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Registered number: 08147250









ASTUTE HEALTHCARE LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
ASTUTE HEALTHCARE LIMITED
 
 
COMPANY INFORMATION


Director
Dhruvalbhai Patel 




Registered number
08147250



Registered office
Unit 1 Bilton Road
Hitchin

England

SG4 0SB




Independent auditors
BKL Audit LLP
Chartered Accountants & Statutory Auditor

London





 
ASTUTE HEALTHCARE LIMITED
 

CONTENTS



Page
Group strategic report
1 - 3
Director's report
4 - 8
Independent auditors' report
9 - 13
Consolidated statement of comprehensive income
14
Consolidated balance sheet
15 - 16
Company balance sheet
17 - 18
Consolidated statement of changes in equity
19 - 20
Company statement of changes in equity
21 - 22
Consolidated statement of cash flows
23 - 24
Notes to the financial statements
25 - 46


 
ASTUTE HEALTHCARE LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
The directors present their strategic report for the year 2024.
Our industry
The company's principal activity is the distribution of pharmaceutical products to independent pharmacies in the UK. We operate in a highly competitive sector by providing customer service and a range of locally sourced and
imported pharmaceutical products. The company's activities are regulated by the Medicines and Healthcare Products Regulatory Agency (MHRA).
Our strategy
Our strategy is to provide value to hard-working pharmacists. We do this through excellent telesales support and
an extensive range of products that are competitively priced on a daily basis. We aim to be the supplier of choice
to independent pharmacies and grow organically.

Business review
 
Turover is up by versus the prior period 
       2024    2023
       £    £
Turnover      109,606,551   97,910,282
Gross profit      15,447,623   14,325,471
EBITDA profit/(loss)    1,406,848   2,952,077
Depreciationand amortisation    368,606   78,666
Profit/(Loss) before tax    572,752   2,629,116
Net assets      5,924,686   5,999,083

Page 1

 
ASTUTE HEALTHCARE LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Principal risks and uncertainties
 
The directors review the principal risks and uncertainties on a regular basis. The principal risks and uncertainties affecting the company are financial and regulatory, as summarized below.
Liquidity risk
The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. The company's policy throughout the year has been to achieve this objective through management actively monitoring headroom availability on a daily basis.
Interest risk
The company finances its operations through a mixture of retained profits and asset-based lending facilities. The company does not ordinarily enter into derivative transactions to hedge the interest rate, as the directors consider that the interest rate is adequately managed without the use of such instruments. However, the directors will continue to monitor the risks and appropriateness of such instruments.
Credit risk
The company's principal financial assets are cash and trade debtors. The credit risk associated with cash is limited as the counterparties have high credit ratings assigned by international credit-rating agencies. The principal credit risk rises, therefore, from trade debtors. Credit risk is managed by setting limits for customers, and this is based on a combination of payment history, third-party credit references, and a review of published financial information. Credit limits are reviewed by the financial controller on a regular basis in conjunction with debt averaging and collection history. The company also holds a credit insurance policy as a safeguard.
Regulations
The company operates in a market and an industry that are subject to specific regulations that govern the way business must be conducted. The directors and the regulatory department seek to ensure that the company complies with its obligations in all its operations.
Funding
Barclays has supplied the company with an invoice discounting facility of £7.5 million (4.2 million utilised) and a trade loan of £3.5 million (3 million utilised).

Financial key performance indicators
 
The directors use a number of key performance indicators to measure profitability and working capital. These
are monitored on an ongoing basis by the management and are set out below:
Financial Indicators                                                          2024                              2023
Revenue (£)                                                                      109,606,551                   97,910,282
Profitability ratios:
Gross margin (gross profit as % of revenue)                        14%                              15%
EBITDA (profit/(loss) before depreciation, amortisation,        1.3%                             3%
interest and tax as % of revenue)
 

Page 2

 
ASTUTE HEALTHCARE LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Director's statement of compliance with duty to promote the success of the Group
 
