Company registration number 08105959 (England and Wales)
IMAAN HEALTHCARE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
28 OCTOBER 2023
28 October 2023
IMAAN HEALTHCARE LIMITED
COMPANY INFORMATION
Directors
Mr Z Malik
Mr T Malik
Company number
08105959
Registered office
Unit 2 Micklehead Business Park
St Michaels Road
Lea Green
St Helens
WA9 4YU
Auditor
AMS Accountants Corporate Ltd
Chartered Accountants
Floor 2
9 Portland Street
Manchester
M1 3BE
IMAAN HEALTHCARE LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 6
Independent auditor's report
7 - 9
Group statement of comprehensive income
10
Group balance sheet
11 - 12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 38
IMAAN HEALTHCARE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 28 OCTOBER 2023
- 1 -
The directors present the strategic report for the year ended 28 October 2023.
Review of the business
Group turnover for the year was £35,284,237 (2022 : £27,973,147) with a profit before tax of £2,210,949 (2022: £2.418.893)
The Board of Directors and Management are continuing with the expansion of the group for the foreseeable future. This expansion will be both acquisition led and through organic growth.
The group is also working with local CCG's to promote additional healthcare services and are committed to ensuring the staff are trained to very high standards.
Principal risks and uncertainties
The principal risks to both the group and company is the potential reduction in NHS income due to government cuts being made, while competition is the main risk to wholesale income.
Key performance indicators
The Key Performance Indicators (KPI's) that the company regard as important are:
a) Gross profit margin
b) The ratio of administrative expenses to turnover
c) The ratio of operating profit to turnover
d) The earnings before interest, tax, depreciation and amortisation
For the period under review the KPI's were as follows:
a) 2023: 32.5% (2022: 35.2%)
b) 2023: 1 : 3.71 (2022: 1 : 3.74)
c) 2023: 1 : 14.6 (2022: 1 : 11.8)
d) 2023: £3,597,573 (2022: £2,985,268)
Other information and explanations
The group will continue to pursue opportunities in other sectors to diversify its portfolio and mitigate the risk, it will also be looking to build on its relationships with suppliers to generate a strong supply chain link, which in turn improve efficiency. The group has a strong focus on new efficiency development through core innovation of existing services, introduction of new services and technological advancements which provide a strategic advantage to support future growth.
IMAAN HEALTHCARE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 OCTOBER 2023
- 2 -
Promoting the success of the company
This statement by the Board of Directors describes how they approached their responsibilities under s172(1)(a) to (f) of the Companies Act 2006 in the financial period ending 28 October 2023.
The stakeholders of the company include employees, clients and suppliers of the company.
The directors consider they have acted in good faith to promote the success of the company on behalf of its stakeholders, in relation to the matters set out in s172 of the Act.
The directors monitor and review strategic objectives against long term plans. Regular reviews are held across key business areas, including financial performance, risks and opportunities, health & safety, human resources and operations. The company's performance and progress are reviewed regularly at department, senior leadership and Board meetings.
The fundamental principle in the governance of the company is that of ensuring transparent conduct which reflects fairness in all dealings with employees, clients and suppliers.
The company has a policy of equal opportunities in all aspects of employment. The company's employees are vital to the success of the company. The directors understand that it is critical to engage with and understanding their views and to ensure that all employees' interests are considered. Throughout the company there is consultation at all levels of staff on matters of concern. The consultations evolve to meet the changing needs of the company and are considered valuable by everyone. The policy of the company is to consult and discuss matters with employees and to resolve any problems in accordance with relevant procedures and legislation.
The company's customers and suppliers are fundamental to the success of the company and the company strives to continually improve and strengthen its solution delivery and customer offering for the mutual benefit of all stakeholders.
The company has adopted a policy of only dealing with creditworthy clients. The directors understand the needs for debtor management and so liaises with its clients to minimise any risk of non-payment of debts.
The directors' intentions are to behave responsibly toward all stakeholders and to treat them fairly and equally to ensure everyone benefits from the long-term success of the company.
Environmental matters are taken into consideration by the directors as part of their decision-making process, in order to minimise the company's impact on the environment wherever possible.
The directors have overall responsibility for determining the company's purpose, values and strategy and for ensuring high standards of governance. The primary aim of the directors is to promote a sustainable success for the long-term of the company, generating value for all stakeholders. Throughout the next financial year the directors will continue to review and challenge how the company can improve its engagement with all stakeholders.
Mr Z Malik
Director
21 October 2024
IMAAN HEALTHCARE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 OCTOBER 2023
- 3 -
The directors present their annual report and financial statements for the year ended 28 October 2023.
