IRIS Accounts Production v25.1.3.33 06563486 Board of Directors 30.9.24 1.10.23 30.9.24 30.9.24 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. the provision of healthcare services. true true true false true true false false false false false false false false true true true false Ordinary 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh065634862023-09-30065634862024-09-30065634862023-10-012024-09-30065634862022-09-30065634862022-10-012023-09-30065634862023-09-3006563486ns15:EnglandWales2023-10-012024-09-3006563486ns14:PoundSterling2023-10-012024-09-3006563486ns10:Director12023-10-012024-09-3006563486ns10:Consolidated2024-09-3006563486ns10:ConsolidatedGroupCompanyAccounts2023-10-012024-09-3006563486ns10:PrivateLimitedCompanyLtd2023-10-012024-09-3006563486ns10:Consolidatedns10:MediumEntities2023-10-012024-09-3006563486ns10:Consolidatedns10:Audited2023-10-012024-09-3006563486ns10:SmallCompaniesRegimeForDirectorsReport2023-10-012024-09-3006563486ns10:Medium-sizedCompaniesRegimeForAccounts2023-10-012024-09-3006563486ns10:Consolidated2023-10-012024-09-3006563486ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-10-012024-09-3006563486ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForAccounts2023-10-012024-09-3006563486ns10:FullAccounts2023-10-012024-09-3006563486ns5:Subsidiary12023-10-012024-09-3006563486ns5:Subsidiary22023-10-012024-09-3006563486ns5:Subsidiary32023-10-012024-09-3006563486ns5:Subsidiary42023-10-012024-09-3006563486ns5:Subsidiary52023-10-012024-09-300656348612023-10-012024-09-3006563486ns10:OrdinaryShareClass12023-10-012024-09-3006563486ns10:Director22023-10-012024-09-3006563486ns10:Director32023-10-012024-09-3006563486ns10:Director42023-10-012024-09-3006563486ns10:Director52023-10-012024-09-3006563486ns10:RegisteredOffice2023-10-012024-09-3006563486ns10:Consolidated2022-10-012023-09-3006563486ns5:CurrentFinancialInstruments2024-09-3006563486ns5:CurrentFinancialInstruments2023-09-3006563486ns5:ShareCapital2024-09-3006563486ns5:ShareCapital2023-09-3006563486ns5:RetainedEarningsAccumulatedLosses2024-09-3006563486ns5:RetainedEarningsAccumulatedLosses2023-09-3006563486ns5:ShareCapital2022-09-3006563486ns5:RetainedEarningsAccumulatedLosses2022-09-3006563486ns5:RetainedEarningsAccumulatedLosses2022-10-012023-09-3006563486ns5:RetainedEarningsAccumulatedLosses2023-10-012024-09-3006563486ns5:IntangibleAssetsOtherThanGoodwill2023-10-012024-09-3006563486ns5:NetGoodwill2023-09-3006563486ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-09-3006563486ns5:NetGoodwill2023-10-012024-09-3006563486ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-10-012024-09-3006563486ns5:NetGoodwill2024-09-3006563486ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2024-09-3006563486ns5:NetGoodwill2023-09-3006563486ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-09-3006563486ns5:FurnitureFittings2023-09-3006563486ns5:MotorVehicles2023-09-3006563486ns5:ComputerEquipment2023-09-3006563486ns5:FurnitureFittings2023-10-012024-09-3006563486ns5:MotorVehicles2023-10-012024-09-3006563486ns5:ComputerEquipment2023-10-012024-09-3006563486ns5:FurnitureFittings2024-09-3006563486ns5:MotorVehicles2024-09-3006563486ns5:ComputerEquipment2024-09-3006563486ns5:FurnitureFittings2023-09-3006563486ns5:MotorVehicles2023-09-3006563486ns5:ComputerEquipment2023-09-3006563486ns5:LeasedAssetsHeldAsLessee2023-10-012024-09-3006563486ns5:CostValuation2023-09-3006563486ns5:AdditionsToInvestments2024-09-3006563486ns5:CostValuation2024-09-30065634861ns5:Subsidiary12023-10-012024-09-3006563486ns5:Subsidiary232023-10-012024-09-30065634865ns5:Subsidiary32023-10-012024-09-30065634867ns5:Subsidiary42023-10-012024-09-3006563486ns5:Subsidiary592023-10-012024-09-3006563486ns5:WithinOneYearns5:CurrentFinancialInstruments2024-09-3006563486ns5:WithinOneYearns5:CurrentFinancialInstruments2023-09-3006563486ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2024-09-3006563486ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2023-09-3006563486ns5:WithinOneYear2024-09-3006563486ns5:WithinOneYear2023-09-3006563486ns5:BetweenOneFiveYears2024-09-3006563486ns5:BetweenOneFiveYears2023-09-3006563486ns5:AllPeriods2024-09-3006563486ns5:AllPeriods2023-09-3006563486ns5:DeferredTaxation2023-09-3006563486ns5:DeferredTaxation2023-10-012024-09-3006563486ns5:DeferredTaxation2024-09-3006563486ns10:OrdinaryShareClass12024-09-3006563486ns5:RetainedEarningsAccumulatedLosses2023-09-30
REGISTERED NUMBER: 06563486 (England and Wales)















PARTNERING HEALTH LIMITED

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024






PARTNERING HEALTH LIMITED (REGISTERED NUMBER: 06563486)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 7

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 18


PARTNERING HEALTH LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTORS: Dr T S Wright
Mr R S Brand
Ms G W Bond
Ms K M Stephens
Mr E G Fichardt





REGISTERED OFFICE: Onyx
12 Little Park Farm Road
Segensworth Roundabout
West Fareham
Hampshire
PO15 5TD





REGISTERED NUMBER: 06563486 (England and Wales)





AUDITORS: Rothmans Audit LLP
Statutory Auditors
Chartered Accountants
Fryern House
125 Winchester Road
Chandlers Ford
Hampshire
SO53 2DR

PARTNERING HEALTH LIMITED (REGISTERED NUMBER: 06563486)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024


The directors present their strategic report of the company and the group for the year ended 30 September 2024.