The directors of the group are aware of the requirement to act in the way they consider, in good faith, would be most likely to promote the success of the Group for the benefit of its shareholders, customers, suppliers and other stakeholders. In considering this duty, the Directors consider the following stakeholders:
Employees
The Group considers people to be our greatest asset and the interests of all employees are considered when decisions are made. The Directors and Executive team keep the business informed about important business news through a variety of media including regular All Hands updates.
Shareholders
The Directors have regular contact with the shareholders in order to maximise the Group’s long-term growth prospects.
Customers
The Directors prioritise compliance with regulation and best practice to ensure the funds of relevant clients are protected while ensuring each clients' best interests are served in accordance with their risk appetite and commercial agreements. The Directors and senior leadership team work closely with customers to build long term relationships and contact customers for feedback. The Board reviews customer feedback on a regular basis to monitor progress and address any significant customer issues, reviewing service performance indicators across a variety of measures including net promoter scores.
Regulators
The Directors prioritise compliance with regulation and best practice to ensure the funds of clients are protected. The Directors work closely in partnership with regulators to ensure a strong working relationship and adequate capital controls.
Suppliers
The Group has various key supplier relationships which work more as a partnership to ensure the smooth running of the business.
The Environment
The Group is committed to minimising the environmental impacts of the business operations. The Board seeks to reduce, where possible, our environmental footprint.


This report was approved by the board and signed on its behalf.



Mr Dhruvalbhai Patel
Director

Date: 31 March 2024

Page 3

 
ASTUTE HEALTHCARE LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The director presents his report and the financial statements for the year ended 31 March 2024.

Director's responsibilities statement

The director is responsible for preparing the Group strategic report, the Director's report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments 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;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The director is 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 the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £145,441 (2023 - £2,114,606).

During the year, Company declared an interim dividend of £140,000 (2023 - £181,000)

Director

The director who served during the year was:

Mr Dhruvalbhai Patel 

Future developments

Astute Healthcare Limited is looking for the better growth in the years to come, as our expert management team is continuously looking into the improvements in the products and the services we provide to our customers, along with the improvisation in existing products and services to existing customers, we are continuously iooking and analyzing the market and make sure to add the new range of high demanding products. Also, management is continuously working towards minimizing the supply chain costs and control over operational costs and overheads and that would lead to better Margins for company.


Page 4

 
ASTUTE HEALTHCARE LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Engagement with suppliers, customers and others

Our Colleagues
Relationship to Astute Group
Colleagues are at the heart of our business, and are our greatest asset. There are over 425 colleagues at Astute Group within a variety of departments, including warehousing, transport, sales, and administration.
How we support
We continue to focus on making Astute Group a great place to work, and ensure colleagues share in the Group's long-term success
How we engage
The Directors, Executive Team, and Non-executive members of the Board all have frequent interaction with colleagues, including site visits and both formal and informal meetings and forums (inclusive of the Employee Forum).
Effect on decision making, outcome, and benefits to stakeholder
We decided to continue investing in the strategy, and for the future. This is aligned with our fundamental belief that the long-term success of the business and the expansion of its market leading position is of most benefit to all stakeholders.
Investing in and embedding a strong health and safety culture, seeing meaningful improvements in H&S culture and reporting.
Comprehensive learning and development programmes rolled out.
Conducted a first colleague engagement survey, providing valuable insight into what is working well and what can be done to better engage our colleagues.
Took the decision to again tier our cost-of-living increases to ensure lowest-paid colleagues got the greatest increase.
Our Customers
Relationship to Astute Group
Imperative to our success and the growth of the Company.
We have an extensive customer base spanning independent and multiple retailers, small and large customers
How we support
We provide our customers with a market-leading service through the largest product range, in-depth knowledge ecommerce and marketing support, and nationwide next day delivery service.
We help our customers grow their businesses through providing them with competitive advantages.
How we engage
Frequent interaction through sales representatives, dedicated service teams, and communications channels. periodically customer surveys, and feedback mechanisms Focus groups, including on new product launches.

 
Page 5

 
ASTUTE HEALTHCARE LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


Effect on decision making, outcome, and benefits to stakeholder
We decided to continue investing in the strategy, and for the future. This is aligned with our fundamental belief that the long-term success of the business and the expansion of its market-leading position is of most benefit to all stakeholders.
Considerable investment and progress in upgrading the network to increase the level of service to all customers.
Our Suppliers
Relationship to Astute Group
Key to ensuring we can supply the best product at a competitive price in a timely manner to customers / end-consumers.
We work with suppliers across the globe manufacturing the broadest range of products, and give them a highly effective route to market into the fragmented customer base
How we support
Helping and supporting manufacturers with selling their products into our large and diverse trade customer base.
How we engage
Frequent visits to suppliers’ sites and premises. Second Supplier Conference held to share our insights and strategy with them, and how we can more effectively work together.
Sharing of sales data, and insight into customer and end-consumer buying.
Effect on decision making, outcome, and benefits to stakeholder
We decided to continue investing in the strategy, and for the future. This is aligned with our fundamental belief that the long-term success of the business and the expansion of its market-leading position is of most benefit to all stakeholders.
Our Shareholders
Relationship to Astute Group
The owners of the Company. Highly important that the Board is aware of and solicits their views, and then evaluates these views in relation to the strategic and corporate objectives of the Company.
Key joint focus on the long term success and sustainability of the Company.
How we support
Focus on delivering a long-term sustainable business that operates with the highest level of governance.
How we engage
Frequent regulatory announcements with high levels of disclosure.
In-person presentations and meetings, including offering meetings at the Company’s sites. Use of webinars and recordings to allow all shareholders to hear and view materials.
Solicitation and consideration of feedback, including on strategy and its oversight.
 
