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Registered number: 11583697
PH MEDICARE LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 JULY 2024
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COMPANY INFORMATION
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CONTENTS
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Statement of Financial Position
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Notes to the Financial Statements
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Report to the directors on the preparation of the unaudited statutory financial statements of PH Medicare Limited for the year ended 31 July 2024
We have compiled the accompanying financial statements of PH Medicare Limited (the ‘company’) based on the information you have provided. These financial statements comprise the Statement of Financial Position of PH Medicare Limited as at 31 July 2024, and a summary of significant accounting policies and other explanatory information.
We performed this compilation engagement in accordance with International Standard on Related Services 4410 (Revised), 'Compilation Engagements'.
We have applied our expertise in accounting and financial reporting to assist you in the preparation and presentation of these financial statements in accordance with 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). As a member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com.
These financial statements and the accuracy and completeness of the information used to compile them are your responsibility.
Since a compilation engagement is not an assurance engagement, we are not required to verify the accuracy or completeness of the information you provided to us to compile these financial statements. Accordingly, we do not express an audit opinion or a review conclusion on whether these financial statements are prepared in accordance with United Kingdom Generally Accepted Accounting Practice.
This report is made solely to the Company's directors, as a body, in accordance with the terms of our engagement letter dated 3 December 2024. Our work has been undertaken solely to prepare for your approval the financial statements of the company and state those matters that we have agreed to state to the Company's directors, as a body, in this report in accordance with our engagement letter dated 3 December 2024. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its directors, as a body, for our work or for this report.
Grant Thornton UK LLP
Chartered Accountants
Milton Keynes
29 July 2025
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PH MEDICARE LIMITED
REGISTERED NUMBER:11583697
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STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024
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Debtors: amounts falling due within one year
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Cash and cash equivalents
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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PH MEDICARE LIMITED
REGISTERED NUMBER:11583697
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STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2024
The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 4 to 10 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PH Medicare Limited is a private company limited by shares, incorporated in England and Wales. Registered number 11583697. Its registered head office is located at Polyco Healthline, South Fen Road, Bourne, England, PE10 0DN.
The principal activity of the Company is detailed in the Directors' Report.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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Exemption from preparing consolidated financial statements
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The company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.
The financial position of the company, its cash flows, liquidity position and borrowing facilities are continually assessed by the directors.
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company continues to have the support of the related entities, who have confirmed they will not call in any loans until the company is in a financial position to do so. The directors have considered the above and are of the opinion that the going concern basis in preparing the financial statements is appropriate.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The company's functional and presentational currency is GBP.
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. Non-monetary 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 Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Interest income is recognised in profit or loss using the effective interest method.
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.
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 operates and generates income.
Investments in subsidiaries are measured at cost less accumulated impairment.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.Accounting policies (continued)
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Cash and cash equivalents
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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.
The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's Statement of Financial Position when the company becomes party to the contractual 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 company's cash and cash equivalents, trade and most other receivables due within the operating cycle fall into this category of financial instruments.
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.Accounting policies (continued)
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Financial instruments (continued)
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Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments is any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans 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 payments 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.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company 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 company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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Preparation of the financial statements required management to make significant judgements and estimates. The items in the financial statements where these judgements have been made include determining any provision for impairment of investments in subsidiaries.
Annually, the company considers whether investments in subsidiaries is impaired. Where an indication of impairment is identified, the estimation of recoverable value requires estimation of the recoverable value of the cash-generating units (CGUs). This requires estimation of the future cash flows from the CGUs and also selection of appropriate discount rates in order to calculate the net present value of those cash flows.
The recoverable amounts were determined using a value-in-use calculation which required the use of assumptions. The calculations use cash flow projections based on the financial budgets approved by the directors covering a five-year period.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
The company has no employees other than the directors, who did not receive any remuneration (2023: £Nil).
During the year, G S Sira, J A H S Sira and N A Wilson were remunerated for their services to the group by Medicare Products Limited and Polyco Healthline Limited. Their remuneration is disclosed in the accounts of those companies. It is not considered practicable to allocate their remuneration between the companies of which they are a director.
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Investments in subsidiary companies
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Fixed asset investments comprise equity shares in Glove Evolution which is not a publicly traded company.
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The following was a subsidiary undertaking of the company:
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Glove Evolution (M) SDN BHD
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17, Jalan Puchong, Taman Perindustrian Puchong Utama, 47100 Puchong, Selangor, Malaysia
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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Debtors: amounts falling due within one year
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Amounts owed by related parties
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Included within amounts owed by related parties is £5,831,801 (2023: £6,128,682) of monies due from Polyco Healthline Limited (an entity under the common directorship) as a result of advances provided. These are unsecured, repayable on demand and is subject to interest.
Also included within amounts owed by related parties is £1,162,950 (2023: £945,978) of monies due from Glove Evolution (a subsidiary of the company), of which loan repayments and interest charges are deferred to allow Glove Evolution to generate sufficient cash flow.
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Creditors: amounts falling due within one year
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Amounts owed to related parties
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Accruals and deferred income
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Included within amounts owed to related parties is £7,326,541 (2023: £7,328,381) of monies payable to Medicare Products Limited (an entity under the common directorship) as a result of advances provided. These are unsecured, repayable on demand and not subject to interest.
The remaining £130,000 (2023: £130,000) relates to monies payable to Sira Holdings Limited (the parent company of PH Medicare Limited). This is unsecured, repayable on demand and not subject to interest.
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Allotted, called up and fully paid
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53 (2023: 53) A Ordinary shares of £0.10 each
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51 (2023: 51) B Ordinary shares of £0.10 each
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
8.Share capital (continued)
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The Ordinary shares entitle the holders to receive notice of, attend and vote at general meetings of the Company and on a poll to one vote for each Ordinary share held. The Ordinary shares hold no preferences or restrictions on the distribution of dividends and the repayment of capital.
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Related party transactions
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There are outstanding amounts owed by Polyco Healthline Limited of £5,831,801 (2023: £6,128,682) and amounts owed to Medicare Products Limited of £7,326,541 (2023: £7,328,381), as disclosed in notes 6 and 7 respectively. These entities are related parties under the common directorship of the Polyco Healthline Group.
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Ultimate controlling party
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The ultimate and immediate controlling party is Sira Holdings Limited (company number: 11582248); a company registered in England and Wales. The registered office of Sira Holdings Limited is Charles Lake House, Claire Causeway, Crossways Business Park, Dartford, Kent, England, DA2 6QA.
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