REVIEW OF BUSINESS
The year ending September 2024 presented both challenges and opportunities for the Group, the challenges being linked to a downturn in the insourcing market, predominantly due to a changing political landscape and less certainty around NHS budgets across all territories. The opportunities came following the work we did in the prior year to create a growth platform in our Healthcare Division, leading us to experience significant revenue, EBITDA and geographical expansion from this part of the business.

Our plans to move from being a regional provider to a nationally recognised healthcare company are now bearing real fruit and we continue to grow our footprint across all service lines across the UK. We can now confidently say we have achieved this strategic objective.

We have maintained and enhanced the quality of care which we provide and continue to be regarded by the Care Quality Commission (CQC) as a 'dynamic organisation' with 'strong governance and open culture'. We have obtained a rating of 'Outstanding' for one of our services, the first to be inspected under the new assessment regime and the first time our highly invested clinical quality and governance model has been assessed by the CQC.

This year was made achievable due to the hard work and dedication of hundreds of hardworking and dedicated people, working tirelessly across a range of projects and services while relying upon everybody's strength and resolve.

PRINCIPAL RISKS AND UNCERTAINTIES
Based on the Group's activities operating as a healthcare provider in the UK, we recognise the significance of identifying and addressing principal risks and uncertainties inherent in our operations. Our strategic approach to risk management encompasses both financial and non-financial aspects, ensuring resilience and sustainability in an ever-evolving healthcare landscape.

Regulatory Compliance and Policy Changes
One of the primary risks we face relates to compliance with regulatory requirements and adapting to changes in healthcare policies. The healthcare sector in the UK is subject to frequent regulatory updates and policy reforms which may impact our operations, reimbursement rates and service delivery standards. Failure to comply with regulatory standards or anticipate policy changes could lead to legal ramifications, reputational damage and operational disruptions.

Clinical Governance and Patient Safety
Ensuring the highest standards of clinical governance and patient safety is fundamental to our mission. However, clinical risks such as medical errors, infection control, and adverse patient outcomes pose significant challenges. Maintaining robust quality assurance processes, investing in staff training and development, and fostering a culture of continuous improvement are essential in mitigating these risks and safeguarding patient welfare.

Information Security and Data Privacy
With the increasing digitisation of healthcare services, safeguarding sensitive patient information and maintaining data privacy are paramount. Cybersecurity threats, data breaches and regulatory non-compliance pose significant risks to our operations and reputation. Implementing robust information security protocols, conducting regular audits and staying abreast of data protection regulations are essential in mitigating these risks and preserving patient trust.

Financial Sustainability and Funding Pressures
Financial sustainability is a key concern for healthcare providers amid rising costs, budget constraints and funding pressures. Fluctuations in government funding, changes in reimbursement mechanisms and shifts in patient demographics can impact our revenue streams and cost base significantly. Adopting prudent financial management practices, diversifying revenue sources and exploring cost-saving initiatives are essential in mitigating financial risks and ensuring long-term sustainability.

Navigating the complex landscape of risks and uncertainties in the healthcare sector requires a proactive and integrated approach. By identifying, assessing and effectively managing these principal risks, we can safeguard our operations, enhance patient outcomes and position ourselves for long-term success in the UK healthcare market.


PARTNERING HEALTH LIMITED (REGISTERED NUMBER: 06563486)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

KEY PERFORMANCE INDICATORS
Our key financial performance indicators for the Group are shown below:

Year to 30 September 2024 2023
£'000 £'000

Turnover 31,676 42,372
Profit before tax 427 589
EBITDA 1,914 3,052

ON BEHALF OF THE BOARD:





Mr R S Brand - Director


14 May 2025

PARTNERING HEALTH LIMITED (REGISTERED NUMBER: 06563486)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 SEPTEMBER 2024


The directors present their report with the financial statements of the company and the group for the year ended 30 September 2024.

DIVIDENDS
No dividends will be distributed for the year ended 30 September 2024.

RESEARCH AND DEVELOPMENT
We maintain that innovation is at the core of what we do, and while in previous years the Group's focus on research and development has focused on the development of technical solutions linked to monitoring health and wellbeing, this year we have focused on knitting together established technologies to support efficient and effective healthcare service delivery, across our services lines. We completed development and deployed our bespoke insourcing management system 'PRISM', which has increased operational, compliance and financial effectiveness.

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
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report.

Dr T S Wright
Mr R S Brand
Ms G W Bond
Ms K M Stephens
Mr E G Fichardt

FINANCIAL INSTRUMENTS RISKS
The Group's operations expose it to a variety of financial risks that include the effects of credit risk, liquidity risk and interest rate risk. The Group constantly reviews financial performance by monitoring levels of debt finance and related finance costs.

