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JCCO Healthcare Limited

Registered number: 12750007
Annual report and consolidated financial statements
For the year ended 30 September 2024

 
JCCO HEALTHCARE LIMITED
 
 
COMPANY INFORMATION


Directors
J P O'Loan 
D Yarker 
R Laverty 




Registered number
12750007



Registered office
37 Greenhey Place
East Gillibrands

Skelmersdale

Lancashire

WN8 9SA




Independent auditor
Forvis Mazars LLP
Chartered Accountants & Statutory Auditor

One St. Peter's Square

Manchester

M2 3DE





 
JCCO HEALTHCARE LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditor's Report
 
5 - 8
Consolidated Statement of Comprehensive Income
 
9
Consolidated Statement of Financial Position
 
10
Company Statement of Financial Position
 
11
Consolidated Statement of Changes in Equity
 
12
Company Statement of Changes in Equity
 
13
Consolidated Statement of Cash Flows
 
14 - 15
Notes to the Financial Statements
 
16 - 38


 
JCCO HEALTHCARE LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Introduction
 
The principal activity of the Company is that of a holding company. The principal activity of the Group during the year under review was the online sale of pharmaceutical products and the dispensing of medications to both NHS and private patients. The business has in the opinion of the directors had a satisfactory trading period for the year ended 30 September 2024 noting that the trading conditions remain highly uncertain as a result of the political weakness and the current weakness in economic fundamentals including high and persistent inflation. The directors remain satisfied with the progress against the Group’s key strategic objectives in the current year.

Business review
 
Turnover amounted to £63.1m for the year ended 30 September 2024, compared with £30.9m for the year ended 30 September 2023. Profit for the year after taxation amounted to £3.4m compared with £1.3m for the previous year. At the Balance Sheet date, shareholders' funds showed an increase of 14% compared with the previous year end driven in part by some intercompany dividends. Continued downward pressure from central government and therefore the NHS on pharmacy incomes, combined with inflationary pressures on raw material costs and sustained competition in the sector continue to create margin pressure. The directors however consider the Group’s financial position and performance to be satisfactory given the current economic fundamentals within the markets in which the business operates.
The business operates to the highest possible professional standards and is regulated by the General Pharmaceutical Council and holds an NHS distance selling pharmacy license.

Principal risks and uncertainties
 
We have set out below a number of risk factors that we believe could cause the business's actual future results to differ materially from expected results. However, other factors could adversely affect the results and so the factors set out below should not be considered to be a complete set of all potential risks and uncertainties.
Business conditions and Economic Fundamentals
The key business risks and uncertainties affecting the Group relates to competition from traditional 'bricks and mortar' pharmacies, other internet pharmacies and other retailers combined with the difficult economic and political environment in which we are currently operating. Whilst a short-term deterioration of economic fundamentals in the United Kingdom should not significantly adversely impact profitability, a sustained downturn over a number of years could lead to reduced profitability.
Liquidity and financing
Liquidity and financing risks relate to the Group's ability to pay for goods and services required to trade on a day to day basis. The Group has only one main source of finance, that of finance from suppliers by means of trade credit. A removal of or deterioration in terms offered by the Group's suppliers could lead to a reduction in the trading ability of the Group.
Credit risk
The Group predominately trades mainly B2C but has some B2B business with only recognised, creditworthy third parties. It is the Group’s policy that all customers who wish to be extended credit terms are subject to credit vetting procedures. In addition, receivable balances are monitored on an ongoing basis with the result that the company’s exposure to bad debts is mitigated.
Foreign exchange risk
The Group imports a small quantity of products from Europe and China and has exposure in these areas to the Euro and USD. The Group uses a third party to provide advice and the most appropriate currency deals but does not actively hedge positions are these are not considered to have the required scale and consistency to make this appropriate.
 
