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Registered number: 04058287









EXPERT HEALTH LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
EXPERT HEALTH LIMITED
 
 
COMPANY INFORMATION


Directors
Kieran Seyan (appointed 20 February 2024)
Andrew Robert Sloman 
Robin Lindsay Dargue (resigned 31 January 2024)
Wendy Margaret Hall (resigned 20 February 2024)




Company secretary
Nichola Louise Legg



Registered number
04058287



Registered office
The Woods
Haywood Road

Warwick

CV34 5AH




Independent auditors
Beever and Struthers
Chartered Accountants and Statutory Auditors

One Express
1 George Leigh Street
Manchester

M4 5DL





 
EXPERT HEALTH LIMITED
 

CONTENTS



Page
Strategic Report
1 - 4
Directors' Report
5 - 6
Directors' Responsibilities Statement
7
Independent Auditors' Report
8 - 11
Statement of Comprehensive Income
12
Statement of Financial Position
13
Statement of Changes in Equity
14
Notes to the Financial Statements
15 - 30


 
EXPERT HEALTH LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
The directors present their Strategic Report for the year ended 31 March 2024.

Principle activity

The principal activity of Expert Health Limited (the “Company”) throughout the year was the online provision of medical consultations and, where appropriate, issuing private prescriptions.

Business review
 
The Company was sold by Lloyds Pharmacy Limited to Admenta UK Limited at fair market value on 25 August 2023. 
During the year the Company acquired its volume pharmacy dispensing and dispatch operation LPOD RX  from Lloyds Pharmacy. This secures the Companies dispensing capability following the sale of the Lloyds stores.  
In the year ended 31 March 2024, Expert Health Limited trading as Lloyds Pharmacy Online Doctor delivered an increase in revenues of 3.6% from £25,419,000 to £26,325,000 and an increase in operating profit from an operating loss of £402,000 to an operating profit of £1,319,000. The increase was mainly due to a one-off increase in distribution costs in 2023 related to the closure of VideoGP
The company will continue to drive its proposition forward through new initiatives centred around commercial partnerships and delivering new online services to treat additional medical conditions. 

Principal risks and uncertainties
 
The Company is subject to several key risks that are reviewed by the board; and appropriate processes are put in place to monitor and mitigate them.
Key risks to the business include:
•  Increased competition – this is mitigated through regular market reviews, competitor pricing analysis and through ongoing performance marketing strategies and campaigns.
• Changes to relevant laws and healthcare regulations such as data protection laws and Care Quality Commission (CQC) regulations – this is mitigated by ongoing monitoring from our Compliance team and by participating in direct engagement with the CQC through industry forums. 
• Commercial success of new services – mitigated by careful market research when planning new service development and then by close monitoring following launch.
• Cybersecurity – mitigated by a series of Cyber Security policies, procedures, hardware & software protection and by maintaining compliance to the externally audited Cyber Essentials Plus security standard.
• Employee retention and hiring – mitigated by ongoing review and monitoring by our HR team.

Financial risk management

The Company is exposed to a variety of financial risks, of which the most significant is liquidity risk. 
The Company funds its operations primarily from retained earnings and cash flow requirements are monitored through rolling projections and scenario analysis. 

Page 1

 
EXPERT HEALTH LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Financial key performance indicators
 
The board monitors the Company's progress in implementing its strategy by reference to a suite of key performance indicators. Progress in the year on summary KPIs is as follows:
Turnover: Increased by 3.6%  year on year (2023: decreased by 2.2%). This is largely attributable to significant growth in the new weight management service.
Operating profit increased year on year due to a reduction in distribution costs following a one-off increase in 2023. Distribution costs in the prior year represented 64.1% of revenue compared to 53.5% in the current year. 
Net assets have reduced year on year to £2,234,000 in 2024 compared to £28,831,000 in 2023. This is in line with expectations.

