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Registered number: 06896144










HEALTHSHARE LIMITED










ANNUAL REPORT AND GROUP FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
HEALTHSHARE LIMITED
 
 
COMPANY INFORMATION


Directors
N J McGrath 
N R Cook 
K P Doyle 
D Jackson (resigned 1 September 2023)
M Simcox 
E Calder 
D Wiles (appointed 23 January 2024)




Registered number
06896144



Registered office
Suite 9
20 Churchill Square

Kings Hill

West Malling

Kent

ME19 4YU




Independent auditor
MHA

Victoria Court

17-21 Ashford Road

Maidstone

Kent

ME14 5DA





 
HEALTHSHARE LIMITED
 

CONTENTS



Page
Group Strategic Report
 
 
1 - 4
Directors' Report
 
 
5 - 8
Independent Auditor's Report
 
 
9 - 12
Consolidated Statement of Comprehensive Income
 
 
13 - 14
Consolidated Balance Sheet
 
 
15 - 16
Company Balance Sheet
 
 
17 - 18
Consolidated Statement of Changes in Equity
 
 
19
Company Statement of Changes in Equity
 
 
20
Consolidated Statement of Cash Flows
 
 
21 - 22
Consolidated Analysis of Net Debt
 
 
23
Notes to the Financial Statements
 
 
24 - 52


 
HEALTHSHARE LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
Healthshare Group is an Integrated Independent Service Provider {ISP) delivering Physiotherapy, MSK (musculoskeletal), Chronic Pain, Orthopaedics, Rheumatology,  Podiatry and Women's Health Services across its Community Services division, with Endoscopy,  MRI,  CT,  Ultrasound, X-Ray,  DEXA, lnterventional Radiology and Day-Case Surgical procedures across its Diagnostics and HM Prisons Healthcare Division.
The company serves over 500,000 NHS patients per annum across 40 partner agencies including Integrated Care Systems (ICS), Primary Care Networks (PCN) and Secondary Care NHS Trust partners while supporting Her Majesty's Prisons Service in delivering onsite community care and diagnostics services to prisons nationwide.
The company continues to grow its reputation as a leader in innovative pathway design and delivery and has successfully established itself across the healthcare landscape as a 'Full Pathway Solution’ provider within a community setting. This position has been illustrated by supporting local trusts and CCGs with the delivery of full pathway across Rheumatology, Day Case Orthopaedic Surgery, Ophthalmology, lnterventional Pain and Dermatology services allowing us to combine our clinical workforce, diagnostics and surgical infrastructure to support these service lines.
To support a full pathway solution Healthshare has made historic capital investment into its established surgical day case and diagnostics estates in Northwest London and Norwich.  These sites continue to increase their support for their respective ICB’s.  The Winchester site was fully divested in Feb-24.
Diagnostics division revenues have grown over the last year across mobiles, prison and industry with further expansion into Community Diagnostics Centres with partner agencies. The ability to accelerate the growth of the diagnostics division is reflected in  the  company's  ability to  successfully  recruit  and  retain  high quality radiographers and sonographers leading to a strong pipeline of work and has been reflected in the award of the NEL Diagnostics contract which commenced Apr-24.
Healthshare has continued to support partner agencies in transferring patient care backlogs into our services to ensure ongoing care for patients most at risk. We continue to see volumes rise and expect diagnostics and surgical backlog work to grow. This collaborative approach has allowed us to extent our service provision into more complex services such as Cancer Surveillance as a trusted partner with Acute Trusts and ICS's.
There is a growing need to support the NHS from a clinical pathway, and our ability to offer this solution within our Day Case Surgical, Diagnostic and Clinical Community setting sets us apart from our competitors and will ensure continued growth moving forward.

Page 1

 
HEALTHSHARE LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Business review
 
The results for continuing operations for the period which are set out in the Statement of Comprehensive Income show an operating profit before non-recurring items and amortisation of £3,650,601 (2023:  £2,833,131).
This increase in operating profit occurred due to the divestment of the Winchester Diagnostic Centre across the site itself and Head Office support along with additional costs to support business growth which has been returning on investment and will continue to do so in the year ending Mar-25.
On 19 January 2024, the Group sold its holding in the associated undertaking Orpington Endoscopy Solutions Limited for cash consideration of £250,000. 
Activities to be discontinued
During the financial year end March 2023, a decision was taken to sell the Healthshare Clinic Winchester and its associated assets. COVID had impacted the speed at which the site was able to support itself and in order for the business to focus on sustainability and growth of the rest of the business a divestment was deemed necessary. Separate sale agreements for the assets and the business were signed on the 23 February 2024, the sale of the assets completing on that date. The business sale was subject to a condition requiring CQC approval, which was received in September 2024, the sale becoming effective at that date. The buyer undertook to rebate any trading losses to the Company in that intervening period. 

Principal risks and uncertainties
 
The business, in common with every other business, is subject to several risks and uncertainties which are monitored by the company's board of directors and sub-committees. The key business risks and uncertainties affecting the group are considered to relate to uncertainty on the commissioning environment linked to the disestablishment of CCG's and the formation of new Integrated Care Systems, quality compliance in an environment with increasing regulation, staff resourcing in a highly competitive labour market and uncertainty as to long term funding levels by H.M. Govt for the NHS.

Key performance indicators
 
Normalised pro forma revenues and EBITDA of the Group:
 

2024
2023
Turnover
£38.6m
£39.9m
EBITDA*
£2.6m
£0.8m
EBITDA %
6.7%
2.0%

*EBITDA on continuing operations before non-recurring costs.
As part of corporate monthly reporting the Directors use Key Performance Indicators (KPIs) to assist in the understanding of the development, performance and position of the business of the group. The KPIs used by the company to measure its own performance include:
 
turnover in line with expectations;
EBITDA 2% above expectation due to strong cost control; and
operating cash flow conversion in line with expectations.