- 1 -

 
JCCO HEALTHCARE LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Regulatory compliance risk
The Group is subject to regulatory compliance risk which can arise from a failure to comply fully with the laws, regulations or codes applicable to the regulatory environment in which it operates. As well as health and safety, licensing and fire regulations, the sector is robustly governed by the General Pharmaceutical Council and the Medicines and Healthcare Products Regulatory Agency for activity in Great Britain and the Pharmaceutical Society of Northern Ireland and the Medicines and Healthcare Products Regulatory Agency for activity in Northern Ireland. Non-compliance can lead to fines, enforced suspension from sale of certain products or public reprimand.
Failure of information systems
The Group's business is dependent on the efficient and uninterrupted operation of information technology systems, which are vulnerable to damage or interruption from power loss, telecommunications failure, sabotage, vandalism or similar misconduct. There are in place contingency and recovery plans in order to mitigate the impact of such failures to ensure the ongoing operation on the business. The Group also undertakes regular professional penetration testing of its system to identify potential weaknesses and proactively correct these.

Financial key performance indicators
 
The delivery of the Group's strategic objectives is monitored by the directors through Key Performance Indicators and the periodic review of various aspects of the Group's operations. The Directors consider the following Key Performance Indicators as appropriate measures for the delivery of its corporate strategy.

KPI
Definition
2024
2023
Growth (%)
 
Sales Revenue
Growth in sales revenue and the strength

£63.1m
£30.9m
104.2%
Operating Profit
The quantum of and growth of operating profits, which allow the Group to continue to invest in its growth.

£4.9m
£1.5m
226.7%
Number of NHS Items
The quantum of and growth of the number of NHS items dispensed by the business

1,090,444
866,312
25.9%
Number of NHS Patients Registered
The quantum of and growth of the number of NHS patients registered to the business
113,204
70,542
60.5%


This report was approved by the board on 9 April 2025 and signed on its behalf.



J P O'Loan
Director

- 2 -

 
JCCO HEALTHCARE LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £3,378,795 (2023 - £1,256,191).

The Company paid dividends of £Nil (2023 - £Nil) during the year.

Directors

The directors who served during the year were:

J P O'Loan 
D Yarker 
R Laverty 

Going concern

The directors have performed a review of the company's financial projections and cash flows, considering macro-economic factors such as inflation and interest rates together with the wider going concern status of the company. Operational performance and customer service levels have also remained very strong throughout this period. The directors have considered all possible outcomes of this review in the going concern assessment and conclude that the business would remain a going concern with sufficient funds in all possible scenarios.

- 3 -

 
JCCO HEALTHCARE LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Future developments

The business operates in a highly competitive sector but has delivered an acceptable level of profitability in the reported period. While the competitive pressures are likely to remain into the future and the trading environment faces headwinds, the directors remain confident that the business investment into operating processes, technology and patient acquisition will enable the business to operate profitably moving forward.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Auditor

The auditor, Forvis Mazars LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 9 April 2025 and signed on its behalf.
 





J P O'Loan
Director

- 4 -

 
JCCO HEALTHCARE LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JCCO HEALTHCARE LIMITED
 

Opinion

We have audited the financial statements of JCCO Healthcare Limited (the 'Parent Company’) and its subsidiaries (the 'Group') for the year ended 30 September 2024 which comprise the Consolidated Statement of Comprehensive Income, the Consolidated and Company Statements of Financial Position, the Consolidated and Company Statements of Changes in Equity, the Consolidated Statement of Cash Flows 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 FRS 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’s 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 "Auditor’s responsibilities for the audit of the financial statements" section of our report. We are independent of the Group and the parent 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 Group's and 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. 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.
- 5 -

 
JCCO HEALTHCARE LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JCCO HEALTHCARE LIMITED
 

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 course of 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In 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 Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

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.

- 6 -

 
JCCO HEALTHCARE LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JCCO HEALTHCARE LIMITED
 

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 is 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 intend either to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
 
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
 
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. 
Based on our understanding of the Group and the Parent Company and their industry, we identified that the principal risks of non-compliance with laws and regulations related to employment regulation, health and safety regulation, anti-money laundering.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
Inquiring of management and, where appropriate, those charged with governance, as to whether the Group and the Parent Company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
Considering the risk of acts by the Group and the Parent Company which were contrary to applicable laws and regulations, including fraud.  

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation and the Companies Act 2006. 
- 7 -

 
JCCO HEALTHCARE LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JCCO HEALTHCARE LIMITED
 

In addition, we evaluated the directors' and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, revenue recognition (which we pinpointed to the cut-off assertion) and significant one-off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:
Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
Gaining an understanding of the internal controls established to mitigate risks related to fraud;
Discussing amongst the engagement team the risks of fraud; and
Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

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 auditor’s report.

