Company registration number 12886045 (England and Wales)
HALLAM MEDICAL HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
HALLAM MEDICAL HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mrs DL McCain
Mr AJ Munro
Company number
12886045
Registered office
2nd Floor, Westfield House
60 Charter Row
Sheffield
S1 3FZ
Auditor
BHP LLP
2 Rutland Park
Sheffield
S10 2PD
HALLAM MEDICAL HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 28
HALLAM MEDICAL HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -
The directors present the strategic report for the year ended 30 April 2024. These financial statements represent the accounts of Hallam Medical Holdings Limited.
Review of the business
Hallam Medical Holdings Limited is the holding company of a specialist group supplying temporary clinical professionals to the healthcare sector.
Turnover for the year was £21.8m (£19.8m prior year) and EBITDA was £916k (£785k prior year).
The Company remains the UK market leader in the provision of temporary Advanced Practitioners and its services remain impactful across the primary care sector including urgent and emergency care services nationwide for both NHS and private service providers. The development of the Community and 111 services continues to move forward positively with significant growth in the group’s database to facilitate the upward trend in demand.
The balance of turnover derived from the NHS is 25% with 75% from private service providers. The Company is appointed to two national framework agreements for the supply of temporary healthcare staff and its increasing investment in its compliance function has resulted in the Company meeting or exceeding the service levels dictated by each of the frameworks.
Development and performance
The business significantly invested in its business growth during 2023/24 to ensure we have a solid structure to deliver our ambitious business plan of growth across all our specialty sectors.
Trading volumes have increased with identified further growth and opportunity within Urgent, Primary, Community, 111 and digital Healthcare services. The directors have confidence that the Company will continue to see increasing opportunities. It is particularly pleasing to see the Company’s database of compliant Advanced Practitioners and other specialist healthcare workers significantly increasing month on month, providing the Company with the increased resource it needs to meet growing demand from clients.
Key performance indicators
The Company operates sophisticated business systems in order to meet its statutory financial reporting obligations as well as provide detailed high quality management information to its management team and to comply with the framework requirements.
Key Performance Indicators used include the following measures:
Maintaining the share of the business from Advanced Nurse / Clinical practitioners at 60%
Growth of our candidate database underpinned with maintaining a compliant candidate retention rate in excess of 90%
Maintenance of the Company's number one position of supplying temporary Advanced Nurse / Clinical practitioners in the UK.
Continuing development of a 111 academy to increase the number of compliant available 111 clinical advisors.
Expansion of our Community Nursing Services through a closer working relationship with Queens Nursing Institute.
Continuing Development of a National Digital Healthcare opportunity to supplement the primary healthcare services nationally with skilled Advanced Practitioners.
HALLAM MEDICAL HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
Mrs DL McCain
Director
13 September 2024
HALLAM MEDICAL HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
The directors present their annual report and financial statements for the year ended 30 April 2024.
Principal activities
Hallam Medical Holdings Limited is the holding company of a specialist group supplying professionals to the healthcare sector. Recruits are predominantly advanced clinical practitioners, community nurses and 111 clinical advisors.
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £81,250. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mrs DL McCain
Mr AJ Munro
Auditor
The auditor, BHP LLP are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
HALLAM MEDICAL HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mrs DL McCain
Director
13 September 2024
HALLAM MEDICAL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HALLAM MEDICAL HOLDINGS LIMITED
- 5 -
Opinion
We have audited the financial statements of Hallam Medical Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 group's and the parent company's affairs as at 30 April 2024 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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.
HALLAM MEDICAL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HALLAM MEDICAL HOLDINGS LIMITED
- 6 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these 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.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with management, and from our commercial knowledge and experience of the sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit
HALLAM MEDICAL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HALLAM MEDICAL HOLDINGS LIMITED
- 7 -
We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias;
investigated the rationale behind significant or unusual transactions; and
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
enquiring of management as to actual and potential litigation and claims;
reviewing correspondence with HMRC
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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.
