| REGISTERED NUMBER: SC513334 (Scotland) |
| Group Strategic Report, Report of the Director and |
| Consolidated Financial Statements for the Year Ended 31 March 2024 |
| for |
| Y1 Capital Ltd |
| REGISTERED NUMBER: SC513334 (Scotland) |
| Group Strategic Report, Report of the Director and |
| Consolidated Financial Statements for the Year Ended 31 March 2024 |
| for |
| Y1 Capital Ltd |
| Y1 Capital Ltd (Registered number: SC513334) |
| Contents of the Consolidated Financial Statements |
| for the Year Ended 31 March 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Director | 3 |
| Report of the Independent Auditors | 5 |
| Consolidated Income Statement | 8 |
| Consolidated Other Comprehensive Income | 9 |
| Consolidated Statement of Financial Position | 10 |
| Company Statement of Financial Position | 11 |
| Consolidated Statement of Changes in Equity | 12 |
| Company Statement of Changes in Equity | 13 |
| Consolidated Statement of Cash Flows | 14 |
| Notes to the Consolidated Statement of Cash Flows | 15 |
| Notes to the Consolidated Financial Statements | 17 |
| Y1 Capital Ltd |
| Company Information |
| for the Year Ended 31 March 2024 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Pacific Chambers |
| 11-13 Victoria Street |
| Liverpool |
| Merseyside |
| L2 5QQ |
| Y1 Capital Ltd (Registered number: SC513334) |
| Group Strategic Report |
| for the Year Ended 31 March 2024 |
| The director presents his strategic report of the company and the group for the year ended 31 March 2024. |
| REVIEW OF BUSINESS |
| The principle activity of the group for the period continued to be that of surgical medical procedures and care services. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The director is responsible for the identification of business risks and for developing plans to mitigate such risk, so to reduce it's impact on the Group. The director continues to plan and take appropriate action to ensure effective cost management across the Group, to further strengthen and develop its service offering, to secure new business, manage and improve liquidity and optimism debt usage. |
| KEY PERFORMANCE INDICATIONS |
| 31.03.2024 | 31.03.2023 |
| Group turnover | £38,387,234 | £15,584,223 |
| Gross margin | 30.5% | 30.3% |
| Profit/ (loss) after tax | £4,192 | (£5,353,157 | ) |
| Cash position | £2,971,234 | £876,089 |
| Current ratio | 0.6 | 0.6 |
| ESG AND SUSTAINABILITY |
| The director has identified that closely linked with risk is the group's ability to achieve sustainability and the director continues to identify the importance of care and sustainability. The group continues to seek and assess new methods to improve sustainability in its business model and to also reduce its carbon footprint. In addition, the group continues to invest in employee welfare, health & safety, employee engagement and training, and follows government guidance and best practice in these areas. |
| ON BEHALF OF THE BOARD: |
| Y1 Capital Ltd (Registered number: SC513334) |
| Report of the Director |
| for the Year Ended 31 March 2024 |
| The director presents his report with the financial statements of the company and the group for the year ended 31 March 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the group in the year under review was that of of surgical medical procedures and care services. |
| DIVIDENDS |
| No interim dividend was paid during the year. The director recommends a final dividend of 515.46p per share. |
| The total distribution of dividends for the year ended 31 March 2024 will be £ 515,462 . |
| EVENTS SINCE THE END OF THE YEAR |
| Information relating to events since the end of the year is given in the notes to the financial statements. |
| DIRECTORS |
| Other changes in directors holding office are as follows: |
| STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
| The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the group and the company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 'The financial reporting standard applicable in the UK and Republic of Ireland' and applicable law). |
| Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company 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 and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | state whether applicable accounting standards have been followed, subject to any material departures disclosed; and |
| - | 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 group's and company's transactions and disclose with reasonable accuracy at any time the financial position of the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and 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 group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| Y1 Capital Ltd (Registered number: SC513334) |
| Report of the Director |
| for the Year Ended 31 March 2024 |
| AUDITORS |
| The auditors, Haines Watts Liverpool Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Y1 Capital Ltd |
| Disclaimer of opinion |