Page 2

 
HEALTHSHARE LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Directors' statement of compliance with duty to promote the success of the Group
 
The Directors believe that they have effectively implemented their duties under section 172 of the Companies Act 2006. The Directors have considered the long-term strategy of the Company to generate value for the shareholders by providing full clinical pathways that combine clinical expertise, diagnosis and therapeutic and interventional treatment options and consider that this strategy will continue to deliver long term success to the Company and its stakeholders.
The Directors recognise the importance of wider stakeholders in delivering their strategy and achieving sustainability within the Company and the wider Group. The main stakeholders in the Company are considered to be the ultimate shareholders, suppliers and customers and employees. Their importance to the business is considered below.
 
Employees
Our staff are treated with respect and dignity.  Clear objectives are set for staff performance and staff are appraised against these.  The Company ensures that our staff are able to work in a suitable environment to achieving those goals in a fair and equitable manner.
The Company encourages the involvement of employees in its management through regular departmental meeting and employee representatives’ meetings to ensure that employees are made aware of any changes in the business and their input is fully considered.
The Company provides job opportunities to disabled and able bodied people on the merit of their aptitude for a job role. Should an existing employee become disabled, then every effort will be made to adapt the role, support and provide retraining, so as they may continue their employment with the Company. 
 
Suppliers and Customers
Our purpose is to deliver high quality service to all our customers, who are at the heart of everything we do. Our customers require that products are supplied at the right price commensurate with service, on time delivery and consistency of quality and supply.
We have a key role of Group Customer Experience Director to foster and oversee relationships with our customers.  The Customer Experience team ensure regular contact and communication with all our customers, and we continually assess our service performance through KPI measurement processes.
We have long term contracts in place with our strategic suppliers and jointly manage performance through monitoring of relevant KPls. We ensure suppliers are aware of our requirements and the standards we expect. Our purchasing teams work closely with the suppliers to ensure regular communication, timely orders and regular forecast requirements.
Our suppliers expect a healthy relationship, financial stability to meet our commitments and adherence to both anti-bribery and anti-modern slavery laws.  We work closely with  our  suppliers to  provide feedback  on performance and regularly benchmark cost and performance.
 
Page 3

 
HEALTHSHARE LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

The Company is regulated by the Care Quality Commission (CQC) who perform regular inspections over a 5 year cycle, however these can be conducted at any time irrespective of current quality ratings and are normally unannounced. In order to maintain good quality clinical care we continually monitor and audit outcomes as appropriate and conduct regular customer satisfaction surveys. During the year the company had one inspection which was rated good, however the Directors recognise the importance of continuous improvements and, as such, the company continues its efforts to provide a high level of service at all times.


This report was approved by the board and signed on its behalf.



N J McGrath
Director

Date: 30 December 2024

Page 4

 
HEALTHSHARE LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 Group 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 for the Group's financial statements 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 financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,201,605 (2023 - loss £7,440,906).

A dividend of £400,000 (2023: £400,000) has been approved and paid for the year end 31 March 2023.

Directors

The directors who served during the year were:

N J McGrath 
N R Cook 
K P Doyle 
D Jackson (resigned 1 September 2023)
M Simcox 
E Calder 
D Wiles (appointed 23 January 2024)

Future developments

The  external  market for  the  Company's  services  is  expected to  remain  competitive  going forwards  and the directors remain confident of the Company's prospects for the medium and long term.
 

Page 5

 
HEALTHSHARE LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Greenhouse gas emissions, energy consumption and energy efficiency action

Healthshare Ltd is pleased to report its current UK based annual energy usage and associated annual greenhouse gas ('GHG') emissions pursuant to the Companies (Directors Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 ('the 2018 Regulations’) that came into force 1 April 2019.  
Organisational boundary
In accordance with the 2018 Regulations, the energy use and associated greenhouse gas emissions are for those assets owned or operated in the UK only.  This includes 3 diagnostic treatment centres, head office, a referral management centre and a number of rented/ leased clinical premises used to give face to face physiotherapy, together with company and personal vehicles used for business mileage ('grey fleet').
Reporting period
The annual reporting period is 1 April to 31 March each year and carbon emissions are aligned to this period.
 
Energy Type
Year ended 31 March 2024
Year ended 31 March 2023
Breakdown of energy consumption used to calculate emissions (kWh)
Gas
332,134
362,387
Purchased electricity
1,538,421
1,637,142
Transport
2,754,000
2,808,781
Total energy
4,624,955
4,808,310




Emission type
Year ended 31 March 2024
Year ended 31 March 2023
Breakdown of emissions associated with the reported energy use (tCO2e)
Scope 1
763
833
Scope 2
666
709
Scope 3
1,724
1,961
Total gross emissions
3,154
3,503

A suitable overall metric has been established, which allows our stakeholders to review at a glance our performance in this area. Due to the significant growth levels achieved by the business over recent years, it was decided CO2 per £000 sales turnover continues to be the most relevant measure. On this basis, the metric was 8.4 for the year (2023 - 8.5).
The increase in emissions in the year is related to increased levels of activity in the year. The prior year was also impacted by COVID measures, increasing the year on year variance. 
Energy efficiency action during the current financial year
 
Healthshare group has a designated board level Environmental Officer and board to ward strategy to actively implement and manage Environmental projects. 

The 2019 Government Environmental Reporting Guidelines and the GHG Protocol Corporate Accounting and Reporting Standard (revised edition} were followed. The 2021 UK Government GHG Conversion Factors for Company Reporting were used in emissions calculations.
The electricity and gas consumption has been compiled from invoice records.  Sample milage and fuel claims were used to calculate energy usage associated with company cars and the grey fleet.  Commuting has been estimated based on a sample of commuting journeys.  Generally gross calorific values were used except for grey fleet mileage energy calculations as per Government GHG Conversion Factors.
 
Page 6

 
HEALTHSHARE LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

The associated emissions are divided into mandatory and voluntary emissions under the 2018 Regulations, then further divided into the direct combustion of fuels and the operation of facilities (scope 1), indirect emissions from purchased electricity (scope 2) and further indirect emissions that occur as a consequence of Trust activities but occur from sources not owned or controlled by the organization (scope 3).