Page 6

 
ASTUTE HEALTHCARE LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Effect on decision making, outcome, and benefits to stakeholder
We decided to continue investing in the strategy, and for the future. This is aligned with our fundamental belief that the long-term success of the business and the expansion of its market-leading position is of most benefit to all stakeholders.
Further efficiency and mitigating actions introduced during 2023 to help support margins and better align costs with the weak market backdrop. Ongoing scrutiny of operational performance, efficiencies, and the cost base.
Our Communities and the Environment
Relationship to Astute Group
Key to supporting the success of the Company’s regional and national businesses.
We actively recruit people from local communities, so very important to the ongoing success of the Company by attracting great people.
Minimising environmental impact is critical to managing climate change, and the knock-on impact on communities.
How we support
Support communities through employment and engagement activities, and also by reducing our impact on the environment through our sustainability strategy.
How we engage
Engagement with colleagues to ensure aware of local causes and events
Actively advertise job vacancies through word of mouth and locally.
Locally focused Communities Programme which gives colleagues the opportunity to both volunteer and donate to projects and charities in their local community.
Effect on decision making, outcome, and benefits to stakeholder
We decided to continue investing in the strategy, and for the future. This is aligned with our fundamental belief that the long-term success of the business and the expansion of its market-leading position is of most benefit to all stakeholders.
Implemented some key actions to reduce our greenhouse gas emissions, predominantly focussed on improving transport efficiencies and the installation of solar panels.

Page 7

 
ASTUTE HEALTHCARE LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Greenhouse gas emissions, energy consumption and energy efficiency action

The company presents its greenhouse gases ("GHG") emissions and energy use data under Streamlined Energy
and carbon Reporting ("SECR") for the year ended 31 March 2024:
Energy Consumption used to calculate emissions:

Description       2024 tCO2(e)
Scope 1       24.76
Scope 2       9.63 
Total Gross Emission     34.39 
Electricity & Gas Consumption in 2024 was 221,725 KWh 



Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:
 
so far as  is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

 has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsBKL Audit LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





Mr Dhruvalbhai Patel
Director

Date: 31 March 2024

Page 8

 
ASTUTE HEALTHCARE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASTUTE HEALTHCARE LIMITED
 

Opinion


We have audited the financial statements of Astute Healthcare Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 of the parent Company's affairs as at 31 March 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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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 or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


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


Page 9

 
ASTUTE HEALTHCARE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASTUTE HEALTHCARE LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Director's report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Director's report.


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


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 10

 
ASTUTE HEALTHCARE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASTUTE HEALTHCARE LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Director's responsibilities statement set out on page 4, the director is 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 director determines 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 director is responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 11

 
ASTUTE HEALTHCARE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASTUTE HEALTHCARE LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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 Group 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:
- enquiring of management and those charged with governance around actual and potential litigation and claims;
- enquiring of management and those charged with governance to identify any instances of non-compliance with laws and regulations;
- reviewing board meeting minutes for all meetings taking place throughout the year and indeed up until the date of signature of these financial statements;
- reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
- reviewing the general ledger in detail for all transactions with related parties; performing walk through testing to ensure systems and controls are operating as recorded where appropriate;
- performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. 


As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:


Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director.
Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.


Page 12

 
ASTUTE HEALTHCARE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASTUTE HEALTHCARE LIMITED (CONTINUED)




Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statementsWe are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.


We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


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 2006Our 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 Auditors' 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.