The Group's principal financial instruments comprise trade debtors, trade creditors, bank balances, loan notes, other loans and hire purchase agreements. The risks applicable to the financial instruments are managed by the Group.

Liquidity risk is managed by the close control of cash balances, debtors and creditors. Trade debtors are managed in respect of credit and cashflow risk concerning the credit offered to customers and regular monitoring of both amounts outstanding and credit limits.


PARTNERING HEALTH LIMITED (REGISTERED NUMBER: 06563486)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

FUTURE DEVELOPMENTS
2024 has like years before, been founded on our vision and values, which we took the opportunity to refresh along with our expanded team of people, across our divisions, as planned. This led to the creation of a new set of values which were shared across all parts of the organisation; and are:

o Truly Care
o Team First
o Pioneering Innovation
o Caring, Accountability, Respect, Efficiency, Teamwork & Fun

Our Vision remains to be an innovative healthcare provider, respected for providing a range of the highest quality care solutions.

Our Mission is to enable people to remain well, or to receive the best possible health and social care via the provision of high-quality healthcare services.

Furthermore, we continue to forge strong partnerships with healthcare providers and commissioners.

Our Group continues to be a well-respected provider of healthcare, and having further established our expanded footprint this year, we continue to grow our profile and offer our services across the British Isles, ensuring our customers, service users and regulators remain satisfied that we are the best solution for their needs and will do so by not only living our values, but building upon the core pillars of our success which are:

1. Our People
2. Our Patients
3. Our Performance

Our customers and regulators continue to support our business and operations and it is through that support we will continue to strive to be the best we can be, to develop on their behalf and innovate for our combined future.

The Directors remain confident in the Group's financial position moving into 2024/25.

EMPLOYMENT OF DISABLED PERSONS
The Group are committed to developing healthcare services which are personal, fair and diverse. We are keen to ensure that our services make a difference to individual lives and to ensure that the services we provide do so inclusively. We are committed to ensuring that our approach to our employees and potential employees is the same as our approach to our service users being open, honest and transparent, focused and based on our values.

The Group recognises that unfair discrimination of any form and victimisation is unacceptable and unlawful. It is in the interests of the organisation and its employees to utilise the skills of the total workforce. The Group does ensure that no employee, worker, contractor or job applicant receives less favourable facilities or treatment (either directly or indirectly) in recruitment, employment or engagement on grounds of age, disability, gender/gender reassignment, marriage/civil partnership, pregnancy/maternity, race, religion or belief, sex, or sexual orientation.

The Group is committed to improving access to our premises and services by removing physical and other barriers experienced by our service users, this includes digital access.

EMPLOYEE ENGAGEMENT STATEMENT
Our people are at the heart of our business. They play an integral role in fulfilling our commitment to our patients. We have approximately 450 employees working throughout the UK, and Guernsey. This is complemented with a host of self-employed, bank and contract workers, reaching as far as 2,000 specialist healthcare professionals.

Our HR Strategy is designed to support the future growth of the organisation and maintain stability within the workforce. We will have appropriately trained and experienced employees whilst recognising and developing our high performers. We will be an employer of choice through listening to and acting upon employee feedback, and appropriately rewarding and recognising our employees for demonstrating behaviours in accordance with our core. Our attraction strategies and infrastructure support and promote a diverse and inclusive workforce.

Investment in learning and development is considered according to the job role, discussion with line managers on career growth and return on investment to the organisation. We utilise the apprenticeship levy within England and have close partnerships with local providers.

THIRD PARTY INDEMNITIES
Qualifying third party indemnity provisions for the benefit of the directors were in force during the year under review and remain in force as at the date of approval of the financial statements.


PARTNERING HEALTH LIMITED (REGISTERED NUMBER: 06563486)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are 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 directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and 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 company and 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 directors are 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 each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Rothmans Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr R S Brand - Director


14 May 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PARTNERING HEALTH LIMITED


Opinion
We have audited the financial statements of Partnering Health Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 30 September 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, 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 Group Strategic Report and the Report of the Directors 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 Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PARTNERING HEALTH LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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 directors either intend to liquidate the group or the parent company or to cease operations, or have 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory framework that the Group operates in, focusing on those laws and regulations that had a direct effect on the Group's Financial Statements or that had a fundamental effect of the operations of the Group. The key laws and regulations we considered in this context included the UK Companies Act and the Care Quality Commission (CQC) regulations.

Discussions were held within the engagement team regarding how and where fraud might occur in the Group Financial Statements and any potential indicators of fraud. As part of this discussion, we identified potential risk areas such as the completeness of revenue. Audit procedures were designed to ensure all of the risks were addressed.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- enquiring of management as to actual and potential litigation and claims; and
- reviewing any correspondence with regulators and the Group's legal advisors.
- reviewing reports from CQC inspections and action plans.

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 and bias.

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 director 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
PARTNERING HEALTH LIMITED


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.




