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REGISTERED NUMBER: 06856641 (England and Wales)















Strategic Report, Directors' Report and

Financial Statements for the Year Ended 30 April 2024

for

Healthnet Homecare (UK) Limited

Healthnet Homecare (UK) Limited (Registered number: 06856641)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Strategic Report 2

Directors' Report 6

Report of the Independent Auditors 8

Statement of Comprehensive Income 12

Statement of Financial Position 13

Statement of Changes in Equity 14

Notes to the Financial Statements 15


Healthnet Homecare (UK) Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: K Hinton
C D Carver
Mrs J M Sherry





SECRETARY: Mrs J M Sherry





REGISTERED OFFICE: Unit 1 & 2 Alfred Eley Close
Swadlincote
DE11 0WU





REGISTERED NUMBER: 06856641 (England and Wales)





AUDITORS: Forvis Mazars LLP
Chartered Accountants and Statutory Auditor
First Floor
2 Chamberlain Square
Birmingham
B3 3AX

Healthnet Homecare (UK) Limited (Registered number: 06856641)

Strategic Report
for the Year Ended 30 April 2024

The Directors present their strategic report for the year ended 30 April 2024.

REVIEW OF BUSINESS
The Company achieved an operating profit of £6,802k (2023: £3,962k) and a profit before tax of £6,599k (2023: £3,914k).

The principal activities of the Company are to support the NHS and pharmaceutical companies with the provision of nursing and pharmacy services to patients receiving treatment at home or in the community.

In September 2023, the company purchased 100% of the ordinary share capital of L F & E Refrigerated Transport Limited.

PRINCIPAL RISKS AND UNCERTAINTIES
The Directors constantly review the risks and uncertainties in the market place and at entity level. The Company operates in a niche market place which is driven by the general public's health needs. Whilst this remains a very competitive area, the business does not necessarily face the same level of risks and uncertainties as those experienced in the wider economy.

The high cost of the drugs supplied to patients continues to put pressure on working capital management through these high growth periods. However, the balance sheet remains solvent and good cash management puts the Company in a strong position to gain further market share in the future.

FINANCIAL RISK MANAGEMENT

The Company's operations expose it to a variety of financial risks that include the effects of price risk, credit risk, liquidity risk and cash flow risk.

The Company has defined policies and procedures which set out specific guidelines to manage price risk, credit risk, liquidity risk and cash flow risk and the circumstances when it would be appropriate to use financial instruments to manage these.

The Company holds regular monthly meetings attended by various Directors or their representatives to discuss the current and future financial risk facing the Company in accordance with the Group's policies and appropriate decisions are made based on the market and business information available.

PRICE RISK
This arises on inventory purchases but the Company aims to minimise risk through holding as little stock as possible, monitoring stock turn and reviewing prices regularly.

CREDIT RISK
This is the risk that one party to a financial instrument will cause a financial loss for that other party by failing to discharge an obligation. Healthnet Homecare (UK) Limited's credit policies aim to avoid this within its operations via the use of risk management tools and continuous monitoring of credit limits and trading patterns.

LIQUIDITY RISK
This arises when an entity encounters difficulty in meeting obligations. The Company aims to mitigate risk by focussing on its working capital cycle and working to continuously reduce debtor and inventory days.

CASH FLOW RISK
This is the risk of exposure to variability in cash flows that is attributable to a particular risk associated with a recognised asset or liability. The Company manages this risk through effective working capital management.


Healthnet Homecare (UK) Limited (Registered number: 06856641)

Strategic Report
for the Year Ended 30 April 2024

DIRECTORS' STATEMENT OF COMPLIANCE WITH DUTY TO PROMOTE THE COMPANY'S SUCCESS
We recognise the importance of our wider stakeholders in delivering our strategy and business sustainability and are conscious about our responsibilities and duties to our stakeholders under section 172 of the Companies Act 2006.

Our customers
Our customers are at the centre of everything that we do. We continue to focus on providing customers with quality products and services at competitive prices.

