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COMPANY REGISTRATION NUMBER: NI616081
Connected Health Limited
Financial Statements
31 December 2023
Connected Health Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Strategic report
1
Directors' report
2
Independent auditor's report to the members
4
Consolidated statement of comprehensive income
8
Consolidated statement of financial position
9
Company statement of financial position
10
Consolidated statement of changes in equity
11
Company statement of changes in equity
12
Consolidated statement of cash flows
13
Notes to the financial statements
14
Connected Health Limited
Strategic Report
Year ended 31 December 2023
Business review and position The principal activity of the group is the provision of domiciliary health care services The directors are satisfied with the group's performance. The group operates in a very competitive marketplace and the directors have taken steps to ensure that the group will maintain its competitive strengths and are confident of future results. Given the nature of the group's activities, the directors are of the opinion that the use of key performance indicators is not necessary for an understanding of the development, performance or position of the group. Financial risk management objectives and policies The group has exposure to liquidity risk and customer credit exposure. To a lesser extent the group is exposed to interest rate risk. The objective of the group in managing liquidity risk is to ensure that it can meet its financial obligations as and when they fall due. The group expects to meet its financial obligations through operating cash flows. In the event that the operating cash flows would not cover all the financial obligations the group will seek additional credit facilities. Given the maturity of the bank loans, the group is in position to meet its commitments and obligations as they come due. The group borrows from its bankers using either overdrafts or term loans whose tenure depends on the nature of the asset and management's view of the future direction of interest rate.
This report was approved by the board of directors on 16 April 2024 and signed on behalf of the board by:
Mr Douglas Adams
Mr Robin Horner
Director
Director
Registered office:
3b Boucher Business Studios
Glenmachin Place
Belfast
BT12 6QH
Connected Health Limited
Directors' Report
Year ended 31 December 2023
The directors present their report and the financial statements of the group for the year ended 31 December 2023 .
Directors
The directors who served the company during the year were as follows:
Mr Douglas Adams
Mr Kevin Lagan
Mr Brian O'Connor
Mr Robin Horner
Mr Robert Notley
Mr Ryan Williams
Dividends
The directors do not recommend the payment of a dividend.
Future developments
The directors will continue to develop the business and will seek to take advantage of opportunities that arise in the future.
Employment of disabled persons
The directors are committed to the principle of equal opportunity in employment. Applications for employment by disabled persons are always fully considered, bearing in mind the respective aptitudes and abilities of the applicant concerned. In the event of members of staff becoming disabled every effort is made to ensure that their employment with the Group continues and the appropriate training is arranged. It is the policy of the Group that the training, career development and promotion of a disabled person should, as far as possible, be identical to that of a person who does not suffer from a disability.
Employee involvement
Consultation with employees or their representative has continued at all levels, with the aim of ensuring that views are not taken into account when decisions are made that are likely to affect their interests. Regular meetings are held between local management and employees to allow a free flow of information and ideas.
Financial instruments
Details of financial instruments are provided in the strategic report on page 2
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and the company and the profit or loss of the group 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; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 16 April 2024 and signed on behalf of the board by:
Mr Douglas Adams
Mr Robin Horner
Director
Director
Registered office:
3b Boucher Business Studios
Glenmachin Place
Belfast
BT12 6QH
Connected Health Limited
Independent Auditor's Report to the Members of Connected Health Limited
Year ended 31 December 2023
Opinion
We have audited the financial statements of Connected Health Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2023 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent 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.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the 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 group and the parent 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company 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, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 auditor’s 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: Our approach was as follows: We obtained an understanding of the legal and regulatory frameworks that are applicable to the group and determined that the most significant are those that relate to the Companies Act 2006 and compliance with FRS102; and we assessed the risks of material misstatement in respect of fraud with the consideration of the groups own assessment of the risks that irregularities may occur either because of fraud or error; the results of our enquiries of management about their own identification and assessment of the risks of irregularities; any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above, we considered the opportunities and incentives that may exist within the group for fraud and identified the greatest potential for fraud in the areas in which management is required to exercise significant judgment, such as disclosure of adjusting items. In common with all audits under ISAs (UK), we are also required to perform specific procedures to to respond to the risk of management override; we also obtained an understanding of the legal and regulatory framework that the group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act and tax legislation; and in addition, we considered provisions of other laws and regulations that do not have a a direct effect on the financial statements but compliance with which may be fundamental to the groups ability to operate or to avoid a material penalty. These included data protection, employment and health and safety regulations. Audit procedures designed to respond to the risks of fraud: We considered the risk of fraud through management override and, in response, we incorporated testing of manual journal entries into our audit approach. We considered the risk of fraud through transactions outside the normal course of transactions by noting anything that was unusual in nature or size and enquired about such transaction to gain an understanding of their nature; based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud and other irregularities; extent of audit procedures; and we evaluated the selection and application of accounting policies by the group, particularly those related to subjective measurements and complex transactions, that may be indicative of fraudulent financial reporting. 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. - 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 group's 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 group's or the parent 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 group or the parent 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. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's 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.