Kevin Richards ACA FCCA (Senior Statutory Auditor)
for and on behalf of Rothmans Audit LLP
Statutory Auditors
Chartered Accountants
Fryern House
125 Winchester Road
Chandlers Ford
Hampshire
SO53 2DR

14 May 2025

PARTNERING HEALTH LIMITED (REGISTERED NUMBER: 06563486)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024 2023
Notes £'000 £'000 £'000

TURNOVER 3 31,676 42,372

Cost of sales 18,976 27,339
GROSS PROFIT 12,700 15,033

Administrative expenses 12,307 14,301
393 732

Other operating income - 26
OPERATING PROFIT 5 393 758

Interest receivable and similar income 33 10
Other finance income 19 24 18
57 28
450 786

Interest payable and similar expenses 6 23 197
PROFIT BEFORE TAXATION 427 589

Tax on profit 7 92 (135 )
PROFIT FOR THE FINANCIAL YEAR 335 724
Profit attributable to:
Owners of the parent 335 724

PARTNERING HEALTH LIMITED (REGISTERED NUMBER: 06563486)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024 2023
Notes £'000 £'000

PROFIT FOR THE YEAR 335 724


OTHER COMPREHENSIVE INCOME
Actuarial gains/(losses) 97 (49 )
Income tax relating to other comprehensive
income

(52

)

(32

)
OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

45

(81

)
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

380

643

Total comprehensive income attributable to:
Owners of the parent 380 643

PARTNERING HEALTH LIMITED (REGISTERED NUMBER: 06563486)

CONSOLIDATED BALANCE SHEET
30 SEPTEMBER 2024

2024 2023
Notes £'000 £'000 £'000
FIXED ASSETS
Intangible assets 9 9,040 9,946
Tangible assets 10 407 392
Investments 11 - -
9,447 10,338

CURRENT ASSETS
Stocks 12 106 110
Debtors 13 6,255 6,538
Cash at bank 771 1,813
7,132 8,461
CREDITORS
Amounts falling due within one year 14 12,929 15,461
NET CURRENT LIABILITIES (5,797 ) (7,000 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,650

3,338

PROVISIONS FOR LIABILITIES 17 (288 ) (148 )

PENSION ASSET 20 614 405
NET ASSETS 3,976 3,595

CAPITAL AND RESERVES
Called up share capital 18 79 79
Retained earnings 19 3,897 3,516
SHAREHOLDERS' FUNDS 3,976 3,595

The financial statements were approved by the Board of Directors and authorised for issue on 14 May 2025 and were signed on its behalf by:





Mr R S Brand - Director


PARTNERING HEALTH LIMITED (REGISTERED NUMBER: 06563486)

COMPANY BALANCE SHEET
30 SEPTEMBER 2024

2024 2023
Notes £'000 £'000 £'000
FIXED ASSETS
Intangible assets 9 171 202
Tangible assets 10 359 334
Investments 11 12,652 12,572
13,182 13,108

CURRENT ASSETS
Stocks 12 106 110
Debtors 13 5,830 4,837
Cash at bank 161 539
6,097 5,486
CREDITORS
Amounts falling due within one year 14 12,629 14,546
NET CURRENT LIABILITIES (6,532 ) (9,060 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,650

4,048

PROVISIONS FOR LIABILITIES 17 65 88
NET ASSETS 6,585 3,960

CAPITAL AND RESERVES
Called up share capital 18 79 79
Retained earnings 19 6,506 3,881
SHAREHOLDERS' FUNDS 6,585 3,960

Company's profit for the financial year 2,625 920

The financial statements were approved by the Board of Directors and authorised for issue on 14 May 2025 and were signed on its behalf by:





Mr R S Brand - Director


PARTNERING HEALTH LIMITED (REGISTERED NUMBER: 06563486)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Called up
share Retained Total
capital earnings equity
£'000 £'000 £'000
Balance at 1 October 2022 79 2,873 2,952

Changes in equity
Total comprehensive income - 643 643
Balance at 30 September 2023 79 3,516 3,595

Changes in equity
Total comprehensive income - 380 380
Balance at 30 September 2024 79 3,896 3,975

PARTNERING HEALTH LIMITED (REGISTERED NUMBER: 06563486)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Called up
share Retained Total
capital earnings equity
£'000 £'000 £'000
Balance at 1 October 2022 79 2,961 3,040

Changes in equity
Total comprehensive income - 920 920
Balance at 30 September 2023 79 3,881 3,960

Changes in equity
Total comprehensive income - 2,625 2,625
Balance at 30 September 2024 79 6,506 6,585

PARTNERING HEALTH LIMITED (REGISTERED NUMBER: 06563486)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024 2023
Notes £'000 £'000
Cash flows from operating activities
Cash generated from operations 1 568 6,699
Interest paid (12 ) (195 )
Interest element of hire purchase payments
paid

-

(2

)
Finance costs paid (11 ) -
Tax paid (209 ) (507 )
Net cash from operating activities 336 5,995

Cash flows from investing activities
Purchase of intangible fixed assets (260 ) (335 )
Purchase of tangible fixed assets (290 ) (91 )
Sale of intangible fixed assets - 8
Consideration - subsidiaries acquisition (850 ) (4,905 )
Interest received 33 10
Net cash from investing activities (1,367 ) (5,313 )

Cash flows from financing activities
Capital repayments in year (12 ) (24 )
Net cash from financing activities (12 ) (24 )

(Decrease)/increase in cash and cash equivalents (1,043 ) 658
Cash and cash equivalents at beginning
of year

2

1,813

1,155

Cash and cash equivalents at end of year 2 771 1,813

PARTNERING HEALTH LIMITED (REGISTERED NUMBER: 06563486)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£'000 £'000
Profit before taxation 427 589
Depreciation charges 173 291
Loss on disposal of fixed assets 102 2
Amortisation 1,245 1,360
Current service cost 24 37
Pension funding contributions (112 ) (194 )
Impairment of fixed assets - 643
Finance costs 23 197
Finance income (57 ) (28 )
1,825 2,897
Decrease in stocks 4 13
Decrease/(increase) in trade and other debtors 489 (368 )
(Decrease)/increase in trade and other creditors (1,750 ) 4,157
Cash generated from operations 568 6,699

