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2023-04-01
Sage Accounts Production Advanced 2024 - FRS102_2024
8,620
61,822
10,602,875
3,180,864
530,144
3,711,008
6,891,867
7,422,011
973,917
552,747
97,392
650,139
323,778
421,170
48,959
14,208
34,751
xbrli:pure
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10676368
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10676368
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10676368
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10676368
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10676368
2023-03-31
10676368
2022-03-31
10676368
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10676368
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10676368
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10676368
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10676368
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10676368
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2023-04-01
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10676368
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10676368
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2024-03-31
10676368
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10676368
core:NetGoodwill
2023-03-31
10676368
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2024-03-31
10676368
core:FurnitureFittings
2023-03-31
10676368
core:FurnitureFittings
2024-03-31
10676368
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2023-04-01
2024-03-31
10676368
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2023-04-01
2024-03-31
10676368
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2022-04-01
2023-03-31
10676368
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2023-03-31
10676368
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2022-03-31
10676368
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2024-03-31
10676368
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2023-03-31
10676368
core:ShareCapital
2024-03-31
10676368
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2023-03-31
10676368
core:SharePremium
2024-03-31
10676368
core:SharePremium
2023-03-31
10676368
core:BetweenOneFiveYears
2024-03-31
10676368
core:BetweenOneFiveYears
2023-03-31
10676368
core:MoreThanFiveYears
2024-03-31
10676368
core:MoreThanFiveYears
2023-03-31
10676368
core:NetGoodwill
2023-03-31
10676368
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2023-03-31
10676368
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2023-03-31
10676368
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2024-03-31
10676368
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10676368
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10676368
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10676368
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2023-04-01
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10676368
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1
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10676368
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2023-04-01
2024-03-31
COMPANY REGISTRATION NUMBER:
10676368
Year ended 31 March 2024
Officers and professional advisers |
1 |
|
|
Independent auditor's report to the members |
6 |
|
|
Statement of income and retained earnings |
10 |
|
|
Statement of financial position |
11 |
|
|
Notes to the financial statements |
12 |
|
|
Officers and Professional Advisers |
|
The board of directors |
Mr P Jacobs |
|
Professor K Nicolaides |
|
|
Registered office |
137 Harley Street |
|
London |
|
U.K. |
|
W1G 6BG |
|
|
Auditor |
AGK Partners |
|
Chartered Accountants & statutory auditor |
|
1 Kings Avenue |
|
London |
|
N21 3NA |
|
|
Accountants
Ioannou & Co
Chartered Accountants
767-769 High Road
North Finchley
London
N12 8JY
Year ended 31 March 2024
Business Review: King's Fertility is a fertility clinic in London that is defined by decades of experience, world-renowned research and the most innovative technology. We are the only fertility clinic in the UK which is the result of a partnership between a charity, the NHS and a leading international academic institution, King's College London. We are owned by the Fetal Medicine Foundation (FMF), a registered charity whose aim is to promote the health of pregnant women and their babies through research and training in fetal and fertility medicine. All of our profits go back into the FMF, which means that we are able to invest in the best people, the best technology, the best equipment, the best research and training. We are also part owned by King's College Hospital (KCH), one of the largest NHS Foundation Trusts in the country. This means that we are able to share in that multi-speciality expertise to get the best possible outcome for challenging cases. For example, advanced laparoscopic surgery for endometriosis, renal cases, oncology, haematology etc. Through our association with King's College Hospital, we are part of the King's College London (KCL) and many of our consultants hold academic posts at KCL. We conduct a number of research projects collaboratively with KCL as well as a number of projects on our own. It's been well documented that research active medical centres have better medical outcomes for patients than those that don't