Registered number:
FOR THE YEAR ENDED 31 MARCH 2024
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HEALTHSHARE DIAGNOSTICS LIMITED
COMPANY INFORMATION
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HEALTHSHARE DIAGNOSTICS LIMITED
CONTENTS
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HEALTHSHARE DIAGNOSTICS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
Healthshare Diagnostics is an Independent Service Provider (ISP) delivering Endoscopy, MRI, CT, Ultrasound, X-Ray, DEXA, Interventional Radiology and Day-Case Surgical procedures across its Diagnostics and HM Prisons Healthcare Division.
The company serves over 390,000 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 71 prisons nationwide. Diagnostics division revenues have grown over the last year across mobiles, prisons and industry with further expansion into Community Diagnostics Centers 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. Healthshare Diagnostics has continued to support partner agencies in transferring patient diagnostic backlogs into our services across MRI and Ultrasound Service Lines. We continue to see volumes rise and expect diagnostics and surgical backlog work to grow. Our collaborative approach has allowed us to extend our service provision into more complex services such as Cancer Surveillance as a trusted partner with Acute Trusts and ICS's. It is clear that 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 and Diagnostic setting sets us apart from our competitors and will ensure continued growth moving forward.
The results for the period which are set out in the Income Statement show an operating loss before non-recurring items and amortisation of £301,809 (2023: £779,982). This increase in operating profit occurred due to the divestment of the Healthcare Clinic Winchester concluding on 23rd February 2024 allowing for greater focus on more profitable contracts.
During the financial year end March 2023 a sale of the Healthcare Clinic Winchester and its associated assets was completed. 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 it was decided to divest the site. This completed on 23rd February 2024 at fair value. The impact of the operations to be discontinued has been reflected on the Statement of Comprehensive Income. The Directors consider the result for the year and the financial position of the group at the year-end to be satisfactory.
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.
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HEALTHSHARE DIAGNOSTICS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Normalised pro forma revenues and EBITDA of the Group:
*EBITDA before non-recurring costs of continuing operations 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 expectations due to strong cost control; and
∙operating cash flow conversion In line with expectations.
This report was approved by the board and signed on its behalf.
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HEALTHSHARE DIAGNOSTICS 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.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements 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 to 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.
The loss for the year, after taxation, amounted to £105,290 (2023 - loss £2,623,003).
The directors who served during the year were:
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.
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HEALTHSHARE DIAGNOSTICS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
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 can 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.
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 Company's principle risks and uncertainties.
On the 20 December 2024, 100% of all share classes in Healthshare Limited, the ultimate parent company, 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.
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HEALTHSHARE DIAGNOSTICS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
The auditor, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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HEALTHSHARE DIAGNOSTICS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HEALTHSHARE DIAGNOSTICS LIMITED
We have audited the financial statements of Healthshare Diagnostics Limited (the 'Company') for the year ended 31 March 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity 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 Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 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.
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.
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HEALTHSHARE DIAGNOSTICS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HEALTHSHARE DIAGNOSTICS LIMITED (CONTINUED)
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 Report. 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. 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.
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.
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.
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HEALTHSHARE DIAGNOSTICS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HEALTHSHARE DIAGNOSTICS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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 litigtation 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 reviewing accounting estimates for bias; and
∙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 regulation.
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.
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HEALTHSHARE DIAGNOSTICS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HEALTHSHARE DIAGNOSTICS LIMITED (CONTINUED)
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.
for and on behalf of
Statutory Auditor
Maidstone
United Kingdom MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership registered in England and Wales (registered number OC312313).
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HEALTHSHARE DIAGNOSTICS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
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HEALTHSHARE DIAGNOSTICS LIMITED
REGISTERED NUMBER: 04336164
BALANCE SHEET
AS AT 31 MARCH 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 31 form part of these financial statements.
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HEALTHSHARE DIAGNOSTICS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
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HEALTHSHARE DIAGNOSTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Healthshare Diagnostics 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, ME14 9YU.
The financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £1.
2.Accounting policies
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 management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102:
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Healthshare Limited as at 31 March 2024 and these financial statements may be obtained from Suite 9, 20 Churchill Square, Kings Hill, West Malling, Kent, ME19 4YU.
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
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HEALTHSHARE DIAGNOSTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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.
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HEALTHSHARE DIAGNOSTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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HEALTHSHARE DIAGNOSTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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HEALTHSHARE DIAGNOSTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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.
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HEALTHSHARE DIAGNOSTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company 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 Company's Balance sheet when the Company 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 Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
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HEALTHSHARE DIAGNOSTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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 Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans 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.
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.
(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 11 for the carrying amount of tangible assets, and Note 2.11 for the useful economic lives for each class of assets. (b) 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.
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HEALTHSHARE DIAGNOSTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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HEALTHSHARE DIAGNOSTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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HEALTHSHARE DIAGNOSTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
There were no factors that may affect future tax charges.
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HEALTHSHARE DIAGNOSTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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HEALTHSHARE DIAGNOSTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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HEALTHSHARE DIAGNOSTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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HEALTHSHARE DIAGNOSTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
12.Tangible fixed assets (continued)
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HEALTHSHARE DIAGNOSTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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HEALTHSHARE DIAGNOSTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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HEALTHSHARE DIAGNOSTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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HEALTHSHARE DIAGNOSTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Share premium account
Profit and loss account
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HEALTHSHARE DIAGNOSTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
The Company operates a
Contributions totalling £
On the 23 February 2024, the business of the Healthshare Winchester Clinic was subject to a sale agreement. The business sale was subject to a condition requiring CQC approval, which was received on 20 September 2024, the sale becoming effective at that date. The buyer undertook to rebate any trading losses to the Company in that intervening period.
The results of the Healthshare Clinic Winchester have been shown as 'Operations to be discontinued' in the Statement of Comprehensive Income, to aid understanding of the Company's performance. Related non-recurring costs have been incurred in relation to this sale as shown in note 10.
The immediate parent undertaking and parent of the smallest and largest group for which consolidated financial statements are available is
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