Registration number:
Regent's Park Healthcare Limited
for the Year Ended 30 April 2024
Regent's Park Healthcare Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Consolidated Profit and Loss Account |
|
Consolidated Balance Sheet |
|
Balance Sheet |
|
Consolidated Statement of Changes in Equity |
|
Statement of Changes in Equity |
|
Consolidated Statement of Cash Flows |
|
Notes to the Financial Statements |
Regent's Park Healthcare Limited
Company Information
Directors |
Dr Anil Ohri Mr Blaise Ohri |
Registered office |
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Auditors |
|
Regent's Park Healthcare Limited
Strategic Report for the Year Ended 30 April 2024
The directors present their strategic report for the year ended 30 April 2024.
Principal activity
The principal activity of the group is the development, financing and operation of healthcare services. We have developed a unique platform for healthcare services delivery across the United Kingdom.
Fair review of the business
Regent’s Park Healthcare has continued to develop partnerships with NHS Hospitals across the UK. Our innovative ‘hospital within a hospital’ operating model has allowed patients uninterrupted access to treatment within our specialist units. By closely monitoring our staff absence metrics and through deploying rigorous infection control measures we have been able to achieve significantly lower absence figures than the industry average. This has had a positive impact on our patient outcomes. Furthermore, without the disruptions often caused by emergency care impacting on scheduled activity, our operating throughput has been maintained. In addition, efficient scheduling and reducing the number of patient non-attendances, has meant we regularly exceeded our key operating metrics.
Our organisation continues to invest in the latest medical technologies with comprehensive refresh policies. As a result, our patients and staff benefit from very low radiation doses in our operating environments, whilst our operators benefit from modern technology allowing them to provide improved patient outcomes. Our internal key performance indicators provide useful metrics for us to evaluate the quality of services we deliver. As well as providing ‘value for money’ to our NHS partners on a per procedure basis, we are particularly proud of the impact our services have had in reducing patient waiting times for cardiac procedures and diagnostics. Patient feedback has long been recognised as a key benchmark of a healthcare organisations success, Regent’s Park Healthcare is extremely proud of the feedback we receive from patients and patients’ families and our teams go above and beyond to ensure that our patients receive the highest standards of care. Whilst we commit a high degree of attention on providing the highest quality of care for our patients, we also focus heavily on staff satisfaction and engagement to help ensure the highest standards from our clinical teams.
Directors statement of compliance with Duty to Promote the Success of the Group
In accordance with Section 172 of the Companies Act 2006, a director of a company must act in the way he considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard to:
a. the likely consequences of any decision in the long term,
b. the interests of the company's employees,
c. the need to foster the company's business relationships with suppliers, customers and others,
d. the impact of the company's operations on the community and the environment,
e. the desirability of the company maintaining a reputation for high standards of business conduct, and
f. the need to act fairly as between members of the company.
The directors agree to honour the subjects set out above when performing their duty under Section 172
Regent's Park Healthcare Limited
Strategic Report for the Year Ended 30 April 2024
Cardiovascular Innovations
We have been responding to the challenges and opportunities across the healthcare landscape for more than two decades. Innovation is the lifeblood of our organisation and over the coming years of macroeconomic challenges, capacity constraints and the increasing burden of cardiovascular disease, we believe there has never been a more pressing demand for healthcare innovation.
Our Cardiovascular Innovations Division (CID) develops partnerships with industry to facilitate clinical research trials, translational research and technology adoption. We launched our CID in 2013 and now provide services to a range of global pharmaceutical companies, cardiovascular research departments at leading Universities and the medical devices industry. Our service focuses on medicines, devices and techniques that seamlessly integrate life sciences technology into front-line service delivery, leading to efficiency gains and enhanced outcomes for patients.
Investment in New Technologies
We aim to install only the most energy efficient technologies in all of our facilities; whether we are procuring lighting, IT infrastructure or operating theatres we pledge to acquire only the greenest technologies available.