engage in research. Our research-rich environment ensures that we are continually at the forefront of science and knowledge. We also operate as a private fertility clinic which means we're not limited by the bureaucracy that often constrains organisations such as the NHS, universities or other large corporations. We're a dynamic, multidisciplinary team that's able to deliver a first class, individually tailored patient experience in an uplifting environment. Risk Management The Directors have conducted a review of the major risks to which the company is exposed. Where appropriate, systems or procedures have been established to mitigate the risks the company faces. Internal control risks are minimised by the implementation of procedures for authorisation of all transactions and projects. Procedures are in place to ensure compliance with health and safety of staff, volunteers, clients, patients and visitors. These procedures are periodically reviewed to ensure that they continue to meet the needs of the company. Principal Risks and Uncertainties The Directors are satisfied that for all major risks identified appropriate controls have been put in place and maintained to mitigate those risks adequately. It is recognised that systems can provide only reasonable, but not absolute assurance that major risks have been managed. The principal risks and uncertainties are assessed as: - Financial Risk - the principal concern is an adverse change in the economic or regulatory conditions, which reduced the affordability of fees and results in a reduction in fee income. The Company mitigates this risk by a regular review of its forecasts and level of reserves. - Reputational Risk - the principal risk is a current or historic failure leading to a loss of reputation. This risk is managed by a balanced approach of controls and training. There is regular training and the Parent company has the required talent to train team members. Objectives and Activities for the public benefit The principal activity of the company since its formation in 2017 and during the year under review was to raise money in order to achieve its principal objectives. The principal objectives are - to provide our fertility services to the various Hospitals in the UK and general public in the UK and general public. - to run a successful and profitable business. Most of our company's surplus income is donated to our parent company/charity, The Fetal Medicine Foundation, and used for the promotion and development of new methods for fetal diagnosis and therapy through research and encourage and facilitate the controlled clinical introduction of such methods through lectures, training and funding of doctors. Analysis of the Development and Performance of our Business: Our company provides a very wide range of fertility services that can be summarised in the following general categories: - female fertility: included are diagnosis, treatments, egg freezing, shared motherhood, various lab techniques. - male fertility: male fertility diagnosis and treatments - transgender fertility: female to male and male to female - specialist services: infertility counselling, genetic counselling, genetic testing, sperm donation, egg donation, surrogacy. The successful performance of our business is outline in our website https:\\kingsfertility.co.uk Financial Results of our Business: The financial results of our company for the year ended 31 March 2023 are set out in the statement of income and expenditure and retained earnings on page 10. Fixed Assets Details of movements in fixed assets are shown in note (10) to the accounts. Intangible Assets Details of movements in Intangible assets are shown in note (9) to the accounts
This report was approved by the board of directors on 24 December 2024 and signed on behalf of the board by:
Registered office: |
137 Harley Street |
London |
U.K. |
W1G 6BG |
|
Year ended 31 March 2024
The directors present their report and the financial statements of the company for the year ended
31 March 2024
.
Directors
The directors who served the company during the year were as follows:
Mr P Jacobs |
|
Professor K Nicolaides |
|
|
|
Dividends
The directors do not recommend the payment of a dividend.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' 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 company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement as to disclosure of information to auditors
Each of the persons who is a director at the date of approval of this report confirms that:
-
so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on
24 December 2024
and signed on behalf of the board by:
Registered office: |
137 Harley Street |
London |
U.K. |
W1G 6BG |
|
Independent Auditor's Report to the Members of
King's Fertility Limited |
|
Year ended 31 March 2024
Opinion
We have audited the financial statements of King's Fertility Limited (the 'company') for the year ended 31 March 2024 which comprise the statement of income and retained earnings, statement of financial position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the 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
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
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 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 company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