Lisa Leighton (Senior Statutory Auditor)
For and on behalf of BHP LLP
13 September 2024
Chartered Accountants
Statutory Auditor
2 Rutland Park
Sheffield
S10 2PD
HALLAM MEDICAL HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
21,788,512
19,800,920
Cost of sales
(17,238,167)
(15,640,284)
Gross profit
4,550,345
4,160,636
Administrative expenses
(4,109,510)
(3,786,585)
Exceptional item
4
(37,602)
(89,412)
Operating profit
5
403,233
284,639
Interest payable and similar expenses
8
(155,270)
(140,368)
Profit before taxation
247,963
144,271
Tax on profit
9
(180,933)
(103,136)
Profit for the financial year
67,030
41,135
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
HALLAM MEDICAL HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
1,257,851
1,616,873
Tangible assets
12
214,313
304,881
1,472,164
1,921,754
Current assets
Debtors
15
2,684,803
3,097,517
Cash at bank and in hand
94,008
129,787
2,778,811
3,227,304
Creditors: amounts falling due within one year
16
(3,202,539)
(3,560,441)
Net current liabilities
(423,728)
(333,137)
Total assets less current liabilities
1,048,436
1,588,617
Creditors: amounts falling due after more than one year
17
(906,982)
(1,262,545)
Provisions for liabilities
Deferred tax liability
19
40,000
48,000
(40,000)
(48,000)
Net assets
101,454
278,072
Capital and reserves
Called up share capital
22
1,884
2,009
Share based payment reserve
127,014
89,412
Capital redemption reserve
189
189
Profit and loss reserves
(27,633)
186,462
Total equity
101,454
278,072
These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.
The financial statements were approved by the board of directors and authorised for issue on 13 September 2024 and are signed on its behalf by:
13 September 2024
Mrs DL McCain
Director
Company registration number 12886045 (England and Wales)
HALLAM MEDICAL HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
1,257,851
1,616,873
Investments
13
1,180,604
1,143,002
2,438,455
2,759,875
Current assets
Debtors
15
25,000
125,000
Creditors: amounts falling due within one year
16
(1,487,674)
(4,183,217)
Net current liabilities
(1,462,674)
(4,058,217)
Total assets less current liabilities
975,781
(1,298,342)
Creditors: amounts falling due after more than one year
17
(829,472)
(912,679)
Net assets/(liabilities)
146,309
(2,211,021)
Capital and reserves
Called up share capital
22
1,884
2,009
Share based payment reserve
127,014
89,412
Capital redemption reserve
189
189
Profit and loss reserves
17,222
(2,302,631)
Total equity
146,309
(2,211,021)
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the period was £2,600,978 (2023 - £360,163 loss).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 13 September 2024 and are signed on its behalf by:
13 September 2024
Mrs DL McCain
Director
Company registration number 12886045 (England and Wales)
HALLAM MEDICAL HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
Share capital
Share based payment reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 May 2022
2,009
189
145,327
147,525
Year ended 30 April 2023:
Profit and total comprehensive income
-
-
-
41,135
41,135
Share based payment expense
-
89,412
-
-
89,412
Balance at 30 April 2023
2,009
89,412
189
186,462
278,072
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
-
67,030
67,030
Dividends
10
-
-
-
(81,250)
(81,250)
Share based payment expense
-
37,602
-
-
37,602
Own shares acquired
-
-
-
(199,875)
(199,875)
Redemption of shares
22
(125)
-
-
-
(125)
Balance at 30 April 2024
1,884
127,014
189
(27,633)
101,454
HALLAM MEDICAL HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
Share capital
Share based payment reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 May 2022
2,009
189
(1,942,468)
(1,940,270)
Year ended 30 April 2023:
Loss and total comprehensive income for the year
-
-
-
(360,163)
(360,163)
Issue of convertible loan
-
89,412
-
-
89,412
Balance at 30 April 2023
2,009
89,412
189
(2,302,631)
(2,211,021)
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
-
2,600,978
2,600,978
Dividends
10
-
-
-
(81,250)
(81,250)
Issue of convertible loan
-
37,602
-
-
37,602
Own shares acquired
-
-
-
(199,875)
(199,875)
Redemption of shares
22
(125)
-
-
-
(125)
Balance at 30 April 2024
1,884
127,014
189
17,222
146,309
HALLAM MEDICAL HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
1,116,500
516,216
Interest paid
(155,270)
(140,368)
Income taxes refunded/(paid)
9,446
(136,969)
Net cash inflow from operating activities
970,676
238,879
