Company registration number 12495537 (England and Wales)
NEWSON HEALTH HOLDINGS LIMITED, CONSOLIDATED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
NEWSON HEALTH HOLDINGS LIMITED, CONSOLIDATED
COMPANY INFORMATION
Directors
Dr L R Anderson
Dr P C Anderson
Company number
12495537
Registered office
Winton House
Church Street
Stratford upon Avon
Warwickshire
United Kingdom
CV37 6HB
Auditor
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Barclays Bank Plc
Leicester
Leicestershire
LE87 2BB
NEWSON HEALTH HOLDINGS LIMITED, CONSOLIDATED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 31
NEWSON HEALTH HOLDINGS LIMITED, CONSOLIDATED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

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

Review of the business

The main operating business is within Newson Health Ltd which provides evidence based care, treatment and information to women who are struggling with peri-menopause, menopause and related hormone symptoms. We offer both face to face and video appointments to our patients, as well as a range of additional clinical services. Following significant growth over the last six years, 2023 was a year with continued revenue growth, but also saw the beginning of investment in systems and processes necessary for future growth.

 

Supporting our patients to build their own knowledge of hormones and hormone health is a key driver for the business and all our employees. Through the wider group structure, we are proud to support the Balance app which allows women globally to access to free information and symptom tracking. We also support our research team who continue to investigate this under-served area of medicine, providing the evidence and support that is accessible to all women. In 2023, the Directors reviewed the inter-company loans provided to set up these crucial activities and made the decision to write these off. This was done to ensure the continued access to free information.

 

The Directors appoint an Executive team who have the delegated authority to run the day to day activities within the business. In 2023, there was significant change within this team with a new Managing Director and Chief Clinical Officer joining in quarter four.

Menopause and women’s hormones is an important conversation in society and more recently, employers have started to understand this and invest in education and support for their workforce. We are working with a cross-section of employers to provide support, guidance and information, dependent on their needs.

 

To further support the wider conversation, we sponsor The Dr Louise Newson Podcast. In 2023, the podcast had over 2.3 million downloads, the most downloaded episodes including conversations with Kate Muir and Joe Wicks, as well as episodes discussing the links with other conditions, such as mental health, skin and osteoporosis.

 

In 2023, we opened six new clinics, providing women across the UK with better access to face to face appointments with our specialist clinicians. These clinics have continued to grow into 2024, demonstrating that post-pandemic, patients are still valuing these appointments. We continue to offer virtual appointments, recognising the importance of patient choice.

Principal risks and uncertainties

 

Liquidity Risk

The Group does not have use of financial instruments other than an operational bank account and deposit account. As such, we are exposed to liquidity and cash flow risks. The Board review KPIs and other relevant information on a regular basis to limit and mitigate this risk through relevant cost control. The directors are satisfied that the Group can meet its obligations and there is no material risk that the Group may not be able to meet the financial commitments.

 

Market Risk

The Group's operating entities operate within a growing market, with more competitors being identified. The companies does a regular review of the market as part of a wider continuous process of improving our offerings to patients via quality, value of services and innovation.

 

While other risks have been identified by the directors and are regularly reviewed and mitigations agreed, they are not deemed to be principle risks and as such have not been included here.

NEWSON HEALTH HOLDINGS LIMITED, CONSOLIDATED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Key performance indicators

The Board review a variety of performance indicators to evaluate the performance of the business, some financial and some non-financial. The key financial indicators are shown below:

 

 

KPI

2023

2022

% Change

 

 

 

 

Turnover (£000’s)

14,557

13,502

7.8%

Gross Margin

54.7%

57.0%

(2.3%)

 

The operating loss seen in 2023 was due to the cost base increasing above revenue growth. This cost base increase was driven by investment in projects to test future opportunities and experimentation to determine appropriate skills and resource requirements. In the second half of the year, the Board took action to return to delivering an operating profit in 2024. The forecast for 2024 maintains the profitable position and the directors are assured that the learnings from 2023 have been captured and that appropriate cost control measures have been implemented.