Michael Wedge FCA (Senior statutory auditor)
  
for and on behalf of
BKL Audit LLP
 
Chartered Accountants & Statutory Auditor
  
London

31 March 2024
Page 13

 
ASTUTE HEALTHCARE LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
Restated 2023
Note
£
£

  

Turnover
 5 
109,606,551
97,970,932

Cost of sales
  
(94,158,928)
(83,645,461)

Gross profit
  
15,447,623
14,325,471

Distribution costs
  
(8,512,149)
(7,999,173)

Administrative expenses
  
(5,968,570)
(3,680,393)

Other operating income
 6 
71,338
227,506

Operating profit
  
1,038,242
2,873,411

Interest receivable and similar income
 9 
1,647
424

Interest payable and similar expenses
 10 
(467,137)
(244,719)

Profit before taxation
  
572,752
2,629,116

Tax on profit
 11 
(427,311)
(514,510)

Profit for the financial year
  
145,441
2,114,606

  

Foreign exchange (loss) / gain
  
(123,254)
(39)

Other comprehensive income for the year
  
(123,254)
(39)

Total comprehensive income for the year
  
22,187
2,114,567

Profit for the year attributable to:
  

Non-controlling interests
  
(75)
21

Owners of the parent Company
  
145,516
2,114,585

  
145,441
2,114,606

Total comprehensive income for the year attributable to:
  

Non-controlling interest
  
(149)
(18)

Owners of the parent Company
  
18,352
2,049,000

  
18,203
2,048,982

The notes on pages 25 to 46 form part of these financial statements.

Page 14

 
ASTUTE HEALTHCARE LIMITED
REGISTERED NUMBER: 08147250

CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
938,553
-

Tangible assets
 14 
3,600,196
1,553,871

  
4,538,749
1,553,871

Current assets
  

Stocks
 16 
8,286,182
8,442,999

Debtors: amounts falling due within one year
 17 
13,340,021
15,509,969

Cash at bank and in hand
 18 
804,254
1,497,677

  
22,430,457
25,450,645

Creditors: amounts falling due within one year
 19 
(20,608,146)
(20,965,466)

Net current assets
  
 
 
1,822,311
 
 
4,485,179

Total assets less current liabilities
  
6,361,060
6,039,050

Provisions for liabilities
  

Deferred taxation
 21 
(35,678)
(39,967)

Other provisions
 22 
(400,696)
-

  
 
 
(436,374)
 
 
(39,967)

Net assets
  
5,924,686
5,999,083

Page 15

 
ASTUTE HEALTHCARE LIMITED
REGISTERED NUMBER: 08147250
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

As restated
2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
 23 
2
2

Other reserves
 24 
(31,178)
48,618

Profit and loss account
 24 
5,954,949
5,949,433

Equity attributable to owners of the parent Company
  
5,923,773
5,998,053

Non-controlling interests
  
913
1,030

  
5,924,686
5,999,083


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr Dhruvalbhai Patel
Director

Date: 31 March 2024

The notes on pages 25 to 46 form part of these financial statements.

Page 16

 
ASTUTE HEALTHCARE LIMITED
REGISTERED NUMBER: 08147250

COMPANY BALANCE SHEET
AS AT 31 MARCH 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
146,425
159,868

Investments
 15 
3,323,968
1,327,762

  
3,470,393
1,487,630

Current assets
  

Stocks
 16 
6,868,562
8,442,906

Debtors: amounts falling due within one year
 17 
12,761,041
15,327,329

Cash at bank and in hand
 18 
615,019
1,478,050

  
20,244,622
25,248,285

Creditors: amounts falling due within one year
 19 
(16,626,986)
(20,778,866)

Net current assets
  
 
 
3,617,636
 
 
4,469,419

Total assets less current liabilities
  
7,088,029
5,957,049

  

Provisions for liabilities
  

Deferred taxation
 21 
(35,678)
(39,967)

  
 
 
(35,678)
 
 
(39,967)

Net assets excluding pension asset
  
7,052,351
5,917,082

Net assets
  
7,052,351
5,917,082

Page 17

 
ASTUTE HEALTHCARE LIMITED
REGISTERED NUMBER: 08147250
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

As restated
2024
2023
Note
£
£


Capital and reserves
  

Called up share capital 
 23 
2
2

Profit and loss account brought forward
  
5,917,080
4,019,390

Profit for the year
  
1,275,269
2,078,690

Dividends

  

(140,000)
(181,000)

Profit and loss account carried forward
 24 
7,052,349
5,917,080

  
7,052,351
5,917,082


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


Mr Dhruvalbhai Patel
Director

Date: 31 March 2024

The notes on pages 25 to 46 form part of these financial statements.

