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REGISTRAR OF COMPANIES

Registration number: 11784534

Concept Health Technologies Limited

Unaudited Financial Statements

31 March 2023

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Concept Health Technologies Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Concept Health Technologies Limited
for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Concept Health Technologies Limited for the year ended 31 March 2023 as set out on pages 2 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Concept Health Technologies Limited, as a body, in accordance with the terms of our engagement letter dated 18 February 2020. Our work has been undertaken solely to prepare for your approval the accounts of Concept Health Technologies Limited and state those matters that we have agreed to state to the Board of Directors of Concept Health Technologies Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Concept Health Technologies Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Concept Health Technologies Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Concept Health Technologies Limited. You consider that Concept Health Technologies Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Concept Health Technologies Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
Clint Mill
Cornmarket
PENRITH
CA11 7HW

6 October 2023

 

Concept Health Technologies Limited

(Registration number: 11784534)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

6,045

8,547

Tangible assets

5

28,598

713

 

34,643

9,260

Current assets

 

Debtors

6

226,873

973,406

Cash at bank and in hand

 

251,057

321,788

 

477,930

1,295,194

Creditors: Amounts falling due within one year

7

(681,446)

(1,544,627)

Net current liabilities

 

(203,516)

(249,433)

Total assets less current liabilities

 

(168,873)

(240,173)

Creditors: Amounts falling due after more than one year

7

(31,397)

(37,831)

Net liabilities

 

(200,270)

(278,004)

Capital and reserves

 

Allotted, called up and fully paid share capital

1

1

Profit and loss account

(200,271)

(278,005)

Total equity

 

(200,270)

(278,004)

 

Concept Health Technologies Limited

(Registration number: 11784534)
Balance Sheet as at 31 March 2023 (continued)

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 October 2023
 

.........................................

M F Amin

Director

 

Concept Health Technologies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
3rd Floor
86-90 Paul Street
LONDON
EC2A 4NE

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company has net liabilities at 31 March 2023, these have arisen due to income being deferred over the duration of a contract. The director considers it appropriate to prepare the financial statements on the going concern basis.

 

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

 

Concept Health Technologies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

15% reducing balance

Intangible assets

Software development costs and licenses are shown at historical cost. Software development costs and licenses have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Software development costs

5 year straight line basis

 

Concept Health Technologies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Concept Health Technologies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2022 - 3).

 

Concept Health Technologies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

4

Intangible assets

Software development costs
£

Total
£

Cost or valuation

At 1 April 2022

12,508

12,508

At 31 March 2023

12,508

12,508

Amortisation

At 1 April 2022

3,961

3,961

Amortisation charge

2,502

2,502

At 31 March 2023

6,463

6,463

Carrying amount

At 31 March 2023

6,045

6,045

At 31 March 2022

8,547

8,547

5

Tangible assets

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 April 2022

945

945

Additions

31,872

31,872

At 31 March 2023

32,817

32,817

Depreciation

At 1 April 2022

232

232

Charge for the year

3,987

3,987

At 31 March 2023

4,219

4,219

Carrying amount

At 31 March 2023

28,598

28,598

At 31 March 2022

713

713

 

Concept Health Technologies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 April 2022

945

945

Additions

31,872

31,872

At 31 March 2023

32,817

32,817

Depreciation

At 1 April 2022

232

232

Charge for the year

3,987

3,987

At 31 March 2023

4,219

4,219

Carrying amount

At 31 March 2023

28,598

28,598

At 31 March 2022

713

713

6

Debtors

2023
£

2022
£

Trade debtors

164,350

915,200

Other debtors

62,523

58,206

226,873

973,406

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

22,527

116,079

Trade creditors

 

28,327

22,747

Taxation and social security

 

-

220,354

Other creditors

 

630,592

1,185,447

 

681,446

1,544,627

Due after one year

 

Loans and borrowings

8

31,397

37,831

 

Concept Health Technologies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,794

11,111

Other borrowings

11,733

104,968

22,527

116,079

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

31,397

37,831