Registered number: 11883133
Passport Health Ltd
Financial statements
Information for filing with the registrar
For the year ended 31 December 2022
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Passport Health Ltd
Registered number: 11883133
Balance sheet
As at 31 December 2022
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 7 form part of these financial statements.
Page 1
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Passport Health Ltd
Statement of changes in equity
For the year ended 31 December 2022
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Comprehensive income for the year
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Loss for the year (as restated)
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At 1 January 2022 (as previously stated)
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Prior year adjustment (note 9)
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At 1 January 2022 (as restated)
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Comprehensive income for the year
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The notes on pages 3 to 7 form part of these financial statements.
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Page 2
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Passport Health Ltd
Notes to the financial statements
For the year ended 31 December 2022
Passport Health Ltd is a private company limited by shares incorporated in England. The registered address is 207 Regent Street, 3rd Floor. London, England, W1B 3HH. The company's principal activity is the provision of a full range of medications and immunizations.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
The accounts have been prepared on a going concern basis despite the company reporting a loss of £144,261 (2021: £130,484). The company has net liability of £214,131 (2021: £69,870) at the year end.
The company relies upon the continued support from its parent company, Passport Health International LLC, who have confirmed provision of such support. The group confirmed their cash and marketable securities will satisfy the projected working capital and capital expenditure requirements for the group for at least the next 12 months. Liquidity and capital expenditure requirements are continuously reviewed by the group.
On this basis, the Director has concluded the company has adequate resources to continue in operational existence for the foreseeable future.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Page 3
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Passport Health Ltd
Notes to the financial statements
For the year ended 31 December 2022
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Page 4
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Passport Health Ltd
Notes to the financial statements
For the year ended 31 December 2022
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is British Pound Sterling.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires the directors to make judgments, estimates and assumptions that can affect the amounts reported for assets and liabilities, and the results for the year. The nature of estimation is such though that actual outcomes could differ significantly from those estimates.
The following judgments have had the most significant impact on the amounts recognised in the financial statements.
Depreciation of fixed assets
The annual depreciation charge for tangible assets is senstive to changes in the estimated useful lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. See note 5 for the carrying amount of the fixed assets and note 2.4 for the useful economic lives.
Page 5
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Passport Health Ltd
Notes to the financial statements
For the year ended 31 December 2022
The average monthly number of employees, including directors, during the year was 2 (2021 - 2).
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At 1 January and 31 December 2022
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Page 6
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Passport Health Ltd
Notes to the financial statements
For the year ended 31 December 2022
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Allotted, called up and fully paid
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297,704 (2021 - 297,704) Ordinary shares of £1.00 each
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During the year ended 31 December 2022, it was identified that the liability with HM Revenue & Customs was incorrectly calculated in the year ended 31 December 2021. This led to an overstatement of expenses of £5,166 and amending the HM Revenue & Customs balance from a creditor of £3,603 to a debtor of £1,563.
A prior year adjustment has been included and the comparative figures for the year ended 31 December 2021 have been restated accordingly. The effect of the restatement is to increase loss after tax by £5,166 and increase equity by £5,166 for the year ended 31 December 2021.
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Related party transactions
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The company has taken advantage of the exemption provided by paragraph 1AC.35 of Financial Reporting Standard 102 from disclosing related party transactions entered into between the Company and other Group Companies, where the subsidiary undertaking is wholly owned by a member of the Group.
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Post balance sheet events
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On 23 February 2024, the company signed an additional premises licence agreement. This agreement has a six month commitment, starting 1 March 2024. The total commitment is £10,800.
The ultimate parent company and controlling party is Outlier Holdings LLC, a company incorporated in the United States of America.
Passport Health Limited is included in the group accounts prepared by Passport Health Holdings LLC, a company incorporated in the United States of America. These accounts can be obtained on request from 4343 E Outlier Blvd, Phoenix, AZ 85008, United States of America.
The auditors' report on the financial statements for the year ended 31 December 2022 was qualified.
The qualification in the audit report was as follows:
We did not observe the counting of physical stock at the end of the year and have been unable to satisfy
ourselves with alternative means concerning the stock quantities held as at 31 December 2022, which is stated in the balance sheet as £4,640. As a result of this matter, we are unable to determine whether any adjustments might have been found necessary in respect of recorded or unrecorded stock.
The audit report was signed on 2 April 2024 by Stephen Moss BSc (Hons) ACA (Senior statutory auditor) on behalf of Kreston Reeves LLP.
Page 7
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Passport Health Ltd
Page 8
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