Company Registration No. 05919836 (England and Wales)
J D HEALTHCARE LIMITED
ANNUAL REPORT AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 OCTOBER 2023
J D HEALTHCARE LIMITED
COMPANY INFORMATION
Directors
K Ahuja
D Williams
Company number
05919836
Registered office
113-115 Harley Street
London
W1G 6AP
Auditor
Cheesmans
4 Aztec Row
Berners Road
London
N1 0PW
Bankers
HSBC Bank Plc
165 Fleet Street
London
EC4 2DY
J D HEALTHCARE LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 5
Independent auditor's report
6 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 38
J D HEALTHCARE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023
- 1 -
The directors present the strategic report for the year ended 31 October 2023.
Fair Review of the Business
Overall, the group performed well during the year. The group continues to focus on delivering high quality and safe fertility treatment across all its facilities.
The Group is resolved to significant growth by
developing new sites;
publishing and creating newer brands and service lines;
enhancing current facilities and staff to accommodate business growth, and
developing state of the art software to support the business.
During the current year, the group acquired The Hospital Fertility Group Limited, adding fertility clinics in Bromley and Eastbourne, both of these centres now having HFEA support and the hard won NHS contracts for Kent, Eastbourne and West Sussex and one satellite clinic in Brighton, thus enhancing the future growth and expansion of the fertility group.
Research and development of innovative fertility services, publishing research papers in range of highly ranking medical journals on a regular basis remains at the head of our drive for business and policy leadership in the UK.
Description of Principal Risks and Uncertainties
As a provider of healthcare services, the circumvention of clinical risk is paramount to the business. Such circumvention is enforced by a formal risk management policy, as well as relevant governance policies.
The group must also ensure compliance with the industry regulatory framework, notably that set by the Human Fertilisation and Embryology Authority (HFEA). This includes UK regulatory limits on number of families from donor gametes as well as considerations of donor consent in various matters.
The control of clinical risk is dealt with by:
Performing all treatments under independent licence by the HFEA; including the reporting of adverse incidents in a timely manner.
Compliance with guidelines from the professional bodies including British Fertility Society, the Association of Clinical Embryologists and the Royal Colleges.
Constant review of forthcoming and existing legislation to ensure clinical practices continue to comply.
Ensuring that the best possible team of consultants, embryologists and nurses are recruited and incentivised to work to the highest possible standards;
Analysing success rates thoroughly and monitoring across the group, sharing best practice with other clinics to achieve high quality;
Reviewing patient services, on an ongoing basis, to ensure the sharing of best practice across the group to achieve.
Constant consideration of expansion opportunities within and outside the UK domestic market.
Analysis based on Key Performace Indicators
The group’s key performance business indicators are shown below. The latest publicly available clinical success rates and cycle information for the trading companies can be found on the HFEA website.
J D HEALTHCARE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -
Key performance indicators
The group has made significant progress throughout the year in relation to key elements of its strategy including the addition of new sites and the development of new brands and internally developed software for London Sperm Bank. These have added to the cost base and are considered exceptional costs that will not be repeated. There have also been several other exceptional costs relating to an operational review to support the group for future growth eg professional fees and staff restructuring costs. To demonstrate the impact on our key performance indicators the table now includes underlying EBITA for the group.
The Board monitors the progress of the group by reference to the following key performance indicators for operations:
| | | | | |
| | | | | |
| | | | | |
Turnover - continuing operations | | | | | |
| | | | | |
Underlying EBITDA - existing operations before exceptional costs | | | | | |
| | | | | |
Exceptional costs including new subsidiary undertakings | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Stock (including donated gametes for resale) | | | | | |
K Ahuja
Director
28 March 2024
J D HEALTHCARE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
The directors present their annual report and financial statements for the year ended 31 October 2023.
Principal activities
The principal activity of the group has continued to be the provision of medical facilities and services.
Results and dividends
The results for the year are set out on page 9.
Ordinary dividends were paid amounting to £247,368. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
K Ahuja
D Williams
Disabled persons
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
Employee involvement
The group's policy is to consult and discuss with employees at meetings, matters likely to affect employees' interests.
Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.
