| REGISTERED NUMBER: |
| PHL INTEGRATED CARE LIMITED |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| REGISTERED NUMBER: |
| PHL INTEGRATED CARE LIMITED |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| PHL INTEGRATED CARE LIMITED (REGISTERED NUMBER: 09416078) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 3 |
| Report of the Independent Auditors | 5 |
| Income Statement | 8 |
| Other Comprehensive Income | 9 |
| Balance Sheet | 10 |
| Statement of Changes in Equity | 11 |
| Notes to the Financial Statements | 12 |
| PHL INTEGRATED CARE LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditors |
| Chartered Accountants |
| Fryern House |
| 125 Winchester Road |
| Chandlers Ford |
| Hampshire |
| SO53 2DR |
| PHL INTEGRATED CARE LIMITED (REGISTERED NUMBER: 09416078) |
| STRATEGIC REPORT |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| The directors present their strategic report for the year ended 30 September 2024. |
| REVIEW OF BUSINESS |
| The financial year ending September 2024 was a year within which we saw significant growth in services historically delivered by PHL Integrated Care Limited, however due to our corporate structure having changed, these results are largely visible in the consolidated accounts for the Group. The Board have made the decision to consolidate the trading into another entity within the Group. The Company has retained its defined benefit pension scheme. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| Following changes to trading activity the only material risk now relates to the defined benefit pension scheme. The defined benefit pension was in surplus at the year end and the primary risk to the Company is that the pension scheme will go into deficit. We continue to monitor the position and will take the required action should this occur. |
| KEY PERFORMANCE INDICATORS |
| Our key financial performance indicators for the Company are shown below: |
| Year to 30 September | 2024 | 2023 |
| £ | £ |
| Turnover | - | 16,294,807 |
| Profit/(loss) before tax | (44,750 | ) | 80,500 |
| EBITDA | (68,750 | ) | 69,620 |
| ON BEHALF OF THE BOARD: |
| PHL INTEGRATED CARE LIMITED (REGISTERED NUMBER: 09416078) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| The directors present their report with the financial statements of the company for the year ended 30 September 2024. |
| DIVIDENDS |
| No dividends will be distributed for the year ended 30 September 2024. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report. |
| FINANCIAL INSTRUMENTS RISKS |
| The only financial instruments risks relate to inter-company balances. The directors do not consider there to be any risk in relation to inter-company balances which are monitored by the Company. |
| FUTURE DEVELOPMENTS |
| As noted in the review of business, the Board made the decision to consolidate the trading activity into another entity within the Group. The Board therefore doesn't consider there to be any likely future developments relating to the company's trade. The Board anticipates that the process to wind up the pension scheme will begin over the coming months. |
| 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. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company'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 company's auditors are aware of that information. |
| PHL INTEGRATED CARE LIMITED (REGISTERED NUMBER: 09416078) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| AUDITORS |
| The auditors, Rothmans Audit LLP, 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 |
| PHL INTEGRATED CARE LIMITED |
| Opinion |
| We have audited the financial statements of PHL Integrated Care Limited (the 'company') for the year ended 30 September 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its loss for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| 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 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 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 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 Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| PHL INTEGRATED CARE LIMITED |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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 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 Company operates in, focusing on those laws and regulations that had a direct effect on the Financial Statements or that had a fundamental effect of the operations of the Company. The key laws and regulations we considered in this context included the UK Companies Act. |
| Discussions were held within the engagement team regarding how and where fraud might occur in the Financial Statements and any potential indicators of fraud. As part of this discussion, we identified potential risk areas such as the management override of controls. 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: |
| o | enquiring of management as to actual and potential litigation and claims; and |
| o | reviewing any correspondence with regulators and the Company's legal advisors. |
| To address the risk of fraud through management bias and override of controls, we: |
| o | performed analytical procedures to identify any unusual or unexpected relationships; |
| o | 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 directors and other management and the inspection of regulatory and legal correspondence, if any. |
| Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| PHL INTEGRATED CARE 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. |
| for and on behalf of |
| Statutory Auditors |
| Chartered Accountants |
| Fryern House |
| 125 Winchester Road |
| Chandlers Ford |
| Hampshire |
| SO53 2DR |
| PHL INTEGRATED CARE LIMITED (REGISTERED NUMBER: 09416078) |
| INCOME STATEMENT |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| TURNOVER | 3 |
| Cost of sales |
| GROSS (LOSS)/PROFIT | ( |
) |
| Administrative expenses |
| OPERATING (LOSS)/PROFIT | 5 | ( |
) |
| Other finance income | 12 |
| (44,750 | ) | 87,620 |
| Interest payable and similar expenses | 6 |
| (LOSS)/PROFIT BEFORE TAXATION | ( |
) |
| Tax on (loss)/profit | 7 |
| (LOSS)/PROFIT FOR THE FINANCIAL YEAR | ( |
) |
| PHL INTEGRATED CARE LIMITED (REGISTERED NUMBER: 09416078) |
| OTHER COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| (LOSS)/PROFIT FOR THE YEAR | ( |
) |
| OTHER COMPREHENSIVE INCOME |
| Actuarial gains/(losses) | ( |
) |
| Income tax relating to other comprehensive income |
( |
) |
( |
) |
| OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
( |
) |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| PHL INTEGRATED CARE LIMITED (REGISTERED NUMBER: 09416078) |
| BALANCE SHEET |
| 30 SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
| PENSION ASSET | 12 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| PHL INTEGRATED CARE LIMITED (REGISTERED NUMBER: 09416078) |
| STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 October 2022 |
| Changes in equity |
| Balance at 30 September 2023 |
| Changes in equity |
| Balance at 30 September 2024 |
| PHL INTEGRATED CARE LIMITED (REGISTERED NUMBER: 09416078) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 1. | COMPANY INFORMATION |
| PHL Integrated Care Limited is a private company, limited by shares, incorporated in England and Wales. The registered office address is Onyx, 12 Little Park Farm Road, Segensworth Roundabout, West Fareham, Hampshire, PO15 5TD. The company's registered number is 09416078. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The presentation currency is £ sterling. |
| Going concern |
| The financial statements have been prepared on a going concern basis. |
| Financial Reporting Standard 102 - reduced disclosure exemptions |
| The 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": |
| • | the requirements of Section 7 Statement of Cash Flows; |
| • | the requirement of paragraph 3.17(d); |
| • | 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); |
| • | the requirement of paragraph 33.7. |
| 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 directors consider that there are no significant judgements, however the following are key sources of estimation uncertainty: |
| Pension asset |
| The calculation of the pension asset is determined using actuarial assumptions. The actuarial valuation involves making assumptions about discount rates, mortality rates and future pension increases. Due to the complexity of the valuation, the underlying assumptions and the long term nature of these plans, such estimates are subject to significant uncertainty. |
| Turnover |
| Turnover relates to a management fee charged to the parent company based on services provided by out of hours doctors. Turnover is exempt from value added tax. |
| Financial instruments |
| The company 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. |
| PHL INTEGRATED CARE LIMITED (REGISTERED NUMBER: 09416078) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current 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. |
| Pension costs and other post-retirement benefits |
| The company accounts for its defined benefit pension scheme in accordance with FRS 102. |
| The pension scheme asset is measured using the projected units method. The pension scheme surplus is recognised in full and disclosed on the face of the balance sheet. The movement in the scheme surplus is split between operating profit and finance costs in the Income Statement and the Statement of Other Comprehensive Income. |
| In addition, the company makes contributions to a defined contribution scheme, the assets of which are held separately from those of the company in an independently administered fund. Contributions to this scheme are charged to the Income Statement as they become payable. |
| 3. | TURNOVER |
| The turnover and profit before taxation arises from the provision of services. All turnover arises in the UK. |
| 4. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Clinical | - | 60 |
| Non-clinical | - | 68 |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration |
| PHL INTEGRATED CARE LIMITED (REGISTERED NUMBER: 09416078) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 5. | OPERATING (LOSS)/PROFIT |
| The operating loss (2023-operating profit) is stated after charging: |
| 2024 | 2023 |
| £ | £ |
| Hire of plant and machinery | - | 11,601 |
| Fees for the audit of the company amounting to £2,750 (2023: £4,000) were borne by Partnering Health Limited. |
| 6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Interest payable |
| 7. | TAXATION |
| Analysis of the tax charge |
| No liability to UK corporation tax arose for the year ended 30 September 2024 nor for the year ended 30 September 2023. |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2024 | 2023 |
| £ | £ |
| (Loss)/profit before tax | ( |
) |
| (Loss)/profit multiplied by the standard rate of corporation tax in the UK of |
( |
) |
| Effects of: |