Principal activities
The principal activity of the group continued to be that of a retail chemist.
Results and dividends
The results for the year are set out on page 10.
Dividends amounting to £612,721 (2022 : £881,173) were paid by the group during the year.
No preference dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr Z Malik
Mr T Malik
Supplier payment policy
The company's current policy concerning the payment of trade creditors is to:
- settle the terms of payment with suppliers when agreeing the terms of each transaction;
- ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and
- pay in accordance with the company's contractual and other legal obligations.
Financial instruments
Treasury operations and financial instruments
The company operates a treasury function which is responsible for managing the liquidity, interest and foreign currency risks associated with the company’s activities.
The company’s principal financial instruments include derivative financial instruments, the purpose of which is to manage currency risks and interest rate risks arising from the company’s activities, and bank overdrafts, loans and corporate bonds, the main purpose of which is to raise finance for the company’s operations. In addition, the company has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from its operations. Derivative transactions which the company enters into principally comprise forward exchange contracts. In accordance with the company’s treasury policy, derivative instruments are not entered into for speculative purposes.
Liquidity risk
The group seeks to manage financial risk by ensuring liquidity is available to meet foreseeable needs and to invest cash assets safely and profitability. Short-term flexibility is achieved by an invoice discounting facility.
Interest rate risk
The group finances its operations through a combination of retained profits and finance leases and hire purchase contracts. The group exposure to interest rate fluctuations on its borrowings is managed by the use of both fixed and floating facilities.
Foreign currency risk
The group’s principal foreign currency exposures arise from trading with overseas companies. Group policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling.
IMAAN HEALTHCARE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 OCTOBER 2023
- 4 -
Credit risk
The principal credit risk arises from the group’s trade debtors.
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
Disabled persons
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
Employee involvement
The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.
Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.
There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.
Auditor
The auditor, AMS Accountants Corporate Ltd, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Energy and carbon report
As the group has consumed more than 40,000 kWh of energy in this reporting period, it is required to report on its emissions, energy consumption or energy efficiency activities.
2023
2022
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Gas combustion
80,361
45,969
- Electricity purchased
290,752
395,938
- Fuel consumed for transport
428,074
469,455
799,187
911,362
IMAAN HEALTHCARE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 OCTOBER 2023
- 5 -
2023
2022
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
6.93
3.96
- Fuel consumed for owned transport
30.16
25.52
37.09
29.48
Scope 2 - indirect emissions
- Electricity purchased
25.07
34.15
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the group
77.00
92.00
Total gross emissions
139.16
155.63
Intensity ratio
Tonnes CO2e per employee
0.3462
0.4632
Quantification and reporting methodology
The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting
Intensity measurement
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per employee, the recommended ratio for the sector.
Measures taken to improve energy efficiency
The company takes very seriously the measurement and mitigation of its environmental impact. It is actively taking steps to reduce its direct and indirect impacts through:
Preferring to use the electric vehicle fleet rather than employee vehicles
Use of media tools for meetings to limit travel requirements
Movement to electronic documentation to reduce its paper use
Installation of smart meters at operating sites to reduce consumption
Awareness campaigns to encourage consumption reduction
The company's scope 1 and 2 consumption and CO2 emissions data has been calculated in line with UK Government environmental reporting guidelines.
Scope 1 consumption and emissions relate to direct combustion of natural gas and fuels utilised for travel and transportation such as company vehicles.
Scope 2 consumption and emissions relate to indirect emissions as a result of the consumption of purchased electricity in its day to day operations.
IMAAN HEALTHCARE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 OCTOBER 2023
- 6 -
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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
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.
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
Mr Z Malik
Director
21 October 2024
IMAAN HEALTHCARE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF IMAAN HEALTHCARE LIMITED
- 7 -
We have audited the financial statements of Imaan Healthcare Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 28 October 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, except for the effects of the matter described in the basis for qualified opinion section of our report, the financial statements:
give a true and fair view of the state of the company's affairs as at 28 October 2023 and of its for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for qualified opinion
We were unable to obtain sufficient evidence in relation to the valuation and existence of physical inventory for the years ended 28 October 2023 and 28 October 2022 which is included in the in the balance sheet at £2,252,114 and £1,213,516 respectively. We were unable to satisfy ourselves by alternative procedures or by using other audit procedures.
Consequently, we were unable to determine whether any adjustments to this amount was necessary.,
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified 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.
