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Registration number: 03875080

Insight Health Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Insight Health Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 7

Profit and Loss Account

8

Balance Sheet

9

Statement of Changes in Equity

10

Statement of Cash Flows

11

Notes to the Financial Statements

12 to 20

 

Insight Health Limited

Company Information

Directors

Mr John Rawlinson

Mrs Alison Rawlinson

Registered office

110 Chandos Avenue
Whetstone
London
N20 9DZ

Accountants

JPL
110 Chandos Avenue
Whetstone
London
N20 9DZ

Auditors

Goodman Jones LLP
29/30 Fitzroy Square
London
W1T 6LQ

 

Insight Health Limited

Strategic Report for the Year Ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

Principal activity

The principal activity of the company is the distribution of health products.

Fair review of the business

During the year the company saw turnover increase by 13.6%. The directors forecast that turnover will increase further in 2024 and consider the company's performance to be satisfactory.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2023

2022

Turnover

£'000

32,775

28,957

Operating profit

£'000

1,087

1,278

Profit after tax

£'000

1,035

1,089

Shareholders' funds

£'000

6,313

6,028

Principal risks and uncertainties

The principal risks and uncertainties facing the company are broadly grouped as competitive, legislative and financial instrument risk.

Competitive Risks
The company is continuing its contract with its main supplier and ongoing activities are assured for the foreseeable future. The principal competitive risk relates to the probability of new products being brought to market. Due to the regulatory obligations in operation the directors consider this risk to be low.

Legislative Risks
In the UK and Europe, health products must be approved by European licensing authorities. Any significant changes may have a material impact on the ability of the company to supply products at a profit. The directors do not foresee any legislative changes that may impact the company and therefore consider this risk to be low.

Financial Instrument Risks
The company has established a risk and financial management framework whose primary objectives are to protect the company from events that may hinder the company's performance. The objectives aim to limit undue third party exposure and ensure sufficient working capital exists.

Approved and authorised by the Board on 30 August 2024 and signed on its behalf by:
 

.........................................
Mr John Rawlinson
Director

 

Insight Health Limited

Directors' Report for the Year Ended 31 December 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr John Rawlinson

Mrs Alison Rawlinson

Financial instruments

Objectives and policies

Details of financial instrument risks are provided in the strategic report on page 2.

Price risk, credit risk, liquidity risk and cash flow risk

The institutions with which the company deals are generally either government backed or academic and, in the opinion of the directors, there is little risk in extending credit to them. The company maintains a very healthy cash surplus and liabilities are modest in comparison.

The company does not trade speculatively in derivatives or similar instruments.

Future developments

The directors aim to maintain the management policies which have resulted in the company's growth in recent years.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

Goodman Jones LLP were appointed as auditor to the company in accordance with section 485 of the Companies Act 2006. A resolution proposing that they be re-appointed will be put at a general meeting.

Research and development

The company continues its programme of research and development with a view to identifying additional products to broaden its product base.

Medium-sized companies exemptions
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

Approved by the Board on 30 August 2024 and signed on its behalf by:

.........................................
Mr John Rawlinson
Director

 

 

Insight Health Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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 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 apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

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

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.

 

Insight Health Limited

Independent Auditor's Report to the Members of Insight Health Limited

Opinion

We have audited the financial statements of Insight Health Limited (the 'company') for the year ended 31 December 2023, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including 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 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 company's affairs as at 31 December 2023 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's 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 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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 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 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.

 

Insight Health Limited

Independent Auditor's Report to the Members of Insight Health Limited

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and 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 our 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 and the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 4], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to industry sector regulations and unethical and prohibited business practices, and we considered the extent to which non-compliance migh thave a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and UK Tax Legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Appropriate audit procedures in response to these risks were carried out. These procedures included:

Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;

Reading minutes of meetings of those charged with governance;

 

Insight Health Limited

Independent Auditor's Report to the Members of Insight Health Limited

Obtaining and reading correspondence from legal and regulatory bodies including HMRC;

Identifying and testing journal entries;

Challenging assumptions and judgements made by management in their significant accounting estimates.

 

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members; and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

 

There are inherent limitations in the audit procedures described above. The further removed instances of non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we are to become aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 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.