Use of the audit 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 an auditor's report 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.




John Daly (Senior Statutory Auditor)

  
for and on behalf of Forvis Mazars LLP

Chartered Accountants and Statutory Auditor 
One St. Peter's Square
Manchester
M2 3DE



9 April 2025
- 8 -

 
JCCO HEALTHCARE LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
Note
 £
£

  

Turnover
 4 
63,125,403
30,854,719

Cost of sales
  
(38,022,821)
(18,822,011)

Gross profit
  
25,102,582
12,032,708

Distribution costs
  
(3,680,050)
(2,688,926)

Administrative expenses
  
(16,526,521)
(7,409,906)

Exceptional administrative expenses
 5 
-
(403,033)

Operating profit
 6 
4,896,011
1,530,843

Interest receivable and similar income
 10 
193,380
97,529

Interest payable and similar expenses
 11 
(30,323)
-

Profit before taxation
  
5,059,068
1,628,372

Tax on profit
 12 
(1,680,273)
(372,181)

Profit for the financial year
  
3,378,795
1,256,191

  

  

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2024 (2023: £NIL).

The notes on pages 16 to 38 form part of these financial statements.

- 9 -

 
JCCO HEALTHCARE LIMITED
REGISTERED NUMBER: 12750007

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
15,135,348
16,183,060

Tangible assets
 14 
6,773,824
3,558,304

  
21,909,172
19,741,364

Current assets
  

Stocks
 16 
4,629,571
2,190,437

Debtors: amounts falling due within one year
 17 
5,623,772
2,961,298

Cash at bank and in hand
 18 
8,569,105
6,311,602

  
18,822,448
11,463,337

Creditors: amounts falling due within one year
 19 
(11,357,038)
(6,155,494)

Net current assets
  
 
 
7,465,410
 
 
5,307,843

Total assets less current liabilities
  
29,374,582
25,049,207

Provisions for liabilities
  

Deferred tax
 20 
(1,174,070)
(227,490)

Other provisions
 21 
(106,028)
(106,028)

Net assets
  
28,094,484
24,715,689


Capital and reserves
  

Called up share capital 
 22 
1,318,825
1,601,212

Share premium account
 23 
20,444,180
20,444,180

Capital redemption reserve
 23 
282,537
150

Merger reserve
 23 
25,000
25,000

Profit and loss account
 23 
6,023,942
2,645,147

  
28,094,484
24,715,689


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 April 2025.




J P O'Loan
Director

The notes on pages 16 to 38 form part of these financial statements.

- 10 -

 
JCCO HEALTHCARE LIMITED
REGISTERED NUMBER: 12750007

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 15 
17,645,073
17,645,073

  
17,645,073
17,645,073

Current assets
  

Debtors: amounts falling due within one year
 17 
4,371,364
3,055,352

Cash at bank and in hand
 18 
729,892
5,406,976

  
5,101,256
8,462,328

Creditors: amounts falling due within one year
 19 
(48,179)
(3,339,098)

Net current assets
  
 
 
5,053,077
 
 
5,123,230

Total assets less current liabilities
  
22,698,150
22,768,303

  

  

Net assets
  
22,698,150
22,768,303


Capital and reserves
  

Called up share capital 
 22 
1,318,825
1,601,212

Share premium account
 23 
20,444,180
20,444,180

Capital redemption reserve
 23 
282,537
150

Merger reserve
 23 
999,900
999,900

Profit and loss account
 23 
(347,292)
(277,139)

  
22,698,150
22,768,303


The Company has taken advantage of the exemption allowed under Section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The loss after tax of the Parent Company for the year was £70,153 (2023: profit after tax of £1,958,020).
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 April 2025.


J P O'Loan
Director

The notes on pages 16 to 38 form part of these financial statements.