Eoin McMullan ACA
(Senior Statutory Auditor)
For and on behalf of
Hill Vellacott
Chartered accountants & statutory auditor
22 Great Victoria Street
Belfast
BT2 7BA
16 April 2024
Connected Health Limited
Consolidated Statement of Comprehensive Income
Year ended 31 December 2023
2023
2022
Note
£
£
Turnover
4
37,334,448
30,538,450
Cost of sales
28,477,552
24,728,981
-------------
-------------
Gross profit
8,856,896
5,809,469
Administrative expenses
6,263,651
4,069,218
Other operating income
5
94,332
------------
------------
Operating profit
6
2,687,577
1,740,251
Interest payable and similar expenses
10
178,151
67,813
------------
------------
Profit before taxation
2,509,426
1,672,438
Tax on profit
11
368,047
234,166
------------
------------
Profit for the financial year
2,141,379
1,438,272
------------
------------
Foreign currency retranslation
( 40,527)
101,713
Exceptional items written off in the year
16,974
( 974,299)
--------
---------
Other comprehensive income for the year
( 23,553)
( 872,586)
------------
---------
Total comprehensive income for the year
2,117,826
565,686
------------
---------
All the activities of the group are from continuing operations.
Connected Health Limited
Consolidated Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
13
2,998,996
3,124,106
Tangible assets
14
574,979
497,939
Investments
15
200,000
200,000
------------
------------
3,773,975
3,822,045
Current assets
Debtors
16
5,655,618
5,846,349
Cash at bank and in hand
1,529,648
2,415,472
------------
------------
7,185,266
8,261,821
Creditors: amounts falling due within one year
18
3,341,069
6,131,931
------------
------------
Net current assets
3,844,197
2,129,890
------------
------------
Total assets less current liabilities
7,618,172
5,951,935
Creditors: amounts falling due after more than one year
19
1,083,819
1,541,940
Provisions
21
19,813
13,281
------------
------------
Net assets
6,514,540
4,396,714
------------
------------
Capital and reserves
Called up share capital
25
1,273
1,273
Share premium account
26
138,364
138,364
Profit and loss account
26
6,374,903
4,257,077
------------
------------
Shareholders funds
6,514,540
4,396,714
------------
------------
These financial statements were approved by the board of directors and authorised for issue on 16 April 2024 , and are signed on behalf of the board by:
Mr Douglas Adams
Mr Robin Horner
Director
Director
Company registration number: NI616081
Connected Health Limited
Company Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
13
221,887
Tangible assets
14
141,754
171,977
Investments
15
6,186,723
6,187,774
------------
------------
6,550,364
6,359,751
Current assets
Debtors
16
272,144
307,157
Cash at bank and in hand
71,012
214,880
---------
---------
343,156
522,037
Creditors: amounts falling due within one year
18
16,287,554
13,184,945
-------------
-------------
Net current liabilities
15,944,398
12,662,908
-------------
-------------
Total assets less current liabilities
( 9,394,034)
( 6,303,157)
Creditors: amounts falling due after more than one year
19
920,070
1,465,015
-------------
------------
Net liabilities
( 10,314,104)
( 7,768,172)
-------------
------------
Capital and reserves
Called up share capital
25
1,273
1,273
Share premium account
26
138,364
138,364
Profit and loss account
26
( 10,453,741)
( 7,907,809)
-------------
------------
Shareholders deficit
( 10,314,104)
( 7,768,172)
-------------
------------
The loss for the financial year of the parent company was £ 2,580,432 (2022: £ 1,854,483 ).