Statement by the directors on performance of their statutory duties in accordance with section 172(1) of the Companies Act 2006

This statement describes how the Directors complied with section 172(1) (a)(f) of the Companies Act 2006 to promote the success of the Company for the benefit of its stakeholders.
The Directors of Expert Health Limited (the “Company”) act in the way they consider, in good faith, would be most likely to promote the success of the Company while recognising and meeting the short and long term interests of its shareholders and relevant stakeholders as part of this role. 
The Board has identified the Company’s other key stakeholders as follows:

Customers and partners

We build mutually beneficial relationships with our suppliers and partners to ensure exceptional service delivery. Our patients provide feedback to us through surveys and follow-up questionnaires. We track sentiment through TrustPilot and by using industry-standard Net Promoter Score metrics to identify areas for improvement. 
We hold regular meetings with our key partners to discuss new services and growth strategies. This approach fosters mutually successful relationships and ensures that the service being delivered to our patients meets their expectation. The board is briefed on customer and partner metrics, as well as risks and opportunities, during board and management meetings.

Page 2

 
EXPERT HEALTH LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Colleagues

Our people play a crucial role in implementing our strategy, with many of them dedicated to directly serving our customers whilst demonstrating our shared values.
There are many ways we engage with and listen to our people including employee surveys, agile retrospectives, team meetings and forums including huddles and Town Halls where colleagues can interact with our Chief Executive Officer and the leadership team, receive updates on strategic initiatives, and acknowledge and celebrate outstanding performance.
We are committed to creating a culture where everyone feels heard, valued, and empowered to contribute their ideas. We promote a diverse and inclusive workforce through thorough hiring procedures, training for managers, support networks to encourage a sense of belonging and engagement, as well as providing opportunities for employees to provide feedback on policies and processes.
The well-being of our colleagues is of great importance, and we provide support in all aspects of life, including physical, mental, and financial health. This includes offering employees’ access to an extensive range of health and wellbeing resources, such as the Health Assured website and app, which is a dedicated online health and wellbeing portal, providing 24/7 access to wellbeing support.
The health and safety of our colleagues is safeguarded through strict adherence to health and safety standards. The Safety, Health and Welfare at Work Act 1989 imposes certain requirements on employers and the Company has taken the necessary action to ensure compliance with the Act, including the adoption of a Safety Statement.
Employees are actively encouraged to voice any concerns they might have. We have established a Whistleblowing Policy and a confidential reporting line, which allows employees to raise their concerns confidentially and without the fear of facing negative consequences or retaliation.
The board receives reports on opportunities and concerns raised by colleagues through regular board, committee, and management meeting reporting. 

Government and regulators

We operate in a highly regulated industry, and patient safety is critical. We engage with regulators through a range of sector organisations such as the Care Quality Commission and the Regulation & Quality Improvement Authority. We also independently engage with stakeholders by responding to consultations, and participating in forums, meetings, and conferences to inform about, educate on and discuss changes to the sector with policy makers relevant to our business.
Key areas of engagement include compliance with laws and regulations and health and safety. The board is updated on developments through regular board and management meeting reporting and takes these into account when making decisions. 

Communities and the environment

With our partners, we engage with local communities and charities to build trust and understand the issues that are important to them. Key areas of focus include how we can support local healthcare provision, for example, provision of an HIV pre-exposure prophylaxis service in the South of England, helping the government to reach it’s 2030 target of zero new HIV transmissions. 
The Company will seek to minimise adverse impacts on the environment from its activities, whilst continuing to address health, safety and economic issues. The Company has complied with all applicable legislation and regulations.

Page 3

 
EXPERT HEALTH LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Equal opportunities & diversity

We are dedicated to fostering an inclusive work environment that values equality and embraces diversity. We believe that a diverse workforce enhances creativity, innovation, and overall performance. We ensure that all employees have equal opportunities for growth and development regardless of their background, gender, ethnicity, or orientation. We recognize and celebrate achievements through our performance management systems. Continuously seeking feedback and refining our practices, we strive to create a supportive workplace where all employees can thrive and contribute to our success.

Future developments

We will continue to drive our proposition forward through new initiatives centred around our core services and commercial partnerships, which create both direct to consumer and business to business opportunities. The trust in the Lloyds brand, our reputation as a leading provider of online medical services and our excellent customer service creates a strong foundation from which we can drive long-term growth.