- Obtaining an understanding of the Company and its industry through discussions with management, and the application of our cumulative audit knowledge and experience of the industry to identify laws and regulations that could reasonably be expected to have a direct effect on the financial statements including tax, pensions, employment, health and safety, data protection and anti-bribery legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. - Identifying possible risks of material misstatement of the financial statements due to fraud. We considered, in addition to the non-rebuttable presumption of a risk of fraud arising from management override of controls, whether there was potential for management bias in the reporting of events and transactions in the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Our audit procedures were designed to respond to the identified risks relating to non-compliance with laws and regulations and irregularities (including fraud) that are material to the financial statements. Our audit procedures in relation to non-compliance with laws and regulations included, but were not limited to: - Discussing with the directors and management their policies and procedures regarding compliance with laws and regulations and reviewing correspondence with regulators and with solicitors; and - Communicating identified laws and regulations with the audit team and remaining alert to any indications of non-compliance throughout the audit; and - Considering the risk of non-compliance with laws and regulations; and - Considering whether the financial statement disclosures fairly represent the underlying transactions. Our audit procedures in relation to irregularities and fraud included, but were not limited to: - Making enquiries of directors and management as to where they considered there was susceptibility to fraud, and whether they had knowledge of actual, suspected or alleged fraud; and - Gaining an understanding of the internal controls established to mitigate risks relating to fraud; and - Discussing the risk of fraud and management bias with the audit team and remaining alert to any indications of fraud and management bias throughout the audit; and - Addressing the risk of management override of controls by testing journal entries, considering the rationale behind significant or unusual transactions, and reviewing accounting estimates There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. Because of these inherent limitations, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. This risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Alekos Christofi |
(Senior Statutory Auditor) |
|
For and on behalf of |
AGK Partners |
Chartered Accountants & statutory auditor |
1 Kings Avenue |
London |
N21 3NA |
|
24 December 2024
Statement of Income and Retained Earnings |
|
Year ended 31 March 2024
|
2024 |
2023 |
Note |
£ |
£ |
Turnover |
4 |
13,818,612 |
11,613,982 |
|
|
|
|
Cost of sales |
4,169,801 |
3,341,884 |
|
------------- |
------------- |
Gross profit |
9,648,811 |
8,272,098 |
|
|
|
Administrative expenses |
7,485,838 |
6,070,901 |
Covenanted payment to The Fetal Medicine Foundation |
1,994,900 |
2,080,000 |
|
|
------------ |
------------ |
Operating profit |
5 |
168,073 |
121,197 |
|
|
|
|
|
------------ |
------------ |
Profit before taxation |
168,073 |
121,197 |
|
|
|
Tax on profit |
8 |
176,693 |
183,019 |
|
--------- |
--------- |
Loss for the financial year and total comprehensive income |
(
8,620) |
(
61,822) |
|
--------- |
--------- |
|
|
|
|
Retained earnings at the start of the year |
24,035 |
85,857 |
|
--------- |
--------- |
Retained earnings at the end of the year |
15,415 |
24,035 |
|
--------- |
--------- |
|
|
|
All the activities of the company are from continuing operations.
Statement of Financial Position |
|
31 March 2024
Fixed assets
Intangible assets |
9 |
6,891,867 |
7,422,011 |
Tangible assets |
10 |
323,778 |
421,170 |
|
------------ |
------------ |
|
7,215,645 |
7,843,181 |
|
|
|
|
Current assets
Debtors |
11 |
1,459,697 |
800,871 |
Cash at bank and in hand |
543,807 |
320,954 |
|
------------ |
------------ |
|
2,003,504 |
1,121,825 |
|
|
|
|
Creditors: amounts falling due within one year |
12 |
8,832,183 |
8,555,212 |
|
------------ |
------------ |
Net current liabilities |
6,828,679 |
7,433,387 |
|
------------ |
------------ |
Total assets less current liabilities |
386,966 |
409,794 |
|
|
|
|
Provisions |
13 |
34,751 |
48,959 |
|
--------- |
--------- |
Net assets |
352,215 |
360,835 |
|
--------- |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
16 |
2,000 |
2,000 |
Share premium account |
17 |
334,800 |
334,800 |
Profit and loss account |
17 |
15,415 |
24,035 |
|
--------- |
--------- |
Shareholders funds |
352,215 |
360,835 |
|
--------- |
--------- |
|
|
|
|
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the
board of directors
and authorised for issue on
24 December 2024
, and are signed on behalf of the board by:
Professor K Nicolaides |
Director |
|
Company registration number:
10676368
Notes to the Financial Statements |
|
Year ended 31 March 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 137 Harley Street, London, W1G 6BG, U.K..