These financial statements were approved by the board of directors and authorised for issue on 16 April 2024 , and are signed on behalf of the board by:
Mr Douglas Adams
Mr Robin Horner
Director
Director
Company registration number: NI616081
Connected Health Limited
Consolidated Statement of Changes in Equity
Year ended 31 December 2023
Called up share capital
Share premium account
Profit and loss account
Total
£
£
£
£
At 1 January 2022
1,273
138,364
3,691,391
3,831,028
Profit for the year
1,438,272
1,438,272
Other comprehensive income for the year:
Foreign currency retranslation
101,713
101,713
Exceptional items written off in the year
( 974,299)
( 974,299)
-------
---------
------------
------------
Total comprehensive income for the year
565,686
565,686
At 31 December 2022
1,273
138,364
4,257,077
4,396,714
Profit for the year
2,141,379
2,141,379
Other comprehensive income for the year:
Foreign currency retranslation
( 40,527)
( 40,527)
Exceptional items written off in the year
16,974
16,974
-------
---------
------------
------------
Total comprehensive income for the year
2,117,826
2,117,826
-------
---------
------------
------------
At 31 December 2023
1,273
138,364
6,374,903
6,514,540
-------
---------
------------
------------
Connected Health Limited
Company Statement of Changes in Equity
Year ended 31 December 2023
Called up share capital
Share premium account
Profit and loss account
Total
£
£
£
£
At 1 January 2022
1,273
138,364
( 5,423,343)
( 5,283,706)
Loss for the year
( 1,854,483)
( 1,854,483)
Other comprehensive income for the year:
Exceptional items written off in the year
( 629,983)
( 629,983)
-------
---------
------------
------------
Total comprehensive income for the year
( 2,484,466)
( 2,484,466)
At 31 December 2022
1,273
138,364
( 7,907,809)
( 7,768,172)
Loss for the year
( 2,580,432)
( 2,580,432)
Other comprehensive income for the year:
Exceptional items written off in the year
34,500
34,500
-------
---------
------------
------------
Total comprehensive income for the year
( 2,545,932)
( 2,545,932)
-------
---------
-------------
-------------
At 31 December 2023
1,273
138,364
( 10,453,741)
( 10,314,104)
-------
---------
-------------
-------------
Connected Health Limited
Consolidated Statement of Cash Flows
Year ended 31 December 2023
2023
2022
Note
£
£
Cash flows from operating activities
Profit for the financial year
2,141,379
1,438,272
Adjustments for:
Depreciation of tangible assets
202,579
201,404
Amortisation of intangible assets
346,997
270,670
Government grant income
( 61,006)
Interest payable and similar expenses
178,151
67,813
Gains on disposal of tangible assets
( 350)
Unrealised foreign currency (gains)/loss
(40,527)
101,713
Tax on profit
368,047
234,166
Accrued expenses/(income)
202,268
( 111,638)
Exceptional items written off in the year
16,975
(974,299)
Changes in:
Trade and other debtors
( 227,255)
1,555,889
Trade and other creditors
( 1,839,872)
127,842
------------
------------
Cash generated from operations
1,287,736
2,911,482
Interest paid
( 178,151)
( 67,813)
Tax paid
( 705,383)
( 437,502)
------------
------------
Net cash from operating activities
404,202
2,406,167
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 101,749)
( 297,020)
Purchase of intangible assets
( 221,887)
Acquisition of subsidiaries
( 3,373,456)
------------
------------
Net cash used in investing activities
( 323,636)
( 3,670,476)
------------
------------
Cash flows from financing activities
Proceeds from borrowings
2,127,000
Repayments of borrowings
( 621,987)
( 997,126)
Government grant income
61,006
Payments of finance lease liabilities
( 103,643)
( 55,248)
------------
------------
Net cash (used in)/from financing activities
( 664,624)
1,074,626
------------
------------
Net decrease in cash and cash equivalents
( 584,058)
( 189,683)
Cash and cash equivalents at beginning of year
2,113,706
2,303,389
------------
------------
Cash and cash equivalents at end of year
17
1,529,648
2,113,706
------------
------------