Energy efficiency action planning
The company publishes an annual Carbon Reduction Plan to illustrate company initiatives contributing towards delivering a net zero target for 2040.  On an annual basis high-level policy and projects pipeline is implemented and overseen by our Net Zero Lead.

Matters covered in the Group Strategic Report

Certain items required under Schedule 7 to be disclosed in the Directors' Report are set out in the Strategic Report in accordance with S.414C(II) of the Companies Act 2006; these being the Group's principle risks and uncertainties, and aspects of employee, supplier and customer engagement which are contained within the s172 statement. 

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Post balance sheet events

During the financial year ended March 2025, a new contract was awarded to Healthshare Diagnostics, supporting this contract two MRI machine was purchased using asset finance. 
As shown in note 26, on 30 May 2024, the Company repurchased 1,723 Ordinary B shares for consideration of £20,004. On 24 June 2024, the Company allotted 7,401 Ordinary B shares for unpaid consideration of £85,926. The aggregate nominal value of the shares was £7,401. 
On the 20 December 2024, 100% of all share classes were acquired by Crossco (1469) Limited, registered in the United Kingdom, whose registered office address is The Light Box, Quorum Business Park, Benton Lane, Newcastle upon Tyne, NE12 8EU. As of this date and at the date of approval of these accounts, there is no ultimate controlling party. As part of acquisition, all loan notes disclosed in note 22 were redeemed in final full satisfaction of the same.  

Auditor

The auditor, MHAwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 7

 
HEALTHSHARE LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

This report was approved by the board and signed on its behalf.
 





N J McGrath
Director

Date: 30 December 2024

Page 8

 
HEALTHSHARE LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HEALTHSHARE LIMITED
 

Opinion


We have audited the financial statements of Healthshare Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 March 2024 and of the Group's profit 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 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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the 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.


Page 9

 
HEALTHSHARE LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HEALTHSHARE LIMITED (CONTINUED)


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 contained within the Annual ReportOur 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.


Opinion 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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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.


Page 10

 
HEALTHSHARE LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HEALTHSHARE LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 5, 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 Group's and 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


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 Group financial statements.


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:
 
enquiry of management around actual and potential litigation claims;
enquiry of entity staff to identify any instances of non-compliance with laws and regulations;
performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and revising accounting estimates for bias;
reviewing minutes of meetings of those charged with governance; and
reviewing financial statement disclosures and testing to supporting documentation to assess compliance
with applicable laws and regulations.


Because of the inherent limitations of an audit, 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. The 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.


Page 11

 
HEALTHSHARE LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HEALTHSHARE LIMITED (CONTINUED)


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 2006Our 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.





Duncan Cochrane-Dyet BSc BFP FCA (Senior Statutory Auditor)
for and on behalf of
MHA
Statutory Auditor
Maidstone
United Kingdom

30 December 2024
MHA is the trading name of MHA Macintyre Hudson LLP, a limited liability partnership registered in England and Wales (registered number OC312313).
Page 12

 
HEALTHSHARE LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

Continuing operations
Operations to be discontin'd
Total
Continuing operations
Operations to be discontin'd
Total
As restated
As restated
As restated
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£

  

Turnover
 4 
38,587,908
134,370
38,722,278
39,899,386
943,277
40,842,663

Cost of sales
  
(19,965,433)
(247,055)
(20,212,488)
(20,874,051)
(1,391,508)
(22,265,559)

Gross profit
  
18,622,475
(112,685)
18,509,790
19,025,335
(448,231)
18,577,104

Administrative expenses
  
(15,055,032)
(212,422)
(15,267,454)
(16,269,926)
(1,454,202)
(17,724,128)

Other operating income
 5 
82,129
431,791
513,920
77,722
-
77,722

Pro-forma operating (loss)/profit
  
3,649,572
106,684
3,756,256
2,833,131
(1,902,433)
930,698

Non-recurring costs
  
-
-
-
(605,381)
(6,502,060)
(7,107,441)

Amortisation of intangible fixed assets
  
(408,743)
-
(408,743)
(395,024)
-
(395,024)

Total operating profit/(loss)
  
3,240,829
106,684
3,347,513
1,832,726
(8,404,493)
(6,571,767)

Income from participating interests
  
25,356
-
25,356
(13,131)
-
(13,131)

Amounts written off investments
  
170,000
-
170,000
-
-
-

Interest receivable and similar income
 9 
-
-
-
46,710
-
46,710

Interest payable and similar expenses
 10 
(2,264,498)
(6,684)
(2,271,182)
(1,839,274)
(35,008)
(1,874,282)

Profit/(loss) before taxation
  
1,171,687
100,000
1,271,687
27,031
(8,439,501)
(8,412,470)
Page 13

 
HEALTHSHARE LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


Tax on profit/(loss)
 11 
(70,082)
-
(70,082)
971,564
-
971,564

Profit/(loss) for the financial year
  
1,101,605
100,000
1,201,605
998,595
(8,439,501)
(7,440,906)

Profit/(loss) for the year attributable to:
  

Owners of the parent Company
  
1,201,605
-
1,201,605
(7,440,906)
-
(7,440,906)

  
1,201,605
-
1,201,605
(7,440,906)
-
(7,440,906)

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 24 to 52 form part of these financial statements.

Page 14

 
HEALTHSHARE LIMITED
REGISTERED NUMBER: 06896144

CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
1,173,187
1,417,924

Tangible assets
 15 
10,896,648
11,580,132

  
12,069,835
12,998,056

Current assets
  

Fixed assets held for sale
  
-
4,899,999

Stocks
 17 
302,890
338,819

Debtors
 18 
8,315,104
8,085,023

Cash at bank and in hand
 19 
2,244,010
3,232,933

  
10,862,004
16,556,774

Creditors: amounts falling due within one year
 20 
(11,292,179)
(11,448,110)

Net current (liabilities)/assets
  
 
 
(430,175)
 
 
5,108,664

Total assets less current liabilities
  
11,639,660
18,106,720

Creditors: amounts falling due after more than one year
 21 
(6,040,340)
(11,826,577)

Provisions for liabilities
  

Other provisions
 25 
(29,623)
(1,497,400)

  
 
 
(29,623)
 
 
(1,497,400)

Net assets
  
5,569,697
4,782,743


Capital and reserves
  

Called up share capital 
 26 
115
115

Share premium account
 27 
245,719
245,719

Capital redemption reserve
 27 
1
1

Profit and loss account
 27 
5,323,862
4,536,908

Equity attributable to owners of the parent Company
  
5,569,697
4,782,743

  
5,569,697
4,782,743


Page 15

 
HEALTHSHARE LIMITED
REGISTERED NUMBER: 06896144
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 December 2024.




