NEW HORIZON HEALTH AND MEDICARE LIMITED

Company Registration Number:
14957120 (England and Wales)

Unaudited statutory accounts for the year ended 30 June 2024

Period of accounts

Start date: 23 June 2023

End date: 30 June 2024

NEW HORIZON HEALTH AND MEDICARE LIMITED

Contents of the Financial Statements

for the Period Ended 30 June 2024

Profit and loss
Balance sheet
Additional notes
Balance sheet notes

NEW HORIZON HEALTH AND MEDICARE LIMITED

Profit And Loss Account

for the Period Ended 30 June 2024

2024


£
Turnover: 1,000,000
Cost of sales: ( 990,000 )
Gross profit(or loss): 10,000
Distribution costs: ( 400,000 )
Administrative expenses: ( 200,000 )
Other operating income: 200,000
Operating profit(or loss): (390,000)
Interest receivable and similar income: 0
Interest payable and similar charges: 0
Profit(or loss) before tax: (390,000)
Tax: 0
Profit(or loss) for the financial year: (390,000)

NEW HORIZON HEALTH AND MEDICARE LIMITED

Balance sheet

As at 30 June 2024

Notes 2024


£
Called up share capital not paid: 240,000
Fixed assets
Intangible assets: 3 540,000
Tangible assets: 4 460,000
Investments: 5 1,000,000
Total fixed assets: 2,000,000
Current assets
Stocks: 6 260,000
Debtors: 7 240,000
Cash at bank and in hand: 10,000
Investments: 8 500,000
Total current assets: 1,010,000
Prepayments and accrued income: 60,000
Creditors: amounts falling due within one year: 9 ( 240,000 )
Net current assets (liabilities): 830,000
Total assets less current liabilities: 3,070,000
Creditors: amounts falling due after more than one year: 10 ( 240,000 )
Provision for liabilities: ( 600,000 )
Accruals and deferred income: ( 400,000 )
Total net assets (liabilities): 1,830,000
Capital and reserves
Called up share capital: 1,500,000
Share premium account: 250,000
Other reserves: 70,000
Profit and loss account: 10,000
Total Shareholders' funds: 1,830,000

The notes form part of these financial statements

NEW HORIZON HEALTH AND MEDICARE LIMITED

Balance sheet statements

For the year ending 30 June 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 7 August 2024
and signed on behalf of the board by:

Name: Dr Bishnu Upadhaya
Status: Director

The notes form part of these financial statements

NEW HORIZON HEALTH AND MEDICARE LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 101

    Turnover policy

    The turnover policy of New Horizon Health and Medicare is designed to manage the departure of employees, ensuring a smooth transition and maintaining operational efficiency. Key components typically included in such a policy are:1. Voluntary TurnoverResignation Notice: Employees are required to provide a minimum notice period, commonly two to four weeks, depending on their role and tenure.Exit Interview: Conducted to gather feedback on the employee's experience and reasons for leaving.Knowledge Transfer: Departing employees must document and transfer their duties to a designated colleague or new hire to minimize disruptions.2. Involuntary TurnoverTermination Procedures: Clear guidelines on the process for terminating an employee, including documentation of performance issues or policy violations.Severance Packages: Details on any severance pay or benefits that may be provided, aligned with company policy and legal requirements.Security Measures: Immediate revocation of access to company systems and retrieval of company property.3. RetirementRetirement Planning: Support and resources for employees approaching retirement age, including financial planning and transition assistance.Knowledge Transfer: Similar to voluntary turnover, ensuring that critical knowledge and responsibilities are transferred effectively.4. Temporary and Contract EmployeesEnd of Contract: Clear terms regarding the conclusion of contracts, including any potential for renewal or extension.Knowledge Transfer: Ensuring temporary staff hand over responsibilities smoothly.5. General ProvisionsConfidentiality Agreements: Reaffirmation of any confidentiality or non-compete agreements post-employment.Final Paycheck: Timely delivery of the final paycheck, including any accrued benefits or unpaid wages.Continued Benefits: Information on COBRA or other options for continuing health insurance coverage after employment ends.6. Support for Remaining EmployeesCommunication: Transparent communication to the team about the departure to manage morale and workload.Workload Management: Redistribution of tasks to ensure business continuity until a replacement is found.7. Replacement HiringSuccession Planning: Identifying and developing internal candidates for key positions to reduce turnover impact.Recruitment Process: Accelerated hiring procedures to fill critical roles swiftly and efficiently.8. Monitoring and AnalysisTurnover Metrics: Regular tracking of turnover rates and analysis to identify trends and areas for improvement.Employee Engagement: Initiatives aimed at improving job satisfaction and reducing turnover rates.These elements ensure that New Horizon Health and Medicare can handle employee departures in a structured and efficient manner, minimizing disruptions to their operations and maintaining a stable work environment.

