REGISTERED NUMBER: |
PROSPECT HEALTH LTD |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
REGISTERED NUMBER: |
PROSPECT HEALTH LTD |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
PROSPECT HEALTH LTD (REGISTERED NUMBER: 05110087) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
PROSPECT HEALTH LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Tattersall House |
East Parade |
Harrogate |
North Yorkshire |
HG1 5LT |
PROSPECT HEALTH LTD (REGISTERED NUMBER: 05110087) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
PROSPECT HEALTH LTD (REGISTERED NUMBER: 05110087) |
BALANCE SHEET - continued |
31 MARCH 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
PROSPECT HEALTH LTD (REGISTERED NUMBER: 05110087) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Prospect Health Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the company’s accounting policies, the directors are required to make judgements, |
estimates and assumptions about the carrying amount of assets and liabilities that are not readily |
apparent from other sources. The estimates and associated assumptions are based on historical |
experience and other factors that are considered to be relevant. Actual results may differ from these |
estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting |
estimates are recognised in the period in which the estimate is revised where the revision affects only |
that period, or in the period of the revision and future periods where the revision affects both current |
and future periods. |
Management do not believe there to be any critical accounting estimates or judgments required in the |
preparation of these financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
When cash inflows are deferred and represent a financing arrangement, the fair value of the |
consideration is the present value of the future receipts. The difference between the fair value of the |
consideration and the nominal amount received is recognised as interest income. |
Goodwill |
Goodwill arising on the acquisition of trade and assets represents the excess of the fair value of the |
consideration over the fair value of the identifiable assets and liabilities acquired. It is initially |
recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and |
accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a |
systematic basis over its expected life, which is 5 years. |
Intangible assets |
Intangible assets acquired separately from a business are recognised at cost and are subsequently |
measured at cost less accumulated amortisation and accumulated impairment losses. |
Intangible assets acquired on business combinations are recognised separately from goodwill at the |
acquisition date where it is probable that the expected future economic benefits that are attributable |
to the asset will flow to the entity and the fair value of the asset can be measured reliably; the |
intangible asset arises from contractual or other legal rights; and the intangible asset is separable from |
the entity. |
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values |
over their useful lives on the following bases: |
Intellectual property | 3 years straight line |
PROSPECT HEALTH LTD (REGISTERED NUMBER: 05110087) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net |
of depreciation and any impairment losses. |
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values |
over their useful lives on the following bases: |
Fixture, fittings & equipment | 12.75% straight line |
Computer equipment | 25% straight line |
Motor vehicles | 15%-40% straight line |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale |
proceeds and the carrying value of the asset, and is credited or charged to profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks |
and rewards of ownership to the lessees. All other leases are classified as operating leases. |
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the |
date of inception and the present value of the minimum lease payments. The related liability is included |
in the statement of financial position as a finance lease obligation. Lease payments are treated as |
consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a |
constant periodic rate of interest on the remaining balance of the liability. |
Rentals payable under operating leases, including any lease incentives received, are charged to profit or |
loss on a straight line basis over the term of the relevant lease except where another more systematic |
basis is more representative of the time pattern in which economic benefits from the leases asset are |
consumed. |
Pension costs and other post-retirement benefits |
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall |
due. |
PROSPECT HEALTH LTD (REGISTERED NUMBER: 05110087) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
Goodwill | assets | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
and 31 March 2024 |
AMORTISATION |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
PROSPECT HEALTH LTD (REGISTERED NUMBER: 05110087) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 9) |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts (see note 9) |
Included within total Hire Purchase are finance lease liabilities totalling £173,818. These liabilities are |
secured against tangible fixed assets with a net book value of £163,448. |
9. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | 0.01 | 605 | 605 |
11. | RELATED PARTY DISCLOSURES |
During the year the company repaid £39,376 (2023: £609) in respect of money loaned from the |
directors. This therefore leaves total loans owed from the directors, at the year end of £1,499 (2023: |
£42,920 owed to directors). The loan is made to the company interest free and the amount due within one year is repayable upon demand. |
At 31 March 2024 the company owed £168,003 (2023: £168,003) to Prospect Health Holdings Ltd and |
the company was owed £416,460 (2023: £285,058) from Global Talent Partners Ltd and 74,891 (2023: £nil) from Prospect Business Sales Limited. |
PROSPECT HEALTH LTD (REGISTERED NUMBER: 05110087) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
12. | ULTIMATE CONTROLLING PARTY |
The company is owned by Global Talent Partners Ltd. The registered office is 2 Victoria Avenue, |
Harrogate, North Yorkshire, HG1 1EL. |