Reducing our Environmental Footprint
By increasing our environmental awareness, we can help to minimise our environmental impact. Over the years our company has striven to reduce energy consumption across all our locations, we have also taken steps to minimise our waste and actively adopt renewable energy sources. Our design and build team focus on eco-design; our interim hire fleet and fixed site locations procure environmentally friendly and sustainably sourced materials.
Diversity and Inclusion
We recognise that to be a great place to work, we need people from all backgrounds and experiences to challenge current ways of thinking and bring fresh ideas and perspective. We believe that diverse and inclusive teams have a positive impact on the delivery of our services, and help us better serve our residents. And when people feel respected and included they can be more creative, innovative, and successful. So we are building a culture where difference is valued. Treating everyone with respect and dignity at all times, we strive to lead with our values and beliefs creating an environment where everyone can be themselves.
We will uphold the right of each employee to be judged on merit and competence, regardless of age, disability, race, sexuality, sex, gender identity, religion, marital status or maternity/pregnancy and we will fulfil this responsibility by promoting equality of opportunity through our employment policies, practices and service delivery arrangements; making Regent's Park Healthcare a great place to work.
Proactively Adopting Best Practice Governance
Regent’s Park Healthcare is committed to creating a culture of sustainability, this culture demands efficient Corporate Governance and Risk Management Systems and an openness to change. Our focus to achieve excellence can be exemplified by our rigorous selection of commercial partners who must comply with our code of conduct and are encouraged to adopt and share sustainable practices. Regent’s Park Healthcare is the first healthcare company in the UK to be accredited a member of the Good Business Charter.
Exceeding Expectations
We aim to pursue technical innovation and excellence in design which represents one of our core differentiating factors. Innovation begins with our employees’ ideas which is why we have implemented programmes to encourage employees to conceive and share solutions to assist in developing new processes and treatment pathways.
We have established a Sustainability and Environmental, Social and Governance (ESG) structure with ESG issues discussed regularly at executive level which assists the Board ensuring the integrated management of these matters. Our Sustainability Committee was established in May 2020 to assist the Board develop a sustainability strategy and provide oversight of sustainability initiatives across the company. The sustainability committee is accountable to the Chief Executive Officer to help drive Regent’s Park Healthcare’s sustainability ambition and outcomes.
Regent's Park Healthcare Limited
Strategic Report for the Year Ended 30 April 2024
Research and Development
Regent’s Park Healthcare has developed collaborations with the medical devices Industry to help facilitate technology acceleration. We have long recognised that access to dedicated cardiac catheter lab and hybrid operating theatre capacity, as well as other clinical services to trial medical devices and other new therapeutics, is a constant challenge. Our integrated national platform of cardiac services allows the medical devices industry to access a high quality academic clinical workforce and cardiac facilities for trialling novel diagnostic tools and therapeutic devices.
We are supported by our large infrastructure base and strong relationships with cardiologists, cardiac departments and cardiac healthcare professionals. We always seek long-term relationships with our sponsors to maximise the mutual benefit of our collaboration. Our aim is to contribute to their strategic development as well as fulfilling their operational requirements.
In the future, we are looking to develop specialist software for the cardiovascular community to better support our front-line workers and improve patient diagnostic pathways. We are also working with NHS England and NHS Improvement to design, build and scale innovative solutions to assist with digital technology. Looking forward, we are embarking on projects with a number of hospitals attached to leading Universities to develop healthcare innovation centres to promote healthcare entrepreneurship, supporting technology acceleration using our access to industry, commercial and academic expertise.
Sustainability
We believe sustainability is about making a positive impact with everything we do, from how we act as a corporate to the investments we make in our various healthcare projects. We all have the power to help create a sustainable and more prosperous world for all through our role in the healthcare system by allocating capital to areas that deliver both social and investment value.