N J McGrath
Director

The notes on pages 24 to 52 form part of these financial statements.

Page 16

 
HEALTHSHARE LIMITED
REGISTERED NUMBER: 06896144

COMPANY BALANCE SHEET
AS AT 31 MARCH 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
123,187
120,059

Tangible assets
 15 
1,167,497
1,207,635

Investments
 16 
1,115,006
1,115,006

  
2,405,690
2,442,700

Current assets
  

Stocks
 17 
24,627
56,742

Debtors
 18 
22,208,982
25,104,609

Cash at bank and in hand
 19 
265,485
1,084,334

  
22,499,094
26,245,685

Creditors: amounts falling due within one year
 20 
(5,054,063)
(4,656,071)

Net current assets
  
 
 
17,445,031
 
 
21,589,614

Total assets less current liabilities
  
19,850,721
24,032,314

  

Creditors: amounts falling due after more than one year
 21 
(4,642,854)
(8,475,035)

Provisions for liabilities
  

Deferred taxation
 24 
-
(67,027)

  
 
 
-
 
 
(67,027)

Net assets
  
15,207,867
15,490,252


Capital and reserves
  

Called up share capital 
 26 
115
115

Share premium account
 27 
245,719
245,719

Capital redemption reserve
 27 
1
1

Profit and loss account brought forward
  
15,244,417
14,957,145

Profit for the year
  
132,266
687,272

Dividends

  

(414,651)
(400,000)

Profit and loss account carried forward
  
14,962,032
15,244,417

  
15,207,867
15,490,252


Page 17

 
HEALTHSHARE LIMITED
REGISTERED NUMBER: 06896144
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 December 2024.


N J McGrath
Director

The notes on pages 24 to 52 form part of these financial statements.

Page 18

 
HEALTHSHARE LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 April 2022
115
245,719
1
12,377,814
12,623,649


Comprehensive income for the year

Loss for the year
-
-
-
(7,440,906)
(7,440,906)

Dividends: Equity capital
-
-
-
(400,000)
(400,000)



At 1 April 2023
115
245,719
1
4,536,908
4,782,743


Comprehensive income for the year

Profit for the year
-
-
-
1,201,605
1,201,605

Dividends: Equity capital (note 26)
-
-
-
(414,651)
(414,651)


At 31 March 2024
115
245,719
1
5,323,862
5,569,697


The notes on pages 24 to 52 form part of these financial statements.

Page 19

 
HEALTHSHARE LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 April 2022
115
245,719
1
14,957,145
15,202,980


Comprehensive income for the year

Profit for the year
-
-
-
687,272
687,272

Dividends: Equity capital
-
-
-
(400,000)
(400,000)



At 1 April 2023
115
245,719
1
15,244,417
15,490,252


Comprehensive income for the year

Profit for the year
-
-
-
132,266
132,266

Dividends: Equity capital (note 26)
-
-
-
(414,651)
(414,651)


At 31 March 2024
115
245,719
1
14,962,032
15,207,867


The notes on pages 24 to 52 form part of these financial statements.

Page 20

 
HEALTHSHARE LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

As restated
2024
2023
£
£

Cash flows from operating activities

Profit/(loss) for the financial year
1,201,605
(7,440,906)

Adjustments for:

Amortisation of intangible assets
408,743
395,024

Depreciation of tangible assets
1,054,579
1,924,321

Loss on disposal of tangible assets
161,167
-

Interest paid
2,271,182
1,874,282

Interest received
-
(46,710)

Taxation charge
70,082
(971,564)

Decrease/(increase) in stocks
35,929
(80,346)

(Increase) in debtors
(300,163)
(495,628)

Decrease in amounts owed by associates
-
1,479,447

(Decrease)/increase in creditors
(581,957)
450,587

(Decrease)/increase in provisions
(1,467,777)
1,497,400

Share of operating profit in associates
-
21,223

Corporation tax received
133,062
114,660

Impairment of assets held for sale
-
3,720,670

Net cash generated from operating activities

2,986,452
2,442,460


Cash flows from investing activities

Purchase of intangible fixed assets
(164,006)
(182,294)

Purchase of tangible fixed assets
(662,837)
(2,300,099)

Sale of tangible fixed assets
5,030,574
-

Interest received
-
405

HP interest paid
(323,420)
(369,063)

Associates interest received
-
46,305

Net cash from investing activities

3,880,311
(2,804,746)
Page 21

 
HEALTHSHARE LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

As restated

2024
2023

£
£



Cash flows from financing activities

Repayment of bank loans
(2,413,343)
(1,290,389)

Other loans issued
-
2,500,000

Repayment of other loans
(1,250,000)
-

Repayment of/new finance leases
(2,273,908)
325,350

Dividends paid
(414,651)
(400,000)

Interest paid
(1,503,784)
(656,423)

Net cash used in financing activities
(7,855,686)
478,538

Net (decrease)/increase in cash and cash equivalents
(988,923)
116,252

Cash and cash equivalents at beginning of year
3,232,933
3,116,681

Cash and cash equivalents at the end of year
2,244,010
3,232,933


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,244,010
3,232,933

2,244,010
3,232,933


The notes on pages 24 to 52 form part of these financial statements.

Page 22

 
HEALTHSHARE LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024




At 1 April 2023
Cash flows
At 31 March 2024
£

£

£

Cash at bank and in hand

3,232,933

(988,923)

2,244,010

Debt due after 1 year

(8,475,035)

3,832,181

(4,642,854)

Debt due within 1 year

(2,358,695)

(620,020)

(2,978,715)

Finance leases

(4,243,947)

2,273,908

(1,970,039)


(11,844,744)
4,497,146
(7,347,598)

The notes on pages 24 to 52 form part of these financial statements.