 

The Board identified that some systems and processes needed to be updated, following a period of significant growth in prior years. Initial scoping activities were completed in 2023 to review current systems and processes and identify the operational strategy required to update these. These strategic initiatives continued into 2024, will continue into future years and have been factored into future forecasts.

On behalf of the board

Dr L R Anderson
Director
19 September 2024
NEWSON HEALTH HOLDINGS LIMITED, CONSOLIDATED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

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

Principal activities

The principal activity of the group continued to be that of a health clinic and other medical services.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £139,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Dr L R Anderson
Dr P C Anderson
Future developments

The directors intend to continue the expansion of the company and group by raising awareness and growing its presence within the medical sector.

Auditor

Ormerod Rutter Limited were appointed as auditor to the group and 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.

Statement of directors' responsibilities

The directors are responsible 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

NEWSON HEALTH HOLDINGS LIMITED, CONSOLIDATED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Dr L R Anderson
Director
19 September 2024
NEWSON HEALTH HOLDINGS LIMITED, CONSOLIDATED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NEWSON HEALTH HOLDINGS LIMITED, CONSOLIDATED
- 5 -
Opinion

We have audited the financial statements of Newson Health Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group 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:

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 and parent 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 group's and 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 contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

NEWSON HEALTH HOLDINGS LIMITED, CONSOLIDATED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NEWSON HEALTH HOLDINGS LIMITED, CONSOLIDATED
- 6 -
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 their 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:

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 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 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 to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

 

NEWSON HEALTH HOLDINGS LIMITED, CONSOLIDATED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NEWSON HEALTH HOLDINGS LIMITED, CONSOLIDATED
- 7 -

To address the risk of fraud through management bias and override of controls, we:

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. 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.

Other matters which we are required to address

The corresponding years figures in the financial statements were unaudited.

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.

Colm McGrory FCA (Senior Statutory Auditor)
For and on behalf of Ormerod Rutter Limited
19 September 2024
Chartered Accountants
Statutory Auditor
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
NEWSON HEALTH HOLDINGS LIMITED, CONSOLIDATED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
14,557,577
13,502,944
Cost of sales
(6,589,049)
(5,802,288)
Gross profit
7,968,528
7,700,656
Administrative expenses
(8,215,876)
(5,252,298)
Operating (loss)/profit
4
(247,348)
2,448,358
Interest receivable and similar income
8
5,163
24,274
Interest payable and similar expenses
9
(36)
(693)
Amounts written off investments
10
(1,415,745)
-
(Loss)/profit before taxation
(1,657,966)
2,471,939
Tax on (loss)/profit
11
95,620
(453,012)
(Loss)/profit for the financial year
24
(1,562,346)
2,018,927
(Loss)/profit for the financial year is attributable to:
- Owners of the parent company
(1,233,938)
1,640,634
- Non-controlling interests
(328,408)
378,293
(1,562,346)
2,018,927
Total comprehensive income for the year is attributable to:
- Owners of the parent company
(1,233,938)
1,640,634
- Non-controlling interests
(328,408)
378,293
(1,562,346)
2,018,927
NEWSON HEALTH HOLDINGS LIMITED, CONSOLIDATED
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
13
1,660
2,590
Other intangible assets
13
201,709
141,148
Total intangible assets
203,369
143,738
Tangible assets
14
418,256
468,494
Investments
15
81
80
621,706
612,312
Current assets
Stocks
19
26,493
22,247
Debtors
20
754,299
1,341,601
Cash at bank and in hand
1,130,236
2,399,661
1,911,028
3,763,509
Creditors: amounts falling due within one year
21
(1,489,587)
(1,569,354)
Net current assets
421,441
2,194,155
Total assets less current liabilities
1,043,147
2,806,467
Provisions for liabilities
Deferred tax liability
22
13,520
75,494
(13,520)
(75,494)
Net assets
1,029,627
2,730,973
Capital and reserves
Called up share capital
23
400
400
Profit and loss reserves
24
987,013
2,359,951
Equity attributable to owners of the parent company
987,413
2,360,351
Non-controlling interests
42,214
370,622
1,029,627
2,730,973