| Expenses not deductible for tax purposes |
| Income not taxable for tax purposes | ( |
) |
| Movement in deferred tax unprovided | - | (4,766 | ) |
| Group relief | 28,000 | 33,131 |
| Pension payments | (28,000 | ) | (42,699 | ) |
| Difference in tax rate | - | 574 |
| Total tax charge | - | - |
| Tax effects relating to effects of other comprehensive income |
| 2024 |
| Gross | Tax | Net |
| £ | £ | £ |
| Actuarial gains/(losses) | (52,250 | ) | 44,750 |
| 2023 |
| Gross | Tax | Net |
| £ | £ | £ |
| Actuarial gains/(losses) | ( |
) | (31,500 | ) | (80,500 | ) |
| PHL INTEGRATED CARE LIMITED (REGISTERED NUMBER: 09416078) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Amounts owed to group undertakings |
| 9. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred tax | 153,500 | 101,250 |
| Deferred tax |
| £ |
| Balance at 1 October 2023 |
| Provided during year |
| Balance at 30 September 2024 |
| The deferred tax liability solely relates to the defined benefit pension scheme. |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 1 | 1 |
| All shares rank equally with regards to dividends, voting and rights on winding up. |
| 11. | RESERVES |
| Retained |
| earnings |
| £ |
| Deficit for the year | ( |
) |
| Other comprehensive income | 44,750 |
| At 30 September 2024 |
| Retained earnings represents the accumulated profit and losses to date. |
| 12. | EMPLOYEE BENEFIT OBLIGATIONS |
| This is 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 income statement so as to spread the cost of pensions evenly over employees' working lives within the company. |
| The assets of the scheme are held separately from those of the company, being invested in managed funds. |
| Employer contributions amounting to £112,000 (2023: £194,000) 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. |
| PHL INTEGRATED CARE LIMITED (REGISTERED NUMBER: 09416078) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 12. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
| The amounts recognised in the balance sheet are as follows: |
| Defined benefit |
| pension plans |
| 2024 | 2023 |
| £ | £ |
| Present value of funded obligations | ( |
) | ( |
) |
| Fair value of plan assets |
| 614,000 | 405,000 |
| Present value of unfunded obligations |
| Surplus |
| Net asset |
| The amounts recognised in profit or loss are as follows: |
| Defined benefit |
| pension plans |
| 2024 | 2023 |
| £ | £ |
| Current service cost |
| Net interest from net defined benefit asset/liability |
(24,000 |
) |
(18,000 |
) |
| Past service cost |
| - | 19,000 |
| Actual return on plan assets | ( |
) |
| Changes in the present value of the defined benefit obligation are as follows: |
| Defined benefit |
| pension plans |
| 2024 | 2023 |
| £ | £ |
| Opening defined benefit obligation |
| Current service cost |
| Contributions by scheme participants |
| Interest cost |
| Actuarial losses/(gains) | ( |
) | ( |
) |
| Benefits paid | ( |
) | ( |
) |
| PHL INTEGRATED CARE LIMITED (REGISTERED NUMBER: 09416078) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 12. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
| Changes in the fair value of scheme assets are as follows: |
| Defined benefit |
| pension plans |
| 2024 | 2023 |
| £ | £ |
| Opening fair value of scheme assets |
| Contributions by employer |
| Contributions by scheme participants |
| Interest income | 63,000 | 54,000 |
| Actuarial gains/(losses) | ( |
) |
| Benefits paid | (16,000 | ) | (33,000 | ) |
| The amounts recognised in other comprehensive income are as follows: |
| Defined benefit |
| pension plans |
| 2024 | 2023 |
| £ | £ |
| Actuarial gains/(losses) | ( |
) |
| 97,000 | (49,000 | ) |
| The major categories of scheme assets as amounts of total scheme assets are as follows: |
| Defined benefit |
| pension plans |
| 2024 | 2023 |
| £ | £ |
| Equities |
| Bonds |
| Multi-Asset |
| 1,367,000 | 1,132,000 |
| Principal actuarial assumptions at the balance sheet date (expressed as weighted averages): |
| 2024 | 2023 |
| Discount rate |
| Rate of pensionable salary increases |
| RPI for revaluation in deferment |
| RPI for increases in payment |
| CPI for revaluation in deferment |
| CPI for increases in payment |
| PHL INTEGRATED CARE LIMITED (REGISTERED NUMBER: 09416078) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 13. | CONTINGENT LIABILITIES |
| The company 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 £8,127,693 (2023: £7,508,733). |
| The company 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 £912,398 (2023: £Nil). |
| The company 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 £4,613,681 (2023: £Nil). |
| The company 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 £13,000,000 (2023: £13,000,000). |
| 14. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| During the year purchases of £Nil (2023: £34,104) 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). |
| 15. | ULTIMATE PARENT COMPANY AND ULTIMATE CONTROLLING PARTY |
| The immediate parent company is Partnering Health Limited, a company registered in England & Wales. The ultimate parent company is PHL Group Holdco Limited, a company registered in England & Wales. |
| The smallest group in which the results of the company are consolidated is that headed by Partnering Health Limited. The largest group in which the results of the company are consolidated is that headed by PHL Group Holdco Limited. Both of these group 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. |