The way we direct capital not only shapes the financial returns we may achieve, but also the type of impact we have on the world. Sustainable companies can have a positive impact on society and the environment. What’s more, their business models are more resilient and better placed to support long-term growth. At Regent’s Park Healthcare, we believe sustainable investing makes both investment and social sense.
Regent's Park Healthcare Limited
Strategic Report for the Year Ended 30 April 2024
Principal Risks and Uncertainties
Risks related to Government regulation and other legal matters:
• We may incur additional tax liabilities.
• We may be subject to liabilities from claims brought against one of our clinics or operators.
• We could become subject to investigations from a Government body.
• If we fail to comply with extensive laws and government regulations, we could suffer penalties or be required to make significant changes to our operations.
• Our results of operations may be adversely affected by health care reform efforts, we are unable to predict if any such changes will be made in the future by NHS England.
Risks related to human capital:
• We may be unable to attract, hire or retain a highly qualified and diverse workforce, including key management.
• Our performance depends on our ability to recruit and retain quality clinical staff.
• Our labour costs may be adversely affected by competition for staffing. Shortages in clinical staff could impact our ability to generate revenues.
Risks related to technology, data privacy and cybersecurity:
• The costs of expensive new technology.
• Our operations could be impaired by a failure of information systems.
• Healthcare technology initiatives may adversely affect our operations.
• A cybersecurity incident could result in the compromise of confidential data or critical data systems. Such incidents could subject us to litigation and cause damage to our reputation.
Risks related to macroeconomic conditions:
• We are exposed to market risk related to changes in the values of interest rates.
• Our business results may suffer during periods of general economic weakness.
• Our liquidity could also be negatively impacted by a long term economic recession, particularly if the UK economy remains unstable for a significant amount of time.
Risks related to operations, strategy, demand and competition:
• Our clinic’s face competition from other hospitals and health care providers.
• A deterioration in the collectability of insured patient accounts.
• If our volume of patients with private health insurance coverage declines or we are unable to retain and or negotiate favourable contracts with private medical insurers, our revenues may be reduced.
• Changes to treatment methodologies designed to reduce inpatient services and other factors outside of our control that impact the demand for medical services may reduce our revenues.
Approved and authorised by the
......................................... |
Regent's Park Healthcare Limited
Directors' Report for the Year Ended 30 April 2024
The directors present their report and the for the year ended 30 April 2024.
Principal activity
The principal activity of the group is the development, financing and operation of healthcare services. We have developed a unique platform for healthcare services delivery across the United Kingdom.
Dividends
No further dividends have been declared by Regent’s Park Healthcare and it is the Boards intention to continue to reinvest cash flows to respond to new opportunities to improve patient access times and to reduce the capital expenditure pressures placed on our NHS partners.
Directors of the group
The directors who held office during the year were as follows:
Future developments
There are no plans to change the activities of the group. The Group will continue to grow its presence through public-private partnerships with the NHS.
Political Contributions
The company made no political donations or incurred any political expenditure during the year.
Objectives and policies
Our primary strategic objective and guiding philosophy is to ensure every patient should have access to healthcare of a world-class standard. We pride ourselves on our ability to deliver high quality, cost effective care, through excellent service, efficient operations management, well trained staff, and uncompromising professionalism.
Gender Diversity and Employee Involvement
Regent’s Park Healthcare is committed to equality, diversity, and inclusion. The Group’s selection, training, development, and promotion policies ensure equal opportunities for all employees regardless of factors such as gender, marital status, race, age, sexual orientation or ethnic origin. All decisions are based on merit, and we believe that to be truly successful we must ensure that employees are well informed about the business of the Group, and we undertake an annual employee survey to understand the opinions of all people.
Environmental Policies
The Group implemented several initiatives to minimise the environmental impact of our activities. These include the introduction of electric vehicle charging points, reducing our consumption through paperless working and the introduction of a comprehensive supplier due diligence process to procure the services of responsible and sustainable suppliers.