Our employees
We want Healthnet Homecare (UK) Limited to be a great place to work, where employees are empowered to make decisions and can develop their skills and capabilities to serve our customers' needs. Our colleagues rely on us to provide stable employment and opportunities to realise their potential in a working environment where they can be at their best.

Our communities
Our products, services and people are beneficial to the communities in which we operate. High standards of ethics and business conduct is an important part of being a responsible member of the communities in which we operate.

The environment
Our products, supply chain and operations all have an impact on the environment. We believe that, as a general matter, our policies, working practices and procedures are properly designed to prevent unreasonable risk of environmental damage, and of resulting financial liability, in connection with our business. We continually seek out opportunities to improve our environmental performance and to contribute to the well-being and sustainability of the areas in which we operate.

Our shareholders
We continue to create long-term, sustainable value for our shareholders by investing in our competitiveness in our chosen markets.

Our suppliers
We continue to develop and strengthen the partnerships we have with our suppliers to deliver great quality products and services to our customers at great value.

EMPLOYEES
Engagement with employees
During the year, the directors and other members of the groups senior management have sought to keep employees updated with the group's strategy, performance and future objectives. Employees have been informally consulted through our annual Townhall Meetings, Team and Management Meetings and through our communication strategy on decisions that affect them including changes we make which affect how we work together through our values and processes which affect all our stakeholders. As a result of this engagement process and the Townhalls held with employees during the year the directors decided to introduce a Reward and Recognition programme and have supported various projects across the business to support engagement and operational efficiencies.

Diversity
The group employs a diverse range of people, from all ethnic origins, genders, religions, faiths, beliefs and with disabilities and medical conditions that require suitable consideration and seek to ensure that all it's employees are treated equally and fairly with regards to training, career development and promotion.

Disability
Every effort is made to retain and support employees who become disabled during their time working for the company and we continue to seek to remove physical barriers for disabled colleagues or applicants.


Healthnet Homecare (UK) Limited (Registered number: 06856641)

Strategic Report
for the Year Ended 30 April 2024

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS
Stakeholder Relationships and Engagement
Engaging with our stakeholders and continually working towards strengthening these relationships is fundamental to the long-term success of the company. We are focused on maintaining effective working relationships with all stakeholders, including shareholders, customers, suppliers, regulatory authorities and our employees. We align these stakeholder relationships with the company's purpose. This is evidenced by documents and practices such as the ethics guide, supplier code of conduct, and the whistle-blowing policy. We have developed strong relationships with both customers and suppliers by adopting contractual agreements and having approval processes in place.

Equality, diversity and inclusion is at the heart of our purpose and values. Our defined behaviours ensure we continue to enhance our culture by valuing difference and fostering respect.

Corporate Social Responsibility
Our Corporate Social Responsibility strategy reflects our commitment to our patients, our customers, our colleagues, the environment, the community, and ethical behaviour. We have an ongoing commitment to operate in a socially responsible way. We conduct our business fairly and honestly and recognise that the long-term health of our organisation is directly connected to the health of the environment and local communities. We focus on supporting a sustainable society by sourcing where possible environmental solutions that minimise our footprint and follow our internal environmental policy. The company is committed to ensuring that any business growth or change has minimal environmental impact and that all activities are conducted by well-trained and appropriately qualified employees.

The company is increasing commitment to place environmental and social purpose at the heart of the business and has made significant progress in developing its ESG programme.

KEY PERFORMANCE INDICATORS
The Company's key performance indicators during the period were as follows:

2024 2023 Increase/ (Decrease )
Turnover £700,081k £460,106k £239,975k 52%
Gross Profit £28,126k £19,090k £9,036k 47%
Gross margin 4.02% 4.15% (13 bps )
Operating profit £6,802k £3,962k £2,840k 72%

Equity shareholders'
funds

£13,887k

£9,063k

£4,824k

53%

Employee numbers 322 263 59 22%

CO2 Intensity 0.117 TCO2e/£m 0.400 TCO2e/£m (0.283 TCO2e/£m ) (71% )

POST BALANCE SHEET EVENTS
In May 2024, Healthnet Homecare (UK) Limited, the company purchased 100% of the ordinary share capital of Healthcare Anywhere Limited for £140,000. Global Orphan Limited, a fellow group company, owned 50% of the ordinary share capital at the date of purchase and received £70,000 in return for its shares.