IMAAN HEALTHCARE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF IMAAN HEALTHCARE LIMITED
- 8 -
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
As described in the basis of qualified opinion section of our report, we were unable to satisfy ourselves concerning the inventory quantities of £2,252,114 held at 28 October 2023 and £1,213,516 held at 28 October 2022. We have concluded that where the other information refers to the stock balance or related balances such as cost of sales, it may be materially misstated for the same reason.
Opinions on other matters prescribed by the Companies Act 2006
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
Except for the matter described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors' report.
Arising solely from the limitation on the scope of our work relating to inventory, referred to above:
We have not obtained all the information and explanations that were considered necessary for the purpose of our audit; and
We were unable to determine whether adequate accounting records have been kept.
We have nothing to report in respect of the following matters where 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.
IMAAN HEALTHCARE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF IMAAN HEALTHCARE LIMITED
- 9 -
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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
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.
We gained an understanding of the legal and regulatory framework applicable to the Group and the industry in which it operates, drawing on our broad sector experience, and considered the risk of acts by Group that were contrary to these laws and regulations, including fraud. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the GPhC, Companies Act 2006, Consumer Rights Act and equivalent local laws and regulations. We made enquiries of management with regards to compliance with the above laws and regulations and corroborated any necessary evidence to relevant information, for example, minutes of the board meetings, legal reports provided to the Group and correspondence between the Group and its solicitors. Audit procedures performed by the engagement team included:
Discussion with management, including consideration of known or suspected instances of noncompliance with laws and regulations and fraud;
Review of financial statement disclosures to underlying supporting documentation;
Challenging assumptions and judgements made by management in their significant accounting estimates;
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that 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, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
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.
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.
Andrew Davis ACCA CTA FMAAT
For and on behalf of
21 October 2024
AMS Accountants Corporate Ltd
Chartered Accountants
Statutory Auditor
Chartered Accountants
Floor 2
9 Portland Street
Manchester
M1 3BE
IMAAN HEALTHCARE LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 OCTOBER 2023
- 10 -
2023
2022
Notes
£
£
Turnover
3
35,284,237
27,973,147
Cost of sales
(23,808,317)
(18,135,675)
Gross profit
11,475,920
9,837,472
Administrative expenses
(9,513,430)
(7,484,767)
Other operating income
455,916
26,244
Operating profit
4
2,418,406
2,378,949
Interest receivable and similar income
7
7,453
323,500
Interest payable and similar expenses
8
(50,751)
(31,709)
Amounts written off investments
9
(164,159)
(251,847)
Profit before taxation
2,210,949
2,418,893
Tax on profit
10
(237,467)
(221,833)
Profit for the financial year
1,973,482
2,197,060
Profit for the financial year is attributable to:
- Owners of the parent company
1,801,759
2,157,788
- Non-controlling interests
171,723
39,272
1,973,482
2,197,060
Total comprehensive income for the year is attributable to:
- Owners of the parent company
1,801,759
2,157,788
- Non-controlling interests
171,723
39,272
1,973,482
2,197,060
The profit and loss account has been prepared on the basis that all operations are continuing operations.
IMAAN HEALTHCARE LIMITED
GROUP BALANCE SHEET
AS AT
28 OCTOBER 2023
28 October 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
12
7,180,480
2,792,119
Other intangible assets
12
724
1,157
Total intangible assets
7,181,204
2,793,276
Tangible assets
13
4,794,626
3,493,925
Investments
14
51
112,112
11,975,881
6,399,313
Current assets
Stocks
16
2,252,114
1,213,516
Debtors
18
10,822,377
7,908,184
Cash at bank and in hand
2,907,870
2,596,714
15,982,361
11,718,414
Creditors: amounts falling due within one year
19
(12,958,821)
(7,789,635)
Net current assets
3,023,540
3,928,779
Total assets less current liabilities
14,999,421
10,328,092
Creditors: amounts falling due after more than one year
20
(4,447,230)
(1,175,931)
Provisions for liabilities
Deferred tax liability
23
159,067
119,798
(159,067)
(119,798)
Net assets
10,393,124
9,032,363
Capital and reserves
Called up share capital
25
10,004
10,004
Profit and loss reserves
10,595,947
9,214,455
Equity attributable to owners of the parent company
10,605,951
9,224,459
Non-controlling interests
(212,827)
(192,096)
10,393,124
9,032,363
IMAAN HEALTHCARE LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
28 OCTOBER 2023
28 October 2023
