Registered number:
FOR THE YEAR ENDED 31 MARCH 2024
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EXPERT HEALTH LIMITED
COMPANY INFORMATION
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EXPERT HEALTH LIMITED
CONTENTS
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EXPERT HEALTH LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The directors present their Strategic Report for the year ended 31 March 2024.
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.
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.
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.
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.
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EXPERT HEALTH LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
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.
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:
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.
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EXPERT HEALTH LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
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.
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.
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.
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EXPERT HEALTH LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
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.
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.
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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.
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).
The directors who served during the year were:
Future developments have been detailed in the Strategic Report on page 4 and forms part of this report by cross reference.
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 has been detailed in the Strategic Report on page 1 and forms part of this report by cross reference.
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.
There have been no significant events affecting the Company since the year end.
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EXPERT HEALTH LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
The auditors, Beever and Struthers, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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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 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.
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EXPERT HEALTH LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EXPERT HEALTH LIMITED
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 policies. The 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).
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.
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.
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EXPERT HEALTH LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EXPERT HEALTH LIMITED (CONTINUED)
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 Report. 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. 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.
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.
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.
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EXPERT HEALTH LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EXPERT HEALTH LIMITED (CONTINUED)
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.
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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.
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 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.
for and on behalf of Beever and Struthers Chartered Accountants and Statutory Auditors
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EXPERT HEALTH LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
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EXPERT HEALTH LIMITED
REGISTERED NUMBER: 04058287
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 15 to 30 form part of these financial statements.
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EXPERT HEALTH LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
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EXPERT HEALTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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
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:
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EXPERT HEALTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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.
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.
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EXPERT HEALTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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EXPERT HEALTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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.
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EXPERT HEALTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Amortisation is provided on the following bases:
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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EXPERT HEALTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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
Impairment of financial assets
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EXPERT HEALTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Financial liabilities
Fair value through profit or loss
At amortised cost
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.
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EXPERT HEALTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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EXPERT HEALTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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EXPERT HEALTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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EXPERT HEALTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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EXPERT HEALTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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EXPERT HEALTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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EXPERT HEALTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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EXPERT HEALTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Share premium account
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
Contributions payable to the fund at 31 March 2024: £nil (2023: £nil).
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EXPERT HEALTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
The immediate parent undertaking is
The ultimate parent undertaking and controlling party of the Company is Consolidated financial statements for the smallest and largest group of companies are prepared by
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