This report was approved by the board on 27 June 2024 and signed on its behalf.



Andrew Robert Sloman
Director

Page 4

 
EXPERT HEALTH LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Results and dividends

The profit for the year, after taxation, amounted to £1,402,000  (2023 - £343,000.

Dividends of £28,000,000 were paid by the Company during the year (2023 - £0).

Directors

The directors who served during the year were:

Kieran Seyan (appointed 20 February 2024)
Andrew Robert Sloman 
Robin Lindsay Dargue (resigned 31 January 2024)
Wendy Margaret Hall (resigned 20 February 2024)

Future developments

Future developments have been detailed in the Strategic Report on page 4 and forms part of this report by cross reference.

Qualifying third party indemnity provisions

Liability insurance, a qualifying third party indemnity provision for the purposes of the Companies Act 2006 was provided for the UK directors by Admenta UK Limited, an intermediate parent entity. On the date of approval of the financial statements, liability insurance was also in force.

Financial risk management

Financial risk management has been detailed in the Strategic Report on page 1  and forms part of this report by cross reference.

Going concern

The Company has net current assets and continuing cash generation and therefore the Directors have assessed that there is no material uncertainty surrounding the going concern of the entity. Therefore, they continue to adopt the going concern basis of accounting in preparing the annual financial statements. 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Page 5

 
EXPERT HEALTH LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Auditors

The auditorsBeever and Strutherswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 27 June 2024 and signed on its behalf.
 





Andrew Robert Sloman
Director

Page 6

 
EXPERT HEALTH LIMITED
 
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. 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 judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Page 7

 
EXPERT HEALTH LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EXPERT HEALTH LIMITED
 

Opinion


We have audited the financial statements of Expert Health Limited (the 'Company') for the year ended 31 March 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’ (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 31 March 2024 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 United Kingdom, including the Financial Reporting Council'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.


Page 8

 
EXPERT HEALTH LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EXPERT HEALTH LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


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 Directors' Report.


We have nothing to report in respect of the following matters in relation to which 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 Directors' Responsibilities Statement set out on page 7, 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 is 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.


Page 9

 
EXPERT HEALTH LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EXPERT HEALTH LIMITED (CONTINUED)


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 an Auditors' Report 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

To assist with identifying and assessing risks associated with material misstatements, including fraud and noncompliance of laws and regulations, we carried out the following procedures;
• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• we identified the laws and regulations applicable to the company through discussions with directors and other management;
• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, and health and safety legislation;
• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud.
To address the risk of fraud through management bias and override of controls, we:
• performed analytical procedures to identify any unusual or unexpected relationships;
• tested journal entries to identify unusual transactions;
• assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias; 
• investigated the rationale behind significant or unusual transactions; and
• reviewed the prior year audit file to ensure the opening balances were accurate and in line with expectations. 

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: 
• Identify and assess the risks of material misstatement of the Financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. 
 
Page 10

 
EXPERT HEALTH LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EXPERT HEALTH LIMITED (CONTINUED)


• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
• Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the Financial statements, including the disclosures, and whether the Financial statements represent the underlying transactions and events in a manner that achieves fair presentation.


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 Auditors' Report.


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 2006Our 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 an Auditors' Report 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.





Iain Round BSc FCA
for and on behalf of
Beever and Struthers
Chartered Accountants and Statutory Auditors
 

27 June 2024
Page 11

 
EXPERT HEALTH LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£000
£000

  

Turnover
 4 
26,325
25,419

Cost of sales
  
(9,388)
(8,183)

Gross profit
  
16,937
17,236

Distribution costs
  
(14,091)
(16,285)

Administrative expenses
  
(1,527)
(1,353)

Operating profit/(loss)
 5 
1,319
(402)

Interest receivable and similar income
 9 
83
554

Profit before tax
  
1,402
152

Tax on profit
 10 
-
191

Profit for the financial year
  
1,402
343

Other comprehensive income:
  

Items that will not be reclassified to profit or loss:
  

Total comprehensive income for the year
  
1,402
343

The notes on pages 15 to 30 form part of these financial statements.