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 19 September 2024 and are signed on its behalf by:
19 September 2024
Dr L R Anderson
Director
Company registration number 12495537 (England and Wales)
NEWSON HEALTH HOLDINGS LIMITED, CONSOLIDATED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
15
440
360
Current assets
Debtors
20
79,517
59,038
Cash at bank and in hand
707,851
796,734
787,368
855,772
Creditors: amounts falling due within one year
21
(96,337)
(92,415)
Net current assets
691,031
763,357
Net assets
691,471
763,717
Capital and reserves
Called up share capital
23
400
400
Profit and loss reserves
24
691,071
763,317
Total equity
691,471
763,717

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £66,753 (2022 - £567,640 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 19 September 2024 and are signed on its behalf by:
19 September 2024
Dr L R Anderson
Director
Company registration number 12495537 (England and Wales)
NEWSON HEALTH HOLDINGS LIMITED, CONSOLIDATED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
Balance at 1 January 2022
400
1,509,784
1,510,184
399,895
1,910,079
Year ended 31 December 2022:
Profit and total comprehensive income
-
1,640,634
1,640,634
378,293
2,018,927
Dividends
12
-
(790,467)
(790,467)
(407,566)
(1,198,033)
Balance at 31 December 2022
400
2,359,951
2,360,351
370,622
2,730,973
Year ended 31 December 2023:
Loss and total comprehensive income
-
(1,233,938)
(1,233,938)
(328,408)
(1,562,346)
Dividends
12
-
(139,000)
(139,000)
-
(139,000)
Balance at 31 December 2023
400
987,013
987,413
42,214
1,029,627
NEWSON HEALTH HOLDINGS LIMITED, CONSOLIDATED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
400
986,144
986,544
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
567,640
567,640
Dividends
12
-
(790,467)
(790,467)
Balance at 31 December 2022
400
763,317
763,717
Year ended 31 December 2023:
Profit and total comprehensive income
-
66,754
66,754
Dividends
12
-
(139,000)
(139,000)
Balance at 31 December 2023
400
691,071
691,471
NEWSON HEALTH HOLDINGS LIMITED, CONSOLIDATED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
777,690
2,905,356
Interest paid
(36)
(693)
Income taxes paid
(170,998)
(556,150)
Net cash inflow from operating activities
606,656
2,348,513
Investing activities
Purchase of intangible assets
(207,877)
(152,274)
Purchase of tangible fixed assets
(117,535)
(416,779)
Proceeds from disposal of tangible fixed assets
150
-
Proceeds from disposal of associates
(1)
-
Proceeds from disposal of investments
(505,337)
-
Repayment of loans
(911,644)
3,949
Interest received
5,163
176
Dividends received
-
0
24,098
Net cash used in investing activities
(1,737,081)
(540,830)
Financing activities
Repayment of bank loans
-
(7,354)
Dividends paid to equity shareholders
(139,000)
(790,467)
Dividends paid to non-controlling interests
-
0
(407,566)
Net cash used in financing activities
(139,000)
(1,205,387)
Net (decrease)/increase in cash and cash equivalents
(1,269,425)
602,296
Cash and cash equivalents at beginning of year
2,399,661
1,797,365
Cash and cash equivalents at end of year
1,130,236
2,399,661
Relating to:
Cash at bank and in hand
30
1,130,236
2,399,661
NEWSON HEALTH HOLDINGS LIMITED, CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
1
Accounting policies
Company information

Newson Health Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Winton House, Church Street, Stratford-upon-Avon, Warwickshire, United Kingdom, CV37 6HB.

 

The group consists of Newson Health Holdings Limited and all of its subsidiaries.