- 12 -
The financial statements were approved by the board of directors and authorised for issue on 21 October 2024 and are signed on its behalf by:
Mr Z Malik
Director
Company registration number 08105959 (England and Wales)
IMAAN HEALTHCARE LIMITED
COMPANY BALANCE SHEET
AS AT
28 OCTOBER 2023
28 October 2023
- 13 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
14
202
202
Current assets
Debtors
18
890,533
890,533
Net current assets
890,533
890,533
Total assets less current liabilities
890,735
890,735
Creditors: amounts falling due after more than one year
20
(668,293)
(668,293)
Net assets
222,442
222,442
Capital and reserves
Called up share capital
25
10,004
10,004
Profit and loss reserves
212,438
212,438
Total equity
222,442
222,442
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 £0 (2022 - £187,500 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
21 October 2024
21 October 2024
and are signed on its behalf by:
Mr Z Malik
Director
Company registration number 08105959 (England and Wales)
IMAAN HEALTHCARE LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 OCTOBER 2023
- 14 -
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
Balance at 29 October 2021
10,000
7,744,704
7,754,704
(38,232)
7,716,472
Year ended 28 October 2022:
Profit and total comprehensive income
-
2,157,788
2,157,788
39,272
2,197,060
Issue of share capital
25
4
-
4
-
4
Dividends
-
(737,679)
(737,679)
(143,494)
(881,173)
Purchase of shares in subsidiary from non-controlling interest
-
49,642
49,642
(49,642)
-
Balance at 28 October 2022
10,004
9,214,455
9,224,459
(192,096)
9,032,363
Year ended 28 October 2023:
Profit and total comprehensive income
-
1,801,759
1,801,759
171,723
1,973,482
Dividends
-
(420,267)
(420,267)
(192,454)
(612,721)
Balance at 28 October 2023
10,004
10,595,947
10,605,951
(212,827)
10,393,124
IMAAN HEALTHCARE LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 OCTOBER 2023
- 15 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 29 October 2021
10,000
24,938
34,938
Year ended 28 October 2022:
Profit and total comprehensive income for the year
-
187,500
187,500
Issue of share capital
25
4
-
4
Balance at 28 October 2022
10,004
212,438
222,442
Year ended 28 October 2023:
Profit and total comprehensive income
-
-
Balance at 28 October 2023
10,004
212,438
222,442
IMAAN HEALTHCARE LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 28 OCTOBER 2023
- 16 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
2,227,077
2,058,675
Interest paid
(50,751)
(31,709)
Income taxes (paid)/refunded
(129,987)
23,388
Net cash inflow from operating activities
2,046,339
2,050,354
Investing activities
Purchase of intangible assets
(7,607,580)
(2,303,823)
Proceeds from disposal of intangibles
4,788,706
3,395,827
Purchase of tangible fixed assets
(1,646,307)
(2,177,323)
Proceeds from disposal of tangible fixed assets
69,553
152,515
Proceeds from disposal of associates
(51)
-
Proceeds from disposal of joint ventures
51
-
Repayment of loans
(52,098)
(172,732)
Dividends received
7,453
323,500
Net cash used in investing activities
(4,440,273)
(782,036)
Financing activities
Proceeds from issue of shares
-
4
Proceeds from borrowings
3,367,972
-
Repayment of borrowings
-
(180,496)
Repayment of bank loans
(23,210)
(65,710)
Payment of finance leases obligations
(26,951)
86,711
Dividends paid to equity shareholders
(420,267)
(737,679)
Dividends paid to non-controlling interests
(192,454)
(143,494)
Net cash generated from/(used in) financing activities
2,705,090
(1,040,664)
Net increase in cash and cash equivalents
311,156
227,654
Cash and cash equivalents at beginning of year
2,596,714
2,369,060
Cash and cash equivalents at end of year
2,907,870
2,596,714
IMAAN HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 OCTOBER 2023
- 17 -
1
Accounting policies
Company information
Imaan Healthcare Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 2 Micklehead Business Park, St Michaels Road, Lea Green, St Helens, WA9 4YU.
The group consists of Imaan Healthcare 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.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;
• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;true
• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’true: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
• Section 26 ‘Share based Payment’true: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
• Section 33 ‘Related Party Disclosures’true: Compensation for key management personnel.
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.
IMAAN HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 OCTOBER 2023
1
Accounting policies
(Continued)
- 18 -
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Imaan Healthcare 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 28 October 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.
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.
1.4
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the truegroup 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.
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the group and company will continue in operational existence for the foreseeable future. however, the directors are aware of material uncertainties which may cause doubt on the group and company's ability to continue as a going concern.