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 September 2024
30/9/24 1/10/23
£'000 £'000
Cash and cash equivalents 771 1,813
Year ended 30 September 2023
30/9/23 1/10/22
£'000 £'000
Cash and cash equivalents 1,813 1,155


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/10/23 Cash flow At 30/9/24
£'000 £'000 £'000
Net cash
Cash at bank and in hand 1,813 (1,042 ) 771
1,813 (1,042 ) 771
Debt
Finance leases (12 ) 12 -
(12 ) 12 -
Total 1,801 (1,030 ) 771

PARTNERING HEALTH LIMITED (REGISTERED NUMBER: 06563486)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024


1. COMPANY INFORMATION

Partnering Health Limited was incorporated on 11 April 2008 under the Companies Act 2006, as a private limited company and is registered in England and Wales. The principal activity of the group is the provision of services in the healthcare sector. The registered office address is Onyx, 12 Little Park Farm Road, Segensworth Roundabout, West Fareham, Hampshire, PO15 5TD.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The presentation currency is £ sterling.

Going concern
The financial statements have been prepared on the going concern basis.

Financial reporting standard 102 - reduced disclosure exemptions
The parent company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

o the requirement of paragraph 3.17(d);
o the requirements of Section 7 Statement of Cash Flows;
o the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
o the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
o the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
o the requirement of paragraph 33.7.

Basis of consolidation
The consolidated financial statements incorporate the results of Partnering Health Limited and all of its subsidiary undertakings as at 30 September 2024 using the acquisition method of accounting as required. Where the acquisition method is used, the results of subsidiary undertakings are included from the date of acquisition. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. Subsidiaries are excluded from consolidation from the date that control ceases.

Related party exemption
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.

Transactions between Group entities which have been eliminated on consolidation are not disclosed within the financial statements.

PARTNERING HEALTH LIMITED (REGISTERED NUMBER: 06563486)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Leases

A lease that does not transfer substantially all of the risks and rewards of ownership is classified as an
operating lease and is therefore not included in the statement of financial position.

Intangibles and goodwill

On acquisition, the directors use their judgement to determine the fair value of any intangibles to
recognise separately from goodwill. This is based on their knowledge and experience in the sector.

Other key sources of estimation uncertainty

Useful life of goodwill

A reliable estimate is made of the useful life of goodwill arising on acquisitions. The estimate is based
on the directors knowledge of the underlying company and sector.

Contract accounting


Revenue and costs relating to long term contracts are recognised when the service is provided. Any
costs in relation to contract set up are deferred where appropriate in line with the revenue recognition.
This involves estimating the revenue and costs over the period of the contract.

Turnover
Turnover represents net sales during the year adjusted for accrued and deferred income where applicable.

Turnover relates to the provision of healthcare and recruitment services. Revenue is recognised on the provision of the service.

Long-term contracts are assessed on a contract by contract basis and are reflected in the Consolidated Income Statement by recording turnover and related costs as each contract progresses.

Intangible fixed assets
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 of 10 years. Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the Consolidated Income Statement.

Software development costs recognised represent the capital expenditure on the development of the Group's projects. Where assets are not available for use at the balance sheet date no amortisation has been provided. All remaining software is amortised over its expected useful life of 5 years.

PARTNERING HEALTH LIMITED (REGISTERED NUMBER: 06563486)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
All tangible fixed assets are initially recognised at cost and subsequently carried at cost less accumulated depreciation and accumulated impairment losses.

The cost of tangible fixed assets initially recognised includes its purchase price and any cost that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in a manner intended by management.

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

Leasehold improvements - 25% reducing balance
Fixtures and fittings - Four to seven years straight line
Computer equipment - Four to five years straight line
Medical equipment - Five years straight line

The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Fixed assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in the Consolidated Income Statement.

Investments
Investments are initially recognised at cost and subsequently carried at cost less accumulated impairment losses.

Stocks
Stocks are valued at the lower of cost and net realisable value. Stocks are valued at purchase price using a first in, first out method.

Net realisable value is the price at which stocks can be sold in the normal course of business after allowing for the costs of realisation, and where appropriate, the cost of conversion from their existing state to a finished condition. Provision is made where necessary for obsolescent, slow moving and defective stock.

Financial instruments
The Group only has financial assets and liabilities of the kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and debt instruments are subsequently measured at amortised cost.

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 tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

PARTNERING HEALTH LIMITED (REGISTERED NUMBER: 06563486)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


2. ACCOUNTING POLICIES - continued

Research and development
Expenditure on research is written off in the year in which it is incurred. Expenditure on the development of software is capitalised once the following has been demonstrated:

-The technical feasibility of completing the intangible asset so that it will be available for use or sale;
-The intention to complete the intangible asset and use or sell it;
-The ability to use or sell the intangible asset;
-How the intangible asset will generate probable future economic benefits;
-The availability of adequate technical, financial and other resources to complete the development and to
use or sell the intangible asset; and
-The ability to measure reliably the expenditure attributable to the intangible asset during its development.

Hire purchase and leasing commitments
Where assets are financed by leasing agreements that give rights approximating to ownership (finance leases), the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the minimum lease payments payable over the term of the lease. The corresponding leasing commitments are shown as amounts payable to the lessor. Depreciation on the relevant assets is charged to the Consolidated Income Statement over the estimated useful economic life of the asset.