Page 23

 
HEALTHSHARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Healthshare Limited is a private company limited by shares incorporated in England and Wales in the United Kingdom. The address of the registered office is Suite 9, 20 Churchill Square, Kings Hill, West Malling, Kent, ME19 4YU.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. All subsidiary undertakings shown in note 16 have been consolidated. 
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102.

 
2.3

Going concern

The Group has recovered from the constraints and challenges presented by the COVID pandemic, and with the divestment of the loss-making operations in Winchester, is trading on an upward trajectory. Bank debt has been repaid in the year, and the remaining external debt is shareholder loan notes, which are being repaid in accordance with agreed terms. This is relfected in the Group's forecasts, on the basis of which the directors have assessed that there are no significant doubts in the company's ability to continue as a going concern.
As a result, the financial statements have been prepared on a going concern basis.

Page 24

 
HEALTHSHARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of healthcare services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 25

 
HEALTHSHARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.11

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 26

 
HEALTHSHARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.13

Non-recurring costs

Non-recurring costs are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

 
2.14

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life of ten years.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

 
2.15

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives as follows:

Depreciation is provided on the following basis:

Freehold property
-
1%
on cost of freehold excluding land
Long-term leasehold property
-
over the term of the lease
Motor vehicles
-
20%
on reducing balance method
Fixtures and fittings
-
25%
on reducing balance method
Office equipment
-
25%
on reducing balance method
Computer equipment
-
25%
on reducing balance method

Medical equipment is depreciated at 10%-25% reducing balance and 3-12 years straight line.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.16

Valuation of investments

Investments in subsidiaries are measured at cost less any accumulated impairment.

Page 27

 
HEALTHSHARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.17

Associates

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Statement of Comprehensive Income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Balance Sheet, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.

 
2.18

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.19

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.20

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.21

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 28

 
HEALTHSHARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.22

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 29

 
HEALTHSHARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.23

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Page 30

 
HEALTHSHARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.23
Financial instruments (continued)

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.24

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing the financial statements, management has to make judgements on how to apply the Group accounting policies and make estimates about the future. The critical judgements that have been made in arriving at the amounts recognised in the financial statements and the key areas of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying value of assets and liabilities in the next financial year, are discussed below:
(a) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets. See Note 15 for the carrying amount of tangible assets, and Note 2.15 for the useful economic lives for each class of assets.
(b) Impairment of tangible fixed assets
Management assesses annually whether there are indicators of impairment of the Group's tangible fixed assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset. No impairment has been identified in the year (2023: none).
(c) Impairment of investments and goodwill
Management assesses annually whether there are indicators of impairment of the Group's investments and goodwill. Factors taken into consideration in reaching such a decision include the economic viability and the current and expected future financial performance of the investments. Goodwill is amortised over a period of 10 years, being the directors best estimate of its useful expected life. No impairment has been identified in the year (2023: none).
(d) Provisions for doubtful debts
The directors are required to make an assessment as to the recoverability of trade debtors. Provisions are recognised against trade debtors where required.

Page 31

 
HEALTHSHARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Contract sales
37,783,845
40,009,553

Self-funders sales
578,187
509,689

Insurance sales
360,246
323,421

38,722,278
40,842,663


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Other operating income
431,791
-

Net rents receivable
82,129
70,865

Government grants receivable
-
6,857

513,920
77,722



6.


Auditor's remuneration

During the year, the Group obtained the following services from the Company's auditor and its associates:


2024
2023
£
£

Fees payable to the Company's auditor and its associates for the audit of the consolidated and parent Company's financial statements
40,050
30,882

Fees payable to the Company's auditor and its associates in respect of:

The auditing of accounts of subsidiaries of the Company
35,200
37,020

Taxation compliance services
9,867
8,970

All taxation advisory services not included above
7,500
-

All other services

17,060
16,980

109,677
93,852

Page 32

 
HEALTHSHARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
15,273,038
15,660,655
7,940,336
9,109,459

Social security costs
1,624,610
1,527,833
801,695
963,274

Cost of defined contribution scheme
435,342
435,006
235,142
302,050

17,332,990
17,623,494
8,977,173
10,374,783


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Directors
7
7
7
4



Clinicians and Physiotherapists
229
180
94
129



Administrative
269
291
93
90

505
478
194
223

The Directors are considered to be the Key Management Personnel of the Group, and their remuneration is disclosed in note 8. 


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
813,296
702,225

Group contributions to defined contribution pension schemes
10,011
5,409

823,307
707,634


During the year retirement benefits were accruing to 4 directors (2023 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £177,625 (2023 - £178,704).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2023 - £NIL).

Page 33

 
HEALTHSHARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Interest receivable

2024
2023
£
£


Share of associate's interest receivable
-
46,305

Other interest receivable
-
405

-
46,710


10.


Interest payable and similar expenses

As restated
2024
2023
£
£


Bank loan interest payable
185,276
183,993

Other loan interest payable
1,655,224
1,217,088

Finance monitoring fees
107,262
104,138

Finance leases and hire purchase contracts
323,420
369,063

2,271,182
1,874,282


11.