Page 18
 

 
ASTUTE HEALTHCARE LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024



Called up share capital
Other reserves
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£
£
£
£
£
£


At 1 April 2023
2
48,618
5,949,433
5,998,053
1,030
5,999,083



Comprehensive income for the year


Profit for the year

-
-
145,516
145,516
(75)
145,441


Foreign Exchange
-
-
-
-
(47)
(47)



Other comprehensive income for the year
-
-
-
-
(47)
(47)



Total comprehensive income for the year
-
-
145,516
145,516
(122)
145,394



Contributions by and distributions to owners


Dividends
-
-
(140,000)
(140,000)
-
(140,000)


Other reserves
-
(79,796)
-
(79,796)
5
(79,791)



Total transactions with owners
-
(79,796)
(140,000)
(219,796)
5
(219,791)



At 31 March 2024
2
(31,178)
5,954,949
5,923,773
913
5,924,686



The notes on pages 25 to 46 form part of these financial statements.

Page 19

 

 
ASTUTE HEALTHCARE LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023



Called up share capital
Other reserves
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£
£
£
£
£
£


At 1 April 2022
2
105,285
4,015,848
4,121,135
1,043
4,122,178



Comprehensive income for the year


Profit for the year

-
-
2,114,585
2,114,585
21
2,114,606


Foreign exchange
-
-
-
-
(39)
(39)



Other comprehensive income for the year
-
-
-
-
(39)
(39)



Total comprehensive income for the year
-
-
2,114,585
2,114,585
(18)
2,114,567



Contributions by and distributions to owners


Dividends
-
-
(181,000)
(181,000)
-
(181,000)


Other reserves
-
(56,667)
-
(56,667)
5
(56,662)



Total transactions with owners
-
(56,667)
(181,000)
(237,667)
5
(237,662)



At 31 March 2023
2
48,618
5,949,433
5,998,053
1,030
5,999,083



The notes on pages 25 to 46 form part of these financial statements.

Page 20
 
ASTUTE HEALTHCARE LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 April 2023
2
5,917,080
5,917,082


Comprehensive income for the year

Profit for the year

-
1,275,269
1,275,269


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
1,275,269
1,275,269


Contributions by and distributions to owners

Dividends
-
(140,000)
(140,000)


Total transactions with owners
-
(140,000)
(140,000)


At 31 March 2024
2
7,052,349
7,052,351


The notes on pages 25 to 46 form part of these financial statements.

Page 21

 
ASTUTE HEALTHCARE LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 April 2022
2
4,019,390
4,019,392


Comprehensive income for the year

Profit for the year

-
2,078,690
2,078,690


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
2,078,690
2,078,690


Contributions by and distributions to owners

Dividends
-
(181,000)
(181,000)


Total transactions with owners
-
(181,000)
(181,000)


At 31 March 2023
2
5,917,080
5,917,082


The notes on pages 25 to 46 form part of these financial statements.

Page 22

 
ASTUTE HEALTHCARE LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
145,441
2,114,606

Adjustments for:

Amortisation of intangible assets
77,102
-

Depreciation of tangible assets
291,504
78,666

Interest charges
467,137
244,719

Interest received
(1,647)
(424)

Taxation charge
427,311
514,510

Decrease/(increase) in stocks
1,432,850
(5,048,752)

Decrease/(increase) in debtors
3,074,783
(4,268,922)

Increase/(decrease) in amounts owed by related parties
192,558
(315,915)

(Decrease)/increase in creditors
(2,616,291)
5,368,569

Decrease in amounts owed to related parties
265,579
1,028,712

Corporation tax (paid)
(312,210)
(617,475)

Foreign exchange
(71,338)
-

Net cash generated from operating activities

3,372,779
(901,706)

Cash flows from investing activities

Purchase of tangible fixed assets
(2,335,431)
(757,861)

Acquisition of subsidiary net of cash
(357,006)
-

Interest received
1,647
424

Net used in investing activities

(2,690,790)
(757,437)

Cash flows from financing activities

Movement in trade finance
(908,180)
2,837,532

Interest paid
(467,137)
(244,719)

Net cash from financing activities
(1,375,317)
2,592,813

Net (decrease)/increase in cash and cash equivalents
(693,328)
933,670

Cash and cash equivalents at beginning of year
1,497,405
563,735

Cash and cash equivalents at the end of year
804,077
1,497,405


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
804,254
1,497,677

Bank overdrafts
(177)
(272)
Page 23

 
ASTUTE HEALTHCARE LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


2024
2023

£
£


804,077
1,497,405


Page 24

 
ASTUTE HEALTHCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 1, Bilton road, Hitchin, SG4 OSB.