The directors have considered the uncertainties surrounding the economy in general with increasing interest rates and levels of inflation. As a result of this, the economy going forward is uncertain, therefore the impact on the group and company is not yet fully known.
The directors have considered the trading performance in the year and the impact of high inflation and interest rates on their projections and forecasts and these provide assurance that the group and company will continue to generate positive cash flows. In addition to the above, the company would have continued support in the form of additional loan facilities if required from it's shareholders. On the basis of the above the directors have a reasonable expectation that the group and company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continues to adopt the going concern basis of accounting in preparing the annual 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, 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.
IMAAN HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 OCTOBER 2023
1
Accounting policies
(Continued)
- 19 -
1.6
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life over 5 and 10 years.
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.
Intangible assets comprise primarily lease premiums paid in advance for the use of the trading premises. Such assets are defined as having finite useful lives and the costs are amortised on a straight line basis over their estimated useful lives of 10 years. Intangible assets are stated at cost less amortisation and are reviewed for impairment whenever there is an indication that the carrying value may be impaired.
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:
Lease premium
10 years
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.
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Freehold
No depreciation
Land and buildings Leasehold
At varying rates on cost
Property improvements
5% straight line
Fixtures, fittings & equipment
25% reducing balance
Computer equipment
33% straight line
Motor vehicles
25% 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.
IMAAN HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 OCTOBER 2023
1
Accounting policies
(Continued)
- 20 -
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.
IMAAN HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 OCTOBER 2023
1
Accounting policies
(Continued)
- 21 -
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.
IMAAN HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 OCTOBER 2023
1
Accounting policies
(Continued)
- 22 -
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.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
IMAAN HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 OCTOBER 2023
1
Accounting policies
(Continued)
- 23 -
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.
1.15
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.16
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.
1.17
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.
IMAAN HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 OCTOBER 2023
1
Accounting policies
(Continued)
- 24 -
1.18
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.19
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.
1.20
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.21
Subsidiary undertakings exempt from audit
Under Section 479a of the Companies Act 2006 available to subsidiary undertakings, the company provides a guarantee in respect of the below subsidiary undertakings claiming exemption from audit.
Slyne Healthcare Limited (08399442)
Imaan Limited (06415284)
Feraz Limited (07050590)
Penyffordd Pharmacy Limited (04329906)
Townfield Pharmacy Limited (04847565)
Hale Village Limited (04730742)
SJZ Limited (06788645)
Nuur Limited (06896612)
Broadheath Healthcare Limited (08086040)
Pebsham Limited (09185923)
Keswick Healthcare Limited (09177781)
Allestree Healthcare Ltd (12937123)
Liverpool Road Healthcare Ltd (12937848)
The Ridge Bradford Healthcare Limited (12326018)
London Road Healthcare Ltd (12258108)
Greenlife Clinical Services Ltd (11766715)
Leylands Lane Healthcare Ltd (12698503)
Meltham M2 Healthcare Ltd (12443217)
Peel St Healthcare Ltd (12257727)
Werneth Healthcare Ltd (12258493)
LP SD Twenty Two Ltd (14765274)
LP SD Twenty Three Ltd (14765295)
LP SD Twenty Four Ltd (14767307)
LP SD Twenty Five Ltd (14767311)
LP SD Twenty Nine Ltd (14817003)
LP SD Thirty Ltd (14817044)
LP SD Thirty One Ltd (14817143)
LP SD One Hundred Fourteen Ltd (15075071)
IMAAN HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 OCTOBER 2023
- 25 -
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.
There are not considered to be any critical accounting estimates within these financial statements as all transactions are measured at cost.