Lease payments are analysed between capital and interest components so that the interest element of the payment is charged to the Consolidated Income Statement over the period of the lease and is calculated so that it represents a constant proportion of the balance of capital repayments outstanding. The capital part reduces the amounts payable to the lessor.

All other leases are treated as operating leases. Their annual rentals are charged to the Consolidated Income Statement on a straight line basis over the term of the lease.

Pension costs and other post-retirement benefits
The Group accounts for its defined benefit pension scheme in accordance with FRS 102. The pension scheme assets are measured using the projected units method. The pension scheme asset is recognised in full and disclosed on the face of the balance sheet. The movement in the scheme asset is split between operating profit and finance costs in the Consolidated Income Statement and the Consolidated Statement of Other Comprehensive Income.

In addition, the group makes contributions to a defined contribution scheme, the assets of which are held separately from those of the group in an independently administered fund. Contributions to this scheme are charged to the Consolidated Income Statement as they become payable.

3. TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the group.

An analysis of turnover by class of business is given below:

2024 2023
£'000 £'000
Healthcare services 31,675 42,206
Recruitment services - 164
31,675 42,370

All turnover arose in the United Kingdom.

PARTNERING HEALTH LIMITED (REGISTERED NUMBER: 06563486)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


4. EMPLOYEES AND DIRECTORS
2024 2023
£'000 £'000
Wages and salaries 13,029 12,245
Social security costs 1,328 1,251
Other pension costs 317 357
14,674 13,853

The average number of employees during the year was as follows:
2024 2023

Clinical 244 191
Non-clinical 198 260
442 451

2024 2023
£    £   
Directors' remuneration 653,477 609,097
Directors' pension contributions to money purchase schemes 5,283 6,604
Compensation to director for loss of office - 87,836

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 4 5

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 160,815 122,835
Pension contributions to money purchase schemes 1,321 1,320

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£'000 £'000
Hire of plant and machinery 10 20
Depreciation - owned assets 168 278
Depreciation - assets on hire purchase contracts 5 12
Loss on disposal of fixed assets 102 2
Goodwill amortisation 1,191 1,200
Software development costs amortisation 55 159
Auditors remuneration 16 16
Operating leases 239 208

PARTNERING HEALTH LIMITED (REGISTERED NUMBER: 06563486)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£'000 £'000
Interest payable 23 12
Loan interest - 183
Hire purchase and finance lease charges - 2
23 197

7. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2024 2023
£'000 £'000
Current tax:
UK corporation tax - 88
Over/under provision in prior
year 4 (30 )
Total current tax 4 58

Deferred tax 88 (193 )
Tax on profit 92 (135 )

Reconciliation of total tax charge/(credit) 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:

2024 2023
£'000 £'000
Profit before tax 427 589
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 22.010 %)

107

130

Effects of:
Expenses not deductible for tax purposes 335 270
Income not taxable for tax purposes - (4 )
Adjustments to tax charge in respect of previous periods 4 (30 )
Deferred tax previously unprovided - (18 )
Movement in deferred tax unprovided 1 20
Group relief (381 ) (440 )
Pension payments (28 ) (43 )
Difference in tax rate - (20 )
Losses eliminated 54 -
Total tax charge/(credit) 92 (135 )

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£'000 £'000 £'000
Actuarial gains/(losses) 97 (52 ) 45


PARTNERING HEALTH LIMITED (REGISTERED NUMBER: 06563486)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


7. TAXATION - continued
2023
Gross Tax Net
£'000 £'000 £'000
Actuarial gains/(losses) (49 ) (32 ) (81 )

8. 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.


9. INTANGIBLE FIXED ASSETS

Group
Software
development
Goodwill costs Totals
£'000 £'000 £'000
COST
At 1 October 2023 11,465 865 12,330
Additions 80 260 340
At 30 September 2024 11,545 1,125 12,670
AMORTISATION
At 1 October 2023 1,721 663 2,384
Amortisation for year 1,191 55 1,246
At 30 September 2024 2,912 718 3,630
NET BOOK VALUE
At 30 September 2024 8,633 407 9,040
At 30 September 2023 9,744 202 9,946

Company
Software
development
Goodwill costs Totals
£'000 £'000 £'000
COST
At 1 October 2023 34 261 295
Additions - 24 24
At 30 September 2024 34 285 319
AMORTISATION
At 1 October 2023 34 59 93
Amortisation for year - 55 55
At 30 September 2024 34 114 148
NET BOOK VALUE
At 30 September 2024 - 171 171
At 30 September 2023 - 202 202

PARTNERING HEALTH LIMITED (REGISTERED NUMBER: 06563486)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


10. TANGIBLE FIXED ASSETS

Group
Fixtures
Leasehold and Medical Computer
improvements fittings equipment equipment Totals
£'000 £'000 £'000 £'000 £'000
COST
At 1 October 2023 14 646 41 844 1,545
Additions 5 250 2 33 290
Disposals - (225 ) - - (225 )
At 30 September 2024 19 671 43 877 1,610
DEPRECIATION
At 1 October 2023 6 395 30 722 1,153
Charge for year 3 96 7 67 173
Eliminated on disposal - (123 ) - - (123 )
At 30 September 2024 9 368 37 789 1,203
NET BOOK VALUE
At 30 September 2024 10 303 6 88 407
At 30 September 2023 8 251 11 122 392

The net book value of tangible fixed assets includes £Nil (2023: £6k) in respect of assets held under hire purchase contracts.

