Company registration number 03163208 (England and Wales)
HEALTHPOINT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
HEALTHPOINT LIMITED
COMPANY INFORMATION
Directors
Mr M Ryan
Mrs A Parkinson
Mr W Poppelaars
Mr W Meijerink
Company number
03163208
Registered office
Unit 11 Darwin Court
Blackpool Technology Park
Blackpool
FY2 0JN
Auditor
MHA
Richard House
9 Winckley Square
Preston
PR1 3HP
HEALTHPOINT LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 23
HEALTHPOINT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

 

Comparatives are for the 9 month period ended 31 December 2022 due to the Accounting Reference Date being amended to coincide with that of the ultimate parent company year end.

Review of the business

Turnover amounted to £21.7m for the year ended 31 December 2023, compared with £15.2m for the 9 month period ended 31 December 2022.

 

Whilst the excessive container rates being charged for delivery, mainly from China,

started to reduce in the year profits continued to be impacted by this in comparison to previous years.

 

Profit for the period after taxation amounted to £1.573m compared with £0.993m for the previous 9 month period

 

Financial Position

At the Balance Sheet date, shareholders’ funds showed an increase of 21.1% compared with the previous period.

 

Pressure on the cost of goods for resale remains, with excessive container prices, supply chain constraints brought on by the Ukraine war and the continued weakness of £Sterling against the US$ and Euro all contributing to a challenging environment.

 

In view of this the Directors consider the state of the Company’s affairs to be satisfactory given the current economic climate.

Principal risks and uncertainties

We have set out below a number of risk factors that we believe could cause the business’s actual figures to differ materially from expected results. However, other factors could adversely affect the results and so the factors set out below should not be considered to be a complete set of all potential risks and certainties.

 

Business conditions and the general economy

The profitability of the company could be adversely affected by a worsening of general economic conditions in the United Kingdom. Factors such as unemployment, interest rates and inflation could significantly affect the retail market. Whilst a short term worsening in economic conditions in the United Kingdom should not significantly adversely impact profitability, a sustained downturn over a number of years would possibly lead to reduced profits.

 

Liquidity and financing

Liquidity and financing risks relate to the company’s ability to pay for goods and services required to trade on a day-to-day basis. As part of the bigger Dayes Group the company is included in the Group’s consortium of banks enabling it to have in place sufficient working capital facilities as required.

 

Credit Risk

The Company trades B2B with recognised creditworthy third parties. It is the company’s policy that all customers who wish to trade on credit terms are subject to credit vetting procedures. In addition, receivable balances are monitored on an ongoing basis with the result that the company’s exposure to bad debts is mitigated. As part of the Dayes Group credit insurance is in place for the majority of its customers and is definitely in place for all the major customers.

HEALTHPOINT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Foreign Exchange Risk

The Company trades mainly in GBP and has minimal exposure in other currencies. Some imported products are acquired in US$ and EUR and are subject to currency fluctuations. Wherever possible the Company hedges its trade and uses a third party to provide advice and the most appropriate currency deals. Once the business migrates to the Group banking consortium the hedging policy will be retained within the Group.

 

Regulatory Compliance Risk

The Company is subject to regulatory compliance risk which can arise from a failure to comply fully with laws, regulations or codes applicable. As well as Health & Safety, licensing and fire regulations, part of our business sector is robustly governed by the Medicines and Healthcare Products Regulatory Agency. Non-compliance can lead to fines, enforced suspension from sale of certain products or public reprimand.

 

Failure of Information Systems

The Company’s business is dependent on the efficient and uninterrupted operation of information technology and computer systems, which are vulnerable to damage or interruption from power loss, telecommunications failure, sabotage, vandalism or similar misconduct. Contingency and recovery plans are in place in order to mitigate the impact of such failures.

Future Developments and Performance

Looking to the future the business is expected to at least maintain its recent financial performance, but enhanced cross selling opportunities and economies of scale within the Dayes Group are expected to improve the performance even further.

On behalf of the board

Mr M Ryan
Director
18 April 2024
HEALTHPOINT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the Company during the period under review was the wholesale supply of health and beauty products.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

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

Mr M Ryan
Mrs A Parkinson
Mr W Poppelaars
Mr W Meijerink
Auditor

The auditor, MHA, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

As the company does not meet the large company size criteria it is not required to report on its emissions, energy consumption or energy efficiency activities.

Strategic Report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company'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. It has done so in respect of financial performance and future developments.

Statement of disclosure to auditor

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

On behalf of the board
Mr M Ryan
Director
18 April 2024
HEALTHPOINT LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

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

 

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

 

 

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

HEALTHPOINT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF HEALTHPOINT LIMITED
- 5 -
Opinion

We have audited the financial statements of Healthpoint Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

HEALTHPOINT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF HEALTHPOINT LIMITED
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report 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:

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

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

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

HEALTHPOINT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF HEALTHPOINT LIMITED
- 7 -

 

Because of the field in which the client operates, we identified the following areas as those most likely to have a material impact on the financial statements: compliance with health and safety, BSI, GDP and UK Companies Act.

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognize the non-compliance.

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.