- 11 -

 
JCCO HEALTHCARE LIMITED
 

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


Called up share capital
Share premium account
Capital redemption reserve
Merger reserve
Profit and loss account
Total equity

£
£
£
£
£
£


At 1 October 2022
1,600,472
-
150
25,000
1,958,956
3,584,578


Comprehensive income for the year

Profit for the year
-
-
-
-
1,256,191
1,256,191
Total comprehensive income for the year
-
-
-
-
1,256,191
1,256,191


Contributions by and distributions to owners

Shares issued during the year
740
20,444,180
-
-
-
20,444,920

Purchase of own shares
-
-
-
-
(570,000)
(570,000)


Total transactions with owners
740
20,444,180
-
-
(570,000)
19,874,920



At 1 October 2023
1,601,212
20,444,180
150
25,000
2,645,147
24,715,689


Comprehensive income for the year

Profit for the year
-
-
-
-
3,378,795
3,378,795
Total comprehensive income for the year
-
-
-
-
3,378,795
3,378,795


Contributions by and distributions to owners

Preference shares cancelled
(282,387)
-
282,387
-
-
-


Total transactions with owners
(282,387)
-
282,387
-
-
-


At 30 September 2024
1,318,825
20,444,180
282,537
25,000
6,023,942
28,094,484


The notes on pages 16 to 38 form part of these financial statements.

- 12 -

 
JCCO HEALTHCARE LIMITED
 

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


Called up share capital
Share premium account
Capital redemption reserve
Merger reserve
Profit and loss account
Total equity

£
£
£
£
£
£


At 1 October 2022
1,600,472
-
150
999,900
(1,665,159)
935,363


Comprehensive income for the year

Profit for the year
-
-
-
-
1,958,020
1,958,020
Total comprehensive income for the year
-
-
-
-
1,958,020
1,958,020


Contributions by and distributions to owners

Shares issued during the year
740
20,444,180
-
-
-
20,444,920

Purchase of own shares
-
-
-
-
(570,000)
(570,000)


Total transactions with owners
740
20,444,180
-
-
(570,000)
19,874,920



At 1 October 2023
1,601,212
20,444,180
150
999,900
(277,139)
22,768,303


Comprehensive income for the year

Loss for the year
-
-
-
-
(70,153)
(70,153)
Total comprehensive income for the year
-
-
-
-
(70,153)
(70,153)


Contributions by and distributions to owners

Preference shares cancelled
(282,387)
-
282,387
-
-
-


Total transactions with owners
(282,387)
-
282,387
-
-
-


At 30 September 2024
1,318,825
20,444,180
282,537
999,900
(347,292)
22,698,150


The notes on pages 16 to 38 form part of these financial statements.

- 13 -

 
JCCO HEALTHCARE LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
3,378,795
1,256,191

Adjustments for:

Amortisation of intangible assets
2,106,079
596,837

Depreciation of tangible assets
323,821
133,696

Loss on disposal of tangible assets
4,790
-

Interest paid
30,323
-

Interest received
(193,380)
(97,529)

Taxation charge
1,680,273
372,181

Increase in stocks
(2,439,134)
(723,652)

(Increase)/decrease in debtors
(2,558,688)
2,142,772

Increase/(decrease) in creditors
5,854,045
(3,107,140)

Corporation tax paid
(1,489,981)
-

Net cash generated from operating activities

6,696,943
573,356


Cash flows from investing activities

Purchase of intangible fixed assets
(1,058,367)
(799,855)

Purchase of tangible fixed assets
(3,544,130)
(414,019)

Interest received
193,380
97,529

Purchase of subsidiary undertakings
-
(15,243,322)

Net cash used in investing activities

(4,409,117)
(16,359,667)
- 14 -

 
JCCO HEALTHCARE LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024


2024
2023

£
£



Cash flows from financing activities

Issue of ordinary shares
-
20,444,920

Purchase of own shares
-
(570,000)

Repayment of loan notes
-
(750,000)

Interest paid
(30,323)
-

Net cash (used in)/from financing activities
(30,323)
19,124,920

Net increase in cash and cash equivalents
2,257,503
3,338,609

Cash and cash equivalents at beginning of year
6,311,602
2,972,993

Cash and cash equivalents at the end of year
8,569,105
6,311,602


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
8,569,105
6,311,602


The notes on pages 16 to 38 form part of these financial statements.

- 15 -

 
JCCO HEALTHCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

JCCO Healthcare Limited ("the Company") is a private company, limited by shares, incorporated and registered in England and Wales (Registered number: 12750007).
The address of its registered office and its principal place of business is 37 Greenhey Place, East Gillibrands, Skelmersdale, Lancashire, WN8 9SA.
The principal activity of the Company is that of a holding company. The principal activity of the Group is that of the online sale of pharmaceutical, health and beauty products and the dispensing of medications to both NHS and private patients.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

  
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

 
2.3

Going concern

The directors have performed a review of the company's financial projections and cash flows, considering macro-economic factors such as inflation and interest rates together with the wider going concern status of the company. Operational performance and customer service levels have also remained very strong throughout this period. The directors have considered all possible outcomes of this review in the going concern assessment and conclude that the business would remain a going concern with sufficient funds in all possible scenarios.

