REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH APRIL 2023 |
FOR |
HEALTH AND CARE (UK) LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH APRIL 2023 |
FOR |
HEALTH AND CARE (UK) LIMITED |
HEALTH AND CARE (UK) LIMITED (REGISTERED NUMBER: 08999815) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH APRIL 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 5 |
Report of the Independent Auditors | 6 |
Income Statement | 9 |
Other Comprehensive Income | 10 |
Statement of Financial Position | 11 |
Statement of Changes in Equity | 12 |
Statement of Cash Flows | 13 |
Notes to the Statement of Cash Flows | 14 |
Notes to the Financial Statements | 15 |
HEALTH AND CARE (UK) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30TH APRIL 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
& Statutory Auditors |
83 Cambridge Street |
London |
SW1V 4PS |
BANKERS: |
169 Victoria Street |
London |
SW1E 5NA |
HEALTH AND CARE (UK) LIMITED (REGISTERED NUMBER: 08999815) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30TH APRIL 2023 |
The directors present their strategic report for the year ended 30th April 2023. |
REVIEW OF BUSINESS |
The principal activity of the Company continued to be the retail of health, safety, medical and care related products. |
The results for the year and the financial position at the statement of financial position date were considered satisfactory by the directors given the level of uncertainty and instability in the sector. The business continues to weather supply chain pressures, predominantly caused by macro-economic and geo-political factors, effectively. |
The strength of our wider team, and the continued execution of Health and Care's robust process based approached, underpins the success of the business. We are able to minimise the impact of threats and strengthen the business through opportunity development. |
Our strategy has resulted in the continued growth of sales and profitability in our key product and service segments within the UK. |
We are proud to have overseen a further expansion in physical office space which has facilitated growth of the team in business-critical positions. |
The acquisition of additional warehouse space has enhanced our logistics and distribution operations, and safeguarded the Company against supply chain uncertainty through increased storage capacity. The business capitalised on this facility enhancement without delay, as reflected in our increased stock holding value. This expansion is further evidence of our commitment to service continuity for our customers, and our efforts to minimise the impact of inflationary pressures as far as practical. |
The Company is proud to maintain its ISO 9001:2015 certification, demonstrating its commitment to customer satisfaction and continual improvement. Our process based approach continues to enable the business to grow rapidly and maintain its high levels of customer satisfaction. |
We continue to successfully expand our reach and influence within the sector. The enhancement of our current product range and optimisation of our established platform portfolio will deliver stable growth. We are confident that the planned launch of new category-focused platforms in high growth segments will boost sales further. |
We select our suppliers carefully in order to ensure the products and services that we provide are best-in-class. We collaborate closely with them to ensure our products and services meet our customers' needs precisely. We source our products with integrity and sustainability in mind, and we continue to build long-standing relationships with world-class brands. |
We would like to thank our customers for their ongoing custom, support, and loyalty. We are ever-mindful of the fact that the success of our business is determined by how effectively we help our customers. Although our levels of customer satisfaction are very high across all platforms, and our growing and returning customer base is expanding rapidly, we will continue to develop our business with our customers and their needs at the heart of everything we do. |
We look forward to a successful year ahead. |
HEALTH AND CARE (UK) LIMITED (REGISTERED NUMBER: 08999815) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30TH APRIL 2023 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The execution of the Company's strategies is subject to several risks due to competition from other businesses. |
The Company is exposed through its operations to the following financial risks: |
- Credit risk |
- Other market price risk, and |
- Liquidity risk. |
In common with all other businesses, the Company is exposed to risks that arise from its use of financial instruments. This note describes the Company's objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these financial statements. |
There have been no substantive changes in the Company's exposure to financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated in this note. |
(i) Principal financial instruments |
The principal financial instruments used by the Company, from which financial instrument risk arises, are as follows: |
- Trade receivables |
- Cash and cash equivalents |
- Trade and other payables |
(ii) Financial instruments not measured at fair value |