3
Turnover and other revenue
An analysis of the group's turnover is as follows:
2023
2022
£
£
Turnover analysed by class of business
NHS Sales
31,124,895
25,282,299
Non NHS Sales
4,159,342
2,690,848
35,284,237
27,973,147
2023
2022
£
£
Turnover analysed by geographical market
UK
35,284,237
27,973,147
2023
2022
£
£
Other revenue
Dividends received
7,453
323,500
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
293,391
237,815
(Profit)/loss on disposal of tangible fixed assets
(17,338)
7,551
Amortisation of intangible assets
885,776
368,504
Profit on disposal of intangible assets
(2,454,830)
(1,770,417)
Operating lease charges
517,117
330,686
IMAAN HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 OCTOBER 2023
- 26 -
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
25,000
14,000
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
2
2
2
2
Administration
400
334
-
-
Total
402
336
2
2
Their aggregate remuneration comprised:
Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
5,120,500
3,954,830
Social security costs
269,881
204,005
-
-
Pension costs
67,894
44,231
5,458,275
4,203,066
7
Interest receivable and similar income
2023
2022
£
£
Income from fixed asset investments
Income from shares in group undertakings
7,453
323,500
IMAAN HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 OCTOBER 2023
- 27 -
8
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
-
7,534
Other interest on financial liabilities
100
-
Interest on finance leases and hire purchase contracts
1,894
789
Other interest
48,757
23,386
Total finance costs
50,751
31,709
9
Amounts written off investments
2023
2022
£
£
Amounts written off current loans
(52,098)
(251,847)
Other gains and losses
(112,061)
-
(164,159)
(251,847)
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
248,474
111,975
Adjustments in respect of prior periods
(50,279)
(6,249)
Total current tax
198,195
105,726
Deferred tax
Origination and reversal of timing differences
39,272
116,107
Total tax charge
237,467
221,833
IMAAN HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 OCTOBER 2023
10
Taxation
(Continued)
- 28 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
2,210,949
2,418,893
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
552,737
459,590
Tax effect of expenses that are not deductible in determining taxable profit
5,158
5,757
Tax effect of income not taxable in determining taxable profit
(13,850)
(37,964)
Gains not taxable
(610,231)
(335,514)
Tax effect of utilisation of tax losses not previously recognised
(3,635)
(1,966)
Unutilised tax losses carried forward
238,562
90,707
Adjustments in respect of prior years
(50,279)
-
Effect of change in corporation tax rate
69,598
-
Permanent capital allowances in excess of depreciation
(2,103)
(60,846)
Depreciation on assets not qualifying for tax allowances
984
(3,899)
Adjustments in respect of financial assets
50,526
-
Under/(over) provided in prior years
-
(2,346)
Deferred tax
-
108,314
Taxation charge
237,467
221,833
11
Impairments
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
2023
2022
Notes
£
£
In respect of:
Fixed asset investments
14
112,061
-
Recognised in:
Amounts written off investments
112,061
-
The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.
The reversals of previous impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.
IMAAN HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 OCTOBER 2023
- 29 -
12
Intangible fixed assets
Group
Goodwill, patents and licences
Lease premium
Total
£
£
£
Cost
At 29 October 2022
3,852,950
4,333
3,857,283
Additions
7,607,580
7,607,580
Disposals
(2,333,876)
(2,333,876)
At 28 October 2023
9,126,654
4,333
9,130,987
Amortisation and impairment
At 29 October 2022
1,060,831
3,176
1,064,007
Amortisation charged for the year
885,343
433
885,776
At 28 October 2023
1,946,174
3,609
1,949,783
Carrying amount
At 28 October 2023
7,180,480
724
7,181,204
At 28 October 2022
2,792,119
1,157
2,793,276
The company had no intangible fixed assets at 28 October 2023 or 28 October 2022.
IMAAN HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 OCTOBER 2023
- 30 -
13
Tangible fixed assets
Group
Land and buildings Freehold
Land and buildings Leasehold
Property improvements
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 29 October 2022
2,477,884
426,386
731,843
54,856
558,360
4,249,329
Additions
1,046,369
121,178
310,171
13,906
154,683
1,646,307
Disposals
(36,535)
(27,875)
(64,410)
At 28 October 2023
3,524,253
426,386
121,178
1,005,479
68,762
685,168
5,831,226
Depreciation and impairment
At 29 October 2022
867
96,969
392,387
50,145
215,036
755,404
Depreciation charged in the year
5,314
6,059
153,275
8,162
120,581
293,391
Eliminated in respect of disposals
(12,195)
(12,195)
At 28 October 2023
867
102,283
6,059
545,662
58,307
323,422
1,036,600
Carrying amount
At 28 October 2023
3,523,386
324,103
115,119
459,817
10,455
361,746
4,794,626
At 28 October 2022
2,477,017
329,417
339,456
4,711
343,324
3,493,925
The company had no tangible fixed assets at 28 October 2023 or 28 October 2022.