2.
Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
Based on all available information about the future, the directors consider that there are no material uncertainties that may cause significant doubt about the company's ability to continue as a going concern; covering such period as we consider appropriate. Directors' expectations are based on a business plan prepared for a period of 13 months, from the date of approval of these annual financial statements. Thus, we continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Disclosure exemptions
The company has taken advantage of the following advantage disclosure exemptions in preparing these financial statements by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": (a) The requirement of Section 7 Statement of Cash Flows; (b) The requirement of paragraph 3.17(d).
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.
Cash and cash equivalents
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short-term deposits and other short-term liquid investments with original maturities of three months or less that is readily convertible to a known amount of cash and are subject to insignificant risk of changes in values.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue from the provision of services is recognized when the amount can be measured reliably, and it is probable that the associated economic benefits will flow to the entity. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Goodwill |
- |
5% straight line |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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, fittings and equipment |
- |
10% straight line |
|
|
|
|
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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.
Turnover
Turnover arises from:
|
2024 |
2023 |
|
£ |
£ |
Provision of Medical Services |
10,500,191 |
9,166,612 |
Rendering of services |
3,318,421 |
2,447,370 |
|
------------- |
------------- |
|
13,818,612 |
11,613,982 |
|
------------- |
------------- |
|
|
|
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5.
Operating profit
Operating profit or loss is stated after charging:
|
2024 |
2023 |
|
£ |
£ |
Amortisation of intangible assets |
530,144 |
530,144 |
Depreciation of tangible assets |
97,392 |
97,392 |
|
--------- |
--------- |
|
|
|
6.
Auditor's remuneration
|
2024 |
2023 |
|
£ |
£ |
Fees payable for the audit of the financial statements |
7,056 |
6,720 |
|
--------- |
--------- |
|
|
|
7.
Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
|
2024 |
2023 |
|
No. |
No. |
Administrative staff |
74 |
62 |
|
--------- |
--------- |
|
|
|
The aggregate payroll costs incurred during the year, relating to the above, were:
|
2024 |
2023 |
|
£ |
£ |
Wages and salaries |
4,021,516 |
3,226,787 |
Social security costs |
454,593 |
367,707 |
Other pension costs |
104,958 |
104,929 |
|
------------ |
------------ |
|
4,581,067 |
3,699,423 |
|
------------ |
------------ |
|
|
|
8.
Tax on profit
Major components of tax expense
Current tax:
UK current tax expense |
188,762 |
132,861 |
Adjustments in respect of prior periods |
2,139 |
1,199 |
|
--------- |
--------- |
Total current tax |
190,901 |
134,060 |
|
--------- |
--------- |
|
|
|
Deferred tax:
Origination and reversal of timing differences |
(
14,208) |
48,959 |
|
--------- |
--------- |
Tax on profit |
176,693 |
183,019 |
|
--------- |
--------- |
|
|
|
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: higher than) the
standard rate of corporation tax in the UK
of
25
% (2023:
19
%).
|
2024 |
2023 |
|
£ |
£ |
Profit on ordinary activities before taxation |
168,073 |
121,197 |
|
--------- |
--------- |
Profit on ordinary activities by rate of tax |
42,018 |
23,027 |
Adjustment to tax charge in respect of prior periods |
2,139 |
1,199 |
Effect of capital allowances and depreciation |
132,536 |
158,793 |
|
--------- |
--------- |
Tax on profit |
176,693 |
183,019 |
|
--------- |
--------- |
|
|
|
9.