Company
Fixtures
and Medical Computer
fittings equipment equipment Totals
£'000 £'000 £'000 £'000
COST
At 1 October 2023 537 41 682 1,260
Additions 248 2 33 283
Disposals (225 ) - - (225 )
At 30 September 2024 560 43 715 1,318
DEPRECIATION
At 1 October 2023 336 30 560 926
Charge for year 81 7 68 156
Eliminated on disposal (123 ) - - (123 )
At 30 September 2024 294 37 628 959
NET BOOK VALUE
At 30 September 2024 266 6 87 359
At 30 September 2023 201 11 122 334

The net book value of tangible fixed assets includes £NIL (2023: £6k) in respect of assets held under hire purchase contracts.

PARTNERING HEALTH LIMITED (REGISTERED NUMBER: 06563486)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£'000
COST
At 1 October 2023 12,572
Additions 80
At 30 September 2024 12,652
NET BOOK VALUE
At 30 September 2024 12,652
At 30 September 2023 12,572

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

PHL Integrated Care Limited
Registered office: Onyx, 12 Little Park Farm Road, Segensworth Roundabout, West Fareham, Hampshire, PO15 5TD
Nature of business: Medical practice activities
%
Class of shares: holding
Ordinary 100.00

PHL Primary Care Limited
Registered office: Onyx, 12 Little Park Farm Road, Segensworth Roundabout, West Fareham, Hampshire, PO15 5TD
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Salveas Limited
Registered office: F5, Buchan House Carnegie Campus, Enterprise Way, Dunfermline, Fife, Scotland, KY11 8PL
Nature of business: Medical practice activities
%
Class of shares: holding
Ordinary 100.00

PHL Professionals Ltd
Registered office: Onyx, 12 Little Park Farm Road, Segensworth Roundabout, West Fareham, Hampshire, PO15 5TD
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

PHL Youla Limited
Registered office: Onyx, 12 Little Park Farm Road, Segensworth Roundabout, West Fareham, Hampshire, PO15 5TD
Nature of business: Medical practice activities
%
Class of shares: holding
Ordinary 100.00


PARTNERING HEALTH LIMITED (REGISTERED NUMBER: 06563486)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


12. STOCKS

Group Company
2024 2023 2024 2023
£'000 £'000 £'000 £'000
Stocks 106 110 106 110

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£'000 £'000 £'000 £'000
Trade debtors 3,101 2,740 2,509 1,027
Amounts owed by group undertakings 2,059 2,698 2,569 3,002
Other debtors 12 17 10 14
Corporation tax 312 107 - -
Prepayments and accrued income 771 976 742 794
6,255 6,538 5,830 4,837

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£'000 £'000 £'000 £'000
Hire purchase contracts (see note 15) - 12 - 12
Trade creditors 1,039 1,229 885 787
Amounts owed to group undertakings 7,692 6,121 7,691 6,121
Social security and other taxes 419 417 389 350
VAT 1 2 1 2
Other creditors 42 132 22 129
Accruals and deferred income 3,736 7,548 3,641 7,145
12,929 15,461 12,629 14,546

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£'000 £'000
Net obligations repayable:
Within one year - 12

Company
Hire purchase contracts
2024 2023
£'000 £'000
Net obligations repayable:
Within one year - 12

PARTNERING HEALTH LIMITED (REGISTERED NUMBER: 06563486)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


15. LEASING AGREEMENTS - continued

Group
Non-cancellable
operating leases
2024 2023
£'000 £'000
Within one year 286 239
Between one and five years 403 412
689 651

Company
Non-cancellable
operating leases
2024 2023
£'000 £'000
Within one year 256 209
Between one and five years 390 371
646 580

16. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£'000 £'000
Hire purchase contracts - 12

Security over hire purchase contracts has been given by way of a fixed and floating charge over the assets financed.

17. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£'000 £'000 £'000 £'000
Deferred tax 288 148 65 88

Group
Deferred tax
£'000
Balance at 1 October 2023 148
Charge to Income Statement during year 88
Charge to OCI 52
Balance at 30 September 2024 288

PARTNERING HEALTH LIMITED (REGISTERED NUMBER: 06563486)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


17. PROVISIONS FOR LIABILITIES - continued

Company
Deferred tax
£'000
Balance at 1 October 2023 88
Credit to Income Statement during year (22 )
Balance at 30 September 2024 66

Group
2024 2023
The deferred tax liability comprises: £'000 £'000

Deferred tax liability on pension asset 154 101
Deferred tax liability on accelerated capital allowances 141 116
Deferred tax asset on tax losses carried forward - (54 )
Deferred tax asset on other timing differences (7 ) (15 )
288 148

Company
2024 2023
The deferred tax liability comprises: £'000 £'000

Deferred tax liability on accelerated capital allowances 72 103
Deferred tax asset on other timing differences (7 ) (15 )
66 88

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £'000 £'000
7,900,000 Ordinary £0.01 79 79

The ordinary shares have attached to them full voting, dividend rights and rights on winding up.

19. RESERVES

Group
Retained
earnings
£'000

At 1 October 2023 3,517
Profit for the year 335
Other comprehensive income 45
At 30 September 2024 3,897

PARTNERING HEALTH LIMITED (REGISTERED NUMBER: 06563486)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


19. RESERVES - continued

Company
Retained
earnings
£'000

At 1 October 2023 3,881
Profit for the year 2,625
At 30 September 2024 6,506

Retained earnings represent accumulated profit and losses to date.