Auditor
The auditor, Cheesmans, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Energy and carbon report
2023
Energy consumption
kWh
Aggregate of energy consumption in the year
- Gas combustion
734,496
- Electricity purchased
945,876
1,680,372
J D HEALTHCARE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -
2023
Emissions of CO2 equivalent
metric tonnes
Scope 1 - direct emissions
- Gas combustion
134.00
- Fuel consumed for owned transport
-
134.00
Scope 2 - indirect emissions
- Electricity purchased
196.00
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the
-
Total gross emissions
330.00
Intensity ratio
Tonnes CO2e per employee
7
Quantification and reporting methodology
The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting
Intensity measurement
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £1m turnover, the recommended ratio for the sector.
Measures taken to improve energy efficiency
During the period the majority of lighting has been replaced by LED and these changes are part of a rolling process. Smart meters have also been installed to replace older meters and this is again part of a rolling process.
Statement of directors' responsibilities
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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
J D HEALTHCARE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
Strategic report
The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.
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 auditor of the company 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 auditor of the company is aware of that information.
On behalf of the Board
K Ahuja
Director
28 March 2024
J D HEALTHCARE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF J D HEALTHCARE LIMITED
- 6 -
Opinion
We have audited the financial statements of J D Healthcare Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group 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:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 October 2023 and of the group's 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.
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 group and parent 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 group's and parent 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.
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:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements, albeit we do believe that the withdrawal of donor consent is a key risk facing the business which requires proper disclosure.
J D HEALTHCARE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF J D HEALTHCARE LIMITED
- 7 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or 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:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
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 parent 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 parent 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.
Extent to which the audit was considered capable of detecting irregularirties, including fraud
Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to Employment Law and UK tax legislation, as well as conformity to the standards set by HFEA (the regulatory body in the fertilisation industry), and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated 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 inappropriate journals to increase revenue or reduce expenditure and management bias in accounting estimates. Audit procedures performed by the engagement team included:
Audit response to risks identified
Challenging the assumptions and judgements made by management in their significant accounting estimates for the group, in particular those that involve the assessment of future events, which are inherently uncertain – the key estimates determined in this respect are those relating to the recoverability of debtors, valuation and quantity of stock, provisions against stock and the useful lives of assets; and
J D HEALTHCARE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF J D HEALTHCARE LIMITED
- 8 -
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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.
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.
Carol Cheesman (Senior Statutory Auditor)
For and on behalf of Cheesmans
28 March 2024
Chartered Accountants
Statutory Auditor
4 Aztec Row
Berners Road
London
N1 0PW
J D HEALTHCARE LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
45,116,481
36,493,777
Cost of sales
(20,382,004)
(16,397,584)
Gross profit
24,734,477
20,096,193
Administrative expenses
(18,095,787)
(14,628,546)
Other operating income
366,468
297,753
Operating profit
4
7,005,158
5,765,400
Interest receivable and similar income
7
14,863
2,668
Interest payable and similar expenses
8
(173,779)
(117,309)
Profit before taxation
6,846,242
5,650,759
Tax on profit
9
(1,289,335)
(877,436)
Profit for the financial year
5,556,907
4,773,323
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
J D HEALTHCARE LIMITED
GROUP BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
11
2,677,160
367,633
Other intangible assets
11
1,087,153
478,169
Total intangible assets
3,764,313
845,802
Tangible assets
12
9,644,103
4,863,574
13,408,416
5,709,376
Current assets
Stocks
16
3,467,060
3,037,061
Debtors falling due after more than one year
17
5,188,973
-
Debtors falling due within one year
17
5,233,146
3,576,684
Cash at bank and in hand
4,113,566
7,276,397
18,002,745
13,890,142
Creditors: amounts falling due within one year
18
(10,543,724)
(5,880,907)
Net current assets
7,459,021
8,009,235
Total assets less current liabilities
20,867,437
13,718,611
Creditors: amounts falling due after more than one year
19
(2,959,309)
(1,380,823)
Provisions for liabilities
Deferred tax liability
22
582,487
321,686