Page 12

 
EXPERT HEALTH LIMITED
REGISTERED NUMBER: 04058287

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£000
£000

  

Fixed assets
  

Intangible assets
 12 
1,967
860

Tangible assets
 13 
-
18

  
1,967
878

Current assets
  

Debtors: amounts falling due within one year
 15 
1,692
31,454

Cash at bank and in hand
  
1,776
390

  
3,468
31,844

Creditors: amounts falling due within one year
 16 
(3,202)
(3,891)

Net current assets
  
 
 
266
 
 
27,953

Total assets less current liabilities
  
2,233
28,831

  

  

  

Net assets
  
2,233
28,831


Capital and reserves
  

Share premium account
 19 
-
7

Profit and loss account
 19 
2,233
28,824

  
2,233
28,831


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 June 2024.




Andrew Robert Sloman
Director

The notes on pages 15 to 30 form part of these financial statements.

Page 13

 
EXPERT HEALTH LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Share premium account
Profit and loss account
Total equity

£000
£000
£000


At 1 April 2022
7
28,481
28,488


Comprehensive income for the year

Profit for the year
-
343
343
Total comprehensive income for the year
-
343
343



At 1 April 2023
7
28,824
28,831


Comprehensive income for the year

Profit for the year
-
1,402
1,402
Total comprehensive income for the year
-
1,402
1,402


Contributions by and distributions to owners

Dividends: Equity capital
-
(28,000)
(28,000)

Elimination of share premium account
(7)
-
(7)

Elimination of share premium account
-
7
7


Total transactions with owners
(7)
(27,993)
(28,000)


At 31 March 2024
-
2,233
2,233


The notes on pages 15 to 30 form part of these financial statements.

Page 14

 
EXPERT HEALTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Expert Health Limited is a private company limited by shares, incorporated in England and Wales under company number 04058287. The address of the registered office is The Woods, Haywood Road, Warwick, CV34 5AH.
The principal activity of the Company is set out in the Strategic Report.
These financial statements are presented in pounds sterling which is the currency of the primary economic environment in which the Company operates.
These financial statements are separate financial statements. The Company is exempt from the preparation and delivery of consolidate financial statments because it is included in the group accounts of Aurelius Elephant Limited. The group accounts of Aurelius Elephant Limited are available to the public and can be obtained from Companies house.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework'  and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

Page 15

 
EXPERT HEALTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
 - paragraph 79(a)(iv) of IAS 1;
 - paragraph 73(e) of IAS 16 Property, Plant and Equipment;
 - paragraph 118(e) of IAS 38 Intangible Assets;
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
the requirements of IAS 7 Statement of Cash Flows
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
the requirements of paragraph 74A(b) of IAS 16
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.

This information is included in the consolidated financial statements of Aurelius Crocodile Limited as at 31 March 2024 and these financial statements may be obtained from Companies House.

 
2.3

Going concern

The Company has net current assets and continuing cash generation and therefore the Directors have assessed that there is no material uncertainty surrounding the going concern of the entity. Therefore, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Page 16

 
EXPERT HEALTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 17

 
EXPERT HEALTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Revenue

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:

The Company has contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the Company adjusts the transaction prices of these contracts for the time value of money.

Sale of goods

Revenue from the sale of goods is recognised on the satisfaction of performance obligations, such as the transfer of a promised good, identified in the contract between the Company and the customer.

A receivable is recognised when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.

Rendering of services

Revenue from providing services is recognised in the accounting period in which the services are rendered.

For fixed-price contracts, revenue is recognised based on the actual service provided to the end of the reporting period as a proportion of the total services to be provided because the customer receives and uses the benefits simultaneously.

  
2.6

Software development costs

       Design, content and functionality development costs are capitalised only to the extent that they lead to
       the creation of an enduring asset delivering benefits at least as great as the amount capitalised. Any
       capitalised costs are included in internal software within intangible fixed assets.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Pensions

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 18

 
EXPERT HEALTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Amortisation is charged so as to allocate the cost of assets over their estimated useful lives, using the straight line method.