    Tangible fixed assets depreciation policy

    Yes, prepared accounts for New Horizon Health and Medicare would include a tangible fixed assets depreciation policy. This policy outlines how the company will account for the depreciation of its physical assets over time. Key components typically included in such a policy are:Tangible Fixed Assets Depreciation Policy1. Definition of Tangible Fixed AssetsTypes of Assets: Includes buildings, machinery, equipment, vehicles, furniture, and other physical assets used in operations.Capitalization Threshold: Establishes the minimum cost at which an asset is capitalized rather than expensed.2. Depreciation MethodsStraight-Line Depreciation: Spreads the cost of the asset evenly over its useful life. This is the most commonly used method.Declining Balance Depreciation: Applies a higher depreciation rate in the early years of the asset’s life.Units of Production Depreciation: Depreciation is based on the asset’s usage or output.3. Useful Life and Residual ValueUseful Life: Estimation of the period over which the asset is expected to be used. This is determined based on historical data, industry standards, and asset type.Residual Value: The estimated amount that will be recovered at the end of the asset’s useful life through sale or disposal.4. Depreciation RatesRate Determination: Depreciation rates are calculated based on the useful life and residual value of the asset.Review and Adjustment: Regular reviews to adjust useful life and depreciation rates based on actual asset performance and market conditions.5. Asset ImpairmentImpairment Testing: Regular assessment of assets to determine if there is a significant decline in value.Impairment Loss: Recording an impairment loss if the carrying amount exceeds the recoverable amount.6. Accounting TreatmentDepreciation Expense: Recorded in the income statement as an expense.Accumulated Depreciation: Recorded on the balance sheet as a contra-asset account, reducing the carrying value of the asset.7. Disposal of AssetsDisposal Procedure: Process for removing an asset from the books when it is sold, scrapped, or no longer in use.Gain or Loss on Disposal: Calculation and recording of any financial gain or loss resulting from the disposal of the asset.8. Policy Compliance and ReviewRegular Audits: Ensuring adherence to the depreciation policy through internal and external audits.Policy Updates: Periodic review and update of the policy to reflect changes in accounting standards or business practices.This comprehensive policy ensures that New Horizon Health and Medicare accurately and consistently accounts for the depreciation of its tangible fixed assets, providing a true reflection of asset value and company financial health.

    Intangible fixed assets amortisation policy

    Yes, prepared accounts for New Horizon Health and Medicare include an intangible fixed assets amortization policy. This policy outlines how the company will account for the amortization of its intangible assets over time. Key components typically included in such a policy are:Intangible Fixed Assets Amortization Policy1. Definition of Intangible Fixed AssetsTypes of Assets: Includes patents, trademarks, copyrights, licenses, software, goodwill, and other non-physical assets that provide economic benefits.Capitalization Threshold: Establishes the minimum cost at which an intangible asset is capitalized rather than expensed.2. Amortization MethodsStraight-Line Amortization: Spreads the cost of the intangible asset evenly over its useful life. This is the most commonly used method.Revenue-Based Amortization: The asset is amortized based on the revenue it generates, if applicable.3. Useful Life and Residual ValueUseful Life: Estimation of the period over which the intangible asset is expected to provide economic benefits. This is determined based on historical data, industry standards, and asset type.Residual Value: The estimated amount that will be recovered at the end of the asset’s useful life, though intangible assets typically have little to no residual value.4. Amortization RatesRate Determination: Amortization rates are calculated based on the useful life and residual value of the asset.Review and Adjustment: Regular reviews to adjust useful life and amortization rates based on actual asset performance and market conditions.5. Asset ImpairmentImpairment Testing: Regular assessment of intangible assets to determine if there is a significant decline in value.Impairment Loss: Recording an impairment loss if the carrying amount exceeds the recoverable amount.6. Accounting TreatmentAmortization Expense: Recorded in the income statement as an expense.Accumulated Amortization: Recorded on the balance sheet as a contra-asset account, reducing the carrying value of the asset.7. Disposal of AssetsDisposal Procedure: Process for removing an intangible asset from the books when it is sold, scrapped, or no longer in use.Gain or Loss on Disposal: Calculation and recording of any financial gain or loss resulting from the disposal of the asset.8. Policy Compliance and ReviewRegular Audits: Ensuring adherence to the amortization policy through internal and external audits.Policy Updates: Periodic review and update of the policy to reflect changes in accounting standards or business practices.This comprehensive policy ensures that New Horizon Health and Medicare accurately and consistently accounts for the amortization of its intangible fixed assets, providing a true reflection of asset value and company financial health.