(582,487)
(321,686)
Net assets
17,325,641
12,016,102
Capital and reserves
Called up share capital
24
302
302
Share premium account
81,990
81,990
Profit and loss reserves
17,243,349
11,933,810
Total equity
17,325,641
12,016,102
The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2024 and are signed on its behalf by:
28 March 2024
D Williams
Director
J D HEALTHCARE LIMITED
COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2023
31 October 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
11
51,692
305,846
Tangible assets
12
3,578
2,110
Investments
13
379,655
379,655
434,925
687,611
Current assets
Debtors
17
12,297,760
2,941,960
Cash at bank and in hand
2,667,933
5,443,804
14,965,693
8,385,764
Creditors: amounts falling due within one year
18
(6,195,992)
(2,787,619)
Net current assets
8,769,701
5,598,145
Total assets less current liabilities
9,204,626
6,285,756
Creditors: amounts falling due after more than one year
19
(2,959,309)
(1,375,000)
Net assets
6,245,317
4,910,756
Capital and reserves
Called up share capital
24
302
302
Share premium account
81,990
81,990
Profit and loss reserves
6,163,025
4,828,464
Total equity
6,245,317
4,910,756
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,581,930 (2022 - £2,602,598 profit).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 28 March 2024 and are signed on its behalf by:
28 March 2024
D Williams
Director
Company registration number 05919836 (England and Wales)
J D HEALTHCARE LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 November 2021
302
81,990
7,160,487
7,242,779
Year ended 31 October 2022:
Profit and total comprehensive income
-
-
4,773,323
4,773,323
Balance at 31 October 2022
302
81,990
11,933,810
12,016,102
Year ended 31 October 2023:
Profit and total comprehensive income
-
-
5,556,907
5,556,907
Dividends
10
-
-
(247,368)
(247,368)
Balance at 31 October 2023
302
81,990
17,243,349
17,325,641
J D HEALTHCARE LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 November 2021
302
81,990
2,225,866
2,308,158
Year ended 31 October 2022:
Profit and total comprehensive income for the year
-
-
2,602,598
2,602,598
Balance at 31 October 2022
302
81,990
4,828,464
4,910,756
Year ended 31 October 2023:
Profit and total comprehensive income
-
-
1,581,929
1,581,929
Dividends
10
-
-
(247,368)
(247,368)
Balance at 31 October 2023
302
81,990
6,163,025
6,245,317
J D HEALTHCARE LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
7,612,784
4,142,904
Interest paid
(173,779)
(117,309)
Income taxes paid
(964,161)
(1,401,086)
Net cash inflow from operating activities
6,474,844
2,624,509
Investing activities
Purchase of business
(2,568,614)
-
Purchase of intangible assets
(948,308)
(390,187)
Purchase of tangible fixed assets
(3,700,335)
(1,111,926)
Proceeds from disposal of tangible fixed assets
-
267
Loans made to other entities
(3,169,445)
(338,639)
Interest received
14,863
2,668
Net cash used in investing activities
(10,371,839)
(1,837,817)
Financing activities
Repayment of borrowings
(965,904)
-
Proceeds from new bank loans
2,500,000
-
Repayment of bank loans
(500,000)
(500,000)
Payment of finance leases obligations
(36,013)
(79,163)
Dividends paid to equity shareholders
(247,368)
Net cash generated from/(used in) financing activities
750,715
(579,163)
Net (decrease)/increase in cash and cash equivalents
(3,146,280)
207,529
Cash and cash equivalents at beginning of year
7,259,846
7,052,317
Cash and cash equivalents at end of year
4,113,566
7,259,846
Relating to:
Cash at bank and in hand
4,113,566
7,276,397
Bank overdrafts included in creditors payable within one year
-
(16,551)
J D HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 15 -
1
Accounting policies
Company information
J D Healthcare Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 113-115 Harley Street, London, W1G 6AP.
The group consists of J D Healthcare Limited and all of its subsidiaries.
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.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
J D HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 16 -
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company J D Healthcare Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 October 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
1.4
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.5
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.
Revenue from the sale of goods (mostly gametes) is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually at the point the order for the gamete sold is confirmed), 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.
The group receives revenue in respect of storage fees to freeze and store patient gametes and embryos. The allocation of revenue between point of sale and subsequent periods is a key judgement estimate and critical accounting judgement.
The group now invoices predominantly single year storage as opposed to three year storage (which was the case for the last couple of years) and therefore income released in respect of three year storage relates mainly to previously deferred income.
1.6
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.
1.7
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
J D HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 17 -
1.8
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.
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:
Software
3 years straight line
Development costs
10 years straight line
Brand
5 years straight line
1.9
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:
Leasehold land and buildings
Over the length of the lease
Plant and equipment
10 years straight line
Fixtures and fittings
10 years straight line
Computers
3 years straight line
Artwork
10 years straight line
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 recognised in the profit and loss account.
