| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Financial Statements for the Year Ended 30 September 2024 |
| for |
| Direct Healthcare 24 Limited |
| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Financial Statements for the Year Ended 30 September 2024 |
| for |
| Direct Healthcare 24 Limited |
| Direct Healthcare 24 Limited (Registered number: 08741677) |
| Contents of the Financial Statements |
| for the Year Ended 30 September 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 6 |
| Income Statement | 9 |
| Other Comprehensive Income | 10 |
| Balance Sheet | 11 |
| Statement of Changes in Equity | 12 |
| Cash Flow Statement | 13 |
| Notes to the Cash Flow Statement | 14 |
| Notes to the Financial Statements | 15 |
| Direct Healthcare 24 Limited |
| Company Information |
| for the Year Ended 30 September 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditor |
| Kings Parade |
| Lower Coombe Street |
| Croydon |
| Surrey |
| CR0 1AA |
| Direct Healthcare 24 Limited (Registered number: 08741677) |
| Strategic Report |
| for the Year Ended 30 September 2024 |
| The directors present their strategic report for the year ended 30 September 2024. |
| The board aims to provide a balanced and comprehensive overview of the Company's business development and performance during the period, and its financial position at the period's end. This review aligns with the Company's size and nature and is framed within the context of the risks and uncertainties faced by the business.. |
| PRINCIPAL ACTIVITIES |
| The principal activity of Direct Healthcare 24 Limited ('the Company') during the year continued to be staff recruitment and related activities. The company has built a reputation on its ability to fill critical skill gaps with experienced contractors and temporary staffing solutions within strict time frames. |
| REVIEW OF BUSINESS |
| The board is pleased to report a successful trading period for Direct Healthcare 24 Limited, with turnover increasing to £22.5m, generating pre-tax profit of £4.0m. Gross profit margin continues to show strength at 38%, an increase on prior year's margin of 36%, reflecting the company's continued focus on cost control and operational efficiency. |
| Tight cost management remains a priority to protect margins amidst a dynamic trading environment. The company has also invested in updating internal processes and upskilling its workforce, laying a strong foundation for future growth. |
| The company maintains a leading position across both the private and public sectors. Its strategic diversification of services, particularly aimed at addressing skills shortages in the healthcare sector has enabled the company to respond proactively to market demands. |
| The main financial KPIs monitored by the company are turnover, gross profit, and gross profit margin, which are outlined below. |
| 2024 | 2023 | 2022 |
| Turnover | £22.5 million | £21.5 million | £24.3 million |
| Turnover movement | £1 million | (£2.8 million) | £6.2 million |
| Gross profit margin | 38% | 37% | 36% |
| Profit before tax | 18% | 17% | 20% |
| The turnover of the Company increased by 4.7% year on year, amounting to £22,498,333 (2023: decreased by 11.7% to £21,481,208). |
| Direct Healthcare 24 Limited (Registered number: 08741677) |
| Strategic Report |
| for the Year Ended 30 September 2024 |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The board takes a conservative approach to risk and financial stability leaving investment in the business to allow the business to expand and grow. |
| The Company operates on government frameworks and private agreements with clients. Failure to meet the standards set could jeopardise the revenues of the business. Compliance is high on the Company's agenda. |
| The Company's maximum exposure to credit risk in relation to financial assets is represented by trade and other receivables. |
| The Company's policy on liquidity risk is to ensure that sufficient cash is available to fund ongoing operations. The Company principally funds its operations through a combination of retained earnings and invoice finance facilities to ensure it has adequate funds to meet future working capital requirements. The invoice finance facilities provide the flexibility to support the company through any significant changes in business size if needed. The board is confident these facilities provide adequate finance for future growth. |
| The Company has policies in place to mitigate the potential impact of these financial risks including, but not limited to the following: |
| Where appropriate, credit checks are made prior to the appointment of a new customer, and these are reviewed on a periodic basis together with ongoing checks in respect of existing customers. Weekly reviews of the debtor ledger are carried out with the finance and sales teams and action initiated, as appropriate, to collect any overdue amounts, thus ensuring that the Company's strong liquidity position is sustained. |
| Clients remain resolute to reduce their agency spend, and these change factors represent an ongoing risk to spend on agency. However, the continuing shortage of healthcare professionals worldwide represents an increasing demand on the Company. The directors are confident that the continued development and growth of our workforce solutions offered by the Company will continue to meet the demands of their clients, including investing in technology improvements and internal process enhancements, which related to research and development activity during the year. |
