Registration number:
Fertility Bristol Limited
for the Year Ended 31 March 2024
Fertility Bristol Limited
Contents
Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
Fertility Bristol Limited
Company Information
Directors |
V Akande G Beal Y E Hignell |
Registered office |
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Auditors |
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Fertility Bristol Limited
Strategic Report for the Year Ended 31 March 2024
The directors present their strategic report for the year ended 31 March 2024.
Principal activity
The principal activity of the company is the provision of in-vitro fertilisation and related medical services.
Fair review of the business
The company turnover for the year has increased to £9.3m from £7.5m (as restated) in 2023, and made a pre-tax profit of £2.0m (2023 : £0.5m (as restated)). The performance of the company for the period ended 31 March 2024 was in line with the expectations of the directors, with a strong increase in revenue. The financial position of the company is considered satisfactory. Over the year, the company continued to invest in its operational capacity and capabilities to grow its market position and deliver high-quality services.
Principal risks and uncertainties
The key business risks and uncertainties affecting the company relate to changes in the economy, competition from national and international practices, and the introduction of new treatments and procedures. The company mitigates these risks through regular market analysis, investment in research and development, and maintaining high standards of patient care to differentiate itself from competitors.
Financial key performance indicators
Given the straightforward nature of the business, the directors are of the opinion that traditional KPI analysis is not necessary for an understanding of the company’s development, performance, or position. Revenue growth, customer satisfaction and clinical outcomes are monitored internally and have remained strong.
Future developments
The company will continue to invest in cutting-edge technology and expand its service offerings to meet growing patient demand and maintain its competitive advantage.
Outlook
The directors remain confident in the company's ability to continue delivering high-quality services and to achieve sustainable growth in the coming years.
Approved and authorised by the
......................................... |
Fertility Bristol Limited
Directors' Report for the Year Ended 31 March 2024
The directors present their report and the financial statements for the year ended 31 March 2024.
Directors of the company
The directors who held office during the year were as follows:
The following directors were appointed after the year end:
Results and dividends
The results for the year are set out on page 10.
Ordinary dividends of £3,000,000 were paid during the year (2023 - £300,000). The directors do not recommend payment of a final dividend (2023 - £nil).
Financial instruments
The company has procedures to identify risk and protect and manage the company from events that may hinder its financial performance objectives. The objectives aim to ensure sufficient working capital exists and monitor and manage risk.
Price risk, credit risk, liquidity risk and cash flow risk
Price risk – the company is exposed to price risk as a result of its operations, but the risk is minimised by the demand for its high quality fertility services.
Credit risk – The company manages credit risk effectively by requiring payment in advance for treatment. This policy significantly reduces the risk of non-payment and ensures that the company maintains a secure cash flow. Clear terms and conditions are provided to all patients at the outset, further minimising the company's exposure to credit risk. These measures support the company's financial stability and enable it to continue delivering high-quality fertility services.
Liquidity and cash flow risk – the company’s exposure to liquidity risk is minimal as the company tightly monitors and controls its cash flow.
Events after the financial period
Since the balance sheet date, the company has been acquired by FB Topco Limited. The ultimate controlling party since the date of acquisition is FutureLife a.s., a company incorporated in the Czech Republic.
Fertility Bristol Limited
Directors' Report for the Year Ended 31 March 2024
Disclosure of information to the auditors
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 auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Reappointment of auditors
The auditors ML Audit LLP are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Approved by the
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Fertility Bristol 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Fertility Bristol Limited
Independent Auditor's Report to the Members of Fertility Bristol Limited
Qualified Opinion
We have audited the financial statements of Fertility Bristol Limited (the 'company') for the year ended 31 March 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, 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, except for the possible effects of the matter described in the Basis for Qualified Opinion section of our report, the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for qualified opinion on financial statements
We were not appointed as auditor of the company until after 31 March 2023 and thus did not observe the counting of physical inventories at the end of that year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities of £226,163 held at 31 March 2023 by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount at 31 March 2023 was necessary or whether there was any consequential effect on the cost of sales for the year ended 31 March 2024. In addition, were any adjustment to the inventory balance to be required, the strategic report would also need to be amended.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law.
Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.
Key audit matters
Except for the matter described in the basis for qualified opinion section, we have determined that there are no key audit matters to be communicated in our report.
Fertility Bristol Limited
Independent Auditor's Report to the Members of Fertility Bristol Limited
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 company's ability to continue as a going concern for a period of at least twelve months from when the 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.