......................................
Giuseppe Scozzaro
Senior Statutory Auditor
For and on behalf of Goodman Jones LLP

Chartered Accountants
Statutory Auditor

29/30 Fitzroy Square
London
W1T 6LQ

30 August 2024

 

Insight Health Limited

Profit and Loss Account for the Year Ended 31 December 2023

Note

2023
£

2022
£

Turnover

3

32,775,410

28,957,035

Cost of sales

 

(30,545,328)

(26,631,966)

Gross profit

 

2,230,082

2,325,069

Administrative expenses

 

(1,143,428)

(1,047,254)

Operating profit

4

1,086,654

1,277,815

Other interest receivable and similar income

5

272,921

82,274

Profit before tax

 

1,359,575

1,360,089

Tax on profit

9

(324,951)

(270,935)

Profit for the financial year

 

1,034,624

1,089,154

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Insight Health Limited

(Registration number: 03875080)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

10

1,010,711

1,041,920

Current assets

 

Debtors

11

4,325,812

4,584,753

Cash at bank and in hand

 

6,766,616

6,387,329

 

11,092,428

10,972,082

Creditors: Amounts falling due within one year

13

(5,780,729)

(5,974,545)

Net current assets

 

5,311,699

4,997,537

Total assets less current liabilities

 

6,322,410

6,039,457

Provisions for liabilities

14

(9,546)

(11,217)

Net assets

 

6,312,864

6,028,240

Capital and reserves

 

Called up share capital

10,000

10,000

Retained earnings

6,302,864

6,018,240

Shareholders' funds

 

6,312,864

6,028,240

Approved and authorised by the Board on 30 August 2024 and signed on its behalf by:
 

.........................................
Mr John Rawlinson
Director

 

Insight Health Limited

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Profit and loss account
£

Total
£

At 1 January 2023

10,000

6,018,240

6,028,240

Profit for the year

-

1,034,624

1,034,624

Total comprehensive income

-

1,034,624

1,034,624

Dividends

-

(750,000)

(750,000)

At 31 December 2023

10,000

6,302,864

6,312,864

Share capital
£

Profit and loss account
£

Total
£

At 1 January 2022

10,000

5,624,086

5,634,086

Profit for the year

-

1,089,154

1,089,154

Total comprehensive income

-

1,089,154

1,089,154

Dividends

-

(695,000)

(695,000)

At 31 December 2022

10,000

6,018,240

6,028,240

 

Insight Health Limited

Statement of Cash Flows for the Year Ended 31 December 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

1,034,624

1,089,154

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

31,208

32,436

Loss on disposal of tangible assets

-

1,429

Finance income

5

(272,921)

(82,273)

Corporation tax expense

9

324,951

270,935

 

1,117,862

1,311,681

Working capital adjustments

 

Decrease/(increase) in trade debtors

11

258,942

(1,334,859)

(Decrease)/increase in trade creditors

13

(260,340)

2,220,728

Cash generated from operations

 

1,116,464

2,197,550

Corporation tax paid

9

(260,098)

(203,706)

Net cash flow from operating activities

 

856,366

1,993,844

Cash flows from investing activities

 

Interest received

5

272,921

82,274

Acquisitions of tangible assets

-

(22,722)

Proceeds from sale of tangible assets

 

-

1,500

Net cash flows from investing activities

 

272,921

61,052

Cash flows from financing activities

 

Dividends paid

17

(750,000)

(695,000)

Net increase in cash and cash equivalents

 

379,287

1,359,896

Cash and cash equivalents at 1 January

 

6,387,329

5,027,433

Cash and cash equivalents at 31 December

 

6,766,616

6,387,329

 

Insight Health Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
110 Chandos Avenue
Whetstone
London
N20 9DZ

The principal place of business is:
P O Box 520
WEMBLEY
Middlesex
HA9 7YN

These financial statements were authorised for issue by the Board on 30 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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 £.

Going concern

In determining the appropriate basis of preparation of the Financial Statements, the directors are required to
consider whether the company can continue in operational existence for the foreseeable future.

The company’s forecast and projections, taking account of reasonable possible changes in trading performance, show that the company will be able to operate within the level of its current facilities.

Accordingly, at the time of approving the financial statements, the directors have a reasonable expectation
that the company has adequate resources to continue in operational existence for the foreseeable future.
Therefore, the directors continue to adopt the going concern basis of accounting in preparing the financial
statements.

 

Insight Health Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Judgements

In the application of the company’s accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity. This is usually on the delivery of the goods.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Insight Health Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold buildings

Straight line over 50 years

Forklifts

15% on reducing balance

Fixtures, fittings and equipment

15% on reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Turnover

The analysis of the company's revenue for the year from continuing operations is as follows:

 

Insight Health Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

2023
 £

2022
 £

Sale of goods

32,775,410

28,957,035

The analysis of the company's turnover for the year by market is as follows:

2023
 £

2022
 £

UK

32,775,410

28,957,035

4

Operating profit

Arrived at after charging/(crediting)

2023
 £

2022
 £

Depreciation expense

31,208

32,436

Loss on disposal of property, plant and equipment

-

1,429

5

Other interest receivable and similar income

2023
 £

2022
 £

Interest income on bank deposits

272,499

82,274

Other finance income

422

-

272,921

82,274

6

Staff numbers

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Administration and support

2

2

2

2

7

Directors' remuneration

The directors did not receive any remuneration in the year (2022: £nil).