Investing activities
Purchase of tangible fixed assets
(25,821)
(5,254)
Proceeds from disposal of tangible fixed assets
-
1
Repayment of loans
100,000
(125,000)
Net cash generated from/(used in) investing activities
74,179
(130,253)
Financing activities
Purchase of own shares
(200,000)
Repayment of preference shares
(83,207)
(55,514)
Invoice discounting advances and repayments
(298,827)
261,790
Repayment of bank loans
(312,500)
(312,500)
Payment of finance leases obligations
(104,850)
(22,465)
Dividends paid to equity shareholders
(81,250)
Net cash used in financing activities
(1,080,634)
(128,689)
Net decrease in cash and cash equivalents
(35,779)
(20,063)
Cash and cash equivalents at beginning of year
129,787
149,850
Cash and cash equivalents at end of year
94,008
129,787
HALLAM MEDICAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 14 -
1
Accounting policies
Company information
Hallam Medical Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 2nd Floor, Westfield House, 60 Charter Row, Sheffield, S1 3FZ.
The group consists of Hallam Medical Holdings Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The financial statements for the Group are drawn up to the nearest Sunday to 30 April, which this year is 28 April 2024.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
HALLAM MEDICAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 15 -
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Hallam Medical Holdings Limited together with all entities controlled by the parent company (its subsidiaries).
All financial statements are made up to 30 April 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
1.4
Going concern
The group profit and loss reserves include non-cash items such as goodwill amortisation of £359k during the year as well as a repurchases of ordinary shares of £200k. Therefore, despite the group current liability position, at the time of approving the financial statements, the directors have a reasonable expectation that the group 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.
1.5
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue is recognised on the submission of timesheets by candidates and the dates of shifts worked thereon.
1.6
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets 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 7 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.7
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:
Fixtures, fittings and office equipment
33%/20% straight line
Office equipment
33% straight line
Marketing assets
33% straight line
HALLAM MEDICAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 16 -
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 recognised in the profit and loss account.
1.8
Fixed asset investments
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.9
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.10
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
HALLAM MEDICAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -
1.11
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
HALLAM MEDICAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 18 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.12
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the period. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
HALLAM MEDICAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 19 -
1.14
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
Share-based payments
Where the Group has entered into arrangements that are equity-settled share-based payments with certain employees, these are measured at fair value at the date of grant, which is then recognised in the profit and loss account on a straight-line basis over the estimated exit period, based on the Group's best estimate. Fair value is measured by use of an appropriate model. The charge is adjusted at each balance sheet date to reflect the actual number of shares expected to vest based on non-market performance conditions such as service and employment service conditions where appropriate. The movement in cumulative charges since the previous balance sheet is recognised in the profit and loss account, with a corresponding entry in equity.
1.17
Leases
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 balance sheet 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 leased asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the group’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.