| We were engaged to audit the financial statements of Y1 Capital Limited ( the 'company') and its subsidiary undertakings (the 'group') for the year ended 31 March 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated and Company Statement of Financial Position, the Consolidated and Company Statement of Changes in Equit, Consolidated Statement of Cashflow and notes to the financial statements, including a summary of significant accounting policies. The financial reporting 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 United Kingdom and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| We do not express an opinion on the accompanying financial statements of the group because of the significance of the matter described in the basis for disclaimer of opinion section of our report. We have not been able to obtain sufficient audit evidence to provide a basis for an audit opinion of these financial statements. |
| Basis for disclaimer of opinion |
| Transform Healthcare Limited, a material subsidiary of the group, entered into administration in November 2024, after the Statement of Financial Position date. Furthermore, there were changes in the management of the entity following a pre-package sale of the assets of Transform Healthcare Limited to Electiva Hospitals Manchester Limited, Electiva Hospitals Birmingham Limited and Transform Medical Services Limited, which occured after the balance sheet date. |
| We were unable to gain sufficient audit evidence in relation to the results of Transform Healthcare Limited on which to base an audit opinion due to the uncertainty over the administration process which is not completed and the limitation of audit evidence available to us which created a limitation on our audit. |
| The inability to gain sufficient evidence over Transfrom Healthcare Limited could have a material and pervasive effective over these financial statements. |
| In addition to this, we have been unable to obtain sufficient evidence to support the going concern status of the group for the foreseeable future and as such we provide a disclaimer of opinion over the going concern basis of the financial statements. |
| Conclusions relating to going concern |
| Due to the reasons included within the 'Basis for disclaimer of opinion' section of this report, we do not express an opinion on the accompanying financial statements including the director's use of the going concern basis of accounting. |
| Other information |
| The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and 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. |
| Report of the Independent Auditors to the Members of |
| Y1 Capital Ltd |
| Opinions on other matters prescribed by the Companies Act 2006 |
| Because of the significance of the matter described in the basis for disclaimer of opinion section of our report, we have been unable to form an opinion, whether based on the work undertaken in the course of the audit: |
- |
the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- |
the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
| Matters on which we are required to report by exception |
| Notwithstanding our disclaimer of opinion on the financial statements, in light of the knowledge and understanding of the group and its environment obtained during the course of our audit procedures, subject to the pervasive limitations placed on their scope as described above, we have not identified material misstatement in the Group Strategic Report, the Report of the Director or the the results of those subsidiary undertakings also consolidated within these financial statements not previously highlighted within the basis for disclaimer of opinion described above. |
| Arising from the limitation of our work referred to above: |
| - | we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and |
| - | we were unable to determine whether adequate accounting records have been kept. |
| We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | returns adequate for our audit have not been received from branches not visited by us: or |
| - | the financial statements are in not in agreement with the accounting records and returns; or |
| - | certain disclosures of director's remuneration specified by law are not made, or |
| - | the director is not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the Report of the Director and from the requirements to prepare a Group Strategic Report. |
| Responsibilities of director |
| As explained more fully in the Statement of Director's Responsibilities set out on page three, 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 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 has no realistic alternative but to do so. |
| Auditors' responsibilities for the audit of the financial statements |
| Our responsibility is to conduct an audit of the group’s and company's financial statements in accordance with International Standards on Auditing (UK) and to issue an auditor’s report. |
| However, because of the matter described in the basis for disclaimer of opinion section of our report, we were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements. |
| We are independent of the group and 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. |
| 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 |
| Y1 Capital 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. |
| for and on behalf of |
| Pacific Chambers |
| 11-13 Victoria Street |
| Liverpool |
| Merseyside |
| L2 5QQ |
| Y1 Capital Ltd (Registered number: SC513334) |
| Consolidated Income Statement |
| for the Year Ended 31 March 2024 |
| 31.3.24 | 31.3.23 |
| Notes | £ | £ | £ | £ |
| TURNOVER | 3 | 38,387,234 | 15,584,223 |
| Cost of sales | 26,662,762 | 10,857,644 |
| GROSS PROFIT | 11,724,472 | 4,726,579 |