As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the inventory quantities of £226,163 held at 31 March 2023. We have concluded that where the other information refers to the inventory balance or related balances such as cost of sales, it may be materially misstated for the same reason.
Opinion on other matter prescribed by the Companies Act 2006
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, 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 the directors' report have been prepared in accordance with applicable legal requirements. |
Other matter
The prior year financial statements were unaudited.
Fertility Bristol Limited
Independent Auditor's Report to the Members of Fertility Bristol Limited
Matters on which we are required to report by exception
Except for the matter described in the basis for qualified opinion section of our report, in light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report.
Arising solely from the limitation on the scope of our work relating to stock, referred to above:
• |
we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and |
• |
we were unable to determine whether adequate accounting records have been kept. |
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:
• |
returns adequate for our audit have not been received from locations not visited by us; or |
• |
the financial statements are not in agreement with the accounting records and returns; or |
• |
certain disclosures of directors’ remuneration specified by law are not made. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 5, 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.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:
• |
obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework; |
• |
inquired of management, and those charged with governance, about their own identification and assessment of the risks or irregularities, including known and actual, suspected or alleged instances of fraud; |
• |
discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud. |
However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity’s operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
Fertility Bristol Limited
Independent Auditor's Report to the Members of Fertility Bristol Limited
A further description of our responsibilities is available on the Financial Reporting Council’s website at: http://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
Statutory Auditors
Freshford House
Redcliffe Way
BS1 6NL
Fertility Bristol Limited
Profit and Loss Account for the Year Ended 31 March 2024
Note |
2024 |
(As restated) |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit |
2,030,087 |
510,586 |
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar expenses |
( |
( |
|
(3,599) |
(6,892) |
||
Profit before tax |
|
|
|
Tax on profit |
( |
|
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above. As a result, a seperate Statement of Other Comprehensive Income has not been presented.
Fertility Bristol Limited
(Registration number: 10946488)
Balance Sheet as at 31 March 2024
Note |
2024 |
(As restated) |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current (liabilities)/assets |
( |
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
- |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Share premium reserve |
|
|
|
Retained earnings |
|
|
|
Shareholders' funds |
|
|
Approved and authorised by the
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Fertility Bristol Limited
Statement of Changes in Equity for the Year Ended 31 March 2024
Share capital |
Share premium |
Retained earnings |
Total |
|
At 1 April 2023 |
|
|
|
|
Profit for the year |
- |
- |
|
|
Dividends |
- |
- |
( |
( |
At 31 March 2024 |
|
|
|
|
Share capital |
Share premium |
Retained earnings |
Total |
|
At 1 April 2022 |
|
|
|
|
Profit for the year (as restated) |
- |
- |
|
|
Dividends |
- |
- |
( |
( |
At 31 March 2023 (as restated) |
215 |
104,676 |
3,057,745 |
3,162,636 |
Fertility Bristol Limited
Statement of Cash Flows for the Year Ended 31 March 2024
Note |
2024 |
(As restated) |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Profit on disposal of tangible assets |
( |
- |
|
Finance income |
( |
( |
|
Finance costs |
|
|
|
Income tax expense |
|
( |
|
|
|
||
Working capital adjustments |
|||
Increase in stocks |
( |
( |
|
Increase in trade debtors |
( |
( |
|
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 |
|
- |
|
Net cash flows from investing activities |
( |
( |
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Payments to hire purchase and finance lease creditors |
( |
( |
|
Dividends paid |
( |
( |
|
Net cash flows from financing activities |
( |
( |
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
Cash and cash equivalents at 1 April |
|
|
|
Cash and cash equivalents at 31 March |
1,477,163 |
2,201,517 |
Fertility Bristol Limited
Notes to the Financial Statements for the Year Ended 31 March 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:
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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
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.
The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.
Going concern
The directors have reviewed the company's supply chains, key customers, capital resources and continues to operate within its budgets and forecasts following the year end.
The company made a profit before tax of £2,026,488 (2023 as restated - £503,694) and had a bank balance of £1,477,163 (2023 - £2,201,517) at the year ended 31 March 2024.
The directors are confident that the company has sufficient resources and cashflow generated from activity, and the intention of the group and ultimate parent company is to continue operational existence for a period of at least twelve months from the date of signing this report.