 Amortisation is provided on the following bases:

Internal software
-
10 - 33%

 
2.11

Tangible fixed assets

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:

Computer equipment
-
25 - 33%

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.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Page 19

 
EXPERT HEALTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.13

Debtors

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.

 
2.14

Creditors

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

Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

 
2.15

Financial instruments


The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:

Financial assets and financial liabilities are initially measured at fair value. 

Financial assets

All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.

Fair value through profit or loss

All of the Company's financial assets are subsequently measured at fair value at the end of each reporting period, with any fair value gains or losses being recognised in profit or loss to the extent they are not part of a designated hedging relationship. The net gain or loss recognised in profit or loss includes any dividend or interest earned on the financial asset. 

Impairment of financial assets

The Company always recognises lifetime ECL for trade receivables and amounts due on contracts with customers. The expected credit losses on these financial assets are estimated based on the Company's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument. 
 
Page 20

 
EXPERT HEALTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)


Financial liabilities

Fair value through profit or loss

Financial liabilities are classified as at fair value through profit or loss, when the financial liability is held for trading, or is designated as at fair value through profit or loss. This designation may be made if such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise, or the financial liability forms part of a group of financial instruments which is managed and its performance is evaluated on a fair value basis, or the financial liability forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits the entire combined contract to be designated as at fair value through profit or loss. Any gains or losses arising on changes in fair value are recognised in profit or loss to the extent that they are not part of a designated hedging relationship.

At amortised cost

Financial liabilities which are neither contingent consideration of an acquirer in a business combination, held for trading, nor designated as at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. This is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a financial liability.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods of the revision affects both current and future periods.
The directors do not believe there are any critical judgements in applying the Company's accounting policies in the current year.

Page 21

 
EXPERT HEALTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£000
£000

Prescription medicine
26,016
25,419

Non-prescription medicine
309
-

26,325
25,419


All turnover arose within the United Kingdom.


5.


Operating profit/(loss)

The operating profit/(loss) is stated after charging:

2024
2023
£000
£000

Depreciation of tangible fixed assets
18
292

Amortisation of intangible assets
668
134

Staff costs (note 7)
7,041
6,218

Operating lease rental
63
54

Cost of stocks recognised as an expense
7,678
8,183

Write off of capitalised VideoGP cost
-
3,557


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£000
£000

Fees payable to the Company's auditors for the audit of the Company's financial statements
18
50

Page 22

 
EXPERT HEALTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£000
£000

Wages and salaries
6,326
5,499

Social security costs
592
606

Cost of defined contribution pension scheme
123
113

7,041
6,218


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







85
83


8.


Directors' remuneration

2024
2023
£000
£000

Directors' emoluments
346
-

Contributions to defined contribution pension schemes
14
-

360
-


In 2023, the emoluments of all directors were paid by fellow subsidaries, which made no recharge to the Company. All such directors were also directors of a number of fellow subsidiary companies and it was impossible to make an accurate apportionment of their emoluments in respects of each of these companies. Accordingly, no emoluments in respect of these directors were disclosed. Their emoluments were included in the aggregage of directors' emoluments disclosed in the consolidated financial statements of Aurelius Elephant Limited.


9.


Interest receivable

2024
2023
£000
£000


Interest receivable from group undertakings
83
554

83
554

Page 23

 
EXPERT HEALTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Taxation


2024
2023
£000
£000

Corporation tax


Adjustments in respect of previous periods
-
(843)


-
(843)


Total current tax
-
(843)

Deferred tax


Origination and reversal of timing differences
-
653

Changes to tax rates
-
(1)

Total deferred tax
-
652


Tax on profit
-
(191)

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£000
£000


Profit on ordinary activities before tax
1,402
152


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
351
29

Effects of:


Group relief in respect of previous periods, claimed for nil payment
-
(843)

Unrecognised deferred tax asset
(114)
653

Effect of difference in tax rates
-
(1)

Group relief claimed for nil payment
(237)
(29)

Total tax charge for the year
-
(191)





Page 24

 
EXPERT HEALTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Dividends

2024
2023
£000
£000


Dividends paid
28,000
-

28,000
-


12.