- 16 -

 
JCCO HEALTHCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

  
2.4

Foreign currency translation

The Company's functional and presentational currency is GBP, rounded to the nearest £.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Nonmonetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

- 17 -

 
JCCO HEALTHCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

- 18 -

 
JCCO HEALTHCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.7

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.8

Interest income

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

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Pensions

Defined contribution pension plan

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

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

- 19 -

 
JCCO HEALTHCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.12

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

- 20 -

 
JCCO HEALTHCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.13

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Development expenditure
-
3 - 6 years
Goodwill
-
10 years
Computer software
-
5 years

 
2.14

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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

Depreciation is provided on the following basis:

Freehold property
-
10%
L/Term Leasehold Property
-
10-20%
Plant & machinery
-
20 - 33%
Motor vehicles
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

- 21 -

 
JCCO HEALTHCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

  
2.15

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.16

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.17

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.18

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.19

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.20

Creditors

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

- 22 -

 
JCCO HEALTHCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.21

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.22

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

- 23 -

 
JCCO HEALTHCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.22
Financial instruments (continued)

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

- 24 -

 
JCCO HEALTHCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.22
Financial instruments (continued)

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

- 25 -

 
JCCO HEALTHCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The directors do not believe there to be any critical judgments to have been made in the process of applying the Group's accounting policies that have had a significant effect on the amounts recognised in the statutory financial statements.
Intangible fixed assets and amortisation
Intangible fixed assets are shown at cost, net of amortisation and any provision for impairment. Cost includes the original purchase price of the asset and the cost attributed to bringing the asset to its working condition for its intended use.
Amortisation is provided to write off the cost less the estimated residual value of intangible fixed assets by equal instalments over their useful economic lives.
Tangible fixed assets
Tangible fixed assets are depreciated over their useful lives taking into accounts residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on the number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into accounts. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
Recoverability of debtors
The Group establishes a provision for debtors that are estimated not to be recoverable. When assessing recoverability, the directors have considered factors such as the ageing of the debtors, past experience of recoverability, and the credit profile of individual or groups of customers.
Assessing indicators of impairment
In assessing whether there have been any indicators of impairment associated with intangible assets and property, plant and equipment, the directors have considered both external and internal sources of information such as market values, changes in technological, economic and legal environments and economic performance.
Determining stock impairment
The Group includes a stock impairment for slow moving and obsolete stock. The directors assess the stock on a regular basis to ensure that stock is correctly valued at the lower of net realisable value and cost price. In assessing the net realisable value there is a certain amount of estimation required. The directors review historic sales and assess the likelihood of selling the item before making their impairment.


4.


Turnover

The whole of the turnover is attributable to the online sale of pharmaceutical, health and beauty products.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
62,878,706
30,724,443

Rest of Europe
246,697
130,276

63,125,403
30,854,719


- 26 -

 
JCCO HEALTHCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


Exceptional items

2024
2023
£
£


Professional fees
-
286,948

Stamp duty
-
86,085

Restructuring costs
-
30,000

-
403,033


6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
562
2,786

Other operating lease rentals
160,655
101,951

Depreciation
323,821
133,696

Amortisation
2,106,079
596,369

Loss on disposal of fixed assets
4,790
-


7.


Auditor's remuneration

During the year, the Group obtained the following services from the Group's auditor:


2024
2023
£
£

Fees payable to the Group's auditor for the audit of the consolidated and parent Company's financial statements
5,500
4,500

Fees payable to the Group's auditor for the audit of the subsidiaries'
44,150
33,965

- 27 -

 
JCCO HEALTHCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

8.


Employees

Staff costs, including directors' remuneration, were as follows:


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Sales
2
2



Administration
18
11



Operations
153
110

173
123

The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL)

9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
284,993
273,754

Group contributions to defined contribution pension schemes
168,500
43,750

453,493
317,504


The highest paid director received remuneration of £174,504 (2023 - £104,500).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2023 - £NIL).