1.10
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
J D HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 18 -
1.11
Impairment of fixed assets
At each reporting period end date, the group 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.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
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.
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.
1.12
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.
Stock is held net of provisions for ageing and slow-moving quarantined stock, see Judgements and key sources of estimation uncertainty for more detail.
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.
1.13
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.
J D HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 19 -
1.14
Financial instruments
The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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.
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 group 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 group after deducting all of its liabilities.
J D HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 20 -
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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.15
Equity instruments
Equity instruments issued by the group 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 group.
1.16
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 group’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 if, and only if, there is 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.
J D HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 21 -
1.17
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.
1.18
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.19
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
1.20
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.
J D HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 22 -
2
Judgements and key sources of estimation uncertainty
In the application of the group’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.
Critical judgements
Stock provisions - length of storage
Sperm and egg stock in the group is held net of provisions based on the age of stock. The previous legislation in such regard set a maximum of ten years storage of gametes without a medical reason, and provisions were calculated in accordance with this.
The Health and Care Act 2022, which received Royal Assent on 28 April 2022, extends storage to 55 years for gametes, in ten year tranches of consent by the donor, however the Board has made a judgement that majority these provisions are still valid, as these are based on current donor consents for storage which are for ten years maximum. The Board intends to write to donors to obtain another tranche of consents.
Key sources of estimation uncertainty
Useful lives of assets
The directors have considered the useful economic life of the fixed assets and on that basis have estimated the depreciation rates that should be used by the Group. Where new information becomes available in this regard the directors consider the materiality of any potential adjustments and where necessary revise their useful economic life assessment.
Debtor recoverability
At the balance sheet date, the directors consider the recoverability of the amounts owed to the Group, utilising post balance sheet information where available. Where balances are not considered recoverable appropriate provisions are made.
With regard to trade debtors, determining the recoverability of debtors requires an estimation of the average time period that self-funded debtors will pay. The directors consider 180 days to be a reasonable estimate.
Stock value
The value of stock that is acquired via a donor is based on an absorption of relevant costs, including direct materials, direct labour costs and those overheads that have been incurred in bringing the stock to its present location and condition.
In calculating the relevant costs for sperm stock, the directors estimate the allocation of these costs on the average number of amps donated during each visit to the clinic by the donor. This estimation is reviewed every year comparing to the average number of amps produced per visit in that year and where material adjustments are made in the calculation.
In calculating the relevant costs for egg stock, the directors estimate the allocation of these costs on the average number of eggs collected in each donation. This estimation is reviewed every year comparing to the average number of eggs collected in that year and where material adjustments are made in the calculation.
J D HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 23 -
Stock provisions
Due to the nature of the stock, there are currently government imposed restrictions on the usage based on the number of families created from a donor's stock and the ageing of that donor's stock. As noted in judgements, the Health and Care Act was granted Royal Assent on 28 April 2022 which extended the storage period for gametes to 55 years, in consent tranches of 10 years. This came into effect from 1 July 2022.
Each year, the directors make an appropriate provision based on the data available to reduce the carrying value of the stock based on whether the stock is approaching either the family limit or the ageing limit.
The future effect of the extension of the storage period is not considered to give rise to a material change in the provisions, as the donors would need to consent to each ten year tranch and an assessment cannot currently be made as to the response rate of existing donors to extension requests. In respect of donors on the donor programme as at the year end therefore, the entity is expected to retain its judgement of 10 year consents.
Due to the nature of sperm stock, there are government imposed restrictions on the usage of stock donated over the course of a donation programme until such time as the donor has obtained a final ‘clearance’ blood test after the stock has been held in quarantine for the requisite 180 days.
Each year directors make an appropriate provision each year based on the data available to reduce the carrying amount of stock based on the likelihood of the donor returning for the final test.