On 29 October 2024, the entire share capital of the Socius Pharma Group was purchased by Apollo 2024 Bidco Limited, the ultimate parent company of which is Apollo 2024 Topco Limited. Additional information can be found in the post balance events sheet note and the ultimate controlling party note.


Healthnet Homecare (UK) Limited (Registered number: 06856641)

Strategic Report
for the Year Ended 30 April 2024

FUTURE OUTLOOK
Healthnet Homecare (UK) Limited is driven by the belief that the future of patient care will be increasingly delivered in the community and will be enabled through partnerships with the NHS and pharmaceutical companies. The Company has built its structure, operations and philosophy with the patient firmly at the centre and believes it is in a strong position for the future.

APPROVED BY THE BOARD AND SIGNED ON ITS BEHALF.:




K Hinton - Director


16 January 2025

Healthnet Homecare (UK) Limited (Registered number: 06856641)

Directors' Report
for the Year Ended 30 April 2024

The directors present their report with the financial statements of the Company for the year ended 30 April 2024.

DIVIDENDS
No dividends will be distributed for the year ended 30 April 2024 (2023: Nil).

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report.

K Hinton
C D Carver
Mrs J M Sherry

Other changes in directors holding office are as follows:

M A Gordon , Ms J T Stephenson and A R N Sodha ceased to be directors after 30 April 2024 but prior to the date of this report.

GOING CONCERN
The Directors constantly review the risks and uncertainties in the market place, in the wider group and at entity level. The group of which the Company is a part operates in a niche market area which is driven by the general public's health needs. Whilst it remains a very competitive area, the business does not necessarily face the same level of risk and uncertainties as those experienced in the wider economy.

After considering the financial position of the Company at the time of approving the financial statements, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.

STREAMLINED ENERGY AND CARBON REPORTING
Compliance Overview
This report covers Healthnet Homecare (UK) Limited for the financial year 1 May 2023 to 30 April 2024. The report details annual GHG emissions (Scope 1 & 2) from activities for which the company is directly responsible. Having considered the potential benchmark metrics, we have concluded that company turnover is appropriate to achieve a benchmark that provides a reliable comparison, year on year.

Healthnet Homecare (UK) Limited has buildings in Swadlincote and Featherstone. The key environmental risks identified include waste management, provision of utilities, carbon footprint and emissions reduction. Healthnet Homecare (UK) Limited is committed to creating a sustainable future, whilst maintaining the environment and monitoring the impact of these risks.

Methodology and Estimates
The methodology used to calculate total energy consumption and carbon emissions has been through the extraction of consumption data from invoices and meter reads for the financial years stated. Where data was not available, estimates have been calculated using historical profiles and details kept in the evidence pack. Energy and fuel consumption has been converted to carbon (TCO2e) using 2023 Government published conversion factors
(Greenhouse gas reporting: conversion factors 2023).

Energy usage and carbon emissions
Primary intensity metric: Turnover
CO2e Units: Tonnes

2024 2023
CO2 170.60 Tonnes 183.95 Tonnes
CO2 Intensity 0.117 TCO2e/£m 0.400TCO2e/£m
Energy
consumed


702,373 kWh

853,925 kWh

Energy performance benchmarking
The company's performance has improved hugely, from 0.400 CO2e per £m of turnover, to 0.117 kWh/£m. This is primarily explained by a large increase in turnover between the financial years, but is also improved by a large decrease in diesel and petrol consumption.