2.


Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting
Standard applicable in the UK and the Republic of Ireland'.

3.Accounting policies

 
3.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 4).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

  
3.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases

Page 25

 
ASTUTE HEALTHCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.Accounting policies (continued)

  
3.3

Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued, and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities, and contingent liabilities acquired is recognized as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably. and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognized for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognized on differences between the value of assets (other than goodwill) and liabilities recognized in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognized is adjusted against goodwill or negative goodwill.

 
3.4

Going concern

After reviewing the forecast and projections the director has a reasonable expectation that the group has adequate financial resources to continue in operational existence for the foreseeable future. The group therefore adopts the going concern basis in the preparation of its financial statements.

  
3.5

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied
and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on receipt by customers); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Revenue from services is recongnised when the services are rendered.

Page 26

 
ASTUTE HEALTHCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.Accounting policies (continued)

 
3.6

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

  
3.7

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

 
3.8

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
3.9

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
3.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 27

 
ASTUTE HEALTHCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.Accounting policies (continued)

  
3.11

Borrowing costs

Borrowing costs are capitalized if they are incurred specifically for the purpose of financing the qualifying assets during the period of time that is required to complete and prepare the assets for their intended use or sale.
Borrowing costs that do not qualify for capitalization, are expensed in the period in which they are incurred.

 
3.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

  
3.13

Operating leases

Lease income is recognised in profit or loss on a straight-line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Page 28

 
ASTUTE HEALTHCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.Accounting policies (continued)

 
3.14

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
10
years Straight Line
Trademarks
-
5
% Straight Line

 
3.15

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 29

 
ASTUTE HEALTHCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.Accounting policies (continued)


3.15
Tangible fixed assets (continued)

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value,
over the useful economic life of that asset as follows:


Building
-
10%
straight line
Plant and machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
25%
reducing balance
Computer equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
3.16

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purpose of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

 
3.17

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
3.18

Stocks


Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell.
Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Page 30

 
ASTUTE HEALTHCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.Accounting policies (continued)

 
3.19

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
3.20

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
3.21

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
3.22

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
3.23

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Page 31

 
ASTUTE HEALTHCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.Accounting policies (continued)


3.23
Financial instruments (continued)

Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss,- with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either,assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

 
3.24

Dividends

Equity dividends are recognised when they become legally payable. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


4.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements a) Impairment of non-financial assets where there are indicators of impairment of individual assets, the company performs impairment tests based on fair value less costs to sell or a value in use calculation. The fair value less costs to sell is calculated based on available data.
Key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarelyequal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: The estimated useful economic lives of Fixtures, fittings, Equipment, Goodwill & trademark are based on management's judgement and experience. When management identifies that actual useful economic lives differ materially from the estimates used to calculate depreciation, that charge is adjusted prospectively.

Page 32

 
ASTUTE HEALTHCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sales
107,401,118
96,665,117

Services
2,205,433
1,305,815

109,606,551
97,970,932



6.


Other operating income

2024
2023
£
£

Other operating income
72,189
216,937

Foreign exchange difference - (loss)/gain
(851)
10,569

71,338
227,506



7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors and their associates:


2024
2023
£
£

Fees payable to the Company's auditors and their associates in respect of:

The auditing of accounts of the Company
41,500
37,500

Non Audit fee
4,000
3,500

Page 33

 
ASTUTE HEALTHCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Employees

Staff costs were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
2,300,966
1,651,677
1,400,367
1,101,920

Social security costs
129,627
94,632
129,627
94,632

Cost of directors defined contribution scheme
-
120,000
-
120,000

Cost of defined contribution scheme
15,958
13,059
15,958
13,059

2,446,551
1,879,368
1,545,952
1,329,611


The average monthly number of employees, including the director, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









 Staff
378
374
52
52


.



2024
2023
£
£



Salaries
1,400,367
1,101,920

Employee Benefit Expense
730,980
549,757

Employer's NI
129,627
94,632

Pension Contribution
15,958
13,059

2,276,932
1,759,368

The Company has only one director who did not recieve any remuneration (2023: £ Nil)


9.


Interest receivable

2024
2023
£
£


Other interest receivable
1,647
424

1,647
424

Page 34

 
ASTUTE HEALTHCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
467,137
244,719

467,137
244,719


11.