| FUTURE DEVELOPMENTS |
| The Company's focus in the coming year is to maintain the financial strength of the business, to continue to allow us to grow and support our loyal client base. In addition we will look to add to our current client base. We look to continue to secure sales, maintain our high levels of performance with regards to margin, manage our fixed cost base and ensure our continued high standard of project delivery. |
| ON BEHALF OF THE BOARD: |
| Direct Healthcare 24 Limited (Registered number: 08741677) |
| 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. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company in the year under review was that of a recruitment agency. |
| DIVIDENDS |
| The directors do not recommend payment of a final dividend. Ordinary dividends were paid amounting to £4,088,138. The interim dividend per share was £65.41. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report. |
| Other changes in directors holding office are as follows: |
| MEDIUM SIZED COMPANIES EXEMPTION |
| This report has been prepared in accordance with the provisions applicable to companies entitled to the medium sized companies exemption. |
| 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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| Direct Healthcare 24 Limited (Registered number: 08741677) |
| Report of the Directors |
| for the Year Ended 30 September 2024 |
| AUDITORS |
| The auditors, Bryden Johnson Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Direct Healthcare 24 Limited |
| Opinion |
| We have audited the financial statements of Direct Healthcare 24 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, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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. |
| Report of the Independent Auditors to the Members of |
| Direct Healthcare 24 Limited |
| 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. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to UK taxation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated 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 were related to management override of controls. Audit procedures performed by the engagement team included: |
| - Reviewing minutes of meetings of those charged with governance; |
| - Enquiry of management and those charged with governance around actual and potential litigation and claims; |
| - Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations, and |
| - Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness and testing accounting estimates (because of the risk of management bias). |
| There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through 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 |
| Direct Healthcare 24 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 Auditor |
| Kings Parade |
| Lower Coombe Street |
| Croydon |
| Surrey |
| CR0 1AA |
| Direct Healthcare 24 Limited (Registered number: 08741677) |
| Income Statement |
| for the Year Ended 30 September 2024 |
| 30.9.24 | 30.9.23 |
| Notes | £ | £ |
| TURNOVER | 3 |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| 3,895,560 | 3,649,322 |
| Other operating income | 4 |
| OPERATING PROFIT | 6 |
| Interest receivable and similar income |
| PROFIT BEFORE TAXATION |
| Tax on profit | 7 |
| PROFIT FOR THE FINANCIAL YEAR |
| Direct Healthcare 24 Limited (Registered number: 08741677) |
| Other Comprehensive Income |
| for the Year Ended 30 September 2024 |
| 30.9.24 | 30.9.23 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| Direct Healthcare 24 Limited (Registered number: 08741677) |
| Balance Sheet |
| 30 September 2024 |
| 30.9.24 | 30.9.23 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 10 |
| CURRENT ASSETS |
| Debtors | 11 |
| Prepayments and accrued income |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 12 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 16 | 62,500 | 62,500 |
| Capital redemption reserve | 17 | 37,500 | 37,500 |
| Retained earnings | 17 | 2,322,472 | 3,398,106 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Direct Healthcare 24 Limited (Registered number: 08741677) |
| Statement of Changes in Equity |
| for the Year Ended 30 September 2024 |
| Called up | Capital |
| share | Retained | redemption | Total |
| capital | earnings | reserve | equity |
| £ | £ | £ | £ |
| Balance at 1 October 2022 | 62,500 | 2,726,309 | 37,500 | 2,826,309 |
| Changes in equity |
| Dividends | - | (2,252,230 | ) | - | (2,252,230 | ) |
| Total comprehensive income | - | 2,924,027 | - | 2,924,027 |
| Balance at 30 September 2023 | 62,500 | 3,398,106 | 37,500 | 3,498,106 |
| Changes in equity |
| Dividends | - | (4,088,138 | ) | - | (4,088,138 | ) |
| Total comprehensive income | - | 3,012,504 | - | 3,012,504 |
| Balance at 30 September 2024 | 62,500 | 2,322,472 | 37,500 | 2,422,472 |
| Direct Healthcare 24 Limited (Registered number: 08741677) |
| Cash Flow Statement |
| for the Year Ended 30 September 2024 |
| 30.9.24 | 30.9.23 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 |
| Tax paid | ( |
) | ( |
) |
| Net cash from operating activities |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) |
| Interest received |
| Net cash from investing activities | ( |
) |
| Cash flows from financing activities |
| Loan repayments in year | ( |
) | ( |
) |