Financial instruments not measured at fair value include cash and cash equivalents, trade and other receivables, trade and other payables. Due to their short-term nature, the carrying value of cash and cash equivalents, trade and other receivables, and trade and other payables approximates their fair value. |
General objectives, policies and processes |
The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the Company's competitiveness and flexibility. Further details regarding these policies are set out below: |
Price Risk |
The business is exposed to price risks due to the nature of its purchasing and retail of stock. This risk is managed and minimised as far as possible by employing several processes and strategies. Health and Care (UK) Limited maintains a proactive team of pricing analysts to ensure selling prices are fair and competitive, and that they remain in line with business objectives. Diversity of suppliers enables the business to benchmark fair purchasing prices and select and source products appropriately and competitively. A calculated incremental stock holding strategy protects the business from price volatility. It gives the business the opportunity to renegotiate with suppliers, and enables it to feed in price changes gradually where required. Efficient procurement strategies, with a focus on providing value to our stakeholders, are practised routinely. The business collaborates closely with its suppliers, and continues to deliver savings and fair pricing to its customers. |
Credit Risk |
Credit risk is the potential exposure of the company to loss in the event of non-performance by other parties. The company controls this risk by using appropriate credit assessments, limits and monitoring procedures. |
Interest rate risk |
Due to the nature of the financial instruments used by the Company there is no exposure to interest rate risk. |
Liquidity Risk |
Liquidity risk is the risk that insufficient working capital will be generated by the Company's business activities and that in this event suitable sources of funding may not be available. The Company controls this risk by operating a policy of managing cash flow efficiently and effectively. |
HEALTH AND CARE (UK) LIMITED (REGISTERED NUMBER: 08999815) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30TH APRIL 2023 |
KEY PERFORMANCE INDICATORS |
The main KPI's used by the Company are oriented around Gross Profit and Turnover. These are summarised as follows: |
2023 | 2022 | 2021 | 2020 | 2019 |
Turnover | £16.83m | £15.15m | £13.11m | £11.06m | £1.15m |
Gross Profit | £4.26m | £3.95m | £2.91m | £3.26m | £0.14m |
Gross Profit % | 25.33% | 26.09% | 22.22% | 29.48% | 11.94% |
Net Profit/(Loss) before taxation | £571,577 | £885,300 | (£100,238) | £1,167,891 | (£27,752) |
Net Assets/(Liabilities) | £1,465,162 | £1,101,718 | £566,404 | £829,499 | (£19,243) |
OTHER INFORMATION AND EXPLANATIONS |
All aspects of the business are continually monitored with a view to maintaining profitability and de-risking with overheads control continuing to be at the forefront. |
ON BEHALF OF THE BOARD: |
HEALTH AND CARE (UK) LIMITED (REGISTERED NUMBER: 08999815) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30TH APRIL 2023 |
The directors present their report with the financial statements of the company for the year ended 30th April 2023. |
DIVIDENDS |
No dividends will be distributed for the year ended 30th April 2023 (2022: £87,000). |
DIRECTORS |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, George Hay & Company, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
HEALTH AND CARE (UK) LIMITED |
Opinion |
We have audited the financial statements of Health and Care (UK) Limited (the 'company') for the year ended 30th April 2023 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of 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: |
- | give a true and fair view of the state of the company's affairs as at 30th April 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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 Auditors' 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. |
We draw your attention to Note 2 of the accounting policies in the financial statements, which indicates that the Company has net current liabilities of £1,778,080 (2022: £2,520,608) on the statement of financial position and achieved a profit before taxation of £571,577 (2022: £885,300) for the year. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
HEALTH AND CARE (UK) LIMITED |
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 Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 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. |
Auditors' 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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Based on our understanding of the company's operations, we identified that the principal risks of non-compliance with laws and regulations relates to health and safety regulations, data protection, employment, pensions and tax legislation. |
We considered the extent to which non-compliance might have a material effect on the financial statements that results in the situation where operations of the business may curtail. We also considered the relevant laws and regulations that have a direct impact on the preparation of the financial statements such as taxation. |
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements, (including the risk of override of controls) and determined there were no principal risks directly impacting the company's revenue and management bias in accounting estimates. |
