Company registration number 11991796 (England and Wales)
CURIS HEALTHCARE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CURIS HEALTHCARE LIMITED
CONTENTS
Page
Accountants' report
1
Statement of financial position
2 - 3
Notes to the financial statements
4 - 8
CURIS HEALTHCARE LIMITED
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF CURIS HEALTHCARE LIMITED
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Curis Healthcare Limited for the year ended 31 December 2023 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the board of directors of Curis Healthcare Limited, as a body, in accordance with the terms of our engagement letter dated 16 January 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Curis Healthcare Limited and state those matters that we have agreed to state to the board of directors of Curis Healthcare Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Curis Healthcare Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Curis Healthcare Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Curis Healthcare Limited. You consider that Curis Healthcare Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Curis Healthcare Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Jerroms GCN Limited
27 August 2024
Chartered Certified Accountants
West Point, Second Floor
Mucklow Office Park
Mucklow Hill
Halesowen
B62 8DY
CURIS HEALTHCARE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
289,168
Tangible assets
4
552,092
841,260
Current assets
Stocks
5
-
93,759
Debtors
6
3,852,531
Investments
7
20,000
Cash at bank and in hand
2,047,426
1,461,041
2,047,426
5,427,331
Creditors: amounts falling due within one year
8
(1,557,803)
(4,950,354)
Net current assets
489,623
476,977
Total assets less current liabilities
489,623
1,318,237
Creditors: amounts falling due after more than one year
9
(481,921)
Provisions for liabilities
11
(85,180)
Net assets
489,623
751,136
Capital and reserves
Called up share capital
12
1,000
1,000
Profit and loss reserves
488,623
750,136
Total equity
489,623
751,136
CURIS HEALTHCARE LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 3 -
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 27 August 2024
M Lester
Director
Company Registration No. 11991796
CURIS HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information
Curis Healthcare Limited is a private company limited by shares incorporated in England and Wales. The registered office is 71-75 Shelton Street, London, WC2H 9JQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.3
Intangible fixed assets - goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of ten years.
1.4
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.
The Company adds the carrying amount of an item of fixed assets the cost of replacing part of such an item when the cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit and loss during the period in which they are incurred.
Depreciation is charged so as to allocate the cost of the assets less their residual value over their estimated useful lives, on a reducing balance basis.
Property improvements
25% on cost
Plant and machinery
25% on cost
Fixtures and fittings
25% on cost
Computer equipment
25% on cost
Motor vehicles
25% on cost
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 the Income Statement.
CURIS HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Stocks
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.6
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
1.7
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
CURIS HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023
400,942
Disposals
(400,942)
At 31 December 2023
Amortisation and impairment
At 1 January 2023
111,774
Amortisation charged for the year
40,094
Disposals
(151,868)
At 31 December 2023
Carrying amount
At 31 December 2023
At 31 December 2022
289,168
4
Tangible fixed assets
Property improvements
Plant and machinery
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
37,301
529,241
128,468
43,416
190,905
929,331
Additions
129,909
36,001
31,353
14,080
211,343
Disposals
(167,210)
(565,242)
(159,821)
(57,496)
(190,905)
(1,140,674)
At 31 December 2023
Depreciation and impairment
At 1 January 2023
9,124
211,344
53,616
15,246
87,909
377,239
Depreciation charged in the year
23,454
137,103
31,364
12,652
47,726
252,299
Eliminated in respect of disposals
(32,578)
(348,447)
(84,980)
(27,898)
(135,635)
(629,538)
At 31 December 2023
Carrying amount
At 31 December 2023
At 31 December 2022
28,177
317,897
74,852
28,170
102,996
552,092
CURIS HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
5
Inventories
2023
2022
£
£
Stocks
93,759
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
(259,991)
Amounts owed by group undertakings
1,299,594
Other debtors
2,741,511
Prepayments and accrued income
71,417
3,852,531
7
Current asset investments
2023
2022
£
£
Unlisted investments
20,000
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10
72,044
Obligations under finance leases
2,385
25,309
Trade creditors
1,040,809
2,130,424
Amounts owed to group undertakings
514,609
Corporation tax
85,736
Other creditors
2,414,460
Accruals and deferred income
222,381
1,557,803
4,950,354
Amounts owed to related parties do not bear interest, are unsecured and are repayable on demand.
9
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
10
214,512
Obligations under finance leases
267,409
481,921
CURIS HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
10
Secured Debts
2023
2022
£
£
Bank loans
286,556
Payable within one year
72,044
Payable after one year
214,512
Bank loans are secured by HSBC UK Bank Plc who hold a fixed and floating charge, dated 4th May 2020, over all assets held by the company.
11
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
85,180
12
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
1,000
1,000
1,000
1,000
13
Parent company
The shares of the company are owned by Signature Health Capital Group Limited a company registered in England and Wales.
Signature Health Capital Group Limited does not have an ultimate controlling party.