Taxation


2024
2023
£
£

Corporation tax


Current Tax: UK current tax expense
431,600
474,776

Foreign taxation
-
19,818


431,600
494,594


Total current tax
431,600
494,594

Deferred tax


Origination and reversal of timing differences
(3,361)
13,584

Changes to tax rates
(928)
6,332

Total deferred tax
(4,289)
19,916


Tax on profit
427,311
514,510
Page 35

 
ASTUTE HEALTHCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 -  19  %). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,702,581
2,629,116


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 -  19  %)
425,645
474,777

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
14,969
12

Fixed asset differences
(9,009)
(3,471)

Deferred tax
(4,289)
9,520

Adjustments to brought forward values
-
11,447

Foerign tax credits
-
7,350

Remeasurement of deffered tax for changes in tax rates
-
9,592

Movement in deferred tax not recognised
-
(383)

Other tax charge (relief)
(5)
5,666

Total tax charge for the year
427,311
514,510


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2024
2023
£
£


Dividends on equity shares
140,000
181,000

140,000
181,000

Page 36

 
ASTUTE HEALTHCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Intangible assets

Group 





Trademarks
Goodwill
Total

£
£
£



Cost


Additions
342,683
672,972
1,015,655



At 31 March 2024

342,683
672,972
1,015,655



Amortisation


Charge for the year on owned assets
26,629
50,473
77,102



At 31 March 2024

26,629
50,473
77,102



Net book value



At 31 March 2024
316,054
622,499
938,553



At 31 March 2023
-
-
-



Page 37
 


 
ASTUTE HEALTHCARE LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


14.


Tangible fixed assets


Group







Building
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
CWIP- Building
Total

£
£
£
£
£
£
£



Cost or valuation


At 1 April 2023
-
41,628
96,295
125,507
148,596
1,288,146
1,700,172


Additions
1,038,463
1,181,776
-
65,236
52,354
-
2,337,829


Transfers between classes
1,288,146
-
-
-
-
(1,288,146)
-



At 31 March 2024

2,326,609
1,223,404
96,295
190,743
200,950
-
4,038,001



Depreciation


At 1 April 2023
-
13,520
32,729
37,254
62,798
-
146,301


Charge for the year on owned assets
110,790
111,866
15,891
8,674
44,283
-
291,504



At 31 March 2024

110,790
125,386
48,620
45,928
107,081
-
437,805



Net book value



At 31 March 2024
2,215,819
1,098,018
47,675
144,815
93,869
-
3,600,196



At 31 March 2023
-
28,108
63,566
88,253
85,798
1,288,146
1,553,871

Page 38
 
ASTUTE HEALTHCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

           14.Tangible fixed assets (continued)


Company






Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£

Cost or valuation


At 1 April 2023
41,628
96,295
83,016
31,529
252,468


Additions
34,910
-
-
1,125
36,035



At 31 March 2024

76,538
96,295
83,016
32,654
288,503



Depreciation


At 1 April 2023
13,520
32,729
30,553
15,798
92,600


Charge for the year on owned assets
26,108
15,891
1,917
5,562
49,478



At 31 March 2024

39,628
48,620
32,470
21,360
142,078



Net book value



At 31 March 2024
36,910
47,675
50,546
11,294
146,425



At 31 March 2023
28,108
63,566
52,463
15,731
159,868






Page 39

 
ASTUTE HEALTHCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
1,327,762


Additions
1,996,206



At 31 March 2024
3,323,968





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Acorn Universal Consultancy LLP
India
Capital Contribution
99.94%
Docpharm GmbH
Germany
Ordinary Shares
100%







16.


Stocks

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Finished goods and goods for resale
8,286,182
8,442,999
6,868,562
8,442,906

8,286,182
8,442,999
6,868,562
8,442,906


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 40

 
ASTUTE HEALTHCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

17.


Debtors

Group

Group
As restated
Company

Company
As restated
2024
2023
2024
2023
£
£
£
£


Trade debtors
9,120,191
11,040,015
8,778,970
11,037,415

Amounts owed from group companies
-
-
1,056,054
-

Amounts owed from related parties
2,070,132
2,335,711
2,070,132
2,335,711

Other debtors
1,608,634
2,116,252
789,944
1,936,212

Prepayments and accrued income
541,064
17,991
65,941
17,991

13,340,021
15,509,969
12,761,041
15,327,329



18.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
804,254
1,497,677
615,019
1,478,050

Less: bank overdrafts
(177)
(272)
-
-

804,077
1,497,405
615,019
1,478,050



19.