Fertility Bristol Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Prior period errors
During the audit of the 2024 financial statements, it was identified that contrary to the company's revenue recognition policy, certain treatment income had not been deferred, and therefore the value of deferred income at 31 March 2023 had been understated. The prior period balance sheet and profit and loss account have therefore been restated to correct this. On the comparative profit and loss account, this has resulted in a decrease in turnover of £687,110 and decrease in the tax charge of £130,439. On the balance sheet, there has been a corresponding increase in accruals and deferred income of £687,110 and decrease in the corporation tax liability of £130,439.
Key accounting estimates and significant judgements
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision only affects that period, or in the period of the revision and future periods if the revision affects both current and future periods.
During the year, management have made estimates for deferred income of £1,189,369 (2023 - £964,438). The basis for these estimates in relation to fertility treatments invoiced upfront are formed from reviewing the stage of treatment at the balance sheet date, which is estimated based on certain treatment milestones being reached.
In determining the closing stock valuation at 31 March 2024 of £583,366 (2023 - £226,163), management makes significant judgements in the allocation of individual cost elements that comprise the closing finished goods value. These judgements involve estimating attributable material costs, labour costs and overheads.
Revenue recognition
Turnover is derived from the company’s principal activity undertaken in the United Kingdom. Turnover represents the invoiced value of services provided to customers for fertility treatment, including cycles, medication and other associated services, less amounts deferred within creditors.
Turnover is recognised where and to the extent that the company is entitled to it under the terms of its contracts with customers. Drugs are recognised at the point of invoice as that is when they are dispensed to the patient. Invoices raised in advance of fertility treatments are recognised within deferred income and are released to the profit & loss account on a systematic basis in line with when the value of the services invoiced are provided to the customer. Where a contract with a customer includes cryostorage, this is recognised in deferred income at the point of freezing and released to the profit and loss on a straight-line basis.
Prices for treatment are agreed with the customer in advance of any treatment taking place. Contracts with customers do not allow for refunds once services are performed. If a patient is entitled to a refund on services not yet performed, this is recognised when there is an agreement to issue the refund.
Other revenue includes amounts received for the provision of training days and similar activities.
Fertility Bristol Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Finance income and costs policy
Interest income and expenses are recognised using the effective interest rate method.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the 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.
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 |
Short leasehold land and buildings |
6.67% straight line and 20% straight line |
Furniture, fittings and equipment |
20% straight line and 33% straight line |
Plant and machinery |
10% straight line |
Fertility Bristol Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’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 held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
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 |
50% straight line |
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.
Debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell within the financial statements. The value of stock is determined by attributing purchase costs, costs of conversion, and other attributable overheads incurred in bringing stock to its present location and condition. When considering attributable costs incurred, these consist primarily of labour and other personnel costs incurred when providing the service.
At each reporting date, stocks are assessed for impairment, with any associated impairment loss being recognised immediately in the profit or loss.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Fertility Bristol Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the relative risks and uncertainties.
Increases in provisions are generally charged as an expense to the profit or loss.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the
risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the
lease and the present value of the minimum lease payments. These assets are depreciated on a
straight-line basis over the shorter of the useful life of the asset and the lease term. The
corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss and reduction of the
lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the
liability.
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 company’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 company 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.
Fertility Bristol Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
2024 |
(As restated) |
|
Rendering of services |
|
|
Other revenue |
|
- |
|
|
All revenue is generated from sales in the United Kingdom.
Operating profit |
Arrived at after charging/(crediting):
2024 |
Unaudited |
|
Depreciation expense |
|
|
Foreign exchange losses |
|
- |
Operating lease expense - property |
|
|
Profit on disposal of property, plant and equipment |
( |
- |
Other interest receivable and similar income |
2024 |
Unaudited |
|
Interest income on bank deposits |
|
|
Interest payable and similar expenses |
2024 |
Unaudited |
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
Interest expense on other finance liabilities |
- |
|
|
|
Fertility Bristol Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2024 |
Unaudited |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category, was as follows:
2024 |
Unaudited |
|
Administration and support |
|
|
Medical |
|
|
Directors |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2024 |
Unaudited |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
423,760 |
285,416 |
In respect of the highest paid director:
2024 |
Unaudited |
|
Remuneration |
|
|
Fertility Bristol Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
During the year the number of directors who were receiving benefits and share incentives was as follows:
2024 |
Unaudited |
|
Accruing benefits under money purchase pension scheme |
|
|
The directors are considered to be the key management personnel (KMP) of the Company.