Taxation


2024
2023
£
£

Corporation tax


Adjustments in respect of previous periods
-
35,913


Total current tax
-
35,913

Deferred tax


Origination and reversal of timing differences
70,082
(1,007,477)

Total deferred tax
70,082
(1,007,477)


Tax on profit/(loss)
70,082
(971,564)
Page 34

 
HEALTHSHARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit/(loss) on ordinary activities before tax
1,271,687
(8,412,470)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
317,922
(1,476,094)

Effects of:


Non-tax deductible amortisation of goodwill and impairment
81,077
61,619

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
78,773
709,655

Fixed asset differences
1,851,154
(1,727,985)

Adjustments to tax charge in respect of prior periods
-
35,913

Adjustments to tax charge in respect of prior periods - deferred tax
(201,927)
-

Remeasurement of deferred tax for changes in tax rates
-
(767,466)

Non-taxable income
(48,839)
2,494

Movement in deferred tax not recognised
(2,008,078)
2,190,300

Total tax charge for the year
70,082
(971,564)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2024
2023
£
£


Dividends paid
414,651
400,000

414,651
400,000

Page 35

 
HEALTHSHARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Non-recurring costs

2024
2023
£
£


Healthshare Clinic Winchester
-
5,393,479

Orpington Endoscopy Solutions
-
1,108,581

Echocardiology accreditation audit
-
99,990

Dispute settlements
-
505,391

-
7,107,441

Healthshare Clinic Winchester
Non-recurring costs in the prior year arose from the opening and subsequent sale on 23 February 2024 of the Healthshare Clinic Winchester. 
Following the decision to sell the Clinic as detailed in note 28, the tangible fixed assets installed at the site were reclassified to current assets and impaired in the year by an amount of £3,720,670 in order to reflect their net realisable value based on the sale price. An onerous contracts provision was also recognised totalling £1,497,400. 
Orpington Endoscopy Solutions
Amounts due from Orpington Endoscopy Solutions Limited were written off as irrecoverable in the prior year following the sale of the business on 19 January 2024.
Dispute settlements
During the prior year, principal sums and associated fees for the settlement of a contract dispute were paid. 

Page 36

 
HEALTHSHARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Intangible assets

Group





Computer software
Goodwill
Total

£
£
£



Cost


At 1 April 2023 (as previously stated)
-
3,243,094
3,243,094


Prior Year Adjustment
310,670
-
310,670


At 1 April 2023 (as restated)
310,670
3,243,094
3,553,764


Additions
164,006
-
164,006



At 31 March 2024

474,676
3,243,094
3,717,770



Amortisation


At 1 April 2023 (as previously stated)
-
1,998,902
1,998,902


Prior Year Adjustment
136,938
-
136,938


At 1 April 2023 (as restated)
136,938
1,998,902
2,135,840


Charge for the year on owned assets
84,434
324,309
408,743



At 31 March 2024

221,372
2,323,211
2,544,583



Net book value



At 31 March 2024
253,304
919,883
1,173,187



At 31 March 2023 (as restated)
173,732
1,244,192
1,417,924



Page 37

 
HEALTHSHARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
           14.Intangible assets (continued)

Company




Computer software

£



Cost


Prior Year Adjustment

201,194


At 1 April 2023 (as restated)
201,194


Additions
44,190



At 31 March 2024

245,384



Amortisation


Prior Year Adjustment

81,135


At 1 April 2023 (as restated)
81,135


Charge for the year
41,062



At 31 March 2024

122,197



Net book value



At 31 March 2024
123,187



At 31 March 2023 (as restated)
120,059

Computer software has been recategorised from Tangible Fixed Assets (note 15) to Intangible Fixed Assets , as a prior year adjustment. There is no net effect on reserves.

Page 38

 
HEALTHSHARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

15.


Tangible fixed assets

Group






Freehold property
Long-term leasehold property
Motor vehicles
Fixtures and fittings
Office equipment

£
£
£
£
£



Cost or valuation


At 1 April 2023 (as previously stated)
3,628,382
3,767,114
8,490
1,104,096
1,450,580


Prior Year Adjustment
-
-
-
-
(310,670)


At 1 April 2023 (as restated)
3,628,382
3,767,114
8,490
1,104,096
1,139,910


Additions
-
-
61,248
88,337
66,850


Disposals
-
634
-
(124,939)
(337,958)



At 31 March 2024

3,628,382
3,767,748
69,738
1,067,494
868,802



Depreciation


At 1 April 2023 (as previously stated)
61,888
602,693
4,415
806,400
945,533


Prior Year Adjustment
-
-
-
-
(136,938)


At 1 April 2023 (as restated)
61,888
602,693
4,415
806,400
808,595


Charge for the year on owned assets
36,284
185,057
13,065
91,192
87,647


Disposals
-
634
-
(74,667)
(281,453)



At 31 March 2024

98,172
788,384
17,480
822,925
614,789



Net book value



At 31 March 2024
3,530,210
2,979,364
52,258
244,569
254,013



At 31 March 2023 (as restated)
3,566,494
3,164,421
4,075
297,696
331,315
Page 39

 
HEALTHSHARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

           15.Tangible fixed assets (continued)


Medical equipment
Total

£
£



Cost or valuation


At 1 April 2023 (as previously stated)
6,316,214
16,274,876


Prior Year Adjustment
-
(310,670)


At 1 April 2023 (as restated)
6,316,214
15,964,206


Additions
446,402
662,837


Disposals
(469,434)
(931,697)



At 31 March 2024

6,293,182
15,695,346



Depreciation


At 1 April 2023 (as previously stated)
2,100,083
4,521,012


Prior Year Adjustment
-
(136,938)


At 1 April 2023 (as restated)
2,100,083
4,384,074


Charge for the year on owned assets
641,334
1,054,579


Disposals
(284,469)
(639,955)



At 31 March 2024

2,456,948
4,798,698



Net book value



At 31 March 2024
3,836,234
10,896,648



At 31 March 2023 (as restated)
4,216,131
11,580,132

Page 40

 
HEALTHSHARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

           15.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Medical equipment
2,921,444
3,625,276

2,921,444
3,625,276

Page 41

 
HEALTHSHARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

           15.Tangible fixed assets (continued)


Company






Freehold property
Fixtures and fittings
Office equipment
Total

£
£
£
£

Cost or valuation


At 1 April 2023 (as previously stated)
1,044,018
319,159
628,968
1,992,145


Prior Year Adjustment

-
-
(201,194)
(201,194)


At 1 April 2023 (as restated)
1,044,018
319,159
427,774
1,790,951


Additions
-
34,243
32,501
66,744


Disposals
-
(59,952)
(116,622)
(176,574)



At 31 March 2024

1,044,018
293,450
343,653
1,681,121



Depreciation


At 1 April 2023 (as previously stated)
10,440
266,151
387,860
664,451


Prior Year Adjustment

-
-
(81,135)
(81,135)


At 1 April 2023 (as restated)
10,440
266,151
306,725
583,316


Charge for the year on owned assets
10,440
18,196
29,924
58,560


Disposals
-
(45,485)
(82,767)
(128,252)



At 31 March 2024

20,880
238,862
253,882
513,624



Net book value



At 31 March 2024
1,023,138
54,588
89,771
1,167,497



At 31 March 2023 (as restated)
1,033,578
53,008
121,049
1,207,635

Computer software has been recategorised from Tangible Fixed Assets to Intangible Fixed Assets (note 14), as a prior year adjustment. There is no net effect on reserves.