Healthnet Homecare (UK) Limited (Registered number: 06856641)

Directors' Report
for the Year Ended 30 April 2024


Energy efficiency action taken
Healthnet Homecare (UK) Limited has already taken the necessary steps to show their commitment to reducing GHG emissions, by: installing 100% LED lighting across all sites, EV charger installed at the main site and working towards having an 100% electric company car fleet. Solar panels have been installed at all office buildings helping the business work towards energy decarbonisation.

MATTERS COVERED IN THE STRATEGIC REPORT AND FINANCIAL STATEMENTS
As permitted by Paragraph 1A of Schedule 7 to the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulations 2008, certain matters which are required to be disclosed in the Directors' Report have been omitted as they are included in the Strategic Report. These matters relate to the future developments of the Company, its business relationships with stakeholder, employee information and financial risk management.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-state whether applicable 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 company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
On 1 June 2024 Mazars LLP changed its name to Forvis Mazars LLP. The auditors, Forvis Mazars LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

APPROVED BY THE BOARD AND SIGNED ON ITS BEHALF.:





K Hinton - Director


16 January 2025

Report of the Independent Auditors to the Members of
Healthnet Homecare (UK) Limited

Opinion
We have audited the financial statements of Healthnet Homecare (UK) Limited (the 'Company') for the year ended 30 April 2024, which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, 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).
_
In our opinion the financial statements:

- give a true and fair view of the state of the Company's affairs as at 30 April 2024 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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 original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The other information comprises the information included in the Strategic Report, Directors' Report and financial statements other than the financial statements and our auditor's report thereon. The Directors are responsible for the other information contained within the Strategic Report and Directors' 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.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:

- the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the Strategic Report and the Directors' Report has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Healthnet Homecare (UK) Limited


Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities, set out on page 6, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic
alternative but to do so.

Report of the Independent Auditors to the Members of
Healthnet Homecare (UK) Limited


Auditors' 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 financial statements

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

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.

Based on our understanding of the company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:

- Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in
compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;

- Inspecting correspondence, if any, with relevant licensing or regulatory authorities;

- Communicating identified laws and regulations to the engagement team and remaining alert to any indications of
non-compliance throughout our audit; and

- Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pensions legislation and the Companies Act 2006.

In addition, we evaluated the directors' and management's incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, management bias through judgements and assumptions in significant accounting estimates and determined that the principal risks related to posting manual journal entries to manipulate financial performance, revenue recognition (which we pinpointed to the cut-off assertion), and significant one-off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:

- Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or
alleged fraud;

- Gaining an understanding of the internal controls established to mitigate risks related to fraud;

- Discussing amongst the engagement team the risks of fraud; and

- Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

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.

Report of the Independent Auditors to the Members of
Healthnet Homecare (UK) Limited


Use of our report
This report is made solely to the Company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body for our audit work, for this report, or for the opinions we have formed.




Elisa Howe (Senior Statutory Auditor)
for and on behalf of Forvis Mazars LLP
Chartered Accountants and Statutory Auditor
First Floor
2 Chamberlain Square
Birmingham
B3 3AX

17 January 2025

Healthnet Homecare (UK) Limited (Registered number: 06856641)

Statement of Comprehensive Income
for the Year Ended 30 April 2024

30.4.24 30.4.23
Notes £'000 £'000 £'000 £'000

TURNOVER 3 700,081 460,106

Cost of sales 671,955 441,016
GROSS PROFIT 28,126 19,090

Distribution costs 10,301 6,942
Administrative expenses 11,036 8,186
21,337 15,128
6,789 3,962

Other operating income 13 -
OPERATING PROFIT 5 6,802 3,962

Interest receivable and similar income 6 356 176
7,158 4,138

Interest payable and similar expenses 7 559 224
PROFIT BEFORE TAXATION 6,599 3,914

Tax on profit 8 1,775 827
PROFIT FOR THE FINANCIAL YEAR 4,824 3,087

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

4,824

3,087

Healthnet Homecare (UK) Limited (Registered number: 06856641)

Statement of Financial Position
30 April 2024

30.4.24 30.4.23
Notes £'000 £'000 £'000 £'000
FIXED ASSETS
Tangible assets 9 4,463 2,507
Investments 10 5,871 -
10,334 2,507