Connected Health Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 3b Boucher Business Studios, Glenmachin Place, Belfast, BT12 6QH.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of Connected Health Limited and all of its material subsidiary undertakings. The financial statements do not include Connected Talent Limited, I-Innovations Ltd and IBBSOL Limited, as they are considered immaterial to the group. The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes. The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements When consolidating the group companies, management have stated the investments at cost and considered them not to be impaired. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Impairment of trade debtors is reviewed on an ongoing basis. The company uses estimates based on historical experience and current information in determining the debts for which an impairment charge is required.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Alterations to property
-
25% straight line
Fixtures and fittings
-
25% straight line
Motor vehicles
-
20% straight line
Equipment
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2023
2022
£
£
Rendering of services
37,334,448
30,538,450
-------------
-------------
The turnover is attributable to the one principal activity of the group. An analysis of turnover by the geographical markets that substantially differ from each other is given below:
2023
2022
£
£
United Kingdom
29,542,749
24,502,807
Republic of Ireland
7,791,699
6,035,643
-------------
-------------
37,334,448
30,538,450
-------------
-------------
5. Other operating income
2023
2022
£
£
Government grant income
61,006
Other operating income
33,326
--------
----
94,332
--------
----
6. Operating loss
Operating profit or loss is stated after charging/crediting:
2023
2022
£
£
Amortisation of intangible assets
346,997
270,670
Depreciation of tangible assets
202,579
201,404
Gains on disposal of tangible assets
( 350)
Impairment of trade debtors
(28,757)
170,285
Foreign exchange differences
1,933
5,035
---------
---------
7. Auditor's remuneration
2023
2022
£
£
Fees payable for the audit of the financial statements
56,100
54,000
--------
--------
8. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2023
2022
No.
No.
Administrative staff
151
131
Care staff
1,495
1,447
-------
-------
1,646
1,578
-------
-------
The aggregate payroll costs incurred during the year, relating to the above, were:
2023
2022
£
£
Wages and salaries
28,607,836
23,634,270
Social security costs
2,108,011
1,864,213
Other pension costs
399,631
332,406
-------------
-------------
31,115,478
25,830,889
-------------
-------------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2023
2022
£
£
Remuneration
110,000
110,000
---------
---------
10. Interest payable and similar expenses
2023
2022
£
£
Interest on overdue taxation
13,290
2,400
Other interest payable and similar charges
164,861
65,413
---------
--------
178,151
67,813
---------
--------
11. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax income
265,249
227,478
Adjustments in respect of prior periods
96,266
( 3,253)
---------
---------
Total current tax
361,515
224,225
---------
---------
Deferred tax:
Origination and reversal of timing differences
6,532
9,941
---------
---------
Tax on profit
368,047
234,166
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2022: lower than) the standard rate of corporation tax in the UK of 25 % (2022: 19 %).
2023
2022
£
£
Profit on ordinary activities before taxation
2,509,426
1,672,438
------------
------------
Profit on ordinary activities by rate of tax
627,278
317,763
Adjustment to tax charge in respect of prior periods
96,266
( 3,253)
Effect of expenses not deductible for tax purposes
31,335
14,293
Effect of capital allowances and depreciation
4,602
( 6,437)
Effect of different UK tax rates on some earnings
(139,512)
(55,816)
Utilisation of tax losses
( 319,590)
16,277
Effect of amortisation of goodwill
67,668
51,427
Exceptional items deductions
(100,088)
------------
------------
Tax on loss
368,047
234,166
------------
------------
12. Exceptional items
The exceptional items included within the consolidated statement of comprehensive income relate to post acquisition prior year adjustments that have been reversed, to reflect the accurate value of a number of balance sheet items and profit and loss exceptional expenses, these are non-recurring.
The total of these is £16,974.37.
