Company registration number 09910805 (England and Wales)
VITAL HEALTHCARE GROUP UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
VITAL HEALTHCARE GROUP UK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
VITAL HEALTHCARE GROUP UK LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
87,862
105,052
Tangible assets
5
500
976
Investments
6
489,354
153,970
577,716
259,998
Current assets
Debtors
7
2,319,226
1,689,036
Cash at bank and in hand
13,726
1,284,725
2,332,952
2,973,761
Creditors: amounts falling due within one year
8
(194,945)
(66,228)
Net current assets
2,138,007
2,907,533
Net assets
2,715,723
3,167,531
Capital and reserves
Called up share capital
272
272
Share premium account
4,698,886
4,698,886
Profit and loss reserves
(1,983,435)
(1,531,627)
Total equity
2,715,723
3,167,531
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 6 September 2024 and are signed on its behalf by:
Dr A K Chauhan
Director
Company registration number 09910805 (England and Wales)
VITAL HEALTHCARE GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
1
Accounting policies
Company information
Vital Healthcare Group UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7 Bell Yard, London, England, WC2A 2JR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 389 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
The directors have prepared the financial statements on a going concern basis. At 30 June 2023 the company's balance sheet showed a surplus of current assets over current liabilities of £2,138,007 (2022: £2,907,533). The company made a loss of £451,808 (2022: £359,381) for the year. The company has an amount of £2,256,865 (2022: 31,686,247) owed by its subsidiaries. The directors having considered the financial position of its subsidiaries are of the opinion that these amounts are fully recoverable and having considered the ongoing support of its shareholders and confirmation of support by its shareholders for the forseeable future have prepared these financial statements on a going concern basis. The company's shareholders have agreed to provide continuing financial support for a period of atleast 12 months from the date of approval of these financial statements to enable the company to meet its obligations as and when they fall due. true
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
10% per annum on straight line basis
VITAL HEALTHCARE GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 3 -
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
33.33% per annum straightline
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
VITAL HEALTHCARE GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
VITAL HEALTHCARE GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Judgements and key sources of estimation uncertainty
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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
4
4
Intangible fixed assets
Other
£
Cost
At 1 July 2022 and 30 June 2023
171,900
Amortisation and impairment
At 1 July 2022
66,848
Amortisation charged for the year
17,190
At 30 June 2023
84,038
Carrying amount
At 30 June 2023
87,862
At 30 June 2022
105,052
VITAL HEALTHCARE GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2022 and 30 June 2023
6,556
Depreciation and impairment
At 1 July 2022
5,580
Depreciation charged in the year
476
At 30 June 2023
6,056
Carrying amount
At 30 June 2023
500
At 30 June 2022
976
6
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
70,022
70,022
Compulsory Convertible Debenture in group undertaking
419,332
83,948
489,354
153,970
Movements in fixed asset investments
Shares in subsidiaries
Debentures to subsidiaries
Total
£
£
£
Cost or valuation
At 1 July 2022
70,022
83,948
153,970
Additions
-
335,384
335,384
At 30 June 2023
70,022
419,332
489,354
Carrying amount
At 30 June 2023
70,022
419,332
489,354
At 30 June 2022
70,022
83,948
153,970
VITAL HEALTHCARE GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
2,256,865
1,686,247
Other debtors
62,361
2,789
2,319,226
1,689,036
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
87,934
31,257
Taxation and social security
4,938
5,741
Other creditors
102,073
29,230
194,945
66,228
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Material uncertainty relating to Going Concern
We draw your attention to Note 1.2 in the financial statements which indicate that the company is owed £2,138,007 by its subsidiaries, and that the company made a loss of £451,808 during the year. As stated in note 1.2, the directors have prepared these financial statements on a going concern basis, on the basis that the amounts owed by the subsidiaries is fully recoverable and on the basis of continuing support from the shareholders of the company, these events or conditions along with other matters as set forth in Note 1.2 indicate that a material uncertainty exists that may cast significant doubt over the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
Senior Statutory Auditor:
Sadikali Gulamabas Premji FCCA
Statutory Auditor:
Primera Accountants Limited
Date of audit report:
6 September 2024
10
Parent company
The company's controlling party as at the year end I- Telerad UK Limited, whose registered office is at 100 New Bridge Street, London, EC4V 6JA. I-Telerad UK Limited owns 51% share capital of the Vital Healthcare Group UK Limited. The company's ultimate parent undertaking is Image Holdco Pty Ltd, a company incorporated in Australia with its registered office situated at Level 12, 345 George Street, Sydney, NSW2000.
VITAL HEALTHCARE GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
11
Post Balance sheet events
Subsequent to the year end on the 12th April 2024, I Telerad UK Limited ceased to be the company's controlling party following a restructure of the company, there is no single ultimate controlling party.