The key management personnel of the Group are noted to be the directors and chief technical officer.
The total key management personnel costs are £519,260 (2023: £316,213).


10.


Interest receivable

2024
2023
£
£


Other interest receivable
193,380
97,529

- 28 -

 
JCCO HEALTHCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

11.


Interest payable and similar expenses

2024
2023
£
£


Preference shares
30,323
-


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
973,377
368,181

Adjustments in respect of previous periods
(239,684)
(6,215)


Total current tax
733,693
361,966

Deferred tax


Origination and reversal of timing differences
702,506
34,425

Adjustments in respect of prior periods
244,074
(24,210)

Total deferred tax
946,580
10,215


Taxation on profit on ordinary activities
1,680,273
372,181
- 29 -

 
JCCO HEALTHCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 22.01%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
5,059,068
1,628,372


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22.01%)
1,264,768
358,405

Effects of:


Non-tax deductible amortisation of goodwill and impairment
378,385
46,342

Expenses not deductible for tax purposes
9,219
75,306

Fixed asset differences
23,091
(11,794)

Adjustments to tax charge in respect of prior periods
(239,684)
(6,215)

Adjustments to tax in respect of prior periods - deferred tax
244,074
(24,210)

Remeasurement of deferred tax for changes in tax rates
420
4,251

Marginal relief
-
(220)

Tax credits
-
(351)

Other differences leading to a decrease in the tax charge
-
(69,333)

Total tax charge for the year
1,680,273
372,181


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

- 30 -

 
JCCO HEALTHCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

13.


Intangible assets

Group





Development
Computer software
Goodwill
Total

£
£
£
£



Cost


At 1 October 2023 (as previously stated)
1,446,382
897,639
14,659,156
17,003,177


Prior Year Adjustment
-
-
649,428
649,428


At 1 October 2023 (as restated)
1,446,382
897,639
15,308,584
17,652,605


Additions
960,193
98,174
-
1,058,367



At 30 September 2024

2,406,575
995,813
15,308,584
18,710,972



Amortisation


At 1 October 2023
314,167
542,097
613,281
1,469,545


Charge for the year
404,007
188,532
1,513,540
2,106,079



At 30 September 2024

718,174
730,629
2,126,821
3,575,624



Net book value



At 30 September 2024
1,688,401
265,184
13,181,763
15,135,348



At 30 September 2023 (as restated)
1,132,215
355,542
14,695,303
16,183,060

See note 25 for futher information in relation to the prior year adjustment.



- 31 -

 
JCCO HEALTHCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

14.


Tangible fixed assets

Group






L/Term Leasehold Property
Plant & machinery
Motor vehicles
Total

£
£
£
£



Cost


At 1 October 2023
3,150,254
977,142
40,804
4,168,200


Additions
2,602,723
915,907
25,500
3,544,130


Disposals
-
-
(9,995)
(9,995)



At 30 September 2024

5,752,977
1,893,049
56,309
7,702,335



Depreciation


At 1 October 2023
208,792
370,364
30,740
609,896


Charge for the year
122,913
191,603
9,305
323,821


Disposals
-
-
(5,206)
(5,206)



At 30 September 2024

331,705
561,967
34,839
928,511



Net book value



At 30 September 2024
5,421,272
1,331,082
21,470
6,773,824



At 30 September 2023
2,941,462
606,778
10,064
3,558,304

- 32 -

 
JCCO HEALTHCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost and net book value


At 1 October 2023
17,645,073



At 30 September 2024
17,645,073






Net book value



At 30 September 2024
17,645,073



At 30 September 2023
17,645,073


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Innox Trading Limited
37 Greenhey Place, East Gillibrands, Skelmersdale, Lancashire, WN8 9SA
Ordinary
100%
My Health Digital Ltd
3c Bluestone Business Park, Moyraverty West Road, Moyraverty, Craigavon, Northern Ireland, BT65 5HU
Ordinary
100%
My Health Online Ltd
35 Greenhey Place, East Gillibrands, Skelmersdale, Lancashire, WN8 9SA
Ordinary
100%
Penketh Place Limited
35-37 Greenhey Place, East Gillibrands, Skelmersdale, Lancashire, WN8 9SA
Ordinary
100%

- 33 -

 
JCCO HEALTHCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

16.