CURRENT ASSETS
Stocks 11 36,439 18,376
Debtors 12 137,434 71,050
Cash at bank and in hand 10,808 5,432
184,681 94,858
CREDITORS
Amounts falling due within one year 13 180,106 87,796
NET CURRENT ASSETS 4,575 7,062
TOTAL ASSETS LESS CURRENT
LIABILITIES

14,909

9,569

CREDITORS
Amounts falling due after more than one year 14 (200 ) (151 )

PROVISIONS FOR LIABILITIES 18 (822 ) (355 )
NET ASSETS 13,887 9,063

CAPITAL AND RESERVES
Called up share capital 19 12 12
Share premium 20 99 99
Retained earnings 20 13,776 8,952
SHAREHOLDERS' FUNDS 13,887 9,063

The financial statements were approved and authorised by the Board of Directors and authorised for issue on 16 January 2025 and were signed on its behalf by:





K Hinton - Director


Healthnet Homecare (UK) Limited (Registered number: 06856641)

Statement of Changes in Equity
for the Year Ended 30 April 2024

Called up
share Retained Share Total
capital earnings premium equity
£'000 £'000 £'000 £'000
Balance at 1 May 2022 12 5,865 99 5,976

Changes in equity
Total comprehensive income - 3,087 - 3,087
Balance at 30 April 2023 12 8,952 99 9,063

Changes in equity
Total comprehensive income - 4,824 - 4,824
Balance at 30 April 2024 12 13,776 99 13,887

Healthnet Homecare (UK) Limited (Registered number: 06856641)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Healthnet Homecare (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparation of the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

The company's functional and presentation currency is the Pound Sterling rounded to the nearest thousand.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirement of paragraph 33.7.

The information is included in the consolidated financial statements of Socius Pharma Limited as at 30 April 2024 and these financial statements may be obtained from the registered office.

Preparation of consolidated financial statements
The financial statements contain information about Healthnet Homecare (UK) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Socius Pharma Limited, York House, Main Street, Ullesthorpe, Lutterworth, Leicestershire, LE17 5BT

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Going concern
The Directors constantly review the risks and uncertainties in the market place, in the wider group and at entity level. The group of which the Company is a part operates in a niche market area which is driven by the general public's health needs. Whilst it remains a very competitive area, the business does not necessarily face the same level of risk and uncertainties as those experienced in the wider economy.

After considering the financial position of the Company at the time of approving the financial statements, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements in conformity with generally accepted accounting principles requires the Directors to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Actual results in the future could differ from those estimates. In this regard, the Directors believe that there are no critical accounting policies where judgements or estimations are necessarily applied in the financial statements.

Healthnet Homecare (UK) Limited (Registered number: 06856641)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred in respect of the transaction can be measured reliably.

Rendering of 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 Company 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.

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:

Long-term leasehold property - over the term of the lease
Short-term leasehold property - over the term of the lease
Plant and machinery - 2 to 10 years straight line
Fixtures and fittings - 7 years straight line
Motor vehicles - 4 years straight line
Computer equipment - 4 to 5 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.

Fixed assets are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the Statement of Comprehensive Income.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less impairment.

Investments in subsidiary undertakings are reviewed for any indication that they may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the Statement of Comprehensive Income.

Healthnet Homecare (UK) Limited (Registered number: 06856641)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

At each reporting 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 the Statement of Comprehensive Income.

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a Director in the case of a small company or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date.


Healthnet Homecare (UK) Limited (Registered number: 06856641)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Statement of Financial Position 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; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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 deductions available to them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax.

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.

Finance and borrowing costs
Finance costs are charged to the Statement of Comprehensive Income 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.

All borrowing costs are recognised in the Statement of Comprehensive Income in the year in which they are incurred.

Pension costs and other post-retirement benefits
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Debtors and creditors
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.

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.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty or 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.

