Company registration number 15000759 (England and Wales)
HEALTHCARE DIGITAL TWIN LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
HEALTHCARE DIGITAL TWIN LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
HEALTHCARE DIGITAL TWIN LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
Notes
£
£
Fixed assets
Intangible assets
3
479,167
Tangible assets
4
3,066
482,233
Current assets
Debtors
5
35,989
Cash at bank and in hand
30,067
66,056
Creditors: amounts falling due within one year
6
(297,953)
Net current liabilities
(231,897)
Total assets less current liabilities
250,336
Creditors: amounts falling due after more than one year
7
(290,000)
Net liabilities
(39,664)
Capital and reserves
Called up share capital
8
1,000
Profit and loss reserves
(40,664)
Total equity
(39,664)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 15 November 2024 and are signed on its behalf by:
R Smith
R Greenwood
Director
Director
Company registration number 15000759 (England and Wales)
HEALTHCARE DIGITAL TWIN LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 13 July 2023
-
0
-
0
-
Year ended 31 March 2024:
Loss and total comprehensive income
-
(40,664)
(40,664)
Issue of share capital
8
1,000
-
1,000
Balance at 31 March 2024
1,000
(40,664)
(39,664)
HEALTHCARE DIGITAL TWIN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Healthcare Digital Twin Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Croft, Green Lane, Essex, Colchester, CO7 7PD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

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

1.2
Going concern

The directors have confirmed that they will provide the company with sufficient working capital to enable it to meet its ongoing liabilities and commitments as and when they fall due. On this basis the directors believe that the going concern basis of accounting is appropriate.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for 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.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
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.

Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Intellectual property
2 years straight line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Computers
2 years straight line
HEALTHCARE DIGITAL TWIN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

Debtors and creditor with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

2
Employees

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

2024
Number
Total
8
HEALTHCARE DIGITAL TWIN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Intangible fixed assets
Intellectual property
£
Cost
At 13 July 2023
-
0
Additions
500,000
At 31 March 2024
500,000
Amortisation and impairment
At 13 July 2023
-
0
Amortisation charged for the year
20,833
At 31 March 2024
20,833
Carrying amount
At 31 March 2024
479,167
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 13 July 2023
-
0
Additions
3,479
At 31 March 2024
3,479
Depreciation and impairment
At 13 July 2023
-
0
Depreciation charged in the year
413
At 31 March 2024
413
Carrying amount
At 31 March 2024
3,066
5
Debtors
2024
Amounts falling due within one year:
£
Trade debtors
4,501
Other debtors
11,967
Prepayments and accrued income
19,521
35,989
HEALTHCARE DIGITAL TWIN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
£
Other borrowings
265,000
Trade creditors
1,748
Other creditors
25,805
Accruals and deferred income
5,400
297,953

Other borrowings comprises unsecured, interest free loans.

7
Creditors: amounts falling due after more than one year
2024
Notes
£
Other borrowings
290,000

Other borrowings comprises unsecured loans. The loans comprise £220k which is interest free and £70k which is interest free until 1 January 2025 when interest will accrue at 2% over base rate.

8
Called up share capital
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000

On incorporation 1 Ordinary share of £1 was issued for cash at par. Subsequently the following shares were issued for cash at par: 23 July 2023 99 Ordinary shares of £1 each and 20 March 2024 900 Ordinary shares of £1 each.

9
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Purchase of intangible assets
2024
£
Key management personnel
500,000
HEALTHCARE DIGITAL TWIN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
9
Related party transactions
(Continued)
- 7 -

The following amounts were outstanding at the reporting end date:

2024
Amounts due to related parties
£
Key management personnel
485,807

The amounts noted above are interest free. £807 of the balance is repayable on demand and £485,000 is repayable in instalments over 28 months.

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