Creditors: Amounts falling due within one year

Group

Group
As restated
Company

Company
As restated
2024
2023
2024
2023
£
£
£
£

Bank overdrafts
177
272
-
-

Other loans
282,527
282,527
282,527
282,527

Trade creditors
9,224,359
8,362,218
7,533,271
8,295,790

Invoice discounting facility
4,244,486
6,367,102
4,244,486
6,367,102

Amounts owed to related parties
192,558
-
-
-

Corporation tax
287,863
168,473
287,863
150,150

Other taxation and social security
12,274
2,382
3,711
2,382

Trade finance
3,031,085
1,816,649
3,031,085
1,816,649

Other creditors
3,235,017
3,924,843
1,146,243
3,823,266

Accruals and deferred income
97,800
41,000
97,800
41,000

20,608,146
20,965,466
16,626,986
20,778,866


Page 41

 
ASTUTE HEALTHCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

20.


Prior year adjustments

During the current financial year, the Group identified the need to reclassify certain account balances. As a result, the prior year financial statements have been restated. These reclassifications did not have any impact on the Group's net asset position or total comprehensive income.


21.


Deferred taxation


Group



2024


£






At beginning of year
(39,967)


Charged to profit or loss
4,289



At end of year
(35,678)

Company


2024


£






At beginning of year
(39,967)


Charged to profit or loss
4,289



At end of year
(35,678)

The provision for deferred taxation is made up as follows:

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Opening balance
(39,967)
(39,967)
(39,967)
(39,967)

Movement on fixed assets
4,289
-
4,289
-

(35,678)
(39,967)
(35,678)
(39,967)

Page 42

 
ASTUTE HEALTHCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

22.


Provisions


Group



Provision for liabilities

£





Charged to profit or loss
200,348


Arising on business combinations
200,348



At 31 March 2024
400,696


23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2 (2023 - 2) Ordinary shares of £1.00 each
2
2



24.


Reserves

Share capital

Represents the nominal value of equity shares

Other Reserve

Other reserves arose due to business combination.

Retained earnings

Represents the cumulative net gains and losses and other transactions with owners not otherwise recognised

25.


Analysis of net debt




At 1 April 2023
Cash flows
At 31 March 2024
£

£

£

Cash at bank and in hand

1,497,677

(693,423)

804,254

Bank overdrafts

(272)

95

(177)

Debt due within 1 year

(6,699,094)

2,122,616

(4,576,478)

Page 43

 
ASTUTE HEALTHCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

25.Analysis of net debt (continued)


(5,201,689)
1,429,288
(3,772,401)

Page 44

 
ASTUTE HEALTHCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

26.
 

Business combinations

On July  01, 2023, Astute Healthcare Limited, provider of a range of services, focusing on specialist care, rehabilitation, and support services acquired assets and liabilities of Docpharm GmbH. The acquisition was accounted for using the purchase method.

Acquisition of assets and liabilities of Docpharm GmbH 

Recognised amounts of identifiable assets acquired and liabilities assumed

Book value
Fair value
£
£

Fixed Assets

Tangible
3,442
3,442

Intangible
347,947
347,947

351,389
351,389

Current Assets

Stocks
1,276,033
1,276,033

Debtors
1,170,414
1,170,414

Cash at bank and in hand
108,225
108,225

Total Assets
2,906,061
2,906,061

Creditors

Due within one year
(2,715,203)
(2,715,203)

Provisions for liabilities
(400,696)
(400,696)

Total Identifiable net liabilities
(209,838)
(209,838)


Goodwill
675,069

Total purchase consideration
465,231

Consideration

£


Cash
465,231



Page 45

 
ASTUTE HEALTHCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

27.


Commitments under operating leases

At 31 March 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Not later than 1 year
112,800
112,800
112,800
112,800

Later than 1 year and not later than 5 years
451,200
564,000
451,200
564,000

Later than 5 years
338,400
338,400
338,400
338,400

902,400
1,015,200
902,400
1,015,200


28.


Related party transactions

At the year ended 31 March 2024, the company owed a total of £2,070,132 (31 March 2023: £2,200,279) from companies which are related party of the company due to common directorship.
Adittionally, the company owed £482,492 (2023: £59,965) to two of the shareholders of the company.


29.


Controlling party

Mr. Dhruvalbhai Patel is the ultimate controlling party.

Page 46