13. Intangible assets
Group
Goodwill
Software Development costs
Total
£
£
£
Cost
At 1 January 2023
4,506,201
4,506,201
Additions from internal developments
221,887
221,887
------------
---------
------------
At 31 December 2023
4,506,201
221,887
4,728,088
------------
---------
------------
Amortisation
At 1 January 2023
1,382,095
1,382,095
Charge for the year
346,997
346,997
------------
---------
------------
At 31 December 2023
1,729,092
1,729,092
------------
---------
------------
Carrying amount
At 31 December 2023
2,777,109
221,887
2,998,996
------------
---------
------------
At 31 December 2022
3,124,106
3,124,106
------------
---------
------------
Company
Software Development costs
£
Cost
At 1 January 2023
Additions from internal developments
221,887
---------
At 31 December 2023
221,887
---------
Amortisation
At 1 January 2023 and 31 December 2023
---------
Carrying amount
At 31 December 2023
221,887
---------
At 31 December 2022
---------
14. Tangible assets
Group
Alterations to property.
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
133,094
353,374
614,105
557,110
1,657,683
Additions
42,092
208,435
49,589
300,116
Disposals
( 133,581)
( 376,838)
( 250,995)
( 761,414)
FX on translation
( 2,700)
( 474)
( 1,133)
( 4,307)
---------
---------
---------
---------
------------
At 31 December 2023
130,394
261,411
445,702
354,571
1,192,078
---------
---------
---------
---------
------------
Depreciation
At 1 January 2023
29,375
284,733
446,635
399,001
1,159,744
Charge for the year
32,599
25,947
72,821
71,212
202,579
Disposals
( 133,581)
( 364,810)
( 245,196)
( 743,587)
FX on translation
( 596)
( 157)
( 884)
( 1,637)
---------
---------
---------
---------
------------
At 31 December 2023
61,378
176,942
154,646
224,133
617,099
---------
---------
---------
---------
------------
Carrying amount
At 31 December 2023
69,016
84,469
291,056
130,438
574,979
---------
---------
---------
---------
------------
At 31 December 2022
103,719
68,641
167,470
158,109
497,939
---------
---------
---------
---------
------------
Company
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 January 2023
43,288
233,875
277,163
Additions
9,331
40,164
49,495
Disposals
( 5,800)
( 5,800)
--------
---------
---------
At 31 December 2023
52,619
268,239
320,858
--------
---------
---------
Depreciation
At 1 January 2023
13,775
91,411
105,186
Charge for the year
12,043
61,875
73,918
--------
---------
---------
At 31 December 2023
25,818
153,286
179,104
--------
---------
---------
Carrying amount
At 31 December 2023
26,801
114,953
141,754
--------
---------
---------
At 31 December 2022
29,513
142,464
171,977
--------
---------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Group
Motor vehicles
£
At 31 December 2023
291,056
---------
At 31 December 2022
167,022
---------
The company has no tangible assets held under finance lease or hire purchase agreements.
15. Investments
Group
Shares in group undertakings
£
Cost
At 1 January 2023 and 31 December 2023
200,000
---------
Impairment
At 1 January 2023 and 31 December 2023
---------
Carrying amount
At 1 January 2023 and 31 December 2023
200,000
---------
At 31 December 2022
200,000
---------
Company
Shares in group undertakings
£
Cost
At 1 January 2023
6,187,774
Revaluations
( 1,051)
------------
At 31 December 2023
6,186,723
------------
Impairment
At 1 January 2023 and 31 December 2023
------------
Carrying amount
At 31 December 2023
6,186,723
------------
At 31 December 2022
6,187,774
------------
Subsidiaries, associates and other investments
Details of the investments in which the group and the parent company have an interest of 20% or more are as follows:
Registered office
Class of share
Percentage of shares held
Subsidiary undertakings
Connected Health Domiciliary Care Limited
3b Boucher Business Studios
Ordinary
100
Glenmachan Place
Belfast
BT12 6QH
Home Care Plus Limited
Unit 3, First floor, Block 3
Ordinary
100
Belgard road, Tallaght
Dublin 4
Connected Talent Limited
3b Boucher Business Studios
Ordinary
100
Glenmachan Place
Belfast
BT12 6QH
Connected Health (Care NI) Limited
3b Boucher Business Studios
Ordinary
100
Glenmachan Place
Belfast
BT12 6QH
IBBSOL Limited
10 Willwmount Booterstown Avenue
Ordinary
100
Blackrock
Co Dublin
Other significant holdings
I - Innovations Ltd
3b Boucher Business Studios
Ordinary
50
Glenmachan Place
Belfast
BT12 6QH
Connected Health Limited purchased Connected Health (Care NI) Limited for £3,373,456 on 9th September 2022.