IMAAN HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 OCTOBER 2023
13
Tangible fixed assets
(Continued)
- 31 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Group
Company
2023
2022
2023
2022
£
£
£
£
Motor vehicles
139,066
201,101
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
-
-
202
202
Investments in associates
51
51
Unlisted investments
-
112,061
51
112,112
202
202
Movements in fixed asset investments
Group
Shares in associates
Other investments
Total
£
£
£
Cost or valuation
At 29 October 2022 and 28 October 2023
51
112,061
112,112
Impairment
At 29 October 2022
-
-
-
Impairment losses
-
112,061
112,061
At 28 October 2023
-
112,061
112,061
Carrying amount
At 28 October 2023
51
-
51
At 28 October 2022
51
112,061
112,112
IMAAN HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 OCTOBER 2023
14
Fixed asset investments
(Continued)
- 32 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 29 October 2022 and 28 October 2023
202
Carrying amount
At 28 October 2023
202
At 28 October 2022
202
15
Subsidiaries
Details of the company's subsidiaries at 28 October 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Broadheath Healthcare Limited
UK
Ordinary
0
80.00
Feraz Limited
UK
Ordinary
0
100.00
Hale Village Limited
UK
Ordinary
0
100.00
Imaan Limited
UK
Ordinary
100.00
-
Keswick Healthcare Limited
UK
Ordinary
0
100.00
Nuur Limited
UK
Ordinary
0
100.00
Pebsham Limited
UK
Ordinary
0
100.00
Penyffordd Pharmacy Limited
UK
Ordinary
0
100.00
SJZ Limited
UK
Ordinary
0
90.00
Slyne Healthcare Limited
UK
Ordinary
0
65.00
Townfield Pharmacy Limited
UK
Ordinary
0
100.00
Allestree Healthcare Ltd
UK
Ordinary
0
80.00
Liverpool Road Healthcare Ltd
UK
Ordinary
0
80.00
The Ridge Bradford Healthcare Limited
UK
Ordinary
0
50.00
London Road Healthcare Ltd
UK
Ordinary
0
80.00
Greenlife Clinical Services Ltd
UK
Ordinary
0
75.00
Leylands Lane Healthcare limited
UK
Ordinary
0
80.00
Meltham M2H Healthcare Ltd
UK
Ordinary
0
60.00
Peel St Healthcare Ltd
UK
Ordinary
0
90.00
Werneth Healthcare Limited
UK
Ordinary
0
75.00
LP SD Thirty Limited
UK
Ordinary
0
100.00
LP SD Thirty One Limited
UK
Ordinary
0
100.00
LP SD Twenty Five Limited
UK
Ordinary
0
100.00
LP SD Twenty Four Limited
UK
Ordinary
0
100.00
LP SD Twenty Nine Limited
UK
Ordinary
0
100.00
LP SD Twenty Three Limited
UK
Ordinary
0
100.00
LP SD Twenty Two Limited
UK
Ordinary
0
100.00
LP SD One Hundred Fourteen Ltd
UK
Ordinary
0
100.00
The investments in subsidiaries are all stated at cost but have been removed on consolidation.
IMAAN HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 OCTOBER 2023
- 33 -
16
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
2,252,114
1,213,516
17
Financial instruments
Group
Company
2023
2022
2023
2022
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
9,900,030
7,549,893
n/a
n/a
Equity instruments measured at cost less impairment
-
112,061
n/a
n/a
Carrying amount of financial liabilities
Measured at amortised cost
16,421,918
8,073,843
n/a
n/a
18
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
5,163,855
3,271,418
Amounts owed by group undertakings
-
-
890,529
890,529
Other debtors
5,356,667
4,433,185
4
4
Prepayments and accrued income
301,855
203,581
10,822,377
7,908,184
890,533
890,533
19
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
21
29,888
23,210
Obligations under finance leases
22
26,952
26,952
Trade creditors
9,426,242
5,717,603
Corporation tax payable
893,764
825,553
Other taxation and social security
90,369
66,170
-
-
Other creditors
2,057,275
611,592
Accruals and deferred income
434,331
518,555
12,958,821
7,789,635
IMAAN HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 OCTOBER 2023
- 34 -
20
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
21
-
29,888
Obligations under finance leases
22
32,808
59,759
Other borrowings
21
4,403,827
1,035,855
668,293
668,293
Other creditors
10,595
50,429
4,447,230
1,175,931
668,293
668,293
21
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
29,888
53,098
Loans from related parties
1,150,477
-
Other loans
3,253,350
1,035,855
668,293
668,293
4,433,715
1,088,953
668,293
668,293
Payable within one year
29,888
23,210
Payable after one year
4,403,827
1,065,743
668,293
668,293
The bank loans are secured by a fixed and floating charge over the assets of the group. They will be due for full repayment in 2025, and sharia law has been applied to the loans so interest isn't applied using a standard rate of interest. Instead the banks receive a share of profit based on the risk associated with their loan in addition to the repayment of capital. This has been classed as bank interest charged however in the profit and loss account, as this is the generally accepted classification of the bank's profit on investment.
