Company registration number 10992904 (England and Wales)
THE COLLEGE OF HEALTH LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
THE COLLEGE OF HEALTH LTD
CONTENTS
Page
Balance sheet
3
Notes to the financial statements
4 - 10
THE COLLEGE OF HEALTH LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2023
- 1 -
The directors present their annual report and financial statements for the year ended 31 August 2023.
Principal activities
The principal activity of the company continued to be that of providers of Higher Education and operators of a community Chiropractic clinic.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Professor Christina Cunliffe
David Holmes
Matt Green
Auditor
Xeinadin Audit Ltd were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
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 company and of the profit or loss of the company 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;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
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.
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.
THE COLLEGE OF HEALTH LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 2 -
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Professor Christina Cunliffe
Matt Green
Director
Director
21 December 2023
THE COLLEGE OF HEALTH LTD
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 3 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
314,132
306,255
Current assets
Stocks
10,142
11,915
Debtors falling due after more than one year
4
214,598
14,598
Debtors falling due within one year
4
791,221
652,299
Cash at bank and in hand
2,083,222
1,971,087
3,099,183
2,649,899
Creditors: amounts falling due within one year
5
(1,456,069)
(1,455,550)
Net current assets
1,643,114
1,194,349
Total assets less current liabilities
1,957,246
1,500,604
Creditors: amounts falling due after more than one year
6
(587,039)
(531,692)
Provisions for liabilities
7
(244,000)
(289,000)
Net assets
1,126,207
679,912
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
1,126,107
679,812
Total equity
1,126,207
679,912
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered 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 21 December 2023 and are signed on its behalf by:
Professor Christina Cunliffe
Matt Green
Director
Director
Company Registration No. 10992904
THE COLLEGE OF HEALTH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 4 -
1
Statement of Principal Accounting policies
Company information
The College of Health Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1 Kimber Road, Abingdon, Oxon, OX14 1BZ.
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 as applicable to companies subject to the small companies regime.
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.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable net of VAT and other sales related taxes. The policy adopted for recognition of turnover are as follows:
Turnover represents the invoiced amount of goods and services provided during the year, stated net of value added tax. Amounts invoiced but unearned at the year end are treated as deferred revenue.
Tuition fees are recognised as the services are provided.
Included within other operating income are amounts relating to donations received. Donated amounts are not recognised as revenue when they are initially received, instead some are deferred until later accounting periods to match the expenditure to which they are funding. The deferred amounts are recognised as deferred income within creditors.
1.3
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:
Fixtures, Fittings & Computers
3, 5 and 10 years on a straight line bases
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.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving stock where appropriate.
THE COLLEGE OF HEALTH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Statement of Principal Accounting policies
(Continued)
- 5 -
1.6
Financial instruments
Debtors and creditors receivable/payable with a year
Debtors and creditors are recorded at transaction price receivable or payable within one year. Any losses arising from impairment are recognised in the profit and loss account within administrative expenses.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. They are subsequently measured at amortised cost using the effective interest rate method, less impairment.
1.7
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.
1.8
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.9
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
THE COLLEGE OF HEALTH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Statement of Principal Accounting policies
(Continued)
- 6 -
1.10
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
1.11
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.
THE COLLEGE OF HEALTH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 7 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Directors
2
2
Employees
37
31
Total
39
33
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2022
421,990
Additions
134,889
At 31 August 2023
556,879
Depreciation and impairment
At 1 September 2022
115,735
Depreciation charged in the year
127,012
At 31 August 2023
242,747
Carrying amount
At 31 August 2023
314,132
At 31 August 2022
306,255
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
653,517
567,369
Other debtors
137,704
84,930
791,221
652,299
THE COLLEGE OF HEALTH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
4
Debtors
(Continued)
- 8 -
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
214,598
14,598
Total debtors
1,005,819
666,897
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
5,556
5,556
Trade creditors
195,071
20,301
Corporation tax
48,544
36,535
Other taxation and social security
32,760
31,499
Other creditors
1,174,138
1,361,659
1,456,069
1,455,550
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
31,945
37,500
Other creditors
555,094
494,192
587,039
531,692
7
Provisions for liabilities
2023
2022
£
£
Dilapidation provision
244,000
289,000
Movements on provisions:
Dilapidation provision
£
At 1 September 2022
289,000
Utilisation of provision
(45,000)
At 31 August 2023
244,000
THE COLLEGE OF HEALTH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 9 -
8
Called up share capital
2023
2022
Ordinary share capital
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Janet Charlton FCA
The auditor was Xeinadin Audit Ltd.
10
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
3,088,707
1,372,266
11
Related party transactions
Transactions with related parties
During the year, the company made a loan of £200,000 to Health Holdings Limited, a company under the same common ownership as The College of Health Limited. The loan is interest free and has no specific repayment dates, but the directors have indicated that they are not seeking repayment within the next 12 months, hence its inclusion in long term liabilities.
12
Prior period adjustment
Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in profit for the previous financial period
2022
£
Total adjustments
-
Profit as previously reported
405,741
Profit as adjusted
405,741
THE COLLEGE OF HEALTH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
12
Prior period adjustment
(Continued)
- 10 -
Notes to reconciliation
The prior year adjustment relates to a reclassification of dilapidations from creditors due after more than one year to provisions. There has been no effect on profit or equity.
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