8

Auditors' remuneration

2023
 £

2022
 £

Audit of the financial statements

13,000

7,000

Other fees to auditors

All other non-audit services

-

15,500

 

Insight Health Limited

Notes to the Financial Statements for the Year Ended 31 December 2023


 

9

Taxation

Tax charged/(credited) in the profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax

326,622

260,098

UK corporation tax adjustment to prior periods

-

(380)

326,622

259,718

Deferred taxation

Arising from origination and reversal of timing differences

(1,671)

11,217

Tax expense in the income statement

324,951

270,935

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2022 - higher than the standard rate of corporation tax in the UK) of 23.52% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

1,359,575

1,360,089

Corporation tax at standard rate

319,780

258,417

Decrease in UK and foreign current tax from adjustment for prior periods

-

(380)

Tax increase from effect of capital allowances and depreciation

6,842

1,681

Tax (decrease)/increase from other short-term timing differences

(1,671)

11,217

Total tax charge

324,951

270,935

Deferred tax

Deferred tax assets and liabilities

2023

Asset
£

Liability
£

Accelerated Capital Allowances

-

9,546

-

9,546

2022

Asset
£

Liability
£

Accelerated Capital Allowances

-

11,217

-

11,217

 

Insight Health Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

10

Tangible assets

Land and buildings
£

Fixtures, fittings and equipment
£

Forklifts
£

Total
£

Cost or valuation

At 1 January 2023

1,212,954

151,543

29,202

1,393,699

At 31 December 2023

1,212,954

151,543

29,202

1,393,699

Depreciation

At 1 January 2023

217,367

127,400

7,013

351,780

Charge for the year

24,259

3,621

3,328

31,208

At 31 December 2023

241,626

131,021

10,341

382,988

Carrying amount

At 31 December 2023

971,328

20,522

18,861

1,010,711

At 31 December 2022

995,588

24,143

22,189

1,041,920

Included within the net book value of land and buildings above is £971,328 (2022 - £995,588) in respect of freehold land and buildings.
 

 

Insight Health Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

11

Debtors

Current

2023
£

2022
£

Trade debtors

4,279,304

4,549,356

Other debtors

13,222

5,345

Prepayments

33,286

30,052

 

4,325,812

4,584,753

12

Cash and cash equivalents

2023
 £

2022
 £

Cash at bank

6,766,616

6,387,329

13

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Trade creditors

 

4,760,053

4,887,129

Amounts due to related parties

18

659,610

727,631

Social security and other taxes

 

-

65,092

Accrued expenses

 

34,444

34,595

Corporation tax liability

9

326,622

260,098

 

5,780,729

5,974,545

Amounts due to related parties are interest free and repayable on demand.

14

Provisions for liabilities

Deferred tax
£

Total
£

At 1 January 2023

11,217

11,217

Provisions used

(1,671)

(1,671)

At 31 December 2023

9,546

9,546

Deferred tax provision is in respect of accelerated capital allowances.

 

Insight Health Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

15

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

10,000

10,000

10,000

10,000

       

16

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

120,000

120,000

Later than one year and not later than five years

60,000

180,000

180,000

300,000

The amount of non-cancellable operating lease payments recognised as an expense during the year was £120,000 (2022 - £110,000).

17

Dividends

2023

2022

£

£

Interim dividend of £75.00 (2022 - £69.50) per ordinary share

750,000

695,000

 

 
 

Insight Health Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

18

Related party transactions

Summary of transactions with other related parties

Insight Biotechnology Limited, a company under the control of the directors.
 

Expenditure with and payables to related parties

2023

Other related parties
£

Rendering of services

650,100

2022

Other related parties
£

Rendering of services

650,100

Loans from related parties

2023

Key management
£

Other related parties
£

Total
£

At start of period

2,800

724,831

727,631

Repaid

(2,580)

(65,440)

(68,020)

At end of period

220

659,391

659,611

During the year the company paid rent totalling £120,000 (2022 - £110,000) to The Rawlinson Pension Fund, a pension scheme of which both of the directors are beneficiaries. At the balance sheet date the amount due to The Rawlinson Pension Fund was £nil (2022 - £nil).

19

Parent and ultimate parent undertaking

The ultimate controlling party is Mr & Mrs J Rawlinson.