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Newson Health Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

 

It's subsidiary Newson Health (Manchester) Limited has not been included within the consolidated financial statements as it has not traded in the current or prior year and is considered immaterial to the overall position of the group. In addition, on 13 August 2024, the company was dissolved.

NEWSON HEALTH HOLDINGS LIMITED, CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

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

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

NEWSON HEALTH HOLDINGS LIMITED, CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.7
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:

System Development
33% on cost
1.8
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:

Leasehold improvements
25% on reducing balance
Fixtures and fittings
25% on reducing balance
Computer equipment
33% on cost
Motor vehicles
25% on reducing balance

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 recognised in the profit and loss account.

1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

NEWSON HEALTH HOLDINGS LIMITED, CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -

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 group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.10
Impairment of fixed assets

At each reporting period end date, the group 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

NEWSON HEALTH HOLDINGS LIMITED, CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
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.

1.13
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

NEWSON HEALTH HOLDINGS LIMITED, CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 group 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group 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 group.

NEWSON HEALTH HOLDINGS LIMITED, CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.16
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.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.18
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

 

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

NEWSON HEALTH HOLDINGS LIMITED, CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’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
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Appointment income
9,395,884
9,217,393
Clinical services income
4,972,324
4,166,653
Other
189,369
118,898
14,557,577
13,502,944
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
14,557,577
13,502,944
2023
2022
£
£
Other revenue
Interest income
5,163
176
Dividends received
-
24,098
4
Operating (loss)/profit
2023
2022
£
£
Operating (loss)/profit for the year is stated after charging:
Fees payable to the group's auditor for the audit of the group's financial statements
3,390
-
Depreciation of owned tangible fixed assets
167,367
136,572
Loss on disposal of tangible fixed assets
256
-
Amortisation of intangible assets
148,246
68,154
Operating lease charges
413,235
285,237
NEWSON HEALTH HOLDINGS LIMITED, CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
3,390
-
Audit of the financial statements of the company's subsidiaries
19,264
-
22,654
-
For other services
All other non-audit services
16,378
7,951
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Directors
202
159
2
2