| Distribution costs | (151,714 | ) | - |
| Administrative expenses | 11,570,073 | 6,702,228 |
| 11,418,359 | 6,702,228 |
| 306,113 | (1,975,649 | ) |
| Other operating income | 108,905 | 265,040 |
| OPERATING PROFIT/(LOSS) | 5 | 415,018 | (1,710,609 | ) |
| Exceptional items | 6 | 500,363 | 3,334,432 |
| (85,345 | ) | (5,045,041 | ) |
| Income from fixed asset investments | 35,000 | - |
| Interest receivable and similar income | 344 | 259 |
| 35,344 | 259 |
| (50,001 | ) | (5,044,782 | ) |
| Interest payable and similar expenses | 7 | 172,816 | 110,134 |
| LOSS BEFORE TAXATION | (222,817 | ) | (5,154,916 | ) |
| Tax on loss | 8 | (227,010 | ) | 198,241 |
| PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
| Profit/(loss) attributable to: |
| Owners of the parent | 4,193 | (5,122,382 | ) |
| Non-controlling interests | - | (230,775 | ) |
| 4,193 | (5,353,157 | ) |
| Y1 Capital Ltd (Registered number: SC513334) |
| Consolidated Other Comprehensive Income |
| for the Year Ended 31 March 2024 |
| 31.3.24 | 31.3.23 |
| Notes | £ | £ |
| PROFIT/(LOSS) FOR THE YEAR | 4,193 | (5,353,157 | ) |
| OTHER COMPREHENSIVE INCOME |
| Sale of minority shareholding in group | - | 700,100 |
| Income tax relating to other comprehensive income |
- |
- |
| OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
- |
700,100 |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
4,193 |
(4,653,057 |
) |
| Note |
| Prior year adjustment | 11 | (1,167,864 | ) |
| TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT |
(1,163,671 |
) |
| Total comprehensive income attributable to: |
| Owners of the parent | (1,063,877 | ) | (4,422,282 | ) |
| Non-controlling interests | (99,794 | ) | (230,775 | ) |
| (1,163,671 | ) | (4,653,057 | ) |
| Y1 Capital Ltd (Registered number: SC513334) |
| Consolidated Statement of Financial Position |
| 31 March 2024 |
| 31.3.24 | 31.3.23 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 12 | 1,162,867 | 596,242 |
| Tangible assets | 13 | 925,780 | 207,445 |
| Investments | 14 | - | - |
| 2,088,647 | 803,687 |
| CURRENT ASSETS |
| Stocks | 15 | 1,007,191 | 468,368 |
| Debtors | 16 | 6,082,860 | 5,570,564 |
| Cash at bank and in hand | 2,971,234 | 876,089 |
| 10,061,285 | 6,915,021 |
| CREDITORS |
| Amounts falling due within one year | 17 | 15,066,847 | 11,570,526 |
| NET CURRENT LIABILITIES | (5,005,562 | ) | (4,655,505 | ) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
(2,916,915 |
) |
(3,851,818 |
) |
| CREDITORS |
| Amounts falling due after more than one year |
18 |
1,861,438 |
315,472 |
| NET LIABILITIES | (4,778,353 | ) | (4,167,290 | ) |
| CAPITAL AND RESERVES |
| Called up share capital | 22 | 1,000 | 1,000 |
| Retained earnings | 23 | (4,448,784 | ) | (3,937,515 | ) |
| SHAREHOLDERS' FUNDS | (4,447,784 | ) | (3,936,515 | ) |
| NON-CONTROLLING INTERESTS | 24 | (330,569 | ) | (230,775 | ) |
| TOTAL EQUITY | (4,778,353 | ) | (4,167,290 | ) |
| The financial statements were approved by the director and authorised for issue on 10 June 2025 and were signed by: |
| Dr S Sainudeen - Director |
| Y1 Capital Ltd (Registered number: SC513334) |
| Company Statement of Financial Position |
| 31 March 2024 |
| 31.3.24 | 31.3.23 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 12 |
| Tangible assets | 13 | 1,523 | 2,506 |
| Investments | 14 |
| CURRENT ASSETS |
| Debtors | 16 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 17 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CREDITORS |
| Amounts falling due after more than one year |
18 |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 22 |
| Retained earnings | 23 | ( |
) | (99,426 | ) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| Company's (loss)/profit for the financial year |
(1,373,554 |
) |
36,146 |
| The financial statements were approved by the director and authorised for issue on |
| Y1 Capital Ltd (Registered number: SC513334) |
| Consolidated Statement of Changes in Equity |
| for the Year Ended 31 March 2024 |
| Called up |
| share | Retained | Non-controlling | Total |
| capital | earnings | Total | interests | equity |
| £ | £ | £ | £ | £ |
| Balance at 1 April 2022 | 2,000 | 484,767 | 486,767 | - | 486,767 |
| Changes in equity |
| Issue of share capital | (1,000 | ) | - | (1,000 | ) | - | (1,000 | ) |
| Total comprehensive income | - | (3,254,418 | ) | (3,254,418 | ) | (230,775 | ) | (3,485,193 | ) |
| Balance at 31 March 2023 | 1,000 | (2,769,651 | ) | (2,768,651 | ) | (230,775 | ) | (2,999,426 | ) |
| Prior year adjustment | - | (1,167,864 | ) | (1,167,864 | ) | - | (1,167,864 | ) |
| As restated | 1,000 | (3,937,515 | ) | (3,936,515 | ) | (230,775 | ) | (4,167,290 | ) |
| Changes in equity |
| Dividends | - | (515,462 | ) | (515,462 | ) | - | (515,462 | ) |
| Total comprehensive income | - | 4,193 | 4,193 | (99,794 | ) | (95,601 | ) |
| Balance at 31 March 2024 | 1,000 | (4,448,784 | ) | (4,447,784 | ) | (330,569 | ) | (4,778,353 | ) |
| Y1 Capital Ltd (Registered number: SC513334) |
| Company Statement of Changes in Equity |
| for the Year Ended 31 March 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 April 2022 | ( |
) | ( |
) |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 31 March 2023 | (99,426 | ) | ( |
) |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - | ( |
) | ( |
) |
| Balance at 31 March 2024 | (1,651,400 | ) | (1,650,400 | ) |