The other loans are due for full repayment in 2025, and interest is charged at a rate of 0.68% per month on the amount outstanding.
22
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
26,952
26,952
In two to five years
32,808
59,759
59,760
86,711
Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
IMAAN HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 OCTOBER 2023
- 35 -
23
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
159,067
119,798
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 29 October 2022
119,798
-
Charge to profit or loss
39,269
-
Liability at 28 October 2023
159,067
-
The deferred tax asset set out above is expected to reverse within the foreseeable future and relates to the depreciation charged in excess of capital allowances claimed.
24
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
67,894
44,231
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.
IMAAN HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 OCTOBER 2023
- 36 -
25
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of 1p each
988,600
988,600
9,886
9,886
Ordinary B of 1p each
10,000
10,000
100
100
Ordinary C of £1 each
1
1
1
1
Ordinary D of £1 each
1
1
1
1
Ordinary E of £1 each
1
1
1
1
Ordinary F of £1 each
1
1
1
1
Ordinary G of £1 each
1
1
1
1
Ordinary H of £1 each
1
1
1
1
Ordinary I of £1 each
1
1
1
1
Ordinary J of £1 each
1
1
1
1
Ordinary K of £1 each
1
1
1
1
Ordinary L of £1 each
1
1
1
1
Ordinary M of £1 each
1
1
1
1
Ordinary N of £1 each
1
1
1
1
Ordinary O of £1 each
1
1
1
1
Ordinary P of £1 each
1
1
1
1
Ordinary Q of £1 each
1
1
1
1
Ordinary R of £1 each
1
1
1
1
Ordinary S of £1 each
1
1
1
1
Ordinary T of £1 each
1
1
1
1
998,618
998,618
10,004
10,004
The Ordinary A and Ordinary B shares have full voting, dividend and capital rights. The Ordinary C, D, E, F, G, H, I, J, K, L, M, N, O, P, Q, R, S, T shares have no right to receive notice of, or attend and vote at general meetings. On a winding up, only carry the right to receive the par value of the shares, treated as a separate class for dividends.
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
408,125
398,309
-
-
Between two and five years
867,701
1,125,825
-
-
1,275,826
1,524,134
-
-
IMAAN HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 OCTOBER 2023
- 37 -
27
Related party transactions
The following amounts were outstanding at the reporting end date:
Amounts due to related parties
2023
2022
£
£
Group
Other related parties
745,855
1,108,853
The above balances are interest free, unsecured and repayable on demand.
The following amounts were outstanding at the reporting end date:
Amounts due from related parties
2023
2022
Balance
Balance
£
£
Group
Other related parties
3,397,083
3,935,047
Other information
Amounts due from and to related parties are owed from companies which have common directorship or common shareholding. These amounts are interest free, with no security and are repayable on demand.
The group has taken advantage of FRS 102, section 33.1A available to groups producing consolidated group financial statements and transactions with wholly owned subsidiaries, and has chosen not to disclose related party transactions within the group.
28
Directors' transactions
At the balance sheet date, a balance of £70,414 (2022 - £254,018) was due to the Directors.
These advances by the directors are repayable in one year and a day which is reviewed on an annual basis. They have also indicated their support for the foreseeable future so these have been classed as long-term liabilities of the group. These are also interest free and no effective rate of interest at the market rate of 6% has been charged as it is considered immaterial.
IMAAN HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 OCTOBER 2023
- 38 -
29
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
1,973,482
2,197,060
Adjustments for:
Taxation charged
237,467
221,833
Finance costs
50,751
31,709
Investment income
(7,453)
(323,500)
(Gain)/loss on disposal of tangible fixed assets
(17,338)
7,551
Gain on disposal of intangible assets
(2,454,830)
(1,770,417)
Amortisation and impairment of intangible assets
885,776
368,504
Depreciation and impairment of tangible fixed assets
293,391
237,815
Other gains and losses
164,159
251,847
Movements in working capital:
Increase in stocks
(1,038,598)
(137,923)
(Increase)/decrease in debtors
(2,898,683)
3,023,935
Increase/(decrease) in creditors
5,038,953
(2,049,739)
Cash generated from operations
2,227,077
2,058,675
30
Analysis of changes in net funds/(debt) - group
29 October 2022
Cash flows
28 October 2023
£
£
£
Cash at bank and in hand
2,596,714
311,156
2,907,870
Borrowings excluding overdrafts
(1,088,953)
(3,344,762)
(4,433,715)
Obligations under finance leases
(86,711)
26,951
(59,760)
1,421,050
(3,006,655)
(1,585,605)
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