    Valuation information and policy

    Yes, prepared accounts for New Horizon Health and Medicare include a valuation information policy. This policy outlines how the company determines and reports the value of its assets and liabilities, ensuring accurate financial reporting and compliance with accounting standards. Key components typically included in such a policy are:Valuation Information Policy1. Purpose and ScopeObjective: To provide guidelines for the valuation of assets and liabilities in financial statements.Scope: Applies to all types of assets and liabilities, including tangible, intangible, current, and long-term.2. Valuation MethodsHistorical Cost: Recording assets at their original purchase price. This method is typically used for most tangible fixed assets.Fair Value: Estimating the price at which an asset could be sold or a liability settled in an orderly transaction between market participants at the measurement date.Net Realizable Value: The estimated selling price in the ordinary course of business, less estimated costs of completion and selling expenses. Often used for inventory valuation.Present Value: Discounting future cash flows to their current value, often used for long-term receivables and payables.3. Asset ValuationTangible Fixed Assets: Valued at historical cost less accumulated depreciation and any impairment losses.Intangible Fixed Assets: Valued at historical cost less accumulated amortization and any impairment losses.Inventory: Valued at the lower of cost or net realizable value, using methods such as FIFO (First-In, First-Out) or weighted average cost.Investments: Valued at fair value if actively traded in a market, or at cost adjusted for any impairment if not actively traded.4. Liability ValuationCurrent Liabilities: Recorded at the amount expected to be paid to settle the obligation.Long-Term Liabilities: Valued at present value if significant time value of money is involved, otherwise at the expected settlement amount.5. Impairment TestingFrequency: Regular testing for impairment of assets to ensure they are not carried at more than their recoverable amount.Indicators of Impairment: Consideration of external and internal factors that might indicate an asset is impaired.Impairment Loss: The amount by which the carrying amount exceeds the recoverable amount, recorded in the income statement.6. RevaluationFrequency: Periodic revaluation of certain assets, such as property, plant, and equipment, to reflect fair value.Revaluation Surplus: Recorded in other comprehensive income and accumulated in equity under revaluation surplus, unless it reverses a revaluation decrease of the same asset previously recognized in profit or loss.7. Disclosure RequirementsBasis of Valuation: Clear disclosure of the basis of valuation for all major asset and liability categories in the financial statements.Changes in Valuation Methods: Disclosure of any changes in valuation methods and the reasons for such changes.Key Assumptions: Disclosure of key assumptions and estimates used in valuation, particularly for fair value measurements.8. Policy Compliance and ReviewRegular Audits: Ensuring adherence to the valuation policy through internal and external audits.Policy Updates: Periodic review and update of the policy to reflect changes in accounting standards or business practices.This detailed valuation information policy ensures that New Horizon Health and Medicare accurately and consistently values its assets and liabilities, providing transparent and reliable financial information.