| Y1 Capital Ltd (Registered number: SC513334) |
| Consolidated Statement of Cash Flows |
| for the Year Ended 31 March 2024 |
| 31.3.24 | 31.3.23 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 2,474,295 | 295,138 |
| Interest paid | (172,816 | ) | (110,134 | ) |
| Tax paid | (53,649 | ) | 38,541 |
| Net cash from operating activities | 2,247,830 | 223,545 |
| Cash flows from investing activities |
| Purchase of intangible fixed assets | (674,466 | ) | (396,449 | ) |
| Purchase of tangible fixed assets | (809,777 | ) | (208,376 | ) |
| Sale of tangible fixed assets | 151,714 | - |
| Sale of minority shareholding | - | 700,100 |
| Interest received | 344 | 259 |
| Dividends received | 35,000 | - |
| Net cash from investing activities | (1,297,185 | ) | 95,534 |
| Cash flows from financing activities |
| New loans in year | 1,497,012 | - |
| Loan repayments in year | (20,000 | ) | - |
| Amount introduced by directors | 65,742 | 226,401 |
| Amount withdrawn by directors | 141,980 | - |
| Equity dividends paid | (515,462 | ) | - |
| Net cash from financing activities | 1,169,272 | 226,401 |
| Increase in cash and cash equivalents | 2,119,917 | 545,480 |
| Cash and cash equivalents at beginning of year |
2 |
850,934 |
305,454 |
| Cash and cash equivalents at end of year | 2 | 2,970,851 | 850,934 |
| Y1 Capital Ltd (Registered number: SC513334) |
| Notes to the Consolidated Statement of Cash Flows |
| for the Year Ended 31 March 2024 |
| 1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 31.3.24 | 31.3.23 |
| £ | £ |
| Loss before taxation | (222,817 | ) | (5,154,916 | ) |
| Depreciation charges | 247,678 | 100,052 |
| Profit on disposal of fixed assets | (151,714 | ) | - |
| Amortisation charges | 107,841 | - |
| Impairment of investments | 318,603 | - |
| Write offs of interco and related party | 475,693 | - |
| Government grants | - | (69,212 | ) |
| Finance costs | 172,816 | 110,134 |
| Finance income | (35,344 | ) | (259 | ) |
| 912,756 | (5,014,201 | ) |
| Increase in stocks | (538,823 | ) | (462,738 | ) |
| Increase in trade and other debtors | (500,034 | ) | (4,064,273 | ) |
| Increase in trade and other creditors | 2,600,396 | 9,836,350 |
| Cash generated from operations | 2,474,295 | 295,138 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
| Year ended 31 March 2024 |
| 31.3.24 | 1.4.23 |
| £ | £ |
| Cash and cash equivalents | 2,971,234 | 876,089 |
| Bank overdrafts | (383 | ) | (25,155 | ) |
| 2,970,851 | 850,934 |
| Year ended 31 March 2023 |
| 31.3.23 | 1.4.22 |
| £ | £ |
| Cash and cash equivalents | 876,089 | 324,680 |
| Bank overdrafts | (25,155 | ) | (19,226 | ) |
| 850,934 | 305,454 |
| Y1 Capital Ltd (Registered number: SC513334) |
| Notes to the Consolidated Statement of Cash Flows |
| for the Year Ended 31 March 2024 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1.4.23 | Cash flow | At 31.3.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 876,089 | 2,095,145 | 2,971,234 |
| Bank overdrafts | (25,155 | ) | 24,772 | (383 | ) |
| 850,934 | 2,119,917 | 2,970,851 |
| Debt |
| Finance leases | - | (186,236 | ) | (186,236 | ) |
| Debts falling due within 1 year | (172,454 | ) | 48,239 | (124,215 | ) |
| Debts falling due after 1 year | (315,472 | ) | (1,359,730 | ) | (1,675,202 | ) |
| (487,926 | ) | (1,497,727 | ) | (1,985,653 | ) |
| Total | 363,008 | 622,190 | 985,198 |
| Y1 Capital Ltd (Registered number: SC513334) |
| Notes to the Consolidated Financial Statements |
| for the Year Ended 31 March 2024 |
| 1. | STATUTORY INFORMATION |
| Y1 Capital Ltd is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Basis of consolidation |
| The consolidated group financial statements consist of the financial statements of the company, Y1 Capital Ltd, together with all the entities controlled by the company ('its subsidiaries') and the group's share of its interests in joint ventures and associates where applicable. |
| All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used in into line with those used by other members of the group. |
| All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. |
| Subsidiaries are consolidated in the group's financial statements from the date that control commences until the date that control ceases. |
| Entities in which the group holds an interest and which are jointly controlled by the group and one or more other ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, as treated as associates. |
| Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group's share of the net assists of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill. |
| If the group's share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate. |
| Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group's interest in the entity. |
| Y1 Capital Ltd (Registered number: SC513334) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Critical accounting judgements and key sources of estimation uncertainty |
| In the application of the group'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 considered to be relevant. Actual results may differ from these estimates. |
| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised 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. |
| Depreciation |
| Depreciation rates in respect of the fixed assets held by the group are intended to reflect management's expectation of the useful economic life of those assets based on both historical experience as well as other external information. |