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
8,690,901
6,272,778
-
0
-
0
Social security costs
909,341
644,310
-
-
Pension costs
247,517
155,761
-
0
-
0
9,847,759
7,072,849
-
0
-
0
NEWSON HEALTH HOLDINGS LIMITED, CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
500,000
472,577
Company pension contributions to defined contribution schemes
15,145
13,787
515,145
486,364
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
251,142
203,810
Company pension contributions to defined contribution schemes
11,801
1,523
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
425
176
Other interest income
4,738
-
Total interest revenue
5,163
176
Income from fixed asset investments
Income from shares in group undertakings
-
0
24,098
Total income
5,163
24,274
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
425
176
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
-
146
Other finance costs:
Other interest
36
547
Total finance costs
36
693
NEWSON HEALTH HOLDINGS LIMITED, CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
10
Amounts written off investments
2023
2022
£
£
Amounts written off current loans
(910,408)
-
Other gains and losses
(505,337)
-
(1,415,745)
-
11
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
26,458
411,486
Adjustments in respect of prior periods
(2,900)
-
0
Total current tax
23,558
411,486
Deferred tax
Origination and reversal of timing differences
(119,178)
41,526
Total tax (credit)/charge
(95,620)
453,012
12
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
139,000
790,467
NEWSON HEALTH HOLDINGS LIMITED, CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
13
Intangible fixed assets
Group
Goodwill
System development
Total
£
£
£
Cost
At 1 January 2023
9,300
234,072
243,372
Additions
-
0
207,877
207,877
At 31 December 2023
9,300
441,949
451,249
Amortisation and impairment
At 1 January 2023
6,710
92,924
99,634
Amortisation charged for the year
930
147,316
148,246
At 31 December 2023
7,640
240,240
247,880
Carrying amount
At 31 December 2023
1,660
201,709
203,369
At 31 December 2022
2,590
141,148
143,738
14
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
166,831
16,351
262,824
261,235
126,680
833,921
Additions
57,160
-
0
37,499
22,876
-
0
117,535
Disposals
-
0
-
0
-
0
(660)
-
0
(660)
At 31 December 2023
223,991
16,351
300,323
283,451
126,680
950,796
Depreciation and impairment
At 1 January 2023
65,640
14,313
117,468
152,868
15,138
365,427
Depreciation charged in the year
31,902
408
42,947
67,641
24,469
167,367
Eliminated in respect of disposals
-
0
-
0
-
0
(254)
-
0
(254)
At 31 December 2023
97,542
14,721
160,415
220,255
39,607
532,540
Carrying amount
At 31 December 2023
126,449
1,630
139,908
63,196
87,073
418,256
At 31 December 2022
101,191
2,038
145,356
108,367
111,542
468,494
NEWSON HEALTH HOLDINGS LIMITED, CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
15
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
16
80
80
440
360
Investments in associates
17
1
-
0
-
0
-
0
81
80
440
360
Movements in fixed asset investments
Group
Shares in subsidiaries and associates
£
Cost or valuation
At 1 January 2023
80
Additions
505,418
Disposals
(80)
At 31 December 2023
505,418
Impairment
At 1 January 2023
-
Impairment losses
505,337
At 31 December 2023
505,337
Carrying amount
At 31 December 2023
81
At 31 December 2022
80
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
360
Additions
160
Disposals
(80)
At 31 December 2023
440
Carrying amount
At 31 December 2023
440
At 31 December 2022
360
NEWSON HEALTH HOLDINGS LIMITED, CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
16
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of Ordinary
% Held
shares held
Direct
Indirect
Louise Newson Medical Writer Limited
Winton House, Church Street, Stratford-Upon-Avon, Warwickshire, United Kingdom, CV37 6HB
Class A
100.00
-
Paul Anderson Urology Limited
Winton House, Church Street, Stratford-Upon-Avon, Warwickshire, United Kingdom
Class A
100.00
-
Newson Health Group Limited
Winton House, Church Street, Stratford Upon Avon, Warwickshire, United Kingdom, CV37 6HB
Class C
80.00
-
Newson Health Limited
Winton House, Church Street, Stratford Upon Avon, Warwickshire, United Kingdom, CV37 6HB
Class C
-
80.00
Newson Health (Manchester) Limited
Winton House, Church Street, Stratford Upon Avon, Warwickshire, United Kingdom, CV37 6HB
Class A
80.00
-

Newson Health (Manchester) Limited has not been included within the consolidated financial statements as it has not traded in the current or prior year and is considered immaterial to the overall position of the group. In addition, on 13 August 2024, the company was dissolved.

Parent company guarantee

Newson Health Holdings Limited, as the parent company of the group, has provided a statutory guarantee to some of its subsidiaries registered in England and Wales for all outstanding liabilities to which those subsidiaries are subject at 31 December 2023. This enables them to take the exemption from obtaining a signed statutory audit opinion under section 479A of the Companies Act 2006.

 

The companies provided with a statutory guarantee, and their registered numbers, are:

 