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Fertility & ancillary services
45,116,481
36,493,777
2023
2022
£
£
Other revenue
Interest income
14,863
2,668
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Research and development costs
54,916
116,523
Depreciation of owned tangible fixed assets
1,218,617
1,129,623
(Profit)/loss on disposal of tangible fixed assets
(71,964)
6,062
Amortisation of intangible assets
478,184
282,474
Profit on disposal of intangible assets
(74,649)
Operating lease charges
2,418,700
2,077,004
J D HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 24 -
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
19,000
22,200
Audit of the financial statements of the company's subsidiaries
65,500
80,273
84,500
102,473
For other services
Taxation compliance services
18,275
14,880
All other non-audit services
17,450
31,872
35,725
46,752
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Administration
101
95
101
95
Clinical
181
149
165
149
Directors
2
2
2
2
Total
284
246
268
246
Their aggregate remuneration comprised:
Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
2,439,600
1,812,459
1,801,510
1,778,936
Social security costs
303,061
275,682
247,292
275,682
Pension costs
42,230
32,019
34,637
32,019
2,784,891
2,120,160
2,083,439
2,086,637
J D HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 25 -
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
14,380
2,668
Other interest income
483
-
Total income
14,863
2,668
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
14,380
2,668
8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
135,186
104,601
Other finance costs:
Interest on finance leases and hire purchase contracts
1,614
2,228
Other interest
36,979
10,480
Total finance costs
173,779
117,309
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
1,239,000
967,400
Adjustments in respect of prior periods
(210,466)
(164,505)
Total current tax
1,028,534
802,895
Deferred tax
Origination and reversal of timing differences
260,801
74,541
Total tax charge
1,289,335
877,436
J D HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
9
Taxation
(Continued)
- 26 -
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
6,846,242
5,650,759
Expected tax charge based on the standard rate of corporation tax in the UK of 22.52% (2022: 19.00%)
1,541,623
1,073,644
Tax effect of expenses that are not deductible in determining taxable profit
51,516
(1,483)
Permanent capital allowances in excess of depreciation
(182,906)
60,043
Research and development tax credit
(175,902)
(183,606)
Other permanent differences
(528)
15,479
Under/(over) provided in prior years
(210,466)
(164,505)
Deferred tax
260,800
74,541
Over provision
5,198
3,323
Taxation charge
1,289,335
877,436
10
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
247,368
-
11
Intangible fixed assets
Group
Goodwill
Software
Development costs
Brand
Total
£
£
£
£
£
Cost
At 1 November 2022
1,412,000
901,194
820,000
3,133,194
Additions - internally developed
171,345
171,345
Additions - separately acquired
2,581,652
1,285
775,678
3,358,615
Disposals
(496,279)
(329,835)
(826,114)
Transfers
147,250
147,250
At 31 October 2023
3,497,373
891,239
775,678
820,000
5,984,290
Amortisation and impairment
At 1 November 2022
1,044,367
423,025
820,000
2,287,392
Amortisation charged for the year
272,125
184,158
21,901
478,184
Disposals
(496,279)
(108,480)
(604,759)
Transfers
59,160
59,160
At 31 October 2023
820,213
557,863
21,901
820,000
2,219,977
J D HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
11
Intangible fixed assets
(Continued)
- 27 -
Carrying amount
At 31 October 2023
2,677,160
333,376
753,777
3,764,313
At 31 October 2022
367,633
478,169
845,802
Company
Software
£
Cost
At 1 November 2022
563,574
Additions - internally developed
1,436
Disposals
(329,835)
At 31 October 2023
235,175
Amortisation and impairment
At 1 November 2022
257,728
Amortisation charged for the year
34,235
Disposals
(108,480)
At 31 October 2023
183,483
Carrying amount
At 31 October 2023
51,692
At 31 October 2022
305,846
J D HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 28 -
12
Tangible fixed assets
Group
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Artwork
Total
£
£
£
£
£
£
Cost
At 1 November 2022
6,497,216
2,797,941
2,788,171
889,411
60,285
13,033,024
Additions
1,827,363
1,534,284
286,181
383,599
6,500
4,037,927
Business combinations
2,018,932
2,018,932
Disposals
(80,393)
(144,430)
(500,943)
(60,158)
(785,924)
Transfers
1,577,278
(948,457)
(1,314,477)
538,406
(147,250)
At 31 October 2023
9,821,464
5,258,270
1,258,932
1,751,258
66,785
18,156,709