| Fair value of Transform Healthcare Limited assets |
| As a result of the entity entering administration after the Statement of Financial Position date, the director has performed an assessment of the carrying value of the assets consolidated into these financial statements and concluded that the fair value of those assets, less costs to sell, is at least equal to their carrying value, and as such no impairment of the assets is required. |
| Turnover |
| Turnover is generated through the provision of surgical procedures and the provision of social care services. Transactions for surgical procedures are initially recognised at cost, less the deposit paid by the customer, value added tax and other sales tax and is recognised at the point the procedures are performed. |
| Transactions for social care services are recognised at cost less value added tax and other sales tax and is recognised at the point the care services are provided. |
| Goodwill |
| Goodwill recognised represents the excess of the fair value and directly attributable costs of the purchase consideration over the fair values to the group’s interest in the identifiable net assets, liabilities and contingent liabilities acquired. |
| Goodwill is amortised over its expected useful life which is estimated to be ten years. Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the Statement of Comprehensive Income. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Y1 Capital Ltd (Registered number: SC513334) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Improvements to property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| All tangible fixed assets are initially measured at cost and subsequently measured at cost less depreciation and any impairment losses. |
| Gains and losses arising on the disposal of an asset are determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit and loss as the gain or loss arises. |
| Stocks |
| Stocks are formed of medical equipment used in the performance of surgical procedures. Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are recognised in profit or loss. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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. |
| Deferred tax |
| Deferred tax is recognised in respect of all 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. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| Y1 Capital Ltd (Registered number: SC513334) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Going concern |
| The director has considered the group's net liability deficit at the Consolidated Statement of Financial Position date and the expected financial position over the 12 month period following approval of these financial statements. It is noted that the deficit on the Consolidated Statement of Financial Position is a result of the liability position of both the company and a subsidiary of the group, Transform Healthcare Limited. |
| Post year-end, Transform Healthcare Limited entered into administration, with the trading assets of the entity being acquired by three newly-created connected subsidiary entities of Y1 Capital Limited, for £500,000. The remaining liabilities of Transform Healthcare Limited are intended to be settled, so far as possible, by funds generated from the administration process of the entity. |
| Following this process, the directors believe the group will return to a net asset position and as such have concluded that it is appropriate to prepare the financial statements on a going concern basis. |
| We draw your attention to the auditors report 'Conclusions relating to going concern' which states that the auditor does not express an opinion on the director's use of the going concern basis of accounting. |
| Cash and cash equivalents |
| Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks. |
| Financial instruments |
| The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments. |
| Financial instruments are recognised in the company's Statement of Financial Position when the company becomes party to the contractual provision of the instrument. |
| Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
| Basic financial assets |
| Basic financial assets, which include trade and other receivables and cash and cash equivalents, are initially measured at transaction price, including transaction costs, and are then subsequently carried at amortised cost using the effective interest method, less provision for impairment, unless arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future lease receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and other receivables due with the operating cycle fall into this category of financial instruments. |
| Y1 Capital Ltd (Registered number: SC513334) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Impairment of financial assets |
| Financial assets are assessed for indicators of impairment at each reporting date. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying value amount and the present value of the future cash flows at the asset(s) original effective interest rate. |
| If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. |
| Financial liabilities |
| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after the deduction of its liabilities. |