| Decrease in group company creditors | ( |
) |
| Decrease in group company debtors | ( |
) |
| Equity dividends paid | ( |
) | ( |
) |
| Net cash from financing activities | ( |
) | ( |
) |
| Increase in cash and cash equivalents |
| Cash and cash equivalents at beginning of year |
2 |
499,216 |
| Cash and cash equivalents at end of year | 2 | 1,387,514 | 1,322,168 |
| Direct Healthcare 24 Limited (Registered number: 08741677) |
| Notes to the Cash Flow Statement |
| for the Year Ended 30 September 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Profit before taxation |
| Depreciation charges |
| Finance income | (33,637 | ) | (8,280 | ) |
| 4,014,911 | 3,744,605 |
| Decrease in trade and other debtors |
| Increase in trade and other creditors |
| Cash generated from operations |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 30 September 2024 |
| 30.9.24 | 1.10.23 |
| £ | £ |
| Cash and cash equivalents | 1,387,514 | 1,322,168 |
| Year ended 30 September 2023 |
| 30.9.23 | 1.10.22 |
| £ | £ |
| Cash and cash equivalents | 1,322,168 | 499,216 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1.10.23 | Cash flow | At 30.9.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank | 1,322,168 | 65,346 | 1,387,514 |
| 1,322,168 | 1,387,514 |
| Debt |
| Debts falling due within 1 year | (5,699 | ) | 5,699 | - |
| (5,699 | ) | 5,699 | - |
| Total | 1,316,469 | 71,045 | 1,387,514 |
| Direct Healthcare 24 Limited (Registered number: 08741677) |
| Notes to the Financial Statements |
| for the Year Ended 30 September 2024 |
| 1. | STATUTORY INFORMATION |
| Direct Healthcare 24 Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| Monetary amounts in these financial statements are rounded to the nearest £. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| The company has the ongoing support of its holding company and other group companies and has continued to be profitable since the year end. The directors believe that the company is able to meet its working capital requirements for a period of at least one year from the approval of these accounts. they therefore consider the company to be a going concern and have prepared accounts on this basis. |
| Turnover |
| Turnover comprises the invoiced value of services supplied by the company, net of vat and trade discounts. All revenue is recognised in the Financial Statements as soon as the service has been supplied. |
| Tangible fixed assets |
| Fixtures and fittings | - |
| Financial instruments |
| The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments. |
| Financial instruments are recognised in the company's balance sheet when the company 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 debtors and cash and bank balances, are initially measured at transaction cost. Financial assets classified as receivable within one year are not amortised. |
| Classification of financial liabilities |
| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
| Basic financial liabilities |
| Basic financial liabilities, including creditors and loans are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised. |
| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are initially recognised at transaction price. |
| Direct Healthcare 24 Limited (Registered number: 08741677) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Taxation |
| Current tax, including UK Corporation tax is provided at amounts expected to be paid using the tax rates and laws enacted by the Balance Sheet date. |
| Deferred tax is only provided for when material. The Directors have decided that deferred tax is once again not material this year. |
| Invoice discounting |
| The company uses an invoice discounting service. As and when loans are drawn down, these amounts are secured on the trade debtors. Discounting charges and interest are charged to the profit and loss account to reflect the cost of borrowing. |
| 3. | TURNOVER |
| The turnover and profit before taxation are attributable to the one principal activity of the company. |
| The whole of the turnover and profit before taxation from continuing activities is attributable to one principal activity within the UK, which is that of the provision of recruitment services. |
| An analysis of the company's turnover is as follows: |
| 2024 | 2023 |
| £ | £ |
| Recruitment services | 22,498,333 | 21,481,208 |
| 4. | OTHER OPERATING INCOME |
| 30.9.24 | 30.9.23 |
| £ | £ |
| R&D tax relief |
| 5. | EMPLOYEES AND DIRECTORS |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| Direct Healthcare 24 Limited (Registered number: 08741677) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 5. | EMPLOYEES AND DIRECTORS - continued |
| The average number of employees during the year was as follows: |
| 30.9.24 | 30.9.23 |
| Sales | 43 | 33 |
| Administration | - | 7 |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes |
| Information regarding the highest paid director is as follows: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Emoluments etc |
| Pension contributions to money purchase schemes |
| 6. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Hire of plant and machinery |
| Depreciation - owned assets |
| Auditors' remuneration |
| 7. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Tax misprovision | 25,007 | - |
| Tax on profit |
| Direct Healthcare 24 Limited (Registered number: 08741677) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 7. | TAXATION - continued |