Depreciation and impairment
At 1 November 2022
2,841,782
2,235,453
2,251,877
792,120
48,218
8,169,450
Depreciation charged in the year
700,842
321,680
40,043
154,023
2,029
1,218,617
Eliminated in respect of disposals
(90,641)
(99,673)
(558,618)
(67,369)
(816,301)
Transfers
191,215
217,428
(919,866)
452,063
(59,160)
At 31 October 2023
3,643,198
2,674,888
813,436
1,330,837
50,247
8,512,606
Carrying amount
At 31 October 2023
6,178,266
2,583,382
445,496
420,421
16,538
9,644,103
At 31 October 2022
3,655,434
562,488
536,294
97,291
12,067
4,863,574
Company
Computers
Artwork
Total
£
£
£
Cost
At 1 November 2022
81,308
81,308
Additions
839
2,600
3,439
At 31 October 2023
82,147
2,600
84,747
Depreciation and impairment
At 1 November 2022
79,198
79,198
Depreciation charged in the year
1,906
65
1,971
At 31 October 2023
81,104
65
81,169
Carrying amount
At 31 October 2023
1,043
2,535
3,578
At 31 October 2022
2,110
2,110
J D HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 29 -
13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
379,655
379,655
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 November 2022 and 31 October 2023
379,655
Carrying amount
At 31 October 2023
379,655
At 31 October 2022
379,655
J D HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 30 -
14
Subsidiaries
Details of the company's subsidiaries at 31 October 2023 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
London Women's Clinic Limited
113 - 115 Harley Street, London, W1G 6AP
Medical services
Ordinary Shares
0
100.00
London Women's Clinic (Wales) Limited
113 - 115 Harley Street, London, W1G 6AP
Medical services
Ordinary Shares
0
100.00
London Women's Clinic (Darlington) Limited
113 - 115 Harley Street, London, W1G 6AP
Medical services
Ordinary Shares
0
100.00
London Sperm Bank Limited
113 - 115 Harley Street, London, W1G 6AP
Medical services
Ordinary Shares
0
100.00
The Hospital Fertility Group Limited
113 - 115 Harley Street, London, W1G 6AP
Medical services
Ordinary Shares
0
100.00
London Women's Hospital Limited
113 - 115 Harley Street, London, W1G 6AP
Holding company
Ordinary Shares
100.00
-
Harley Street Women's Clinic Limited
113 - 115 Harley Street, London, W1G 6AP
Holding company
Ordinary Shares
100.00
-
The London Egg Bank Limited
113 - 115 Harley Street, London, W1G 6AP
Medical services
Ordinary Shares
0
100.00
15
Financial instruments
Group
Company
2023
2022
2023
2022
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
7,975,401
2,521,086
n/a
n/a
Carrying amount of financial liabilities
Measured at amortised cost
10,950,137
6,125,578
n/a
n/a
16
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
3,467,060
3,037,061
J D HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 31 -
17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,334,410
2,073,062
Corporation tax recoverable
7,487
118,205
7,487
118,205
Amounts owed by group undertakings
-
-
529,200
2,266,542
Other debtors
632,907
486,122
131,486
376,618
Prepayments and accrued income
1,258,342
899,295
327,614
180,595
5,233,146
3,576,684
995,787
2,941,960
Amounts falling due after more than one year:
Corporation tax recoverable
1,180,889
1,180,889
Amounts owed by group undertakings
-
-
6,113,000
-
Amount owed by related parties
500,000
500,000
Other debtors
3,508,084
3,508,084
5,188,973
-
11,301,973
-
Total debtors
10,422,119
3,576,684
12,297,760
2,941,960
18
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
20
915,691
516,551
915,691
500,000
Obligations under finance leases
21
6,036
36,226
Trade creditors
4,175,109
1,988,297
361,233
235,049
Amounts owed to group undertakings
2,233,280
385,813
Corporation tax payable
1,864,446
729,902
1,864,446
728,601
Other taxation and social security
688,450
406,250
477,345
406,250
Other creditors
68,774
170,288
55,729
148,863
Accruals and deferred income
2,825,218
2,033,393
288,268
383,043
10,543,724
5,880,907
6,195,992
2,787,619
J D HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 32 -
19
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
20
2,959,309
1,375,000
2,959,309
1,375,000
Obligations under finance leases
21
5,823
2,959,309
1,380,823
2,959,309
1,375,000
20
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
3,875,000
1,875,000
3,875,000
1,875,000
Bank overdrafts
16,551
3,875,000
1,891,551
3,875,000
1,875,000
Payable within one year
915,691
516,551
915,691
500,000
Payable after one year
2,959,309
1,375,000
2,959,309
1,375,000
The long-term loans are secured by fixed charges and floating charges over all group assets, as well as a fixed and floating charge over property held by related parties.