Page 42

 
HEALTHSHARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

16.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
1,115,006



At 31 March 2024
1,115,006





Direct subsidiary undertakings


The following were direct subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Healthshare Diagnostics Limited
Suite 9, 20 Churchill Square, Kings Hill, West Malling, Kent, ME19 4YU
Ordinary shares
100%
NNS Leasing Limited
Suite 9, 20 Churchill Square, Kings Hill, West Malling, Kent, ME19 4YU
Ordinary shares
100%


Indirect subsidiary undertakings


The following were indirect subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

The Global Clinic Norwich Limited
Suite 9, 20 Churchill Square, Kings Hill, West Malling, Kent, ME19 4YU
Ordinary shares
100%
The Global Clinic Northampton Limited (dormant)
Suite 9, 20 Churchill Square, Kings Hill, West Malling, Kent, ME19 4YU
Ordinary shares
100%

Page 43

 
HEALTHSHARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

17.


Stocks

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Medical supplies
302,890
338,819
24,627
56,742

302,890
338,819
24,627
56,742


The difference between purchase price or production cost of stocks and their replacement cost is not material.


18.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£



Trade debtors
3,784,663
3,657,716
519,489
1,053,240

Amounts owed by group undertakings
-
-
19,161,567
21,870,015

Other debtors
1,325,786
1,118,865
1,172,548
1,105,804

Called up share capital not paid
244,408
244,408
244,408
244,408

Prepayments and accrued income
2,330,500
2,364,205
589,936
477,542

Tax recoverable (note 32)
353,600
353,600
353,600
353,600

Deferred taxation
276,147
346,229
167,434
-

8,315,104
8,085,023
22,208,982
25,104,609


Amounts due to the Company from group undertakings are unsecured, interest free and repayable on demand.


19.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
2,244,010
3,232,933
265,485
1,084,334

2,244,010
3,232,933
265,485
1,084,334


Page 44

 
HEALTHSHARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

20.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
-
798,199
-
798,199

Other loans
2,938,954
1,527,939
2,938,954
1,527,939

Trade creditors
2,732,521
3,376,850
837,072
903,841

Corporation tax
444,837
311,775
444,837
311,775

Other taxation and social security
2,026,673
568,106
414,579
238,983

Obligations under finance lease and hire purchase contracts
572,553
892,405
-
-

Other creditors
213,438
105,568
62,472
68,201

Accruals and deferred income
2,363,203
3,867,268
356,149
807,133

11,292,179
11,448,110
5,054,063
4,656,071


Amounts due to group undertakings from the Company are unsecured, interest free and payable on demand.

Page 45

 
HEALTHSHARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

21.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
-
1,615,144
-
1,615,144

Other loans
4,642,854
6,859,891
4,642,854
6,859,891

Net obligations under finance leases and hire purchase contracts
1,397,486
3,351,542
-
-

6,040,340
11,826,577
4,642,854
8,475,035


Other loans includes transaction costs of £925,079, which are amortised over the life of the loan. 


The following liabilities were secured:
Group
Group
2024
2023
£
£


Bank loans
-
2,413,343

Finance lease and hire purchase
1,970,039
8,065,652

1,970,039
10,478,995

Details of security provided:

The bank loans arewere secured by HSBC plc by means of first fixed and floating charges over all current and future assets of all group undertakings, along with composite unlimited multilateral guarantees given by all group undertakings. Additionally HSBC plc has the right of group set-off. 
Other loans comprise shareholder loan notes which are secured by means of fixed and floating charges over all assets in the Company and NNS Leasing Ltd, with an interest rate of 10% pa and are redeemable in tranches up to March 2026. 
Obligations under finance lease and hire purchase contracts are secured against the assets to which the contracts relate.


The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:
Group
Group
2024
2023
£
£


Repayable by instalments
-
125,186

-
125,186


Page 46

 
HEALTHSHARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

22.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Amounts falling due within one year

Bank loans
-
798,199
-
798,199

Other loans
2,938,954
1,527,939
2,938,954
1,527,939


2,938,954
2,326,138
2,938,954
2,326,138

Amounts falling due 1-2 years

Bank loans
-
798,199
-
798,199

Other loans
4,642,854
5,609,892
4,642,854
5,609,892


4,642,854
6,408,091
4,642,854
6,408,091

Amounts falling due 2-5 years

Bank loans
-
816,945
-
816,945

Other loans
-
1,249,999
-
1,249,999


-
2,066,944
-
2,066,944


7,581,808
10,801,173
7,581,808
10,801,173



23.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
647,215
1,087,769

Between 1-5 years
1,476,747
3,704,252

Over 5 years
-
125,186

2,123,962
4,917,207

Page 47

 
HEALTHSHARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

24.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
346,229
(661,248)


Charged to profit or loss
(70,082)
1,007,477



At end of year
276,147
346,229

Company


2024
2023


£

£






At beginning of year
(67,027)
(78,374)


Charged to profit or loss
234,461
11,347



At end of year
167,434
(67,027)

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
(843,139)
(191,687)
(65,498)
(72,094)

Tax losses carried forward
876,414
529,271
-
-

Other short term timing differences
242,872
8,645
232,932
5,067

276,147
346,229
167,434
(67,027)

A deferred tax asset of £nil (2023: £1,393,582) in respect of carried forward trading losses of £nil (2023: £5,574,328) has not been recognised in these financial statements. 