| Basic financial instruments, which include trade and other payables and bank and other loans are initially measured at their transaction price after transaction costs. When this constitute a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. |
| Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. |
| Derecognition of financial instruments |
| Derecognition of financial assets |
| Financial assets are derecognised when their contractual right to future cash flows expire, or are settled, or when the company transfers the asset and substantially all of the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained. |
| Derecognition of financial liabilities |
| Financial liabilities are derecognised when the company's contractual obligations expire, are discharged or cancelled. |
| 3. | TURNOVER |
| The turnover and loss before taxation are attributable to the one principal activity of the group. |
| An analysis of turnover by class of business is given below: |
| 31.3.24 | 31.3.23 |
| £ | £ |
| Surgical medical procedures | 30,023,090 | 10,158,306 |
| Care services | 8,364,144 | 5,425,917 |
| 38,387,234 | 15,584,223 |
| Y1 Capital Ltd (Registered number: SC513334) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2024 |
| 3. | TURNOVER - continued |
| An analysis of turnover by geographical market is given below: |
| 31.3.24 | 31.3.23 |
| £ | £ |
| United Kingdom | 38,387,234 | 15,584,223 |
| 38,387,234 | 15,584,223 |
| 4. | EMPLOYEES AND DIRECTORS |
| 31.3.24 | 31.3.23 |
| £ | £ |
| Wages and salaries | 13,185,147 | 7,637,777 |
| Social security costs | 1,177,809 | 391,436 |
| Other pension costs | 235,407 | 85,786 |
| 14,598,363 | 8,114,999 |
| The average number of employees during the year was as follows: |
| 31.3.24 | 31.3.23 |
| Medical and admin staff | 292 | 28 |
| Care staff | 282 | 244 |
| The average number of employees by undertakings that were proportionately consolidated during the year was 574 (2023 - 272 ) . |
| 31.3.24 | 31.3.23 |
| £ | £ |
| Directors' remuneration | - | - |
| 5. | OPERATING PROFIT/(LOSS) |
| The operating profit (2023 - operating loss) is stated after charging/(crediting): |
| 31.3.24 | 31.3.23 |
| £ | £ |
| Hire of plant and machinery | - | 7,138 |
| Depreciation - owned assets | 247,678 | 36,022 |
| Profit on disposal of fixed assets | (151,714 | ) | - |
| Goodwill amortisation | 73,631 | 59,966 |
| Patents and licences amortisation | 34,210 | 4,063 |
| Auditors' remuneration | 14,000 | 17,500 |
| Auditors' remuneration for non audit work | 6,500 | 2,350 |
| Y1 Capital Ltd (Registered number: SC513334) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2024 |
| 6. | EXCEPTIONAL ITEMS |
| 31.3.24 | 31.3.23 |
| £ | £ |
| Exceptional items | (500,363 | ) | (3,334,432 | ) |
| Included on the face of the Consolidated Statement of Comprehensive Income is £500,363 of exceptional expenditure. This relates to the write off of irrecoverable non-group intercompany debtors. |
| 7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 31.3.24 | 31.3.23 |
| £ | £ |
| Bank interest | 139,553 | 70,598 |
| Loan interest | 33,263 | 39,536 |
| 172,816 | 110,134 |
| 8. | TAXATION |
| Analysis of the tax (credit)/charge |
| The tax (credit)/charge on the loss for the year was as follows: |
| 31.3.24 | 31.3.23 |
| £ | £ |
| Current tax: |
| UK corporation tax | - | 226,718 |
| Overprovision relating to |
| prior periods | (227,010 | ) | (28,477 | ) |
| Tax on loss | (227,010 | ) | 198,241 |
| Reconciliation of total tax (credit)/charge included in profit and loss |
| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
| 31.3.24 | 31.3.23 |
| £ | £ |
| Loss before tax | (222,817 | ) | (5,154,916 | ) |
| Loss multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
(55,704 |
) |
(979,434 |
) |
| Effects of: |
| Expenses not deductible for tax purposes | 10,642 | - |
| Depreciation in excess of capital allowances | 79,376 | 662 |
| Utilisation of tax losses | (34,314 | ) | - |
| Adjustments to tax charge in respect of previous periods | (227,010 | ) | - |
| S455 tax payable | - | 100,285 |
| Losses carried forward | - | 1,076,728 |
| Total tax (credit)/charge | (227,010 | ) | 198,241 |
| Y1 Capital Ltd (Registered number: SC513334) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2024 |
| 8. | TAXATION - continued |
| Tax effects relating to effects of other comprehensive income |
| There were no tax effects for the year ended 31 March 2024. |
| 31.3.23 |
| Gross | Tax | Net |
| £ | £ | £ |
| Sale of minority shareholding in group | 700,100 | - | 700,100 |
| 9. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
| 10. | DIVIDENDS |
| 31.3.24 | 31.3.23 |
| £ | £ |
| Ordinary shares of 1 each |
| Final | 515,462 | - |
| 11. | PRIOR YEAR ADJUSTMENT |
| A prior year adjustment has been made to reduce the brought forward non-controlling interest debit by £1,167,864. |
| 12. | INTANGIBLE FIXED ASSETS |
| Group |
| Patents and |
| Goodwill | licences | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2023 | 736,313 | 74,375 | 810,688 |
| Additions | 495,000 | 179,466 | 674,466 |
| At 31 March 2024 | 1,231,313 | 253,841 | 1,485,154 |
| AMORTISATION |
| At 1 April 2023 | 210,383 | 4,063 | 214,446 |
| Amortisation for year | 73,631 | 34,210 | 107,841 |
| At 31 March 2024 | 284,014 | 38,273 | 322,287 |
| NET BOOK VALUE |
| At 31 March 2024 | 947,299 | 215,568 | 1,162,867 |
| At 31 March 2023 | 525,930 | 70,312 | 596,242 |