Auditors' remuneration |
2024 |
Unaudited |
|
Audit of the financial statements |
|
- |
Fertility Bristol Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Taxation |
Tax charged/(credited) in the income statement:
2024 |
(As restated) |
|
Current taxation |
||
UK corporation tax |
|
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
( |
Tax expense/(receipt) 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 |
(As restated) |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Decrease in UK and foreign current tax from adjustment for prior periods |
( |
( |
Tax decrease from effect of capital allowances and depreciation |
- |
( |
Decrease from effect of different UK tax rates on some earnings |
- |
( |
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Deferred tax expense/(credit) from unrecognised temporary difference from a prior period |
|
( |
Total tax charge/(credit) |
|
( |
Fertility Bristol Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Intangible assets |
Goodwill |
Total |
|
Cost or valuation |
||
At 1 April 2023 |
|
|
At 31 March 2024 |
|
|
Amortisation |
||
At 1 April 2023 |
|
|
At 31 March 2024 |
|
|
Carrying amount |
||
At 31 March 2024 |
- |
- |
Tangible assets |
Short leasehold land and buildings |
Furniture, fittings and equipment |
Plant and machinery |
Total |
|
Cost or valuation |
||||
At 1 April 2023 |
|
|
|
|
Additions |
|
|
|
|
Disposals |
( |
- |
( |
( |
At 31 March 2024 |
|
|
|
|
Depreciation |
||||
At 1 April 2023 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
( |
- |
( |
( |
At 31 March 2024 |
|
|
|
|
Carrying amount |
||||
At 31 March 2024 |
|
|
|
|
At 31 March 2023 |
|
- |
|
|
Fertility Bristol Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
2024 |
Unaudited |
|
Plant and machinery |
353,666 |
27,379 |
Stocks |
2024 |
Unaudited |
|
Other inventories |
|
|
Debtors |
Current |
2024 |
Unaudited |
Trade debtors |
|
|
Other debtors |
- |
|
Prepayments |
|
|
|
|
Cash and cash equivalents |
2024 |
Unaudited |
|
Cash at bank |
|
|
Short-term deposits |
|
|
|
|
Fertility Bristol Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Creditors |
Note |
2024 |
(As restated) |
|
Due within one year |
|||
Trade creditors |
|
|
|
Amounts due to related parties |
|
- |
|
Social security and other taxes |
|
|
|
Other creditors |
|
|
|
Accruals and deferred income |
|
|
|
Corporation tax liability |
317,836 |
59,297 |
|
Current HP liabilities |
|
|
|
|
|
||
Due after one year |
|||
Non-current HP liabilities |
|
- |
Hire purchase liabilities are secured against the assets to which they relate.
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 April 2023 |
|
|
Additional provisions |
|
|
At 31 March 2024 |
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
Fertility Bristol Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
Unaudited |
|||
No. |
£ |
No. |
£ |
|
|
|
215 |
|
215 |
Rights, preferences and restrictions
Ordinary shares have the following rights, preferences and restrictions: |
Reserves |
Share capital
This reserve reflects the nominal value of the share capital issued by the Company.
Share premium
This reserve reflects the amount above the nominal value received for shares sold, less transaction costs.
Profit and loss account
This reserve reflects the accumulated profits and losses of the Company, net of distributions to owners.
Obligations under leases and hire purchase contracts |
Finance leases
The total of future minimum lease payments is as follows:
2024 |
Unaudited |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
- |
|
|
Fertility Bristol Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Operating leases
The total of future minimum lease payments is as follows:
2024 |
Unaudited |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
Later than five years |
|
|
|
|
Dividends |
2024 |
Unaudited |
|||
£ |
£ |
|||
Interim dividend of £ |
3,000,000 |
300,000 |
||
Related party transactions |
Key management personnel
Key management personnel comprises directors of the company.
Summary of transactions with other related parties
Expenditure with and payables to related parties
2024 |
Other related parties |
Rendering of services |
|
|
Included within trade creditors is the above amount owed to a company that is controlled by one of the directors.
Fertility Bristol Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Loans from related parties
2024 |
Key management |
Other related parties |
Total |
At start of period |
- |
- |
- |
Advanced |
|
|
|
At end of period |
|
|
|
|
2023 |
Key management |
Total |
At start of period |
|
|
Advanced |
|
|
Repaid |
( |
( |
At end of period |
- |
- |
|
Terms of loans from related parties
Non adjusting events after the financial period |
|
Controlling party |
The ultimate controlling party as at the balance sheet date was Dr V Akande.