Healthnet Homecare (UK) Limited (Registered number: 06856641)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

30.4.24 30.4.23
£'000 £'000
Sale of goods 662,125 433,236
Rendering of services 37,956 26,870
700,081 460,106

An analysis of turnover by geographical market is given below:

30.4.24 30.4.23
£'000 £'000
United Kingdom 700,081 460,106
700,081 460,106

4. EMPLOYEES AND DIRECTORS
30.4.24 30.4.23
£'000 £'000
Wages and salaries 13,532 9,756
Social security costs 1,252 1,065
Other pension costs 464 508
15,248 11,329

The average number of employees during the year was as follows:
30.4.24 30.4.23

Management and administration 37 36
Production, sales and distribution 285 227
322 263

30.4.24 30.4.23
£    £   
Directors' remuneration 1,766,104 2,585,600
Directors' pension contributions to money purchase schemes 158,229 100,733

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 5 4

Information regarding the highest paid director is as follows:
30.4.24 30.4.23
£    £   
Emoluments etc 410,121 565,600
Pension contributions to money purchase schemes 29,479 25,000

Healthnet Homecare (UK) Limited (Registered number: 06856641)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

5. OPERATING PROFIT

The operating profit is stated after charging:

30.4.24 30.4.23
£'000 £'000
Other operating leases 368 216
Depreciation - owned assets 946 577
Auditors' remuneration 40 35

The results included in the Income Statement were derived from continuing activities.

6. INTEREST RECEIVABLE AND SIMILAR INCOME
30.4.24 30.4.23
£'000 £'000
Other interest receivable 356 176

7. INTEREST PAYABLE AND SIMILAR EXPENSES
30.4.24 30.4.23
£'000 £'000
Bank interest 539 224
Hire purchase 20 -
559 224

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.4.24 30.4.23
£'000 £'000
Current tax:
UK corporation tax 1,308 587

Deferred tax 467 240
Tax on profit 1,775 827

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

30.4.24 30.4.23
£'000 £'000
Profit before tax 6,599 3,914
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19.493%)

1,650

763

Effects of:
Expenses not deductible for tax purposes 72 7
Capital allowances in excess of depreciation - (22 )
Depreciation in excess of capital allowances 86 -
Group relief claimed (18 ) (6 )
Change in tax rates - 85
Other deductions (15 ) -
Total tax charge 1,775 827

Healthnet Homecare (UK) Limited (Registered number: 06856641)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

9. TANGIBLE FIXED ASSETS
Short Long Plant and
leasehold leasehold machinery
£'000 £'000 £'000
COST
At 1 May 2023 - 168 417
Additions 275 - 371
Disposals - - (22 )
Reclassification/transfer 168 (168 ) -
At 30 April 2024 443 - 766
DEPRECIATION
At 1 May 2023 - 59 207
Charge for year 33 - 40
Eliminated on disposal - - (5 )
Reclassification/transfer 59 (59 ) -
At 30 April 2024 92 - 242
NET BOOK VALUE
At 30 April 2024 351 - 524
At 30 April 2023 - 109 210

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£'000 £'000 £'000 £'000
COST
At 1 May 2023 882 220 2,776 4,463
Additions 323 91 1,859 2,919
Disposals - - - (22 )
Reclassification/transfer - - - -
At 30 April 2024 1,205 311 4,635 7,360
DEPRECIATION
At 1 May 2023 361 21 1,308 1,956
Charge for year 131 67 675 946
Eliminated on disposal - - - (5 )
Reclassification/transfer - - - -
At 30 April 2024 492 88 1,983 2,897
NET BOOK VALUE
At 30 April 2024 713 223 2,652 4,463
At 30 April 2023 521 199 1,468 2,507

Included within net book value is £138k (2023: £199k) relating to assets held under finance lease and hire purchase agreements. The depreciation charged to the Statement of Comprehensive Income in the year on these assets was £54k (2023: £21k).