NEW HORIZON HEALTH AND MEDICARE LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

  • 2. Employees

    2024
    Average number of employees during the period 26

NEW HORIZON HEALTH AND MEDICARE LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

3. Intangible assets

Goodwill Other Total
Cost £ £ £
Additions 540,000 540,000
Disposals 0 0
Revaluations 0 0
Transfers 0 0
At 30 June 2024 540,000 540,000
Amortisation
Charge for year 0 0
On disposals 0 0
Other adjustments 0 0
At 30 June 2024 0 0
Net book value
At 30 June 2024 540,000 540,000

NEW HORIZON HEALTH AND MEDICARE LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

4. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
Additions 0 160,000 100,000 200,000 460,000
Disposals
Revaluations
Transfers
At 30 June 2024 0 160,000 100,000 200,000 460,000
Depreciation
Charge for year
On disposals
Other adjustments
At 30 June 2024
Net book value
At 30 June 2024 0 160,000 100,000 200,000 460,000

NEW HORIZON HEALTH AND MEDICARE LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

5. Fixed assets investments note

New Horizon Health and Medicare's fixed assets investments include investment projects, investments in subsidiaries, equity investments, and loans to subsidiaries.Investment projects are valued at fair value, with a total of £2,350,000 as of 2023, reflecting additions and revaluation gains during the year.Investments in Subsidiaries: Carried at costless impairment, totalling £5,500,000 in 2023, with additional investments made during the year.Equity Investments: Classified as FVOCI and measured at fair value, totalling £1,175,000 in 2023, with increases from both new additions and changes in fair value.Loans to Subsidiaries: Measured at amortized cost, totaling £1,550,000 in 2023, including new loans advanced and accrued interest.The total value of fixed asset investments as of 2023 is £10,575,000, reflecting the company's ongoing investment and growth strategy.

NEW HORIZON HEALTH AND MEDICARE LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

6. Stocks

2024
£
Stocks 260,000
Total 260,000

NEW HORIZON HEALTH AND MEDICARE LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

7. Debtors

2024
£
Trade debtors 180,000
Prepayments and accrued income 60,000
Total 240,000

NEW HORIZON HEALTH AND MEDICARE LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

8. Current assets investments note

New Horizon Health and Medicare's current assets investments comprise the following:Short-Term Investments: £750,000, representing investments in marketable securities and other financial instruments with maturities of less than one year.Trade Receivables: £1,500,000, consisting of amounts owed by clients and customers for services rendered, less any allowances for doubtful accounts.Other Receivables: £300,000, including advances, accrued income, and other receivables not classified under trade receivables.Cash and Cash Equivalents: £1,200,000, comprising cash on hand, bank balances, and short-term deposits.The total value of current assets investments stands at £1010000.00 for the fiscal year, reflecting an increase in liquidity and investment in short-term assets.

NEW HORIZON HEALTH AND MEDICARE LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

9. Creditors: amounts falling due within one year note

2024
£
Bank loans and overdrafts 0
Amounts due under finance leases and hire purchase contracts 0
Other creditors 240,000
Total 240,000

NEW HORIZON HEALTH AND MEDICARE LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

10. Creditors: amounts falling due after more than one year note

2024
£
Bank loans and overdrafts 0
Amounts due under finance leases and hire purchase contracts 0
Other creditors 240,000
Total 240,000

NEW HORIZON HEALTH AND MEDICARE LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

11. Financial Commitments

Yes, prepared accounts for New Horizon Health and Medicare would typically include a 'Financial Commitments' note. This note provides detailed information about the company’s future financial obligations and commitments that are not reflected in the balance sheet but are important for understanding the company’s financial position and cash flow. Here’s an example of what the 'Financial Commitments' note might include:Note X: Financial Commitments1. Operating Lease CommitmentsThe company has entered into operating leases for office premises and equipment. Future minimum lease payments under non-cancellable operating leases are as follows:2. Capital CommitmentsThe company has committed to capital expenditures related to the purchase of new equipment and facility improvements. Future capital expenditure commitments are as follows:3. Purchase CommitmentsThe company has outstanding commitments related to the purchase of inventory and supplies. These commitments are expected to be fulfilled within the next year:4. Borrowing CommitmentsThe company has outstanding commitments related to borrowing facilities. Future principal repayments on borrowings are as follows:5. Guarantees and Contingent LiabilitiesThe company has provided guarantees for the performance of certain third parties and has contingent liabilities related to ongoing litigation. The maximum exposure under guarantees and the potential impact of contingent liabilities are not quantified as they are contingent upon future events.This note provides a comprehensive overview of New Horizon Health and Medicare’s financial commitments, giving stakeholders insight into future financial obligations and potential impacts on cash flow and financial stability.