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Registration number: 05367837

SW Healthcare Partnership Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

SW Healthcare Partnership Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

SW Healthcare Partnership Limited

(Registration number: 05367837)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

203,831

209,822

Investments

5

1

1

 

203,832

209,823

Current assets

 

Stocks

6

4,147

8,665

Debtors

7

698,373

327,541

Cash at bank and in hand

 

329,976

635,696

 

1,032,496

971,902

Creditors: Amounts falling due within one year

8

(547,933)

(583,971)

Net current assets

 

484,563

387,931

Total assets less current liabilities

 

688,395

597,754

Creditors: Amounts falling due after more than one year

8

(173,958)

(197,048)

Provisions for liabilities

(11,124)

(11,710)

Net assets

 

503,313

388,996

Capital and reserves

 

Called up share capital

200

200

Retained earnings

503,113

388,796

Shareholders' funds

 

503,313

388,996

 

SW Healthcare Partnership Limited

(Registration number: 05367837)
Balance Sheet as at 31 March 2024

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 10 September 2024 and signed on its behalf by:
 

A P Fry
Director

   
     
 

SW Healthcare Partnership Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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:
Winchester House
Deane Gate Avenue
Taunton
Somerset
TA1 2UH
England

The principal place of business is:
21 Showell Park
Taunton
Somerset
TA2 6BY

These financial statements were authorised for issue by the Board on 10 September 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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK 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, and rounded to the nearest £.

Going concern

The accounts have been prepared on a going concern basis.

Revenue recognition

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

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

SW Healthcare Partnership Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Government grants

Government grants are credited to deferred income and released to the profit and loss account on a systematic basis over the period that the related costs are recognised.

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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets is reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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.

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

Land

nil

Buildings

2% straight line

Office equipment

25% straight line

Motor vehicles

25% reducing balance

Plant and machinery

20% reducing balance

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

SW Healthcare Partnership Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress 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. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

 

SW Healthcare Partnership Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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

A 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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 6 (2023 - 5).

 

SW Healthcare Partnership Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Freehold land and buildings
£

Motor vehicles
 £

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2023

227,968

16,880

2,734

18,551

266,133

At 31 March 2024

227,968

16,880

2,734

18,551

266,133

Depreciation

At 1 April 2023

25,849

11,371

2,211

16,880

56,311

Charge for the year

3,231

1,377

105

1,278

5,991

At 31 March 2024

29,080

12,748

2,316

18,158

62,302

Carrying amount

At 31 March 2024

198,888

4,132

418

393

203,831

At 31 March 2023

202,119

5,509

523

1,671

209,822

 

SW Healthcare Partnership Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Investments

2024
£

2023
£

Investment in subsidiary

1

1

6

Stocks

2024
£

2023
£

Other inventories

4,147

8,665

7

Debtors

2024
£

2023
£

Trade debtors

181,785

291,361

Other debtors

500,515

20,716

Prepayments

16,073

15,464

698,373

327,541

8

Creditors

Due within one year

Note

2024
£

2023
£

 

Loans and borrowings

9

24,471

25,851

Trade creditors

 

113,877

44,105

Social security and other taxes

 

79,202

64,208

Other creditors

 

467

24,441

Accruals

 

34,486

83,766

Deferred income

 

295,430

341,600

 

547,933

583,971

Due after one year

 

Loans and borrowings

9

173,958

197,048


 

 

SW Healthcare Partnership Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

173,958

197,048

Current loans and borrowings

2024
£

2023
£

Bank borrowings

24,471

25,851

Bank borrowings totalling £198,429 (2023: £222,899) are secured against the freehold land and buildings held by the company.

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £5,365 (2023 - £16,095).

11

Related party transactions

Loans to related parties

2024

Key management
£

Total
£

At start of period

20,000

20,000

Advanced

500,792

500,792

Repaid

(20,277)

(20,277)

At end of period

500,515

500,515

2023

Key management
£

Total
£

At start of period

12,135

12,135

Advanced

27,865

27,865

Repaid

(20,000)

(20,000)

At end of period

20,000

20,000

Terms of loans to related parties

Loans to key management are interest free and repayable on demand.