Audit procedures performed by the engagement team included: |
- Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud; |
- Evaluating management's controls designed to prevent and detect irregularities; |
- Identifying and testing journals, in particular journal entries posted with unusual account combinations or with unusual descriptions; and |
- Challenging assumptions and judgements made by management in their critical accounting estimates. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
HEALTH AND CARE (UK) LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, 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 members those matters we are required to state to them in a Report of the Auditors 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 members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
& Statutory Auditors |
83 Cambridge Street |
London |
SW1V 4PS |
HEALTH AND CARE (UK) LIMITED (REGISTERED NUMBER: 08999815) |
INCOME STATEMENT |
FOR THE YEAR ENDED 30TH APRIL 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
565,577 | 885,300 |
Other operating income |
OPERATING PROFIT and |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
HEALTH AND CARE (UK) LIMITED (REGISTERED NUMBER: 08999815) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30TH APRIL 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
HEALTH AND CARE (UK) LIMITED (REGISTERED NUMBER: 08999815) |
STATEMENT OF FINANCIAL POSITION |
30TH APRIL 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 15 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Retained earnings | 17 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
HEALTH AND CARE (UK) LIMITED (REGISTERED NUMBER: 08999815) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30TH APRIL 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1st May 2021 |
Changes in equity |
Profit for the year | - | 622,314 | 622,314 |
Total comprehensive income | - |
Dividends | - | ( |
) | ( |
) |
Total transactions with owners, recognised directly in equity |
- |
(87,000 |
) |
(87,000 |
) |
Balance at 30th April 2022 |
Changes in equity |
Profit for the year | - | 363,444 | 363,444 |
Total comprehensive income | - |
Total transactions with owners, recognised directly in equity |
- |
- |
- |
Balance at 30th April 2023 |
HEALTH AND CARE (UK) LIMITED (REGISTERED NUMBER: 08999815) |
STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 30TH APRIL 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of intangible fixed assets | ( |
) | ( |
) |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Amount introduced by directors | 35,757 | 85,000 |
Amount withdrawn by directors | (500,808 | ) | (611,826 | ) |
Equity dividends paid | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
35,993 |
Cash and cash equivalents at end of year | 2 | 214,180 | 63,543 |
HEALTH AND CARE (UK) LIMITED (REGISTERED NUMBER: 08999815) |
NOTES TO THE STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 30TH APRIL 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation |
Depreciation charges | 22,552 | 14,371 |
Amortisation charges | 515,217 | 506,667 |
1,109,346 | 1,406,338 |
Increase in stocks | ( |
) | ( |
) |
Decrease/(increase) in trade and other debtors | ( |
) |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 30th April 2023 |
30.4.23 | 1.5.22 |
£ | £ |
Cash and cash equivalents | 214,180 | 63,543 |
Year ended 30th April 2022 |
30.4.22 | 1.5.21 |
£ | £ |
Cash and cash equivalents | 63,543 | 35,993 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.5.22 | Cash flow | At 30.4.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 63,543 | 150,637 | 214,180 |
63,543 | 214,180 |
Total | 63,543 | 150,637 | 214,180 |
HEALTH AND CARE (UK) LIMITED (REGISTERED NUMBER: 08999815) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH APRIL 2023 |
1. | STATUTORY INFORMATION |
Health and Care (UK) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The Company has net current liabilities of £1,778,080 (2022: £2,520,608) and achieved a profit before taxation of £571,577 (2022: £885,300) during the year. On the basis of current financial projections and the financial support available from the directors of the Company, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and, accordingly, considers that it is appropriate to adopt the going concern basis in preparing the financial statements. The financial statements do not include any adjustments that would result from a withdrawal of the financial support from the directors of the Company. The financial statements have been prepared on the going concern basis as the directors have indicated their intention to continue to support the Company so it can meet its liabilities as they fall due. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover is recognised when the sales orders are completed online. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
life. |
Fixtures, fittings and computer equipment | - 25% straight line |
Motor Vehicles | - 25% reducing balance |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Stocks are accounted for using the First In, First Out (FIFO) method. |
HEALTH AND CARE (UK) LIMITED (REGISTERED NUMBER: 08999815) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH APRIL 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial |
