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Registration number: 08694165

SW Healthcare Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

SW Healthcare Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

SW Healthcare Limited

Company Information

Directors

Dr A R Havercroft

Dr S J Hill

Dr G L Moore

Dr J J D Clarke

Dr J Thorn

Dr R J Oliver

Ms C Goodall

Dr N A Bramble

Registered office

Droitwich Medical Centre
Ombersley Street East
Droitwich
Worcestershire
WR9 8RD

Accountants

Ballards LLP
Chartered Accountants
Oakmoore Court
11C Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

SW Healthcare Limited

(Registration number: 08694165)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

60,038

30,138

Investments

5

1

1

 

60,039

30,139

Current assets

 

Debtors

6

2,055,348

1,761,326

Cash at bank and in hand

 

1,179,250

1,979,801

 

3,234,598

3,741,127

Creditors: Amounts falling due within one year

7

(1,743,218)

(1,805,573)

Net current assets

 

1,491,380

1,935,554

Net assets

 

1,551,419

1,965,693

Capital and reserves

 

Called up share capital

291,374

291,374

Retained earnings

1,260,045

1,674,319

Shareholders' funds

 

1,551,419

1,965,693

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.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 January 2024 and signed on its behalf by:
 

.........................................
Dr A R Havercroft
Director

.........................................
Dr S J Hill
Director

 
 

SW Healthcare 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:
Droitwich Medical Centre
Ombersley Street East
Droitwich
Worcestershire
WR9 8RD
England

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.

Going concern

The financial statements have been prepared on a 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.

Tax

The tax expense for the period comprises current 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.

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

 

SW Healthcare Limited

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

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

Fixtures and fittings

25% reducing balance basis

Computer equipment

25% reducing balance basis

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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 merchandise sold 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.

 

SW Healthcare Limited

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

Some employees of the company are members of the NHS Pension Scheme, a final salary scheme operated by the NHS. The rate of contributions payable by the company are set for all employers by the scheme and contributions are paid monthly in accordance with the scheme rules. It is not possible to identify the company's share of the underlying assets and liabilities in the scheme on a reasonable basis, and hence the scheme is accounted for as if it were a defined contribution scheme.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 372 (2022 - 523).

 

SW Healthcare Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Computer equipment
£

Total
£

Cost or valuation

At 1 April 2022

6,526

58,203

64,729

Additions

-

49,912

49,912

At 31 March 2023

6,526

108,115

114,641

Depreciation

At 1 April 2022

5,722

28,868

34,590

Charge for the year

201

19,812

20,013

At 31 March 2023

5,923

48,680

54,603

Carrying amount

At 31 March 2023

603

59,435

60,038

At 31 March 2022

804

29,334

30,138

5

Investments

2023
£

2022
£

Investments in subsidiaries

1

1

Subsidiaries

£

Cost or valuation

At 1 April 2022 and 31 March 2022

1

Provision

Carrying amount

At 31 March 2023

1

At 31 March 2022

1

 

SW Healthcare Limited

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

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

SW Healthcare Services Limited

Droitwich Medical Centre, Ombersley Street East, Droitwich, Worcs, WR9 8RD,

England

Ordinary

100%

100%

Subsidiary undertakings

SW Healthcare Services Limited

The principal activity of SW Healthcare Services Limited is provision of GP staff.

On 5 April 2019 the company formed a new subsidiary SW Healthcare Services Limited. The company owns 100% of the share capital of SW Healthcare Services Limited.

6

Debtors

Current

2023
£

2022
£

Trade debtors

1,024,315

931,010

Prepayments

51,965

79,753

Other debtors

979,068

750,563

 

2,055,348

1,761,326

Debtors include an amount owed to the company by Worcestershire Pharmacy Services Limited amounting to £0 (2022 - £0). The loan is interest bearing.

Debtors due within one year includes an amount owed by the company's subsidiary SW Healthcare Services Limited of £8,054 (2022 - £15,006).

 

SW Healthcare Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

530,550

748,264

Taxation and social security

 

196,726

244,315

Other creditors

 

1,015,942

812,994

 

1,743,218

1,805,573

Creditors due within one year includes an amount owed to the company's subsidiary SW Healthcare Services Limited of £0 (2022 - £6,770).