Research and development
Regent’s Park Healthcare continues to incur expenditure on research and development to develop and enhance treatment pathways, processes, and products.
Regent's Park Healthcare Limited
Directors' Report for the Year Ended 30 April 2024
Going concern
The financial statements have been prepared on a going concern basis. The directors have considered the
following factors in making his assessment;
• There remains significant opportunity and demand to expand our existing services as well as a strong business development pipeline of new opportunities.
• We continue to see increased demand for our services. Revenue from NHS and private patients continue to be earned consistently in the Group.
• All cash is managed centrally, and Regent’s Park Healthcare has seen very strong cash flow throughout the period. Regent’s Park Healthcare has no external debt.
• Budgeted cash flows show that the Group would be able to continue to trade for at least 12 months from the date of approval of these financial statements. Even under the most severe but plausible scenario, the Group has sufficient resources and liquidity to be able to continue to trade for at least 12 months from the date of signing these financial statements.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Approved and authorised by the
......................................... |
Regent's Park Healthcare Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities 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 the 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 apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Regent's Park Healthcare Limited
Independent Auditor's Report to the Members of Regent's Park Healthcare Limited
Opinion
We have audited the financial statements of Regent's Park Healthcare Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, 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 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. |
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 responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 group'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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Regent's Park Healthcare Limited
Independent Auditor's Report to the Members of Regent's Park Healthcare Limited
Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and 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 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 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 Statement of Directors' Responsibilities [set out on page 8], 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.
Auditor 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:
We obtained an understanding of the laws and regulations applicable to the company through discussions with management, and from our wider knowledge of the company and industry. We determined that the most significant laws and regulations, which may have a material effect on the financial statements, include the Companies Act 2006, Taxation Legislation, Employment Law and Health & Safety legislation.
- the identified laws and regulations were communicated to the audit engagement team;
- we assessed the extent of compliance with the laws and regulations identified, through making enquiries of management, inspecting legal correspondence, personnel records and health and safety records.
Regent's Park Healthcare Limited
Independent Auditor's Report to the Members of Regent's Park Healthcare Limited
We assessed the susceptibility of the company's financial statements to material misstatement due to fraud, by:
- reviewing managements’ own assessment of the company’s susceptibility to fraud;
- considering the strength of the control environment; and
- evaluating management’s incentives for fraudulent manipulation of the financial statements, such as profit-related earn-out incentives.
We determined that the principal risks were related to inflation of revenue and profit.
To address the risk of fraud, we:
- compared financial statement disclosures to supporting documentation;
- performed analytical procedures to identify any unusual trends;
- tested journal entries to identify unusual transactions; and
- investigated the rationale behind significant or unusual transactions, as well as key assumptions and estimates used in the preparation of the financial statements.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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.
......................................
For and on behalf of
Suite I Windrush Court
Abingdon Business Park
Abingdon
OX14 1SY
Regent's Park Healthcare Limited
Consolidated Profit and Loss Account for the Year Ended 30 April 2024
Note |
2024 |
2023 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Earnings Before Interest, Taxes, Depreciation, and Amortization |
|
|
|
Amortisation of intangible assets |
(436,345) |
(437,341) |
|
Depreciation |
(229,702) |
(224,612) |
|
Operating profit |
3,000,790 |
3,337,733 |
|
Gain/(loss) on financial assets at fair value through profit and loss |
|
( |
|
Income from other Fixed assets investments |
|
|
|
Other interest receivable and similar income |
|
|
|
1,802,488 |
253,454 |
||
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit for the financial year |
|
|
|
Profit/(loss) attributable to: |
|||
Owners of the company |
|
|
Regent's Park Healthcare Limited
(Registration number: 08983623)
Consolidated Balance Sheet as at 30 April 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
Investment property |
|
- |
|
Other financial assets |
232,213 |
215,095 |
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
100 |
100 |
|
Revaluation reserve |
850,294 |
- |
|
Retained earnings |
16,947,004 |
13,780,360 |
|
Equity attributable to owners of the company |
17,797,398 |
13,780,460 |
|
Shareholders' funds |
17,797,398 |
13,780,460 |
Approved and authorised by the
......................................... |
Regent's Park Healthcare Limited
(Registration number: 08983623)
Balance Sheet as at 30 April 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Investments |
|
|
|
Other financial assets |
4,604 |
3,576 |
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
100 |
100 |
|
Retained earnings |
21,031,867 |
16,093,532 |
|
Shareholders' funds |
21,031,967 |
16,093,632 |
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss accounts and related notes. The company made a profit after tax for the financial year of £4,939,335 (2023 - profit of £3,202,022).