21
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
6,036
36,226
In two to five years
5,823
6,036
42,049
-
-
Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
J D HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 33 -
22
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
582,487
321,686
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 November 2022
321,686
-
Charge to profit or loss
260,801
-
Liability at 31 October 2023
582,487
-
23
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
42,230
32,019
Defined contribution pension schemes are operated for all qualifying employees. The assets of the schemes are held separately from those of the group in an independently administered fund.
24
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
302
302
302
302
The issued share capital of the Company and Group is 302 Ordinary Shares of £1 each. These shares have full voting and dividend rights assigned to them.
J D HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 34 -
25
Acquisition of a business
On 17 April 2023 the group acquired 100 percent of the issued capital of The Hospital Fertility Group Limited.
Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Property, plant and equipment
2,018,932
-
2,018,932
Inventories
18,240
-
18,240
Trade and other receivables
32,478
-
32,478
Cash and cash equivalents
10
-
10
Borrowings
(965,904)
-
(965,904)
Trade and other payables
(1,116,784)
-
(1,116,784)
Total identifiable net assets
(13,028)
-
(13,028)
Goodwill
2,581,652
Total consideration
2,568,624
The consideration was satisfied by:
£
Cash
2,568,624
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
493,717
Loss after tax
(891,036)
The goodwill arising on the acquisition of the business is attributable to the anticipated profitability of the distribution of the company's services in new markets and the future operating synergies from the combination.
J D HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 35 -
26
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
2,252,207
2,669,436
724,000
724,000
Between two and five years
3,185,618
2,734,973
1,481,000
1,096,000
In over five years
217,642
448,835
5,000
282,935
5,655,467
5,853,244
2,210,000
2,102,935
Lessor
The operating leases represent leases of property to third parties. The leases are negotiated over terms of one to three years and rentals are fixed for the period of the lease. There are no options in place for either party to extend the lease terms.
At the reporting end date the group had contracted with tenants for the following minimum lease payments:
Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
221,783
1,012,292
600,000
600,000
Between two and five years
15,096
254,645
1,200,000
-
236,879
1,266,937
1,800,000
600,000
27
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2023
2022
£
£
Aggregate compensation
1,479,926
1,409,211
J D HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
27
Related party transactions
(Continued)
- 36 -
Transactions with related parties
During the year the group entered into the following transactions with related parties:
Rent
2023
2022
£
£
Group
Other related parties
600,000
600,000
Company
Other related parties
600,000
600,000
The following amounts were outstanding at the reporting end date:
Amounts due to related parties
2023
2022
£
£
Group
Other related parties
-
43,012
Company
Other related parties
-
43,012
Amounts due from related parties
2023
2022
Balance
Balance
£
£
Group
Other related parties
577,391
-
Company
Other related parties
577,391
-
J D HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 37 -
28
Directors' transactions
Dividends totalling £247,368 (2022 - £0) were paid in the year in respect of shares held by a company director.
Loans have been granted by the group to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
K Ahuja -
-
338,639
3,169,445
3,508,084
338,639
3,169,445
3,508,084
29
Controlling party
K Ahuja is the ultimate controlling party by virtue of his shareholding.
30
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
5,556,907
4,773,323
Adjustments for:
Taxation charged
1,289,335
877,436
Finance costs
173,779
117,309
Investment income
(14,863)
(2,668)
(Gain)/loss on disposal of tangible fixed assets
(71,964)
6,062
Gain on disposal of intangible assets
(74,649)
Amortisation and impairment of intangible assets
478,184
282,474
Depreciation and impairment of tangible fixed assets
1,218,617
1,129,623
Movements in working capital:
Increase in stocks
(411,759)
(549,362)
Increase in debtors
(2,573,342)
(826,227)
Increase/(decrease) in creditors
2,042,539
(1,665,066)
Cash generated from operations
7,612,784
4,142,904
J D HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 38 -
31
Analysis of changes in net funds - group
1 November 2022
Cash flows
31 October 2023
£
£
£
Cash at bank and in hand
7,276,397
(3,162,831)
4,113,566
Bank overdrafts
(16,551)
16,551
7,259,846
(3,146,280)
4,113,566
Borrowings excluding overdrafts
(1,875,000)
(2,000,000)
(3,875,000)
Obligations under finance leases
(42,049)
36,013
(6,036)
5,342,797
(5,110,267)
232,530
2023-10-312022-11-01falseCCH SoftwareCCH Accounts Production 2023.100K AhujaD 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