17
Associates

Details of associates at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of Ordinary
% Held
shares held
Direct
Balance App Limited
Winton House, Church Street, Stratford-Upon-Avon, Warwickshire, United Kingdom, CV37 6HB
Class B & C
34
18
Financial instruments
Group
Company
2023
2022
2023
2022
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
357,481
1,156,750
77,386
58,414
Carrying amount of financial liabilities
Measured at amortised cost
1,195,412
1,206,557
96,337
92,415
NEWSON HEALTH HOLDINGS LIMITED, CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
19
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
26,493
22,247
-
0
-
0
20
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
341,270
295,736
-
0
-
0
Corporation tax recoverable
92,270
-
0
-
0
-
0
Amounts owed by group undertakings
-
-
77,386
58,414
Other debtors
16,211
861,014
-
0
-
0
Prepayments and accrued income
246,720
184,227
-
0
-
0
696,471
1,340,977
77,386
58,414
Deferred tax asset (note 22)
57,828
624
2,131
624
754,299
1,341,601
79,517
59,038
21
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
63,743
175,995
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
91,252
91,252
Corporation tax payable
26,458
81,628
-
0
-
0
Other taxation and social security
267,717
281,169
-
-
Other creditors
41,260
34,173
903
485
Accruals and deferred income
1,090,409
996,389
4,182
678
1,489,587
1,569,354
96,337
92,415
NEWSON HEALTH HOLDINGS LIMITED, CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
22
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Group
£
£
£
£
Accelerated capital allowances
13,520
75,494
55,697
624
Tax losses
-
-
2,131
-
13,520
75,494
57,828
624
Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Company
£
£
£
£
Tax losses
-
-
2,131
624
Group
Company
2023
2023
Movements in the year:
£
£
Liability/(Asset) at 1 January 2023
74,870
(624)
Credit to profit or loss
(5,591)
(1,507)
Other
(113,587)
-
Asset at 31 December 2023
(44,308)
(2,131)

The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.

23
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
200
200
200
200
Ordinary A of £1 each
200
200
200
200
400
400
400
400
The Ordinary shares and A shares rank pari passu.
NEWSON HEALTH HOLDINGS LIMITED, CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
24
Reserves
Profit and loss reserves

The profit and loss reserve represents cumulative profits and losses, net of distributions paid.

25
Retirement benefit schemes

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £247,517 (2022 - £155,761).

26
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
194,600
140,467
-
-
Between two and five years
763,329
778,400
-
-
In over five years
570,810
750,339
-
-
1,528,739
1,669,206
-
-
27
Events after the reporting date

On 18 June 2024, the associated undertaking Balance App Limited, a company incorporated in England and Wales, completed a share for share agreement and following this, transferred its trade and all of its activities into Newson Health Limited.

28
Controlling party

The ultimate controlling party is Dr L R Anderson and Dr P C B Anderson by virtue of their controlling interest.

