
-
501,617
501,617
Total comprehensive income for the year
-
501,617
501,617


At 30 June 2023
17,356
1,465,959
1,483,315


The notes on pages 10 to 21 form part of these financial statements.

- 9 -

 
ACADEMY OF COMMUNITY HEALTH EXPERTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

Academy of Community Health Experts Limited (the “Company”) is a private company, limited by shares and registered in England and Wales, registered number 10840024. The registered office is 1-6 Star Building, Caxton Road, Fulwood, Preston, United Kingdom, PR2 9BS.
The principal activity of the Company is the provision of Dermatology and Audiology services.
The comparative figures have been prepared for a 15 month period to 30 June 2022 and the current year figures are for the year ended 30 June 2023. Therefore the figures are not directly comparable.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The Company's functional and presentational currency is GBP, rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Oracle Vision Topco Limited as at 30 June 2023 and these financial statements may be obtained from 1-6 Star Building, Caxton Road, Fulwood, Preston, PR2 9BS.

- 10 -

 
ACADEMY OF COMMUNITY HEALTH EXPERTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.3

Going concern

As at 30 June 2023, the Company had net assets of £1,483,315 (2022: £981,698) including a bank cash balance of £1,292,589 (2022: £898,052). In determining whether the Company’s accounts can be prepared on a going concern basis, the director considered the Company’s business activities together with factors likely to affect future development, performance, it’s financial position including cash flows, liquidity position, borrowing facilities and risks and uncertainties relating to its business activities.
This includes the director regularly reviewing these factors, and the performance and financial position of the wider group to ensure that any risks are recognised and managed effectively. 
After considering all these factors the director has a reasonable expectation that the Company, and wider Group, have adequate resources to continue in operation and manage the risks for the foreseeable future. Accordingly, the director decided to adopt the going concern basis in the preparation of the annual financial statements.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

- 11 -

 
ACADEMY OF COMMUNITY HEALTH EXPERTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a seperate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held seperately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
 
 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

- 12 -

 
ACADEMY OF COMMUNITY HEALTH EXPERTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following bases.

Depreciation is provided on the following basis:

Plant & machinery
-
25%
Reducing balance
Fixtures & fittings
-
25%
Straight line
Computer equipment
-
25%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
- 13 -

 
ACADEMY OF COMMUNITY HEALTH EXPERTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of Financial Position 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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ACADEMY OF COMMUNITY HEALTH EXPERTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

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ACADEMY OF COMMUNITY HEALTH EXPERTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the director is required to make judgments, 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.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Useful economic lives of tangible fixed assets
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated economic lives and residual values of assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates.


4.


Employees

The average monthly number of employees, including directors, during the year was 10 (2022 - 9).


5.


Taxation


12 month period ended
30 June
15 month period ended
30 June
2023
2022
£
£

Corporation tax


Current tax on profits for the year
-
96,153


Total current tax
-
96,153

Deferred tax


Origination and reversal of timing differences
1,004
2,762

Total deferred tax
1,004
2,762


Taxation on profit on ordinary activities
1,004
98,915
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ACADEMY OF COMMUNITY HEALTH EXPERTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
 
5.Taxation (continued)


Factors affecting tax charge for the year/period

The tax assessed for the year/period is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 20.50% (2022 - 19%). The differences are explained below:

12 month period ended
30 June
15 month period ended
30 June
2023
2022
£
£


Profit on ordinary activities before tax
502,621
826,103


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 20.50% (2022 - 19%)
103,037
156,960

Effects of:


Fixed asset differences
(208)
(720)

Expenses not deductible for tax purposes
47
9

Group relief claimed
(102,052)
(59,412)

Remeasurement of deferred tax for changes in tax rates
180
663

Movement in deferred tax not recognised
-
1,415

Total tax charge for the year/period
1,004
98,915


Factors that may affect future tax charges

From 1 April 2023, the rate of corporation tax in the United Kingdom has increased from 19% to 25%. Companies with profits of £50,000 or less will continue to be taxed at 19%, which is a new small profits rate. Where taxable profits are between £50,000 and £250,000, the higher 25% rate will apply but with a marginal relief applying as profits increase.

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ACADEMY OF COMMUNITY HEALTH EXPERTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

6.


Tangible fixed assets





Plant & machinery
Fixtures & fittings
Computer equipment
Total

£
£
£
£



Cost


At 1 July 2022
11,237
961
16,327
28,525


Additions
2,412
-
6,705
9,117



At 30 June 2023

13,649
961
23,032
37,642



Depreciation


At 1 July 2022
3,336
486
11,638
15,460


Charge for the year
2,107
241
3,682
6,030



At 30 June 2023

5,443
727
15,320
21,490



Net book value



At 30 June 2023
8,206
234
7,712
16,152



At 30 June 2022
7,901
475
4,689
13,065
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ACADEMY OF COMMUNITY HEALTH EXPERTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

7.


Debtors

2023
2022
£
£


Trade debtors
394,834
955,916

Amounts owed by group undertakings
146,512
-

Prepayments and accrued income
16,789
1,039

Tax recoverable
53,300
-

611,435
956,955


Amounts owed by group undertakings are unsecured, interest free and repayable on demand.


8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,292,589
898,052



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
77,114
131,703

Amounts owed to group undertakings
-
271,679

Corporation tax
-
96,153

Other taxation and social security
7,875
12,987

Other creditors
2,047
2,721

Accruals and deferred income
346,059
368,369

433,095
883,612


Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

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ACADEMY OF COMMUNITY HEALTH EXPERTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

10.


Deferred taxation




2023
2022


£

£






At beginning of year
(2,762)
-


Charged to profit or loss
(1,004)
(2,762)



At end of year
(3,766)
(2,762)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(4,038)
(3,266)

Short term timing differences
272
504

(3,766)
(2,762)


11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,735,634 (2022 - 1,735,634) Ordinary shares of £0.01 each
17,356
17,356



12.


Reserves

Profit & loss account

The profit and loss account reserve represents cumulative profits and losses.


13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £22,899 (2022 - £24,393). Contributions totalling £2,047 (2022 - £2,721) were payable to the fund at the reporting date and are included in creditors.

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ACADEMY OF COMMUNITY HEALTH EXPERTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

14.


Related party transactions

The Company is a wholly owned subsidiary of Oracle Vision Topco Limited and has taken advantage of the exemption in Section 33 of Financial Reporting Standard 102 (Related Party Disclosures) from the requirement to disclose transactions with other wholly owned group companies.


15.


Controlling party

The ultimate parent company is Oracle Vision Topco Limited, a company registered in England and Wales. The immediate parent company is Community Health and Eyecare Limited, a company registered in England and Wales.
The ultimate controlling party is I Rahman.
The Company is consolidated within Oracle Vision Topco Limited group financial statements and copies can be obtained upon request from the group's registered office, 1-6 Star Building, Caxton Road, Fulwood, Preston, PR2 9BS.

- 21 -