Approved and authorised by the
......................................... |
Regent's Park Healthcare Limited
Consolidated Statement of Changes in Equity for the Year Ended 30 April 2024
Equity attributable to the parent company
Share capital |
Revaluation reserve |
Profit and loss account |
Total |
|
At 1 May 2023 |
|
- |
|
|
Profit for the year |
- |
- |
|
|
Other comprehensive income |
- |
|
( |
- |
Total comprehensive income |
- |
|
|
|
Dividends |
- |
- |
( |
( |
At 30 April 2024 |
|
|
|
|
Share capital |
Profit and loss account |
Total |
|
At 1 May 2022 |
|
|
|
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
Dividends |
- |
( |
( |
At 30 April 2023 |
|
|
|
Regent's Park Healthcare Limited
Statement of Changes in Equity for the Year Ended 30 April 2024
Share capital |
Retained earnings |
Total |
|
At 1 May 2023 |
|
|
|
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
At 30 April 2024 |
|
|
|
Share capital |
Retained earnings |
Total |
|
At 1 May 2022 |
|
|
|
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
At 30 April 2023 |
100 |
16,093,532 |
16,093,632 |
Regent's Park Healthcare Limited
Consolidated Statement of Cash Flows for the Year Ended 30 April 2024
Note |
2024 |
2023 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Financial instrument net gains (losses) through profit and loss |
( |
|
|
Changes in fair value of investment property |
( |
- |
|
Finance income |
( |
( |
|
Income tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
Increase in trade debtors |
( |
( |
|
(Decrease)/increase in trade creditors |
( |
|
|
Cash generated from operations |
|
|
|
Income taxes paid |
( |
( |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Interest received |
|
|
|
Acquisitions of tangible assets |
( |
( |
|
Proceeds from sale of tangible assets |
|
- |
|
Acquisition of intangible assets |
- |
( |
|
Acquisition of other financial assets |
- |
(2,698) |
|
Net cash flows from investing activities |
|
( |
|
Cash flows from financing activities |
|||
Dividends paid |
( |
( |
|
Net increase in cash and cash equivalents |
|
|
|
Cash and cash equivalents at 1 May |
|
|
|
Cash and cash equivalents at 30 April |
13,653,851 |
11,063,233 |
Regent's Park Healthcare Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements are prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Under section 408 of the Companies Act 2006 the Company is exempt from the requirement to present its own Profit and Loss Account.
The financial statements are presented in Sterling (£) which is the functional currency of the company.
Regent's Park Healthcare Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 April 2024.
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Going concern
The financial statements have been prepared on a going concern basis. The Directors have considered the following factors;
•There remains significant opportunity and demand to expand our existing services as well as a strong business development pipeline of new opportunities.
• We continue to see increased demand for our services. Revenue from NHS and private patients continue to be earned consistently in the Group.
• All cash is managed centrally, and Regent’s Park Healthcare has seen very strong cash flow throughout the period. Regent’s Park Healthcare has no external debt.
• Budgeted cash flows show that the Group would be able to continue to trade for at least 12 months from the date of approval of these financial statements. Even under the most severe but plausible scenario, the Group has sufficient resources and liquidity to be able to continue to trade for at least 12 months from the date of signing these financial statements..