| Y1 Capital Ltd (Registered number: SC513334) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2024 |
| 13. | TANGIBLE FIXED ASSETS |
| Group |
| Fixtures |
| Improvements | Plant and | and |
| to property | machinery | fittings |
| £ | £ | £ |
| COST |
| At 1 April 2023 | 89,986 | 44,701 | 80,211 |
| Additions | 253,917 | - | - |
| At 31 March 2024 | 343,903 | 44,701 | 80,211 |
| DEPRECIATION |
| At 1 April 2023 | 14,095 | 39,685 | 70,614 |
| Charge for year | 68,645 | 3,237 | 2,081 |
| At 31 March 2024 | 82,740 | 42,922 | 72,695 |
| NET BOOK VALUE |
| At 31 March 2024 | 261,163 | 1,779 | 7,516 |
| At 31 March 2023 | 75,891 | 5,016 | 9,597 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2023 | 24,493 | 217,069 | 456,460 |
| Additions | - | 712,096 | 966,013 |
| At 31 March 2024 | 24,493 | 929,165 | 1,422,473 |
| DEPRECIATION |
| At 1 April 2023 | 9,468 | 115,153 | 249,015 |
| Charge for year | 3,802 | 169,913 | 247,678 |
| At 31 March 2024 | 13,270 | 285,066 | 496,693 |
| NET BOOK VALUE |
| At 31 March 2024 | 11,223 | 644,099 | 925,780 |
| At 31 March 2023 | 15,025 | 101,916 | 207,445 |
| Y1 Capital Ltd (Registered number: SC513334) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2024 |
| 13. | TANGIBLE FIXED ASSETS - continued |
| Company |
| Fixtures |
| Plant and | and | Computer |
| machinery | fittings | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 April 2023 |
| and 31 March 2024 |
| DEPRECIATION |
| At 1 April 2023 |
| Charge for year |
| At 31 March 2024 |
| NET BOOK VALUE |
| At 31 March 2024 |
| At 31 March 2023 |
| 14. | FIXED ASSET INVESTMENTS |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 April 2023 |
| Additions |
| At 31 March 2024 |
| NET BOOK VALUE |
| At 31 March 2024 |
| At 31 March 2023 |
| Y1 Capital Ltd (Registered number: SC513334) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2024 |
| 14. | FIXED ASSET INVESTMENTS - continued |
| The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
| Subsidiaries |
| Transform Healthcare Limited |
| Registered office: 132 Manchester Road, Rochdale, Greater Manchester, England, OL11 4JQ |
| Nature of business: Surgical Medical Procedures |
| % |
| Class of shares: | holding |
| Ordinary | 83.50 |
| 31.3.24 | 31.3.23 |
| £ | £ |
| Aggregate capital and reserves | (5,655,998 | ) | (5,200,080 | ) |
| Loss for the year | (604,811 | ) | (5,194,944 | ) |
| Esteem Care Cumbria Limited |
| Registered office: 132 Manchester Road, Rochdale, Greater Manchester, OL11 4JQ |
| Nature of business: Care services |
| % |
| Class of shares: | holding |
| Ordinary | 100.00 |
| 31.3.24 | 31.3.23 |
| £ | £ |
| Aggregate capital and reserves | 431,549 | 143,472 |
| Profit for the year | 295,935 | 140,748 |
| Esteem Care Dumfries and Galloway Ltd |
| Registered office: 1 Gordon Street, Dumfries, DG1 1EG |
| Nature of business: Care services |
| % |
| Class of shares: | holding |
| Ordinary | 100.00 |
| 31.3.24 | 31.3.23 |
| £ | £ |
| Aggregate capital and reserves | 764,077 | 630,996 |
| Profit for the year | 810,540 | 326,356 |
| Esteem Care Leeds Limited |
| Registered office: 132 Manchester Road, Rochdale, Greater Manchester, OL11 4JQ |
| Nature of business: Care services |
| % |
| Class of shares: | holding |
| Ordinary | 100.00 |
| 31.3.24 | 31.3.23 |
| £ | £ |
| Aggregate capital and reserves | 69,740 | 39,730 |
| Profit for the year | 42,910 | 82,355 |
| Y1 Capital Ltd (Registered number: SC513334) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2024 |
| 14. | FIXED ASSET INVESTMENTS - continued |
| Esteem Care Manchester Limited |
| Registered office: 132 Manchester Road, Rochdale, Greater Manchester, OL11 4JQ |
| Nature of business: Care services |
| % |
| Class of shares: | holding |
| Ordinary | 100.00 |
| 31.3.24 | 31.3.23 |
| £ | £ |
| Aggregate capital and reserves | 176,306 | 252,263 |
| Profit for the year | 65,390 | 15,057 |
| Creative Acquisitions Limited |
| Registered office: 132 Manchester Road, Rochdale, Greater Manchester, OL11 4JQ |
| Nature of business: Acquisition vehicle |
| % |
| Class of shares: | holding |
| Ordinary | 100.00 |
| 31.3.24 | 31.3.23 |
| £ | £ |
| Aggregate capital and reserves | (23,301 | ) | (22,087 | ) |
| (Loss)/profit for the year | (1,214 | ) | 75,049 |
| Esteem Care Holdings Limited |
| Registered office: 132 Manchester Road, Rochdale, Greater Manchester, OL11 4JG |
| Nature of business: Dormant company |
| % |
| Class of shares: | holding |
| Ordinary | 90.00 |
| 31.3.24 | 31.3.23 |
| £ | £ |
| Aggregate capital and reserves | 1,000 | 1,000 |
| The following subsidiary is exempt from the requirements of the Companies Act 2006 relating to the audit of individual accounts by virtue of S479A of the Companies Act 2006 as a guarantee has been provided on its behalf by the parent company Y1 Capital Ltd under S479C of the Companies Act 2006: |
| Creative Acquisitions Limited (company number: 12517052) |
| 15. | STOCKS |
| Group |
| 31.3.24 | 31.3.23 |
| £ | £ |
| Stocks | 1,007,191 | 468,368 |
| Y1 Capital Ltd (Registered number: SC513334) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2024 |
| 16. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 |
| £ | £ | £ | £ |
| Trade debtors | 1,658,559 | 1,453,029 |
| Amounts owed by group undertakings | - | - |
| Amounts owed by participating interests | 445,717 | 180,234 | - | - |
| Other debtors | 2,872,694 | 2,827,737 |