Intangible assets
|
Goodwill |
|
£ |
Cost |
|
At 1 April 2023 and 31 March 2024 |
10,602,875 |
|
------------- |
Amortisation |
|
At 1 April 2023 |
3,180,864 |
Charge for the year |
530,144 |
|
------------- |
At 31 March 2024 |
3,711,008 |
|
------------- |
Carrying amount |
|
At 31 March 2024 |
6,891,867 |
|
------------- |
At 31 March 2023 |
7,422,011 |
|
------------- |
|
|
10.
Tangible assets
|
Fixtures and fittings |
|
£ |
Cost |
|
At 1 April 2023 and 31 March 2024 |
973,917 |
|
--------- |
Depreciation |
|
At 1 April 2023 |
552,747 |
Charge for the year |
97,392 |
|
--------- |
At 31 March 2024 |
650,139 |
|
--------- |
Carrying amount |
|
At 31 March 2024 |
323,778 |
|
--------- |
At 31 March 2023 |
421,170 |
|
--------- |
|
|
11.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
1,254,135 |
685,701 |
Prepayments and accrued income |
205,562 |
115,170 |
|
------------ |
--------- |
|
1,459,697 |
800,871 |
|
------------ |
--------- |
|
|
|
12.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Trade creditors |
650,536 |
520,042 |
Amounts owed to group undertakings |
6,707,813 |
7,509,900 |
Accruals and deferred income |
41,851 |
44,860 |
Corporation tax |
188,762 |
132,861 |
Other creditors |
1,243,221 |
347,549 |
|
------------ |
------------ |
|
8,832,183 |
8,555,212 |
|
------------ |
------------ |
|
|
|
13.
Provisions
|
Deferred tax (note 14) |
|
£ |
At 1 April 2023 |
48,959 |
Additions |
(
14,208) |
|
--------- |
At 31 March 2024 |
34,751 |
|
--------- |
|
|
14.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
2024 |
2023 |
|
£ |
£ |
Included in provisions (note 13) |
34,751 |
48,959 |
|
--------- |
--------- |
|
|
|
15.
Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £
104,958
(2023: £
104,929
).
16.
Called up share capital
Issued, called up and fully paid
|
2024 |
2023 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
2,000 |
2,000 |
2,000 |
2,000 |
|
--------- |
--------- |
--------- |
--------- |
|
|
|
|
|
17.
Reserves
Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Profit and loss account - This reserve records retained earnings and accumulated profits or losses.
18.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2024 |
2023 |
|
£ |
£ |
Not later than 1 year |
149,850 |
149,850 |
Later than 1 year and not later than 5 years |
599,400 |
599,400 |
Later than 5 years |
3,484,013 |
3,633,863 |
|
------------ |
------------ |
|
4,233,263 |
4,383,113 |
|
------------ |
------------ |
|
|
|
19.
Related party transactions
At 31 March 2024 the Company owed The Fetal Medicine Foundation £6,707,813 (2023 - £7,509,900). This is an interest free loan and payable on demand. King's Fertility Ltd has entered into a deed of covenant whereby it covenants all its profits to The Fetal Medicine Foundation. The Covenanted payment for the year was £1,994,900 (2023-£2,080,000). King's College NHS Foundation Trust owed the company £630,880 (2023 - £80,400) being outstanding invoices. The company owed King's College NHS Foundation Trust £28,558 (2023 - £NIL) being outstanding invoices. During the year King's Fertility Ltd invoiced King's College NHS Foundation Trust £3,346,720 (2023 - £2,344,500) for medical services provided.
20.
Controlling party
The company's immediate parent undertaking and controlling party is The Fetal Medicine Foundation, a Registered Charity incorporated in the United Kingdom that owns 90% of the ordinary shareholding of the company. King's College NHS Foundation Trust owns the remaining 10% of the ordinary shares. The largest and smallest group in which the result of the company are consolidated is that headed by The Fetal Medicine Foundation. The consolidated financial statements of this company are available to the public and may be obtained from company's registered office at 137 Harley Street, London, W1G 6BG.
21.
Post balance sheet events
There have not been any significant events since the balance sheet date.