Regent's Park Healthcare Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Prior period restatements
Historically, staff costs were fully allocated to administrative expenses. Following a review, it has been determined that apportioning staff costs between cost of sales and administrative expenses provides a more accurate reflection of the company’s performance.
Relating to the current period disclosed in these financial statements |
Relating to the prior period disclosed in these financial statements |
|||
£ |
£ |
|||
Cost of sales |
1,324,823 |
1,157,798 |
||
Administrative expenses |
(1,324,823) |
(1,157,798) |
Judgements
Capitalisation of Development Costs |
Key sources of estimation uncertainty
Goodwill and Intangible Assets
The Group establishes a reliable estimate of the useful life of goodwill and intangible assets arising on business combinations.The estimate is based on a variety of factors such as the expected use of the acquired business, any legal, regulatory or contractual provision that can limit useful life and assumptions that market participants would consider in respect of similar businesses. The carrying amount is £4,716,195 (2023 -£5,117,744).
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Government grants
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants relating to revenue are recognised in income over the period in which the related costs are recognised.
Tax
The tax expense for the period comprises current tax payable and deferred tax.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.
Regent's Park Healthcare Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and Machinery |
10 Year straight line |
Freehold land and buildings |
50 years straight line |
Investment property
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life.
Intangible assets
Other intangible assets consist of a prototype.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
20 years straight line |
Other intangibles |
10 years straight line |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Regent's Park Healthcare Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Turnover |
The analysis of the group's Turnover for the year from continuing operations is as follows:
2024 |
2023 |
|
Rendering of services |
|
|
Rental income |
- |
|
|
|
Other operating income |
The analysis of the group's other operating income for the year is as follows:
2024 |
2023 |
|
Miscellaneous other operating income |
|
|
Operating profit |
Arrived at after charging/(crediting)
2024 |
2023 |
|
Depreciation expense |
|
|
Amortisation expense |
|
|
Other interest receivable and similar income |
2024 |
2023 |
|
Interest income on bank deposits |
|
|
Regent's Park Healthcare Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2024 |
2023 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
2024 |
2023 |
|
Clinical staff |
|
|
Administration and support |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2024 |
2023 |
|
Remuneration |
|
|
Auditors' remuneration |
2024 |
2023 |
|
Audit of these financial statements |
10,000 |
9,000 |
Regent's Park Healthcare Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Taxation |
Tax charged/(credited) in the income statement
2024 |
2023 |
|
Current taxation |
||
UK corporation tax |
|
|
Deferred taxation |
||
Arising from a temporary difference relating to capital allowances |
310,225 |
70,718 |
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2024 |
2023 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Tax increase from effect of capital allowances and depreciation |
|
|
Increase from effect of different UK tax rates on some earnings |
- |
|
Tax increase from other short-term timing differences |
|
|
Effect of revenues exempt from taxation |
( |
( |
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Effect of tax losses |
|
|
Tax decrease from effect of adjustment in research and development tax credit |
( |
( |
Total tax charge |
|
|
Regent's Park Healthcare Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Intangible assets |
Group
Goodwill |
Other intangible assets |
Total |
|
Cost or valuation |
|||
At 1 May 2023 |
|
|
|
At 30 April 2024 |
|
|
|
Amortisation |
|||
At 1 May 2023 |
|
|
|
Amortisation charge |
|
|
|
At 30 April 2024 |
|
|
|
Carrying amount |
|||
At 30 April 2024 |
|
|
|
At 30 April 2023 |
|
|
|
Regent's Park Healthcare Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Tangible assets |
Group
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
Cost or valuation |
||||
At 1 May 2023 |
|
|
- |
|
Additions |
|
|
|
|
Disposals |
- |
( |
- |
( |
Transfers to/from investment property |
( |
- |
- |
( |
At 30 April 2024 |
|
|
|
|
Depreciation |
||||
At 1 May 2023 |
|
|
- |
|
Charge for the year |
|
|
|
|
At 30 April 2024 |
|
|
|
|
Carrying amount |
||||
At 30 April 2024 |
|
|
|
|
At 30 April 2023 |
|
|
- |
|
Included within the net book value of land and buildings above is £982,380 (2023 - £2,642,068) in respect of freehold land and buildings.