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Virginia Cooper
Senior Statutory Auditor
For and on behalf of MHA, Statutory Auditor
Preston, United Kingdom
19 April 2024
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
HEALTHPOINT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
Year
Period
ended
ended
31 December
31 December
2023
2022
Notes
£
£
Turnover
3
21,722,938
15,210,425
Cost of sales
(16,906,291)
(12,256,697)
Gross profit
4,816,647
2,953,728
Distribution costs
(1,197,880)
(745,160)
Administrative expenses
(1,547,486)
(974,775)
Operating profit
4
2,071,281
1,233,793
Interest receivable and similar income
7
2,457
-
0
Interest payable and similar expenses
8
-
0
(616)
Profit before taxation
2,073,738
1,233,177
Tax on profit
9
(500,498)
(240,200)
Profit for the financial year
1,573,240
992,977

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

HEALTHPOINT LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
10
-
0
41,615
Tangible assets
11
16,499
11,038
16,499
52,653
Current assets
Stocks
12
4,516,061
4,139,724
Debtors
13
4,581,711
4,437,391
Cash at bank and in hand
2,346,045
1,590,263
11,443,817
10,167,378
Creditors: amounts falling due within one year
14
(2,454,438)
(2,789,481)
Net current assets
8,989,379
7,377,897
Total assets less current liabilities
9,005,878
7,430,550
Provisions for liabilities
Deferred tax liability
15
3,771
1,683
(3,771)
(1,683)
Net assets
9,002,107
7,428,867
Capital and reserves
Called up share capital
17
5,556
5,556
Share premium account
48,899
48,899
Capital redemption reserve
5,556
5,556
Profit and loss reserves
8,942,096
7,368,856
Total equity
9,002,107
7,428,867
The financial statements were approved by the board of directors and authorised for issue on 18 April 2024 and are signed on its behalf by:
Mr M Ryan
Director
Company Registration No. 03163208
HEALTHPOINT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 April 2022
5,556
48,899
5,556
6,375,879
6,435,890
Period ended 31 December 2022:
Profit and total comprehensive income for the period
-
-
-
992,977
992,977
Balance at 31 December 2022
5,556
48,899
5,556
7,368,856
7,428,867
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
-
1,573,240
1,573,240
Balance at 31 December 2023
5,556
48,899
5,556
8,942,096
9,002,107
HEALTHPOINT LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
1,288,928
1,778,082
Interest paid
-
0
(616)
Income taxes paid
(521,727)
(221,339)
Net cash inflow from operating activities
767,201
1,556,127
Investing activities
Purchase of tangible fixed assets
(13,876)
(1,161)
Interest received
2,457
-
0
Net cash used in investing activities
(11,419)
(1,161)
Net increase in cash and cash equivalents
755,782
1,554,966
Cash and cash equivalents at beginning of year
1,590,263
35,297
Cash and cash equivalents at end of year
2,346,045
1,590,263
HEALTHPOINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
1
Accounting policies
Company information

Healthpoint Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 11 Darwin Court, Blackpool Technology Park, Blackpool, FY2 0JN.

1.1
Reporting period

The company's financial year end is to 31 December 2023 so that the year end is aligned with the year end of the ultimate parent company. For this reason the figures are not entirely comparable to the prior year which is a 9 month period.

1.2
Accounting convention

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

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

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

1.3
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company 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.

1.4
Turnover

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

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

HEALTHPOINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
1.5
Intangible fixed assets - goodwill

Goodwill was purchased from an incorporated business. 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 based on the costs saved each year by acquiring the business' assets compared to the expected cost if the acquisition had not taken place.

 

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.

 

During the year the final amortisation charge was put through leaving goodwill with a nil net book value in the accounts.

1.6
Tangible fixed assets

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

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

Plant and equipment
15% / 25% / 33% on cost
Fixtures and fittings
33% on cost

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

1.7
Impairment of fixed assets

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

1.8
Stocks

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

 

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

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

HEALTHPOINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.9
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

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

 

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

 

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

Basic financial assets

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

Other financial assets

All of the company's financial assets are classed as basic financial assets.

Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

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

Classification of financial liabilities

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

HEALTHPOINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
Basic financial liabilities

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

 

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

 

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

Other financial liabilities

All of the company's financial liabilities are classified as basic financial liabilities.

Derecognition of financial liabilities

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

1.11
Equity instruments

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

1.12
Taxation

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

Current tax

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

Deferred tax

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

 

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

HEALTHPOINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.13
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.

1.14
Retirement benefits

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

1.15
Leases

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.

1.16
Foreign exchange

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

2
Judgements and key sources of estimation uncertainty

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

 

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

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.

Stock Valuations

Stock is stated as the lower of cost and net realisable value. The value of all stock as well as the provision for slow moving and obsolete stock can have a significant influence on the stock valuation in the financial statements. A comprehensive review of the stock holding is carried out regularly.

HEALTHPOINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
21,418,439
14,942,405
European Union
218,481
233,842
Rest of the World
86,018
34,178
21,722,938
15,210,425
2023
2022
£
£
Other revenue
Interest income
2,457
-
4
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
11,600
16,320
Depreciation of owned tangible fixed assets
8,415
7,010
Amortisation of intangible assets
41,615
36,235
Operating lease charges
51,390
44,726
5
Employees

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

2023
2022
Number
Number
Directors
2
2
Accounts & stock control
7
5
Product development
2
2
Graphical design
1
2
Quality control
2
3
Sales
5
5
Total
19
19
HEALTHPOINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Employees
(Continued)
- 18 -

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
986,760
731,494
Social security costs
111,906
87,199
Pension costs
53,719
42,282
1,152,385
860,975
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
208,958
167,380
Company pension contributions to defined contribution schemes
2,643
3,090
211,601
170,470

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2022 - 2).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
119,340
-
Company pension contributions to defined contribution schemes
1,321
-

As total directors' remuneration was less than £200,000 in the prior period, no disclosure is provided for that period.

7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
2,457
-
0
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
2,457
-
0
HEALTHPOINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on invoice finance arrangements
-
0
616
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
498,410
241,979
Deferred tax
Origination and reversal of timing differences
2,088
(1,779)
Total tax charge
500,498
240,200

Corporation tax is calculated at 23.52% (2022 - 19.00%) of the estimated assessable profit for the year. In the 3 March 2021 Budget it was announced that the UK tax rate will increase to 25% from 1 April 2023, and this rate was substantively enacted on 24 May 2021. Deferred tax balances at the period end have been measured at 25% (2022 - 25%).

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
2,073,738
1,233,177
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
487,743
234,304
Tax effect of expenses that are not deductible in determining taxable profit
2,309
61
Tax effect of income not taxable in determining taxable profit
-
0
(66)
Change in unrecognised deferred tax assets
9,788
6,885
Adjustments in respect of prior years
784
-
0
Effect of change in corporation tax rate
(126)
(427)
Group relief
-
0
(557)
Taxation charge for the year
500,498
240,200
HEALTHPOINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
10
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
130,000
Amortisation and impairment
At 1 January 2023
88,385
Amortisation charged for the year
41,615
At 31 December 2023
130,000
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
41,615
11
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2023
96,735
13,174
109,909
Additions
9,797
4,079
13,876
At 31 December 2023
106,532
17,253
123,785
Depreciation and impairment
At 1 January 2023
87,580
11,291
98,871
Depreciation charged in the year
6,792
1,623
8,415
At 31 December 2023
94,372
12,914
107,286
Carrying amount
At 31 December 2023
12,160
4,339
16,499
At 31 December 2022
9,155
1,883
11,038
12
Stocks
2023
2022
£
£
Finished goods and goods for resale
4,516,061
4,139,724
HEALTHPOINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
13
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,333,914
2,172,600
Amounts owed by group undertakings
1,002,515
1,002,739
Other debtors
1,173,600
1,191,394
Prepayments and accrued income
71,682
70,658
4,581,711
4,437,391
14
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,264,418
1,621,428
Amounts owed to group undertakings
1
11
Corporation tax
24,754
48,071
Other taxation and social security
442,671
337,149
Accruals and deferred income
722,594
782,822
2,454,438
2,789,481
15
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
4,125
2,760
Retirement benefit obligations
(354)
(1,077)
3,771
1,683
2023
Movements in the year:
£
Liability at 1 January 2023
1,683
Charge to profit or loss
2,088
Liability at 31 December 2023
3,771

It is not possible to quantify the amounts expected to reverse over the upcoming twelve months owing to uncertainties over the capital expenditure of the company.

HEALTHPOINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
16
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
53,719
42,282

The company contributes to defined contribution pension schemes for all qualifying employees. The assets of the schemes are held separately from those of the company in independently administered funds.

17
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
5,556
5,556
5,556
5,556
18
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
45,983
11,977
Between two and five years
53,496
-
0
99,479
11,977
19
Related party transactions
Transactions with related parties
Other information

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard Applicable in the UK and Ireland', not to disclose related party transactions with wholly owed subsidiaries within the group.

20
Ultimate controlling party

The company is a wholly owned subsidiary of Healthpoint 2014 Limited, a company registered in England and Wales. The ultimate parent company is Nexus Newco B.V.

21
Post balance sheet events

It is the intention of the directors to simplify the Healthpoint 2016 Ltd group, of which Healthpoint Ltd is a part of. This will result in amounts owing to group companies reducing to Nil during the next financial year.

HEALTHPOINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
22
Cash generated from operations
2023
2022
£
£
Profit for the year after tax
1,573,240
992,977
Adjustments for:
Taxation charged
500,498
240,200
Finance costs
-
0
616
Investment income
(2,457)
-
0
Amortisation and impairment of intangible assets
41,615
36,235
Depreciation and impairment of tangible fixed assets
8,415
7,010
Movements in working capital:
(Increase)/decrease in stocks
(376,337)
1,694,790
Increase in debtors
(144,320)
(509,502)
Decrease in creditors
(311,726)
(684,244)
Cash generated from operations
1,288,928
1,778,082
23
Analysis of changes in net funds
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
1,590,263
755,782
2,346,045
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