| Directors' loan accounts | - | 30,491 | - | - |
| Prepayments and accrued income | 1,105,890 | 1,079,073 |
| 6,082,860 | 5,570,564 |
| 17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 |
| £ | £ | £ | £ |
| Bank loans and overdrafts (see note 19) | 124,598 | 197,609 |
| Trade creditors | 2,685,018 | 1,609,739 |
| Amounts owed to group undertakings | - | - |
| Amounts owed to participating interests | 4,744,303 | 2,792,915 | - | - |
| Tax | - | 280,659 |
| Social security and other taxes | 313,030 | 676,021 |
| VAT | 112,839 | - | - | - |
| Other creditors | 2,844,504 | 2,831,529 |
| Bank loans and overdrafts | 30,000 | - | - | - |
| Directors' loan accounts | 140,731 | - | 74,989 | 75,014 |
| Accruals and deferred income | 4,071,824 | 3,182,054 |
| 15,066,847 | 11,570,526 |
| 18. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group | Company |
| 31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 |
| £ | £ | £ | £ |
| Bank loans (see note 19) | 1,675,202 | 315,472 |
| Hire purchase contracts (see note 20) | 186,236 | - |
| 1,861,438 | 315,472 |
| Y1 Capital Ltd (Registered number: SC513334) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2024 |
| 19. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group | Company |
| 31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 |
| £ | £ | £ | £ |
| Amounts falling due within one year or on | demand: |
| Bank overdrafts | 383 | 25,155 |
| Bank loans | 124,215 | 172,454 |
| 124,598 | 197,609 |
| Amounts falling due between one and two | years: |
| Bank loans - 1-2 years | 178,202 | 315,472 |
| Amounts falling due between two and five | years: |
| Bank loans - 2-5 years | 500,000 | - |
| Amounts falling due in more than five | years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 997,000 | - | - | - |
| 20. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Hire purchase contracts |
| 31.3.24 | 31.3.23 |
| £ | £ |
| Net obligations repayable: |
| Between one and five years | 186,236 | - |
| Group |
| Non-cancellable |
| operating leases |
| 31.3.24 | 31.3.23 |
| £ | £ |
| Within one year | 38,810 | 1,231,402 |
| Between one and five years | 35,527 | 1,518,902 |
| 74,337 | 2,750,304 |
| Y1 Capital Ltd (Registered number: SC513334) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2024 |
| 21. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group |
| 31.3.24 | 31.3.23 |
| £ | £ |
| Bank loans | 317,130 | - |
| Bank loans of Esteem Care Holdings Limited group amounting to £317,130 (2023: £228,536) are secured via fixed and floating charges over the relevant subsidiaries assets within the group. |
| 22. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.3.24 | 31.3.23 |
| value: | as restated |
| £ | £ |
| Ordinary | 1 | 1,000 | 1,000 |
| 23. | RESERVES |
| Group |
| Retained |
| earnings |
| £ |
| At 1 April 2023 | (2,769,651 | ) |
| Prior year adjustment | (1,167,864 | ) |
| (3,937,515 | ) |
| Profit for the year | 4,193 |
| Dividends | (515,462 | ) |
| At 31 March 2024 | (4,448,784 | ) |
| Company |
| Retained |
| earnings |
| £ |
| At 1 April 2023 | ( |
) |
| Deficit for the year | ( |
) |
| Dividends | ( |
) |
| At 31 March 2024 | ( |
) |
| 24. | NON-CONTROLLING INTERESTS |
| The non-controlling interest in Transform Healthcare Limited at the year end date is 15% (2023: 16.5%). |
| Y1 Capital Ltd (Registered number: SC513334) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2024 |
| 25. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023: |
| 31.3.24 | 31.3.23 |
| as restated |
| £ | £ |
| Dr S Sainudeen |
| Balance outstanding at start of year | 30,491 | 256,892 |
| Amounts advanced | 140,756 | - |
| Amounts repaid | (30,491 | ) | (226,401 | ) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | 140,756 | 30,491 |
| 26. | RELATED PARTY DISCLOSURES |
| During the year, total dividends of £515,462 were paid to the directors . |
| 27. | POST BALANCE SHEET EVENTS |
| After the Statement of Financial Position date, the group underwent a restructure, with the full sale of the Esteem Care Holdings Limited sub-group exiting the group on 31 July 2024. |
| In addition to this, four new entities have been created within the group with the company directly holding 100% of the share capital of Electiva Healthcare Limited and indirectly holding the shares of those entities created underneath Electiva Healthcare Limited. |
| The entities created underneath Electiva Healthcare Limited are Electiva Hospitals Manchester Limited, Electiva Hospitals Birmingham Limited and Electiva Hospitals London Limited. |
| Linked to the creation of the new entities within the group structure as detailed above, Transform Healthcare Limited entered administration in November 2024, with the trading assets of the entity being sold to Electiva Healthcare Limited, Electiva Hospitals Manchester Limited and Electiva Hospitals Birmingham Limited through a pre-package sale. The remaining assets within the entity will be managed by the administration process, with the expected eventual dissolution of Transform Healthcare Limited. |
| Finally, the subsidiary Creative Acquisitions Limited was renamed Electiva Marketing Limited after the balance sheet date and has commenced activities as a marketing agency both on behalf of the group and external parties. |
| 28. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is Dr S Sainudeen. |