3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Supply of medical practitioners
21,788,512
19,800,920
HALLAM MEDICAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
3
Turnover
(Continued)
- 20 -
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
21,788,512
19,800,920
4
Exceptional item
2024
2023
£
£
Expenditure
Share based payment expense
37,602
89,412
5
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
116,389
52,271
(Profit)/loss on disposal of tangible fixed assets
-
8,221
Amortisation of intangible assets
359,022
359,022
Operating lease charges
111,283
170,382
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor
£
£
For audit services
Audit of the financial statements of the group and company
6,620
4,400
Audit of the financial statements of the company's subsidiaries
26,985
25,700
33,605
30,100
For other services
Other taxation services
3,465
3,300
HALLAM MEDICAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 21 -
7
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Sales Staff
42
37
-
-
Administrative Staff
19
21
2
3
Total
61
58
2
3
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,290,936
2,063,703
Social security costs
212,673
180,863
-
-
Pension costs
45,597
45,212
2,549,206
2,289,778
8
Interest payable and similar expenses
2024
2023
£
£
Interest on invoice finance arrangements
155,270
139,515
Other interest on financial liabilities
-
853
Total finance costs
155,270
140,368
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
180,471
52,346
Adjustments in respect of prior periods
8,462
(9,312)
UK income tax
-
1,102
Total current tax
188,933
44,136
Deferred tax
Origination and reversal of timing differences
(8,000)
59,000
Total tax charge
180,933
103,136
HALLAM MEDICAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
9
Taxation
(Continued)
- 22 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
247,963
144,271
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.49%)
61,991
28,118
Tax effect of expenses that are not deductible in determining taxable profit
10,466
5,129
Tax effect of income not taxable in determining taxable profit
(7,797)
Change in unrecognised deferred tax assets
53
487
Adjustments in respect of prior years
8,462
(9,312)
Permanent capital allowances in excess of depreciation
806
(14,906)
Amortisation on assets not qualifying for tax allowances
89,755
69,980
2020 CT payable on behalf of group companies
1,103
Change in tax rate
12,889
Share based payment expense
9,400
17,445
Taxation charge
180,933
103,136
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
81,250
-
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
2,513,151
Amortisation and impairment
At 1 May 2023
896,278
Amortisation charged for the year
359,022
At 30 April 2024
1,255,300
Carrying amount
At 30 April 2024
1,257,851
At 30 April 2023
1,616,873
HALLAM MEDICAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
11
Intangible fixed assets
(Continued)
- 23 -
Company
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
2,513,151
Amortisation and impairment
At 1 May 2023
896,278
Amortisation charged for the year
359,022
At 30 April 2024
1,255,300
Carrying amount
At 30 April 2024
1,257,851
At 30 April 2023
1,616,873
12
Tangible fixed assets
Group
Fixtures, fittings and office equipment
Office equipment
Marketing assets
Total
£
£
£
£
Cost
At 1 May 2023
322,513
94,803
8,524
425,840
Additions
704
25,117
25,821
At 30 April 2024
323,217
119,920
8,524
451,661
Depreciation and impairment
At 1 May 2023
50,751
61,684
8,524
120,959
Depreciation charged in the year
93,941
22,448
116,389
At 30 April 2024
144,692
84,132
8,524
237,348
Carrying amount
At 30 April 2024
178,525
35,788
214,313
At 30 April 2023
271,762
33,119
304,881
The company had no tangible fixed assets at 30 April 2024 or 30 April 2023.
HALLAM MEDICAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 24 -
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
1,180,604
1,143,002
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 May 2023
1,143,002
Additions
37,602
At 30 April 2024
1,180,604
Carrying amount
At 30 April 2024
1,180,604
At 30 April 2023
1,143,002
14
Subsidiaries
Details of the company's subsidiaries at 30 April 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Hallam Medical Limited
England & Wales
Specialist company supplying professionals to the healthcare sector
Ordinary
100.00
-
Hallam GPS Limited
England & Wales
Dormant company
Ordinary
-
100.00
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,420,622
2,798,530
Corporation tax recoverable
15,136
Other debtors
25,000
125,000
25,000
125,000
Prepayments and accrued income
239,181
158,851
2,684,803
3,097,517
25,000
125,000
HALLAM MEDICAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 25 -
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
18
156,250
312,500
Obligations under finance leases
107,607
96,351
Other borrowings
18
1,228,551
1,527,378
Trade creditors
155,951
105,060
Amounts owed to group undertakings
1,487,674
4,183,217
Corporation tax payable
183,243
Other taxation and social security
540,188
674,306
-
-
Other creditors
60,951
46,000
Accruals and deferred income
769,798
798,846
3,202,539
3,560,441
1,487,674
4,183,217
Other Creditors includes a balance of £1,228,551 (2023: £1,527,378) in relation to an invoice discounting facility. The invoice discounting facility is secured by way of a debenture and cross guarantee over the assets of the Company and the Group. The facility was moved to Barclays post year end, secured by a fixed and floating charge over the Company and Groups assets.