Intangible assets




Internal software

£000



Cost


At 1 April 2023
994


Additions
1,775



At 31 March 2024

2,769



Amortisation


At 1 April 2023
134


Charge for the year on owned assets
668



At 31 March 2024

802



Net book value



At 31 March 2024
1,967



At 31 March 2023
860




Page 25

 
EXPERT HEALTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Tangible fixed assets





Computer equipment

£000



Cost or valuation


At 1 April 2023
304



At 31 March 2024

304



Depreciation


At 1 April 2023
286


Charge for the year
18



At 31 March 2024

304



Net book value



At 31 March 2024
-



At 31 March 2023
18

Page 26

 
EXPERT HEALTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Fixed asset investments













Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Algorithmic Health Ireland Limited
Block A, 5th Floor, the Atrium, Blackthorn Road, Sandyford, Dublin, D18 F5X2
1 Euro ordinary shares
100%
LPOD RX Limited
The Woods, Haywood Road, Warwick, CV34 5AH
1 GBP ordinary shares
100%

The company invested £1 in LPOD RX Limited during the year.
Algorithmic Health Ireland Limited's profit for the year was €291,517 Algorithmic Health Ireland's reserves at 31st March 2024 were €289,124.
LPOD RX Limited's profit for the period was £5,040. LPOD RX's reserves at 31st March 2024 were £5,041.

Page 27

 
EXPERT HEALTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

15.


Debtors

2024
2023
£000
£000


Trade debtors
318
-

Amounts owed by group undertakings
635
31,147

Other debtors
138
307

Prepayments and accrued income
601
-

1,692
31,454





16.


Creditors: Amounts falling due within one year

2024
2023
£000
£000

Trade creditors
1,043
-

Other taxation and social security
158
-

Accruals and deferred income
2,001
3,891

3,202
3,891





17.


Financial instruments

2024
2023
£000
£000

Financial assets


Financial assets that are debt instruments measured at amortised cost
1,692
31,454


Financial liabilities


Financial liabilities measured at amortised cost
3,202
3,891


Financial assets that are debt instruments measured at amortised cost comprise trade debtors, amounts owed by other group undertakings and other debtors.


Financial liabilities measured at amortised cost comprise amounts owed by other group undertakings and accruals and deferred income.

Page 28

 
EXPERT HEALTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

18.


Share capital

2024
2023
£000
£000
Allotted, called up and fully paid



102 (2023 - 102) Ordinary shares shares of £1.00 each
-
-



19.


Reserves

Share premium account

This reserve records the amount above the nominal value received for shares sold, less transaction costs.
On 25th August 2023 the Company cancelled the share premium account of £6,983 and credited the balance to distributable reserves.

Profit and loss account

This reserve records retained earnings and accumulated losses.


20.


Pension commitments

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £123,000 (2023: £113,000).
Contributions payable to the fund at 31 March 2024: £nil (2023: £nil).


21.


Related party transactions

The Company has chosen to exercise the exemption under FRS 101.8(k) to exempt themselves from disclosing related party transactions with wholly owned group Companies.


22.


Post balance sheet events

There have been no significant events between the year end and the date of approval of these financial statements which would require a change to or disclosure in the financial statements.

Page 29

 
EXPERT HEALTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

23.


Controlling party

The immediate parent undertaking is Admenta UK Limited, a company registered in England and Wales. The registered office address is The Woods, Haywood Road, Warwick, CV34 5AH.
The ultimate parent undertaking and controlling party of the Company is Aur Gp Holdco (UK) Limited, a company registered in the United Kingdom. The registered office address is 6th Floor, 33 Glasshouse Street, London W1B 5DG.
Consolidated financial statements for the smallest and largest group of companies are prepared by Aurelius Crocodile Limited and may be obtained from Companies House. The registered office address is 6th Floor, 33 Glasshouse Street, London W1B 5DG.

Page 30