Healthnet Homecare (UK) Limited (Registered number: 06856641)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

10. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£'000
COST
Additions 5,871
At 30 April 2024 5,871
NET BOOK VALUE
At 30 April 2024 5,871

In September 2023, the company purchased 100% of the ordinary share capital of L F & E Refrigerated Transport Limited. Cash consideration of £4,023k and £29k of stamp duty was paid at this date which was funded through working capital. A further £1,819k of consideration is expected to become payable in the future, based on the performance of L F & E Refrigerated Transport Limited in the year ending 31st October 2024 and has been accrued in these financial statements.

Global Orphan Limited, a fellow group company, had a shareholding in L F & E Refrigerated Transport Limited of £100,000 as at the date of purchase, and received £103,000 of cash in return for its shares. A further £497,000 of consideration has been accrued within the £1,819,000 above which is expected to be receivable by Global Orphan Limited dependent upon the performance of L F & E Refrigerated Transport Limited in the year ending 31st October 2024.

The share capital of the company's subsidiary undertaking is designated as ordinary shares. The shareholding represents 100% of the equity and the voting rights.


Subsidiary undertaking

Activity
Country of
incorporation

L F & E Refrigerated Transport Limited
Transportation
services
England &
Wales

L F & E Refrigerated Transport Limited's registered office is Ripley House, Ripley Drive, Normanton, West Yorkshire, WF6 1QT.

11. STOCKS
30.4.24 30.4.23
£'000 £'000
Finished goods 36,439 18,376

During the year, £659,999k (2023: £432,008k) of stocks were expensed to cost of sales.

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£'000 £'000
Trade debtors 101,731 52,011
Amounts owed by group undertakings 9,434 9,077
Other debtors 64 13
Other taxation and social
security - 6,067
VAT 13,201 -
Prepayments and accrued income 13,004 3,882
137,434 71,050

Amounts owed by group undertakings comprise both interest free and interest bearing amounts and unsecured. Interest bearing amounts owed by group undertakings are linked to bank base rate.

Healthnet Homecare (UK) Limited (Registered number: 06856641)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£'000 £'000
(see note 15) 22,019 5,377
Hire purchase contracts (see note 16) 33 33
Trade creditors 145,169 79,822
Amounts owed to group undertakings 574 -
Tax 627 166
Social security and other taxes 377 267
Other creditors 221 242
Accruals and deferred income 11,086 1,889
180,106 87,796

Amounts owed by group undertakings are interest free and unsecured.

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.4.24 30.4.23
£'000 £'000
Hire purchase contracts (see note 16) 200 151

15. LOANS, OVERDRAFTS AND
INVOICE FINANCING

An analysis of the maturity of loans, overdrafts and invoice financing is given below:

30.4.24 30.4.23
£'000 £'000
Amounts falling due within one year or on demand:
Invoice financing 22,019 5,377

Invoice financing is secured over the trade debtors of the Group and incurs interest at a commercial rate linked to bank base rate.

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
30.4.24 30.4.23
£'000 £'000
Net obligations repayable:
Within one year 33 33
Between one and five years 200 151
233 184

Non-cancellable operating leases
30.4.24 30.4.23
£'000 £'000
Within one year 424 309
Between one and five years 2,005 1,544
In more than five years 248 220
2,677 2,073

Healthnet Homecare (UK) Limited (Registered number: 06856641)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

17. SECURED DEBTS

The following secured debts are included within creditors:

30.4.24 30.4.23
£'000 £'000
Invoice financing 22,019 5,377

Barclays Bank plc have a fixed or floating charge over all property and undertakings of the company. The charge contains a negative pledge. Details of the charge can be obtained from Companies House.

On 29 October 2024, a further charge was entered into with Barclays Bank plc with fixed and floating charges over the property and undertakings of the company and which contains a negative pledge. Details of the charge can be obtained from Companies House.

18. PROVISIONS FOR LIABILITIES
30.4.24 30.4.23
£'000 £'000
Deferred tax 822 355

Deferred
tax
£'000
Balance at 1 May 2023 355
Charge to Statement of Comprehensive Income during year 467
Balance at 30 April 2024 822

The deferred tax liability relates to accelerated capital allowances. Whilst it is anticipated that an element of the deferred tax liability will reverse during the 12 months following the Statement of Financial Position date, at present it is not possible to accurately quantify the value.