Obligations under finance leases detailed above are secured on the assets which were purchased under the agreements.
17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
18
156,250
Obligations under finance leases
77,510
193,616
Other borrowings
18
829,472
912,679
829,472
912,679
906,982
1,262,545
829,472
912,679
18
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
156,250
468,750
Preference shares
829,472
912,679
829,472
912,679
Other loans
1,228,551
1,527,378
2,214,273
2,908,807
829,472
912,679
Payable within one year
1,384,801
1,839,878
Payable after one year
829,472
1,068,929
829,472
912,679
HALLAM MEDICAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
18
Loans and overdrafts
(Continued)
- 26 -
The invoice discounting facility is secured by way of a debenture and cross guarantee over the assets of the Company and the Group.
The loan is repayable over 48 months from date of commencement and attracts interest at a rate of 3.75% above base rate per annum.
The loan is secured by way of a personal guarantee granted by Mr A Munro and Mrs D McCain of £50,000 each and an all asset debenture across the Group.
19
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
40,000
48,000
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 May 2023
48,000
-
Credit to profit or loss
(8,000)
-
Liability at 30 April 2024
40,000
-
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
45,597
45,212
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
HALLAM MEDICAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 27 -
21
Share-based payment transactions
Group and company
On 17 January 2022 the parent company, Hallam Medical Holdings Limited, issued an option over 23,961 C ordinary shares to certain employees. On 19 September 2023, a further 6,852 options were issued. Pursuant to the terms set out in the Articles of Association, the pay-outs for these shares are based on a calculation dependent on the enterprise exit value and are subject to meeting certain hurdle values. These shares are treated as equity-settled share based payments, where the grant date fair value is spread over the period between the grant date and the best estimate of the anticipated exit date. 25,218 options remained at 30 April 2024.
The Monte Carlo option pricing model has been used to determine the fair value at grant date, in conjunction with a third party valuation specialist.
An expense has been recognised within Hallam Medical Limited's financial statements as this is the trading company in which the employees are employed.
Inputs were as follows:
2024
2023
Expected volatility
36.57%
45.19%
Expected life
1.33 years
3 years
Risk free rate
5.10%
0.91%
During the year, the company recognised total share-based payment expenses of £37,602 (2023 - £89,412) which related to equity settled share based payment transactions.
22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A ordinary shares of 1p each
188,386
200,908
1,884
2,009
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Redeemable preference shares of £1 each
829,472
912,679
829,472
912,679
Preference shares classified as liabilities
829,472
912,679
During the year the company repurchased 12,522 A ordinary shares for the consideration of £200,000.
83,207 preference shares were redeemed throughout the year.
HALLAM MEDICAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 28 -
23
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
143,123
88,485
-
-
Between two and five years
516,845
712,276
-
-
In over five years
-
82,192
-
-
659,968
882,953
-
-
24
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
67,030
41,135
Adjustments for:
Taxation charged
180,933
103,136
Share based payment expense
37,602
89,412
Finance costs
155,270
140,368
(Gain)/loss on disposal of tangible fixed assets
-
8,221
Amortisation and impairment of intangible assets
359,022
359,022
Depreciation and impairment of tangible fixed assets
116,389
52,271
Movements in working capital:
Decrease/(increase) in debtors
297,578
(254,065)
Decrease in creditors
(97,324)
(23,284)
Cash generated from operations
1,116,500
516,216
25
Analysis of changes in net debt - group
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
129,787
(35,779)
94,008
Borrowings excluding overdrafts
(2,908,807)
694,534
(2,214,273)
Obligations under finance leases
(289,967)
104,850
(185,117)
(3,068,987)
763,605
(2,305,382)
2024-04-302023-05-01falsefalseCCH SoftwareCCH Accounts Production 2024.310Mrs DL McCainMr AJ MunroMr J 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