Investment properties |
Group
2024 |
|
Transfers to and from owner-occupied property |
1,966,274 |
Fair value adjustments |
|
At 30 April |
|
The investment property was subject to an independent, professional valuation at 26 October 2024. Additions between the year end date and the revaluation date have been deducted, resulting in a fair value of £3.1m.
Regent's Park Healthcare Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Investments |
Company
2024 |
2023 |
|
Investments in subsidiaries |
|
|
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
2024 |
2023 |
|||
Subsidiary undertakings |
||||
|
As parent England and Wales |
|
|
|
|
As parent England and Wales |
|
|
|
|
As parent England and Wales |
|
|
|
|
As parent England and Wales |
|
|
|
|
As parent England and Wales |
|
|
|
Subsidiary undertakings |
Regent's Park Heart Clinics Limited The principal activity of Regent's Park Heart Clinics Limited is |
Regent's Park Cardiovascular Solutions Ltd The principal activity of Regent's Park Cardiovascular Solutions Ltd is |
RPH Capital Limited The principal activity of RPH Capital Limited is |
Regent's Park Healthcare Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Other financial assets |
Group
Financial assets at fair value through profit and loss |
Total |
|
Non-current financial assets |
||
Cost or valuation |
||
At 1 May 2023 |
215,095 |
215,095 |
Fair value adjustments |
17,118 |
17,118 |
At 30 April 2024 |
232,213 |
232,213 |
Carrying amount |
||
At 30 April 2024 |
|
232,213 |
Company
Financial assets at fair value through profit and loss |
Total |
|
Non-current financial assets |
||
Cost or valuation |
||
At 1 May 2023 |
3,576 |
3,576 |
Fair value adjustments |
1,028 |
1,028 |
At 30 April 2024 |
4,604 |
4,604 |
Impairment |
||
Carrying amount |
||
At 30 April 2024 |
|
4,604 |
Debtors |
Group |
Company |
||||
Current |
Note |
2024 |
2023 |
2024 |
2023 |
Trade debtors |
|
|
- |
- |
|
Amounts owed by related parties |
|
|
|
|
|
Other debtors |
|
|
- |
- |
|
Prepayments |
|
|
- |
- |
|
Accrued income |
|
|
|
- |
|
|
|
|
|
Regent's Park Healthcare Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Cash and cash equivalents |
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
Cash at bank |
|
|
|
|
Creditors |
Group |
Company |
||||
Note |
2024 |
2023 |
2024 |
2023 |
|
Due within one year |
|||||
Trade creditors |
|
|
- |
- |
|
Amounts due to related parties |
- |
- |
- |
|
|
Social security and other taxes |
|
|
- |
- |
|
Other payables |
|
|
|
|
|
Accruals |
|
|
- |
- |
|
Income tax liability |
475,115 |
257,474 |
162,769 |
48,915 |
|
|
|
|
|
Provisions for liabilities |
Group
Deferred tax |
Total |
|
At 1 May 2023 |
|
|
Increase (decrease) in existing provisions |
|
|
At 30 April 2024 |
|
|
|
Regent's Park Healthcare Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
Dividends |
2024 |
2023 |
|||
£ |
£ |
|||
Final dividend of £ |
1,000 |
2,000 |
||
Related party transactions |
Group
Other transactions with directors |
Dr A Ohri has a loan with the company. At the balance sheet date the amount due to Dr A Ohri was £6,963,874 (2023: £6,962,942). The loan is repayable on demand.