assets and liabilities like trade and other debtors and creditors, loans to related parties and investments. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss. |
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the Income Statement in the period to which they relate. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market is given below: |
2023 | 2022 |
£ | £ |
United Kingdom |
Europe |
HEALTH AND CARE (UK) LIMITED (REGISTERED NUMBER: 08999815) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH APRIL 2023 |
4. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
Warehouse staff | 14 | 13 |
Office staff | 49 | 42 |
2023 | 2022 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
Information regarding the highest paid director for the year ended 30th April 2023 is as follows: |
2023 |
£ |
Emoluments etc |
Pension contributions to money purchase schemes |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
2023 | 2022 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Goodwill amortisation |
Domains amortisation |
Auditors' remuneration |
Foreign exchange differences |
HEALTH AND CARE (UK) LIMITED (REGISTERED NUMBER: 08999815) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH APRIL 2023 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
UK corporation tax has been charged at 19.50% (2022 - 19%). |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances |
Deferred tax | 2,917 | 6,910 |
Total tax charge | 208,133 | 262,986 |
Deferred tax has been charged at 25% (2022: 25%). |
7. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Ordinary shares of £1 each |
Interim |
HEALTH AND CARE (UK) LIMITED (REGISTERED NUMBER: 08999815) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH APRIL 2023 |
8. | INTANGIBLE FIXED ASSETS |
Goodwill | Domains | Totals |
£ | £ | £ |
COST |
At 1st May 2022 |
Additions |
At 30th April 2023 |
AMORTISATION |
At 1st May 2022 |
Amortisation for year |
At 30th April 2023 |
NET BOOK VALUE |
At 30th April 2023 |
At 30th April 2022 |
9. | TANGIBLE FIXED ASSETS |
Fixtures, |
fittings |
and |
Motor | computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1st May 2022 |
Additions |
At 30th April 2023 |
DEPRECIATION |
At 1st May 2022 |
Charge for year |
At 30th April 2023 |
NET BOOK VALUE |
At 30th April 2023 |
At 30th April 2022 |
10. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
HEALTH AND CARE (UK) LIMITED (REGISTERED NUMBER: 08999815) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH APRIL 2023 |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Corporation tax payable |
Social security and other taxes |
VAT | 373,562 | 225,667 |
Other creditors |
Directors' current account | 3,089,547 | 3,554,598 |
Accruals |
13. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
14. | FINANCIAL INSTRUMENTS |
2023 | 2022 |
Financial assets |
Financial assets that are debt instruments measured at amortised cost | 694,269 | 879,646 |
Financial liabilities |
Financial liabilities measured at amortised cost | 1,427,629 | 1,845,868 |
Financial assets measured at amortised cost comprise of trade debtors and deposits. |
Financial liabilities measured at amortised cost comprise of trade creditors and accrued expenses. |
15. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 10,971 | 8,054 |
HEALTH AND CARE (UK) LIMITED (REGISTERED NUMBER: 08999815) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH APRIL 2023 |
15. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1st May 2022 |
Provided during year |
Balance at 30th April 2023 |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
A Ordinary | £1 | 80 | 80 |
B Ordinary | £1 | 5 | 5 |
C Ordinary | £1 | 5 | 5 |
D Ordinary | £1 | 5 | 5 |
5 | E Ordinary | £1 | 5 | 5 |
100 | 100 |
17. | RESERVES |
Retained |
earnings |
£ |
At 1st May 2022 |
Profit for the year |
At 30th April 2023 |
18. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
P Simmonds has given a personal guarantee in relation to the company's lease. |
At the statement of financial position date, included within creditors is an amount of £3,089,547 (2022: £3,554,598) owed to the directors of the company. The loan is provided interest free and unsecured. There are no formal terms and conditions regarding repayment of the loan. |
HEALTH AND CARE (UK) LIMITED (REGISTERED NUMBER: 08999815) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH APRIL 2023 |
19. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £Nil (2022: £85,000) were paid to the director. |
During the year a gross salary of £100,085 (2022: £100,000) was paid to a connected person of the director, Mr P Simmonds. |
At the statement of financial position date, the following amounts are due to the company, from companies under common control. |
- Vape Mountain Limited: £70,480 (2022: £78,948) |
- Sleep Apnoea Services Ltd: £9,218 (2022: £26,581) |
- Westminster Scientific Limited: £37,052 (2022: £15,484) |
- Sleep Apnea Services Ltd: £880 (2022: £Nil) |
During the year, the following revenue was generated at arms length from companies under common control. |
- Vape Mountain Limited: £196,747 (2022: £177,907) |
- Sleep Apnoea Services Ltd: £616 (2022: £909) |
- Westminster Scientific Limited: £30,474 (2022: £25,929) |
20. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is the director, Mr P Simmonds by virtue of his controlling interest in the company. |