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.24 30.4.23
value: £    £   
12,459 Ordinary shares £1 12,459 12,459

20. RESERVES
Retained Share
earnings premium Totals
£'000 £'000 £'000

At 1 May 2023 8,952 99 9,051
Profit for the year 4,824 - 4,824
At 30 April 2024 13,776 99 13,875

The retained earnings reserve represents cumulative profits and losses.

Share premium represents the premium arising on the issues of shares net of issue costs.

Healthnet Homecare (UK) Limited (Registered number: 06856641)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

21. PENSION COMMITMENTS

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £464,000 (2023: £508,000). Contributions totalling £66,748 (2023: £56,752) were payable to the fund at the reporting date and are included in creditors.

22. ULTIMATE PARENT COMPANY

The immediate parent undertaking at the Statement of Financial Position date was Healthnet Homecare Limited a company incorporated in England and Wales. Socius Pharma Limited was regarded by the directors as being the company's ultimate parent company and ultimate controlling entity as at the Statement of Financial Position Date. The company in which the results of this Company are consolidated for the year ended 30 April 2024 is Socius Pharma Limited. Copies of Socius Pharma Limited's financial statements can be obtained from Companies House.

As a result of the transaction described in the post balance sheet event note, on 29 October 2024, Apollo 2024 Topco Limited became company's ultimate parent company and CBPE Capital LLP became its ultimate controlling entity. Copies of Apollo 2024 Topco Limited’s financial statements can be obtained from Companies House.

23. CAPITAL COMMITMENTS
30.4.24 30.4.23
£'000 £'000
Contracted but not provided for in the
financial statements 340 -

24. RELATED PARTY DISCLOSURES

During the year the Company entered into transactions, in the ordinary course of business, with non-wholly
owned group entities and related parties.Transactions entered into and trading balances outstanding as at 30 April 2024 were as follows:



Sales

Purchases

Amounts due
Amounts
owed
£'000£'000£'000£'000
Group entities
Healthnet Homecare Limited--2,746-
Global Orphan Limited--6,688-
L F & E Refrigerated Transport Limited6739300-574
Other related parties
Healthcare Anywhere Limited14117912062


Transactions entered into and trading balances outstanding as at 30 April 2023 were as follows:



Sales

Purchases

Amounts due
Amounts
owed
£'000£'000£'000£'000
Group entities
Healthnet Homecare Limited--2,715-
Global Orphan Limited--6,362-
Other related parties
Healthcare Anywhere Limited4096426

During the year key management personnel compensation of £1,766,000 (2023: £2,586,000) was paid.

Healthnet Homecare (UK) Limited (Registered number: 06856641)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

25. POST BALANCE SHEET EVENTS

In May 2024, Healthnet Homecare (UK) Limited, the company purchased 100% of the ordinary share capital of Healthcare Anywhere Limited for £140,000. Global Orphan Limited, a fellow group company, owned 50% of the ordinary share capital at the date of purchase and received £70,000 in return for its shares.

On the 29 October 2024, Apollo 2024 Bidco Limited purchased 100% of the ordinary share capital of Socius Pharma Limited, 490 A ordinary shares and 2,000 B ordinary shares in Global Orphan Limited and 227 B ordinary shares of Healthnet Homecare Limited. Apollo 2024 Bidco Limited is wholly owned by Apollo 2024 Holdco Limited, which is in turn wholly owned by Apollo 2024 Midco Limited, which is in turn wholly owned by Apollo 2024 Topco Limited. As a result of the purchase Apollo 2024 Topco Limited owns the entire issued share capital of the Group. Apollo 2024 Topco Limited is majority owned by CBPE Capital Fund X LP, and accordingly CBPE Capital LLP became the company's ultimate controlling entity at that date.

In addition, changes have been made to the company's secured debts as explained in the secured debt note.