Stocks

Group
Group
2024
2023
£
£

Finished goods and goods for resale
4,629,571
2,190,437


Stock recognised in cost of sales during the year as an expense was £37,504,013 (2023: £18,427,417).


17.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
2,037,098
702,498
2,865
-

Amounts owed by group undertakings
-
-
4,346,743
2,913,708

Other debtors
1,255,851
665,905
504
141,644

Prepayments and accrued income
2,227,036
1,592,895
21,252
-

Corporation tax recoverable
103,787
-
-
-

5,623,772
2,961,298
4,371,364
3,055,352


Amounts owed by group undertakings are unsecured, interest free and repayable on demand.


18.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
8,569,105
6,311,602
729,892
5,406,976


- 34 -

 
JCCO HEALTHCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

19.


Creditors: Amounts falling due within one year

Group
Group 
As Restated
Company
Company
2024
2023
2024
2023
£
£
£
£

Trade creditors
9,607,037
4,213,499
5,580
16,178

Amounts owed to group undertakings
-
-
200
3,225,586

Corporation tax
358,893
1,011,394
-
-

Other taxation and social security
164,183
96,324
-
-

Other creditors
166,257
194,695
-
-

Accruals and deferred income
1,060,668
639,582
42,399
97,334

11,357,038
6,155,494
48,179
3,339,098


Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
See note 25 for futher information in relation to the prior year adjustment.


20.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
(227,490)
(217,275)


Charged to profit or loss
(946,580)
(10,215)



At end of year
(1,174,070)
(227,490)

The provision for deferred taxation is made up as follows:

Group
Group
2024
2023
£
£

Fixed asset timing differences
(1,217,295)
(243,536)

Short term timing differences
41,266
14,087

Losses and other deductions
1,959
1,959

(1,174,070)
(227,490)

- 35 -

 
JCCO HEALTHCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

21.


Provisions


Group



Premises provision

£





At 1 October 2023
106,028



At 30 September 2024
106,028


22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



5,100 (2023 - 5,100) Ordinary shares of £0.01 each
51
51
87,417 (2023 - 87,417) Ordinary B shares of £0.01 each
874
874
28,700 (2023 - 28,700) Ordinary C shares of £0.01 each
287
287
1,317,613 (2023 - 1,600,000) Preference shares of £1.00 each
1,317,613
1,600,000

1,318,825

1,601,212

Treasury shares
On 9 July 2024, the Company cancelled 282,387 Preference shares held by the treasury.
3,300 Ordinary B shares with a nominal value of £0.01 are held within a treasury at year end.


23.


Reserves

Share premium account

The share premium account includes the premium on issue of equity shares, net of issue costs.

Capital redemption reserve

The capital redemption reserve represents the nominal value of shares which have been repurchased by the Parent Company.

Merger Reserve

The merger reserve represents the cumulative reserve movement arising from business combinations.

Profit & loss account

The profit and loss account represents the accumulated profits less any dividends paid.
- 36 -

 
JCCO HEALTHCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
24.


Analysis of net debt




At 1 October 2023
Cash flows
At 30 September 2024
£

£

£

Cash at bank and in hand

6,311,602

2,257,503

8,569,105


6,311,602
2,257,503
8,569,105


25.


Prior year adjustment

The comparative consolidated Statement of Financial Position has been restated to correct an error in the goodwill calculation for My Health Online Limited. As a result, goodwill has increased by £649,428 and the corporation tax liability has also increased by £649,428. This adjustment is a reclassification only and does not impact profit before taxation or net assets.


26.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £214,526 (2023: £112,484). Contributions totalling £16,256 (2023: £10,298) were payable to the fund at the Statement of Financial Position date and are included in other creditors.


27.


Commitments under operating leases

At 30 September 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
99,147
94,745

Later than 1 year and not later than 5 years
85,657
71,942

184,804
166,687

The Company had no commitments under non-cancellable operating leases at the reporting date.


28.


Related party transactions

The Group has taken advantage of the exemption permitted by Section 33 Related Party Disclosures of FRS 102 not to provide disclosures of transactions entered into with wholly-owned members of the Group.

- 37 -

 
JCCO HEALTHCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

29.


Controlling party

The directors believe that there is no controlling party.

 
- 38 -