Page 48

 
HEALTHSHARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

25.


Provisions


Group



Onerous contracts provision

£





At 1 April 2023
1,497,400


Charged to profit or loss
29,623


Released in year
(1,497,400)



At 31 March 2024
29,623

See note 28 for an explanation of the provision and its subsequent release in the year. 


26.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



25,370 (2023 - 25,370) Ordinary A shares shares of £0.001 each
25.370
25.370
7,466 (2023 - 7,466) Ordinary B shares shares of £0.001 each
7.466
7.466
80,377 (2023 - 80,377) Ordinary shares shares of £0.001 each
80.377
80.377

113.213

113.213

Allotted, called up and partly paid



1,723 (2023 - 1,723) Ordinary B shares shares of £0.001 each
1.723
1.723
65 (2023 - 65) Ordinary shares shares of £0.001 each
0.065
0.065

1.788

1.788

During the prior year, the Company alloted 1,801 Ordinary B Shares and 65 Ordinary Shares. The aggregate nominal value for the 1,801 Ordinary B Shares was £1.801 and £0.065 for the Ordinary Shares. Consideration paid for 1,723 Ordinary B Shares was £16.83. Consideration paid for the 65 Ordinary Shares was £88.37.
On 30 May 2024, the Company repurchased 1,723 Ordinary B shares for consideration of £20,004.
On 24 June 2024, the Company alloted 7,401 Ordinary B shares for unpaid consideration of £85,926. The aggregate nominal value of the shares was £7.401.
A dividend on Ordinary A shares totaling £414,651 was paid in the year to BGF Investment Management Ltd. 


Page 49

 
HEALTHSHARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

27.


Reserves

Share premium account

Consideration received in excess of the nominal value for shares is moved to the share premium account.

Capital redemption reserve

Shares repurchased by the company are moved to the capital redemption reserve at their nominal value. 

Profit and loss account

The profit and loss account represents accumulated profits and loss, net of dividends and other adjustments. 


28.


Operations to be discontinued and other post balance sheet events

During the financial year ended 31 March 2023, a decision was taken to sell the assets of the Healthshare Clinic Winchester for total cash consideration of £5,000,000. COVID had impacted the speed at which the site was able to support itself, and divestment was deemed necessary in order for the business to focus on sustainability and growth of the rest of the business. Separate sale agreements for the assets and the business were signed on the 23 February 2024, the sale of the assets completing on that date. The tangible fixed assets installed at the site were reclassified to current assets and impaired in the prior year by an amount of £3,720,670 in order to reflect their net realisable value based on the sale price. An onerous contracts provision was also recognised totaling £1,497,400 as detailed in note 13. 
The business sale was subject to a condition requiring CQC approval, which was received in September 2024, the sale of the business becoming effective at that date. The buyer undertook to rebate any trading losses to the Company in that intervening period. 
To assist comprehension, the operations of the Healthshare Clinic Winchester have been shown as a separate column in the Consolidated Statement of Comprehensive Income for both years. This includes the release of the onerous contracts provision for trading to 23 February 2024, following which any losses are offset by the buyer's rebate.
On 19 January 2024, the Group sold its holding in the associated undertaking Orpington Endoscopy Solutions Limited for cash consideration of £250,000. 
On the 20 December 2024, 100% of all share classes were acquired by Crossco (1469) Limited, registered in the United Kingdom, whose registered office address is The Light Box, Quorum Business Park, Benton Lane, Newcastle upon Tyne, NE12 8EU. As of this date and at the date of approval of these accounts, there is no ultimate controlling party. As part of acquisition, all loan notes disclosed in note 22 were redeemed in final full satisfaction of the same.


29.


Prior year adjustment

Finance costs of £433,043 on other loans were omitted in the prior year. These costs have now been recognised, reducing the net assets of the Company and the Group by the stated amount. 
Obligations under finance lease and hire purchase were understated in a subsidiary company by £210,509 in the prior year. This has now been corrected, reducing the reserves of the Group by the stated amount. 

Page 50

 
HEALTHSHARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

30.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group  in an independently administered fund. The pension cost charge represents contributions payable by the Group  to the fund and amounted to £435,342 (2023 - £321,666).
Contributions totalling £85,628 (2023 - £45,559) were payable to the fund at the balance sheet date and are included in creditors.


31.


Commitments under operating leases

At 31 March 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Not later than 1 year
460,951
830,901
62,900
62,900

Later than 1 year and not later than 5 years
99,513
1,828,864
-
62,900

560,464
2,659,765
62,900
125,800

Page 51

 
HEALTHSHARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

32.


Related party transactions


At 1 April 2023
Amounts advanced
Interest charged
At 31 March 2024
£
£
£
£

N McGrath
707,451
34,741
28,492
770,684
N Cook
394,500
-
25,082
419,582
1,101,951
34,741
53,574
1,190,266

The loan amounts detailed above are shown in other debtors. Tax paid to HMRC under s455 of the Corporation Tax Act 2010 totaling £353,600 is recoverable by the Company on settlement of these loans (Tax recoverable per note 18). 
The Group made purchases of £67,964 (2023: £53,073) from Layercake Ltd, a company in which K P Doyle is also a director. At the year end, the balance owed to Layercake Ltd was £9,600 (2023: £nil).
The Group raised sales of £217,613 (2023: £nil) to Re:Cognition Health Limited, a company in which K P Doyle is also a director. At the year end, the balance owed by Re:Cognition Health Limited was £110,325 (2023: £nil). 
The Group made purchases of £375,562 (2023: £392,124) and sales of £9,824 (2023: £20,253) to Orpington Endoscopy Solutions Ltd, an associated undertaking until 19 January 2024. Interest charged on loans made to the associated undertaking by the Group totalled £Nil (2023: £Nil). 
At the year end, total amounts owed to Orpington Endoscopy Solutions Ltd by the Group were £20,802 (2023: £Nil). 


33.


Controlling party

There are no controlling parties by means of their shareholdings in the Company.

Page 52