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STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS
All of the members of Bromsgrove Healthcare Innovations Limited have consented to the preparation of the abridged statement of comprehensive income and the statement of financial position for the year ending 31 May 2024 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: 06306478
BROMSGROVE HEALTHCARE INNOVATIONS LIMITED
FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 May 2024
BROMSGROVE HEALTHCARE INNOVATIONS LIMITED
REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ABRIDGED FINANCIAL STATEMENTS OF BROMSGROVE HEALTHCARE INNOVATIONS LIMITED
YEAR ENDED 31 MAY 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Bromsgrove Healthcare Innovations Limited for the year ended 31 May 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
LANGARD LIFFORD HALL LIMITED Accountants and Registered Auditors
Lifford Hall Lifford Lane Kings Norton Birmingham B30 3JN
24 September 2024
BROMSGROVE HEALTHCARE INNOVATIONS LIMITED
STATEMENT OF FINANCIAL POSITION
31 May 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
14,275,562
16,597,307
Current assets
Debtors
88,130
74,886
Cash at bank and in hand
1,128,120
668,689
--------------
------------
1,216,250
743,575
Creditors: amounts falling due within one year
552,070
863,220
--------------
------------
Net current assets/(liabilities)
664,180
( 119,645)
---------------
---------------
Total assets less current liabilities
14,939,742
16,477,662
Creditors: amounts falling due after more than one year
6
2,919,701
2,872,559
Provisions
Taxation including deferred tax
1,417,677
2,005,177
---------------
---------------
Net assets
10,602,364
11,599,926
---------------
---------------
Capital and reserves
Called up share capital
11,300
11,257
Share premium account
786,457
761,692
Fair value reserve
4,253,147
6,015,647
Profit and loss account
5,551,460
4,811,330
---------------
---------------
Shareholders funds
10,602,364
11,599,926
---------------
---------------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
BROMSGROVE HEALTHCARE INNOVATIONS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 May 2024
For the year ending 31 May 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 abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
These abridged financial statements were approved by the board of directors and authorised for issue on 24 September 2024 , and are signed on behalf of the board by:
Dr C D Heath
Director
Company registration number: 06306478
BROMSGROVE HEALTHCARE INNOVATIONS LIMITED
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 2024
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lifford Hall, Lifford Lane, Kings Norton, Birmingham, B30 3JN.
2. Statement of Compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Company valuation
The company grants options to purchase additional A Class shares on an annual basis. In arriving at the purchase price of these option shares, the directors have agreed that the company will undergo a formal valuation prior to the options being granted.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year, net of any discounts and exclusive of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
15% reducing balance
Computer equipment
-
33% straight line
Investment property Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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 entity after deducting all of its financial liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 12 (2023: 13 ).
5. Tangible Assets
£
Cost or valuation
At 1 June 2023
16,907,022
Additions
76,342
Disposals
( 89,500)
Revaluations
( 2,350,000)
---------------
At 31 May 2024
14,543,864
---------------
Depreciation
At 1 June 2023
309,715
Charge for the year
27,357
Disposals
( 68,770)
---------------
At 31 May 2024
268,302
---------------
Carrying amount
At 31 May 2024
14,275,562
---------------
At 31 May 2023
16,597,307
---------------
Tangible assets held at valuation
The freehold property was valued by Avison Young (UK) Limited in July 2024, specialists in the healthcare sector. Their valuation is based on the company's future rental income streams and has been incorporated into these financial statements.
6. Creditors: amounts falling due after more than one year
Bank loans are secured by a legal charge on certain assets of the company.
Included within creditors: amounts falling due after more than one year is an amount of £Nil (2023: £580,210) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
7. Contingencies
The company granted fixed and floating charges in favour of NatWest Bank Plc on 24 March 2020. The charges provide security over the company's current and future assets.
8. Related Party Transactions
There were no related party transactions during the year that require disclosure.