16. Debtors
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade debtors
4,807,849
4,337,109
16,419
181,565
Prepayments and accrued income
334,427
693,323
50,127
43,845
Directors loan account
14,454
14,454
Other debtors
498,888
815,917
191,144
81,747
------------
------------
---------
---------
5,655,618
5,846,349
272,144
307,157
------------
------------
---------
---------
17. Cash and cash equivalents
Cash and cash equivalents comprise the following:
2023
2022
£
£
Cash at bank and in hand
1,529,648
2,415,472
Bank overdrafts
( 301,766)
------------
------------
1,529,648
2,113,706
------------
------------
18. Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans and overdrafts
537,226
916,034
537,226
491,448
Trade creditors
344,084
413,967
139,797
249,621
Amounts owed to group undertakings
60,690
61,947
15,490,918
11,201,107
Accruals and deferred income
1,108,186
1,343,144
54,354
232,390
Corporation tax
265,249
609,116
33,088
Social security and other taxes
756,592
1,993,027
53,820
358,472
Obligations under finance leases and hire purchase contracts
71,401
63,501
Other creditors
197,641
731,195
11,439
618,819
------------
------------
-------------
-------------
3,341,069
6,131,931
16,287,554
13,184,945
------------
------------
-------------
-------------
The bank holds debentures and cross guarantees over the assets of the group companies: Connected Health Limited , Connected Health Domiciliary Care Limited, IBBSOL Limited, Homcare Plus Limited & Connected Health (Care NI) Limited.
The debenture loan shown above. These loan notes are subject to a deed of postponment in support of the bank debt.
19. Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans and overdrafts
920,070
1,465,015
920,070
1,465,015
Obligations under finance leases and hire purchase contracts
163,749
76,925
------------
------------
---------
------------
1,083,819
1,541,940
920,070
1,465,015
------------
------------
---------
------------
20. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Not later than 1 year
71,401
63,501
71,401
63,501
Later than 1 year and not later than 5 years
163,749
76,925
163,749
76,925
---------
---------
---------
---------
235,150
140,426
235,150
140,426
---------
---------
---------
---------
21. Provisions
Group
Deferred tax (note 22)
£
At 1 January 2023
13,281
Additions
6,532
--------
At 31 December 2023
19,813
--------
The company does not have any provisions.
22. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Included in provisions (note 21)
19,813
13,281
--------
--------
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2023
2022
2023
2022
£
£
£
£
Accelerated capital allowances
19,813
13,281
--------
--------
----
----
23. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 399,631 (2022: £ 332,406 ).
24. Government grants
The amounts recognised in the financial statements for government grants are as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Recognised in other operating income:
Government grants recognised directly in income
61,006
61,006
--------
----
--------
----
25. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 0.25 each
5,090
1,273
5,090
1,273
-------
-------
-------
-------
26. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses. Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs.
27. Analysis of changes in net debt
At 1 Jan 2023
Cash flows
At 31 Dec 2023
£
£
£
Cash at bank and in hand
2,415,472
(885,824)
1,529,648
Bank overdrafts
(301,766)
301,766
Debt due within one year
(739,716)
70,399
(669,317)
Debt due after one year
(1,541,940)
458,121
(1,083,819)
------------
---------
------------
( 167,950)
( 55,538)
( 223,488)
------------
---------
------------
28. Limitation of auditors liability
The group has entered into a liability limitation agreement with the group's auditor which was approved on 15 February 2024. The principal terms of the agreement are that the auditor's liability is limited to a multiple of the audit fee issued and paid for the year, but the multiple cannot be less than such amount as is fair and reasonable.
29. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company and its subsidiary undertakings:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr Douglas Adams
14,454
14,454
----
--------
--------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr Douglas Adams
103,101
( 103,101)
---------
---------
----
30. Related party transactions
Group
During the year the group paid consultancy fees to companies related through control of £NIL (2022: £NIL).