NEWSON HEALTH HOLDINGS LIMITED, CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 31 -
29
Cash generated from group operations
2023
2022
£
£
(Loss)/profit for the year after tax
(1,562,346)
2,018,927
Adjustments for:
Taxation (credited)/charged
(95,620)
453,012
Finance costs
36
693
Investment income
(5,163)
(24,274)
Loss on disposal of tangible fixed assets
256
-
Amortisation and impairment of intangible assets
148,246
68,154
Depreciation and impairment of tangible fixed assets
167,367
136,572
Other gains and losses
1,415,745
-
Movements in working capital:
(Increase)/decrease in stocks
(4,246)
5,052
Decrease/(increase) in debtors
738,012
(561,197)
(Decrease)/increase in creditors
(24,597)
808,417
Cash generated from operations
777,690
2,905,356
30
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
2,399,661
(1,269,425)
1,130,236
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.210Dr P C AndersonDr L R Andersonfalsefalse12495537bus:Consolidated2023-01-012023-12-31124955372023-01-012023-12-3112495537bus:RegisteredOffice2023-01-012023-12-3112495537bus:Agent12023-01-012023-12-3112495537bus:Director22023-01-012023-12-31124955372023-12-3112495537bus:Consolidated2022-01-012022-12-31124955372022-01-012022-12-3112495537bus:Consolidated2023-12-3112495537core:Goodwillbus:Consolidated2023-12-3112495537core:Goodwillbus:Consolidated2022-12-3112495537core:OtherResidualIntangibleAssetsbus:Consolidated2023-12-3112495537core:OtherResidualIntangibleAssetsbus:Consolidated2022-12-3112495537core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2023-12-3112495537core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2022-12-3112495537bus:Consolidated2022-12-3112495537core:LeaseholdImprovementsbus:Consolidated2023-12-3112495537core:PlantMachinerybus:Consolidated2023-12-3112495537core:FurnitureFittingsbus:Consolidated2023-12-3112495537core:ComputerEquipmentbus:Consolidated2023-12-3112495537core:MotorVehiclesbus:Consolidated2023-12-3112495537core:LeaseholdImprovementsbus:Consolidated2022-12-3112495537core:PlantMachinerybus:Consolidated2022-12-3112495537core:FurnitureFittingsbus:Consolidated2022-12-3112495537core:ComputerEquipmentbus:Consolidated2022-12-3112495537core:MotorVehiclesbus:Consolidated2022-12-31124955372022-12-3112495537core:ShareCapitalbus:Consolidated2023-12-3112495537core:ShareCapitalbus:Consolidated2022-12-3112495537core:ShareCapital2023-12-3112495537core:ShareCapital2022-12-3112495537core:RetainedEarningsAccumulatedLosses2023-12-3112495537core:ShareCapitalbus:Consolidated2021-12-31124955372021-12-3112495537core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-12-3112495537core:Non-controllingInterestsbus:Consolidated2022-12-3112495537core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-12-3112495537core:Non-controllingInterestsbus:Consolidated2023-12-3112495537core:ShareCapital2021-12-3112495537core:RetainedEarningsAccumulatedLosses2021-12-3112495537core:RetainedEarningsAccumulatedLosses2022-12-3112495537core:Goodwill2023-01-012023-12-3112495537core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3112495537core:ComputerSoftware2023-01-012023-12-3112495537core:LeaseholdImprovements2023-01-012023-12-3112495537core:FurnitureFittings2023-01-012023-12-3112495537core:ComputerEquipment2023-01-012023-12-3112495537core:MotorVehicles2023-01-012023-12-3112495537core:UKTaxbus:Consolidated2023-01-012023-12-3112495537core:UKTaxbus:Consolidated2022-01-012022-12-3112495537core:Goodwillbus:Consolidated2022-12-3112495537core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2022-12-3112495537bus:Consolidated2022-12-3112495537core:Goodwillcore:InternallyGeneratedIntangibleAssetsbus:Consolidated2023-01-012023-12-3112495537core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillcore:InternallyGeneratedIntangibleAssetsbus:Consolidated2023-01-012023-12-3112495537core:InternallyGeneratedIntangibleAssetsbus:Consolidated2023-01-012023-12-3112495537core:Goodwillbus:Consolidated2023-01-012023-12-3112495537core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2023-01-012023-12-3112495537core:LeaseholdImprovementsbus:Consolidated2022-12-3112495537core:PlantMachinerybus:Consolidated2022-12-3112495537core:FurnitureFittingsbus:Consolidated2022-12-3112495537core:ComputerEquipmentbus:Consolidated2022-12-3112495537core:MotorVehiclesbus:Consolidated2022-12-3112495537core:LeaseholdImprovementsbus:Consolidated2023-01-012023-12-3112495537core:PlantMachinerybus:Consolidated2023-01-012023-12-3112495537core:FurnitureFittingsbus:Consolidated2023-01-012023-12-3112495537core:ComputerEquipmentbus:Consolidated2023-01-012023-12-3112495537core:MotorVehiclesbus:Consolidated2023-01-012023-12-3112495537core:CurrentFinancialInstruments2023-12-3112495537core:CurrentFinancialInstruments2022-12-3112495537core:CurrentFinancialInstrumentsbus:Consolidated2023-12-3112495537core:CurrentFinancialInstrumentsbus:Consolidated2022-12-3112495537core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-12-3112495537core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2022-12-3112495537core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3112495537core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3112495537bus:PrivateLimitedCompanyLtd2023-01-012023-12-3112495537bus:FRS1022023-01-012023-12-3112495537bus:Audited2023-01-012023-12-3112495537bus:ConsolidatedGroupCompanyAccounts2023-01-012023-12-3112495537bus:Director12023-01-012023-12-3112495537bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP