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REGISTERED NUMBER: 08518373 (England and Wales)










Report of the Director and

Financial Statements

for the Year Ended 31 December 2023

for

NEXTGATE SOLUTIONS LTD

NEXTGATE SOLUTIONS LTD (REGISTERED NUMBER: 08518373)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Report of the Director 2

Report of the Independent Auditors 3

Income Statement 6

Other Comprehensive Income 7

Statement of Financial Position 8

Statement of Changes in Equity 9

Notes to the Financial Statements 10


NEXTGATE SOLUTIONS LTD

Company Information
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: Ms M D McGowan





REGISTERED OFFICE: 1 Kings Avenue
London
N21 3NA





REGISTERED NUMBER: 08518373 (England and Wales)





AUDITORS: AGK Partnership Ltd
Chartered Accountants & Statutory Auditors
1 Kings Avenue
London
N21 3NA

NEXTGATE SOLUTIONS LTD (REGISTERED NUMBER: 08518373)

Report of the Director
FOR THE YEAR ENDED 31 DECEMBER 2023

The director presents her report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of software solutions for healthcare institutions.

DIRECTORS
Ms M D McGowan has held office during the whole of the period from 1 January 2023 to the date of this report.

Other changes in directors holding office are as follows:

Mr E Akyuz - resigned 31 August 2023
Mr M G Beucler - resigned 31 May 2023

Mr A J Perrotta ceased to be a director after 31 December 2023 but prior to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Report of the Director and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless she is 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 director is required to:

-select suitable accounting policies and then 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 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 enable her to ensure that the financial statements comply with the Companies Act 2006. She is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and she has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, AGK Partnership Ltd, were appointed as auditors during the year and will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Ms M D McGowan - Director


16 April 2025

Report of the Independent Auditors to the Members of
NextGate Solutions Ltd

Opinion
We have audited the financial statements of NextGate Solutions Ltd (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of matter
We draw attention to Note 2 to the financial statements which explains that the directors intend to liquidate the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 2. Our opinion is not modified in respect of this matter.

Other information
The director is responsible for the other information. The other information comprises the information in the Report of the Director, but does not include the financial statements and our Report of the Auditors 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 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.

Opinions 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 Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Director has 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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; or
- the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Director.

Report of the Independent Auditors to the Members of
NextGate Solutions Ltd


Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page two, 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 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 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 company or to cease operations, or has no realistic alternative but to do so.

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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognize non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
NextGate Solutions Ltd


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 a Report of the Auditors 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.




Alekos Christofi (FCCA) (Senior Statutory Auditor)
for and on behalf of AGK Partnership Ltd
Chartered Accountants & Statutory Auditors
1 Kings Avenue
London
N21 3NA

16 April 2025

NEXTGATE SOLUTIONS LTD (REGISTERED NUMBER: 08518373)

Income Statement
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER - 1,861,140

Cost of sales - 1,669,229
GROSS PROFIT - 191,911

Administrative expenses 9,773 198,977
OPERATING LOSS (9,773 ) (7,066 )

Interest receivable and similar income - 64
(9,773 ) (7,002 )

Interest payable and similar expenses - 304
LOSS BEFORE TAXATION (9,773 ) (7,306 )

Tax on loss 4 (657 ) (2,853 )
LOSS FOR THE FINANCIAL YEAR (9,116 ) (4,453 )

NEXTGATE SOLUTIONS LTD (REGISTERED NUMBER: 08518373)

Other Comprehensive Income
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

LOSS FOR THE YEAR (9,116 ) (4,453 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

(9,116

)

(4,453

)

NEXTGATE SOLUTIONS LTD (REGISTERED NUMBER: 08518373)

Statement of Financial Position
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 - 9,574

CURRENT ASSETS
Debtors 6 545,585 15,472
Cash at bank 177 523,381
545,762 538,853
CREDITORS
Amounts falling due within one year 7 251,803 244,761
NET CURRENT ASSETS 293,959 294,092
TOTAL ASSETS LESS CURRENT
LIABILITIES

293,959

303,666

PROVISIONS FOR LIABILITIES 8 - 591
NET ASSETS 293,959 303,075

CAPITAL AND RESERVES
Called up share capital 9 105,027 105,027
Retained earnings 10 188,932 198,048
SHAREHOLDERS' FUNDS 293,959 303,075

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

The financial statements were approved by the director and authorised for issue on 16 April 2025 and were signed by:





Ms M D McGowan - Director


NEXTGATE SOLUTIONS LTD (REGISTERED NUMBER: 08518373)

Statement of Changes in Equity
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 105,027 202,501 307,528

Changes in equity
Total comprehensive income - (4,453 ) (4,453 )
Balance at 31 December 2022 105,027 198,048 303,075

Changes in equity
Total comprehensive income - (9,116 ) (9,116 )
Balance at 31 December 2023 105,027 188,932 293,959

NEXTGATE SOLUTIONS LTD (REGISTERED NUMBER: 08518373)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

NextGate Solutions Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared on a breakup basis. Due to the restructuring of the group, which the company is a part of, the management has decided to liquidate the company as soon as these financial statements have been approved and filed. Thus, the company adopts the breakup basis of accounting in preparing the financial statements.

Significant judgements and estimates
In the application of the company's accounting policies, the director is 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 relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.

There are no significant judgements or estimates involved in the preparation of the financial statements.

Revenue
Revenue is measured at the fair value of the consideration received or receivable, net of discounts, rebates and value added tax.

Revenue is recognised when services are rendered to the customers.

Plant and machinery
Plant and machinery are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Plant and machinery 33% on straight line method

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


NEXTGATE SOLUTIONS LTD (REGISTERED NUMBER: 08518373)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
Cash and cash equivalents
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short-term deposits and other short-term liquid investments with original maturities of three months or less that is readily convertible to a known amount of cash and are subject to insignificant risk of changes in values.

Short-term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in profit or loss.

The carrying value of all financial assets and liabilities are measured at amortised cost.

3. EMPLOYEES AND DIRECTORS

20232022
£ £
Wages and salaries 0295,932
Social security costs 033,431
Other pension costs 02,936
Total 0332,299

The average number of employees during the year was as follows:

20232022
Production staff 02
Administration staff 01
Total 03

20232022


£

£
Directors' remuneration 0900

NEXTGATE SOLUTIONS LTD (REGISTERED NUMBER: 08518373)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. TAXATION

Analysis of the tax credit
The tax credit on the loss for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax (66 ) 66
Corporation Tax Prior yr adjus - 64
Total current tax (66 ) 130

Deferred tax (591 ) (2,983 )
Tax on loss (657 ) (2,853 )

Reconciliation of total tax credit included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Loss before tax (9,773 ) (7,306 )
Loss multiplied by the standard rate of corporation tax in the UK of 19%
(2022 - 19%)

(1,857

)

(1,388

)

Effects of:
Expenses not deductible for tax purposes - 57
Income not taxable for tax purposes - (12 )
Depreciation in excess of capital allowances - 1,454
Utilisation of tax losses 1,791 -
Adjustments to tax charge in respect of previous periods - 64
Deferred Tax (591 ) (2,983 )
Deductions and reliefs - (45 )
Total tax credit (657 ) (2,853 )

5. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 January 2023 53,483
Disposals (9,574 )
At 31 December 2023 43,909
DEPRECIATION
At 1 January 2023
and 31 December 2023 43,909
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 9,574

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 545,585 15,472

NEXTGATE SOLUTIONS LTD (REGISTERED NUMBER: 08518373)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed to group undertakings 160,471 160,472
Tax - 7,744
VAT 77,079 71,545
Accrued expenses 14,253 5,000
251,803 244,761

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax - 591

Deferred
tax
£   
Balance at 1 January 2023 591
Credit to Income Statement during year (591 )
Credited to income statement
Balance at 31 December 2023 -

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
105,027 Ordinary £1 105,027 105,027

10. RESERVES
Retained
earnings
£   

At 1 January 2023 198,048
Deficit for the year (9,116 )
At 31 December 2023 188,932

11. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

12. CONTROLLING PARTY

The ultimate controlling party is HG Pooled Management Limited.