| 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: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
| Effects of: |
| Expenses not deductible for tax purposes |
| Capital allowances in excess of depreciation | ( |
) | - |
| Adjustments to tax charge in respect of previous periods |
| change in tax rate |
| Total tax charge | 1,030,322 | 828,858 |
| The rate of corporation tax was changed from 19% to 25% from 1st April 2023. For the year ended 30 September 2023, the weighted average rate of corporation tax was 22%. |
| 8. | DIVIDENDS |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Ordinary shares of £1 each |
| Interim |
| 9. | RETIREMENT BENEFIT SCHEMES |
| Defined contribution schemes |
| 2024 | 2023 |
| £ | £ |
| Charge to profit or loss in respect of defined contribution schemes | 27,923 | 15,092 |
| Direct Healthcare 24 Limited (Registered number: 08741677) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 10. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and |
| fittings |
| £ |
| COST |
| Additions |
| At 30 September 2024 |
| DEPRECIATION |
| Charge for year |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| 11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Tax |
| See note 15 for details of Related party debtors. |
| 12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Other loans (see note 13) |
| Trade creditors |
| Tax |
| Social security and other taxes |
| Other creditors |
| Accruals and deferred income |
| See note 15 for details of Related party and group company creditors within Other creditors. |
| 13. | LOANS |
| An analysis of the maturity of loans is given below: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Other loans |
| Direct Healthcare 24 Limited (Registered number: 08741677) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 14. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Within one year |
| 15. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Invoice discounting account | - | 5,699 |
| There is a fixed and floating charge over the assets of the company in favour of RBS Invoice Finance Limited dated 11 August 2021. |
| 16. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 30.9.24 | 30.9.23 |
| value: | £ | £ |
| Ordinary | £1 | 62,500 | 62,500 |
| 17. | RESERVES |
| Capital |
| Retained | redemption |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 October 2023 | 3,398,106 | 37,500 | 3,435,606 |
| Profit for the year | 3,012,504 | 3,012,504 |
| Dividends | (4,088,138 | ) | (4,088,138 | ) |
| At 30 September 2024 | 2,322,472 | 37,500 | 2,359,972 |
| 18. | ULTIMATE PARENT COMPANY |
| The parent company of Direct Healthcare 24 Limited is Tapa Holdings Limited, a company incorporated in England and Wales. The results of Direct Healthcare 24 Limited are included in the consolidated financial statements of Tapa Holdings Limited, which are available from the registered office address at 124 City Road, London, EC1V 2NX. |
| Tapa Holdings Limited is controlled by K. Coyle. |
| Direct Healthcare 24 Limited (Registered number: 08741677) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 19. | RELATED PARTY DISCLOSURES |
| C. Coyle, and P. Groves are also Directors of Coyle Personnel Limited, Mayday Healthcare Limited, Plan B Healthcare Limited, Red Group Personnel Limited, Pro Health 24 |
| Limited, Platinum Solutions Group Limited, Tapa Holdings Limited, Panther Software Limited, Signal Software Limited, Medical 24 Limited and Greencastle Solutions (UK) Limited. |
| N. Poturicich is also a director of Mayday Healthcare Limited, Plan B Healthcare Limited, Pro Health 24 Limited, Red Group Personnel Limited, Platinum Solutions Group Limited, and Medical 24 Limited. |
| J. Couzins is also a director of Red Group Personnel Limited. |
| Related party debtors and creditors included within debtors and other creditors are as follows: |
| Group undertakings - debtors | 2024 | 2023 |
| £ | £ |
| Medical 24 Limited | - | 25,492 |
| Red Group Personnel Limited | 3,405 | 26,870 |
| Plan B Healthcare Limited | 1,255 | 371 |
| Pro Health 24 Limited | - | 17 |
| Tapa Holdings Limited | - | 500,000 |
| Platinum Solutions Group Limited | 500 | - |
| 5,160 | 552,750 |
| Direct Healthcare 24 Limited (Registered number: 08741677) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| Group undertakings - creditors | 2024 | 2023 |
| £ | £ |
| Platinum Solutions Group Limited | - | 34,000 |
| - | 34,000 |
| Net group undertakings balance - debtor/(creditor) |
5,160 |
518,750 |
| Related undertakings - creditors | 2024 | 2023 |
| £ | £ |
| Coyle Personnel Limited | 33,881 | - |
| Mayday Healthcare Limited | 4,947 | - |
| Greencastle Solutions (UK) Limited | 794,221 | - |
| Panther Software Limited | - | 1,948 |
| Signal Software Limited | - | 56 |
| 833,049 | 2,004 |
| Related undertakings - debtors |
| Coyle Personnel Limited | - | 182,436 |
| Mayday Healthcare Limited | - | 22,026 |
| Shamrock Nursing Limited | 102,932 | 265,364 |
| Amix Associates Limited | 34,430 | 23,587 |
| Pro Health Limited | 517 | - |
| Greencastle Holdings Limited | 500,000 | - |
| Greencastle SA Limited | 4,269 | - |
| 614,148 | 493,413 |
| No trading took place between the related party companies apart from recharged expenses relating to rent and IT services of £157,255 from Coyle Personnel Limited to the company during the period, and Greencastle Solutions (UK) Limited which charged the company £1,707,621 for the provision of payroll services. |