20. EMPLOYEE BENEFIT OBLIGATIONS

The Group are party to a funded defined benefit scheme providing benefits to the members based on final pensionable pay. The scheme commenced on 15 April 2015.

Contributions to the scheme are charged to the Consolidated Income Statement so as to spread the cost of pensions evenly over employees' working lives with the Group.

The assets of the scheme are held separately from those of the Group, being invested in managed funds.

Employer contributions amounting to £112k (2023: £194k) were paid during the year.

The last full actuarial valuation was carried out at 31 December 2021 and updated to 30 September 2024 by a qualified independent actuary on an FRS 102 basis.

The amounts recognised in the balance sheet are as follows:

Defined benefit
pension plans
2024 2023
£'000 £'000
Present value of funded obligations (753 ) (727 )
Fair value of plan assets 1,367 1,132
614 405
Present value of unfunded obligations - -
Surplus 614 405
Net asset 614 405

The amounts recognised in profit or loss are as follows:

Defined benefit
pension plans
2024 2023
£'000 £'000
Current service cost 24 37
Net interest from net defined benefit
asset/liability

(24

)

(18

)
Past service cost - -
- 19

Actual return on plan assets 128 (2 )

PARTNERING HEALTH LIMITED (REGISTERED NUMBER: 06563486)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


20. EMPLOYEE BENEFIT OBLIGATIONS - continued

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit
pension plans
2024 2023
£'000 £'000
Opening defined benefit obligation 727 684
Current service cost 24 37
Contributions by scheme participants 11 10
Interest cost 39 36
Actuarial losses/(gains) (32 ) (7 )
Benefits paid (16 ) (33 )
753 727

Changes in the fair value of scheme assets are as follows:

Defined benefit
pension plans
2024 2023
£'000 £'000
Opening fair value of scheme assets 1,132 963
Contributions by employer 112 194
Contributions by scheme participants 11 10
Interest income 63 54
Actuarial gains/(losses) 65 (56 )
Benefits paid (16 ) (33 )
1,367 1,132

The amounts recognised in other comprehensive income are as follows:

Defined benefit
pension plans
2024 2023
£'000 £'000
Actuarial gains/(losses) 97 (49 )
97 (49 )

The major categories of scheme assets as amounts of total scheme assets are as follows:

Defined benefit
pension plans
2024 2023
£'000 £'000
Equities - 387
Bonds 1,367 594
Multi-Asset - 151
1,367 1,132

PARTNERING HEALTH LIMITED (REGISTERED NUMBER: 06563486)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


20. EMPLOYEE BENEFIT OBLIGATIONS - continued

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

2024 2023
Discount rate 5.00% 5.35%
Rate of pensionable salary increases 3.10% 3.10%
RPI for revaluation deferment 3.40% 3.55%
RPI for increase in payment 3.00% 3.20%
CPI for revaluation deferment 2.70% 2.85%
CPI for increase in payment 2.75% 2.90%

21. CONTINGENT LIABILITIES

The group has a cross guarantee with its group company, PHL Group Midco Limited, in favour of MNL Nominees Limited to guarantee its loan notes. The total indebtedness at the balance sheet date is £8,128k (2023: £7,509k).

The group has a cross guarantee with its group company, PHL Group Midco Limited, in favour of Dr Timothy Wright to guarantee his loan notes. The total indebtedness at the balance sheet date is £912k (2023: £Nil).

The group has a cross guarantee with its group company, PHL Group Midco Limited, in favour of Clive Boothby, Kenneth Patrick and Elizabeth Preston to guarantee their loan notes. The total indebtedness at the balance sheet date is £4,614k (2023: £Nil).

The group has a cross guarantee with its group company, PHL Group Finance Limited, in favour of TC Loans Limited to guarantee its loan. The total indebtedness at the balance sheet date is £13,000k (2023: £13,000k).

22. RELATED PARTY DISCLOSURES

During the year purchases of £15k (2023: £34k) were made from Orchard Health Consultancy Limited, a company in which Dr T S Wright is a shareholder. The balance due to Orchard Health Consultancy Limited at the year end was £Nil (2023: £Nil).

During the year purchases of £11k (2023: £183k) were made from Zeyez Ltd, a company in which a director of Salveas Limited is also a shareholder and director. The balance due to Zeyez Ltd at the year end was £Nil (2023: £Nil).

During the year purchases of £Nil (2023: £1k) were made from Clinical Vantage Limited, a company in which Gemma Bond is a shareholder and director. The balance due to Clinical Vantage Limited at the year end was £Nil (2023: £Nil).

During the year sales of £82k (2023: £Nil) were made to Blossom Health, an entity in which Ross Brand is a partner. The balance due from Blossom Health at year end was £15k (2023: £Nil).

During the year, a total of key management personnel compensation of £830k (2023: £900k) was paid.

23. POST BALANCE SHEET EVENTS

Post year end the company declared a dividend of £6,189,875.

24. ULTIMATE CONTROLLING PARTY

The immediate parent company is Partnering Health Holdings Limited, a company registered in England & Wales. The ultimate parent company is PHL Group Holdco Limited, a company registered in England & Wales.

The smallest and largest group in which the results of the group are consolidated is that headed by PHL Group Holdco Limited. The accounts are available to the public and may be obtained from the Registrar of Companies.

The directors do not consider there to be an ultimate controlling party.