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Registered number: 11260850










HEALTH MEDICAL BANK LIMITED



UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


 
HEALTH MEDICAL BANK LIMITED
 

CONTENTS



Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8



 
HEALTH MEDICAL BANK LIMITED
REGISTERED NUMBER:11260850


BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
130,718
3,300

  
130,718
3,300

Current assets
  

Debtors: amounts falling due after more than one year
 5 
4,200
-

Debtors: amounts falling due within one year
 5 
30,184
17,766

Cash at bank and in hand
 6 
80,249
354,281

  
114,633
372,047

Creditors: amounts falling due within one year
 7 
(257,362)
(28,043)

Net current (liabilities)/assets
  
 
 
(142,729)
 
 
344,004

Total assets less current liabilities
  
(12,011)
347,304

  

Net (liabilities)/assets
  
(12,011)
347,304


Capital and reserves
  

Called up share capital 
 8 
172
162

Share premium account
  
1,530,209
1,282,438

Profit and loss account
  
(1,542,392)
(935,296)

  
(12,011)
347,304


1


 
HEALTH MEDICAL BANK LIMITED
REGISTERED NUMBER:11260850

    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 March 2025.




Dr C M Donegan
Director

The notes on pages 3 to 8 form part of these financial statements.

2


 
HEALTH MEDICAL BANK LIMITED
 

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

1.


General information

Health Medical Bank Limited is a private company, limited by shares, registered in England and Wales, registration number 11260850
The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE. 
The principal activity of the company is providing health care services.

2.Accounting policies

 
2.1

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

 
2.2

Going concern

The ultimate shareholder has considered the implications of a net deficit in the balance sheet. The ultimate shareholder has agreed to provide financial support to the company to satisfy its financial obligations for at least 12 months from the date of signature of the financial statements, which have been prepared on the going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is pound sterling.

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

3


 
HEALTH MEDICAL BANK LIMITED
 

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

2.Accounting policies (continued)

 
2.4

Operating leases: the company 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.

 
2.5

Interest income

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

 
2.6

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.7

Taxation

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 operates and generates income.


 
2.8

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.

4


 
HEALTH MEDICAL BANK LIMITED
 

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

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
5%
straight line
Office equipment
-
14%
straight line
Computer equipment
-
25%
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.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. 

 
2.10

 Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.11

 Creditors

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

 
2.12

 Financial instruments

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

 
2.13

 Convertible debt

The proceeds received on issue of the company's convertible debt are allocated into their liability and equity components and presented separately in the balance sheet.

The amount initially attributed to the debt component equals the discounted cash flows using a market rate of interest that would be payable on a similar debt instrument that did not include an option to convert.

The difference between the net proceeds of the convertible debt and the amount allocated to the debt component is credited direct to equity and is not subsequently remeasured. On conversion, the debt and equity elements are credited to share capital and share premium as appropriate.

Transaction costs that relate to the issue of the instrument are allocated to the liability and equity components of the instrument in proportion to the allocation of proceeds.

5


 
HEALTH MEDICAL BANK LIMITED
 

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

3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2023 - 5).


4.


Tangible fixed assets





Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£



Cost 


At 1 April 2023
3,300
-
-
3,300


Additions
132,060
702
990
133,752



At 31 March 2024

135,360
702
990
137,052



Depreciation


Charge for the year 
6,028
100
206
6,334



At 31 March 2024

6,028
100
206
6,334



Net book value



At 31 March 2024
129,332
602
784
130,718



At 31 March 2023
3,300
-
-
3,300

6


 
HEALTH MEDICAL BANK LIMITED
 

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

5.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
4,200
-

4,200
-


Other debtors due in more than one year relates to a rent deposit.

2024
2023
£
£

Due within one year

Other debtors
12,887
10,740

Prepayments
17,297
7,026

30,184
17,766



6.


Cash

2024
2023
£
£

Cash at bank and in hand
80,249
354,281



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
11,102
5,935

Other taxation and social security
2,538
-

Other creditors
209,867
9,698

Accruals
33,855
12,410

257,362
28,043


Included in other creditors are convertible loan notes of £200,164 (2023 - £Nil). These notes are repayable by the company on 19 March 2025 and bear no interest, otherwise these notes will authomatically convert into shares. 

The company also entered into an agreement which gave them the option to purchase the convertible loan notes before 19 March 2025 at a discounted rate. 

7


 
HEALTH MEDICAL BANK LIMITED
 

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

8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,717,067 (2023 - 1,619,130) ordinary shares of £0.0001 each
172
162


On 11 September 2023, the company issued and allotted a further 28,456 ordinary £0.0001 shares with an aggregate share price of £2.85 per share.
On 24 January 2024, the company issued and allotted a further 69,481 ordinary £0.0001 shares with an aggregate share price of £6.95 per share.


9.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company  to the fund and amounted to £1,952 (2023 - £859) . Contributions totalling £276 (2023 - £183) were payable to the fund at the balance sheet date and are included in creditors.


10.


Commitments under operating leases

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

2024
2023
£
£


Not later than 1 year
34,660
-

Later than 1 year and not later than 5 years
73,840
-

108,500
-


11.


Related party transactions

As at the balance sheet date, the company owed £4,713 (2023 - £4,713) to the directors. The loans
is interest free and repayable on demand.

Companies controlled by the directors were paid for services totalling £303,559 (2023 - £131,974) in
the year.

 
8