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Registered number: 08147250
ASTUTE HEALTHCARE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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ASTUTE HEALTHCARE LIMITED
COMPANY INFORMATION
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Chartered Accountants & Statutory Auditor
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ASTUTE HEALTHCARE LIMITED
CONTENTS
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Independent Auditors' Report
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Consolidated Statement of Comprehensive Income
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Consolidated Statement of Financial Position
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Company Statement of Financial Position
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Consolidated Statement of Changes in Equity
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Company Statement of Changes in Equity
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Consolidated Statement of Cash Flows
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Notes to the Financial Statements
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ASTUTE HEALTHCARE LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The director presents the Strategic Report for the year ended 31 March 2025.
Astute Healthcare Limited (the “Company") together with its subsidiaries (the "Group”) is a leading distributor of pharmaceutical products to independent pharmacies in the UK. We operate in a highly competitive sector, providing strong customer service and offering a wide range of locally sourced and imported pharmaceutical products. The Group’s activities are regulated by the Medicines and Healthcare Products Regulatory Agency (MHRA).
The director is pleased with the Group’s performance in the financial year with strong growth seen across the business. The Group's strategy is to deliver value to independent pharmacists by combining excellent telesales support with an extensive product range that is competitively priced on a daily basis. The Group's aim to be the supplier of choice for independent pharmacies and to achieve sustainable growth organically.
Turnover increased significantly to £130,271,628 (2024: £109,606,367), this is due to combination of the Group gaining a better understanding of the German market and organic growth.
The director does not anticipate any material changes to the Group’s activities in the foreseeable future.
Principal risks and uncertainties
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The management of the business and the execution of the Group’s strategy are subject to a number of key risks. Risks are formally reviewed by the board and appropriate processes are put in place to monitor and mitigate them.
Regulation and government
The Group operates in highly regulated markets; any changes to regulation, or noncompliance with that regulation could have a negative impact on business performance. For example, we are subject to a range of regulations around pricing margins traceability and storage conditions data and privacy regulations, health and safety and environmental standards. This includes regular inspections by both the MHRA and the Home Office in respect of our licensing to buy, sell and distribute medicines within the UK.
Competition
The Group operates in a market which is highly competitive, particularly around price, service levels and product availability. There is, as a result, ongoing downward pressure on margins with the additional risk that the Group will not meet customer expectations. To mitigate this risk, the Group monitors the market to understand customer and supplier expectations, identify whether their needs are being met and to evolve and enhance its value proposition.
Financial risk management
The Group’s operations expose it to a variety of financial risks that include the effects of exchange rate risk, credit risk and liquidity risk.
The Group has in place an informal risk management programme that seeks to limit the adverse effects on the financial performance of the Group. Given the size of the Group, the director has not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the Group’s finance department.
Exchange rate risk
The Group’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates.
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ASTUTE HEALTHCARE LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Credit Risk
The Group’s principal financial assets are bank balances and cash, trade and other receivables.
The Group’s credit risk is primarily attributable to its trade receivables. The amounts presented in the Consolidated Statement of Financial Position are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of cash flows.
Financial key performance indicators
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The director uses a number of key performance indicators to measure profitability and working capital. These
are monitored on an ongoing basis by the management and are set out below:
Financial Indicators 2025 2024
Revenue (£) 130,271,628 109,606,367
Profitability ratios:
Gross margin (gross profit as % of revenue) 9% 8%
EBITDA (profit/(loss) before depreciation, amortisation, 3% 1%
interest and tax as % of revenue)
Director's statement of compliance with duty to promote the success of the Group
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This statement describes how the director has complied with section 172(1) (a)-(f) of the Companies Act 2006 to promote the success of the Group for the benefit of its stakeholders which are outlined below.
The nature of our highly regulated business requires that we consider the long term consequences of our decisions. Our shareholders have invested capital to drive shareholder value. The Director's report describes the board’s role in managing the business, our reputation, risks and balancing stakeholder needs for the long term.
Customers
The Director prioritises compliance with regulation and best practice to ensure the funds of relevant clients are protected while ensuring each clients' best interests are served in accordance with their risk appetite and commercial agreements. The Director and senior leadership team work closely with customers to build long term relationships and contact customers for feedback. The Board reviews customer feedback on a regular basis to monitor progress and address any significant customer issues, reviewing service performance indicators across a variety of measures including net promoter scores.
Employees
The Group considers people to be our greatest asset and the interests of all employees are considered when decisions are made. The Director and executive team keep the business informed about important business news through a variety of media including regular All Hands updates.
Shareholders
The Director has regular contact with the shareholders in order to maximise the Group’s long-term growth prospects.
Suppliers
The Group has various key supplier relationships which work more as a partnership to ensure the smooth running of the business.
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ASTUTE HEALTHCARE LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The Environment
The Group is committed to minimising the environmental impacts of the business operations. The Board seeks to reduce, where possible, our environmental footprint.
This report was approved by the board and signed on its behalf.
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ASTUTE HEALTHCARE LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The director presents his report and the financial statements for the year ended 31 March 2025.
Director's responsibilities statement
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The director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.
The profit for the year, after taxation and minority interests, amounted to £1,869,144 (2024 - £145,516).
During the year, Company declared an interim dividend of £221,000 (2024 - £141,000).
The director who served during the year was:
Astute Healthcare Limited is looking for the better growth in the years to come, as our expert management team is continuously looking into the improvements in the products and the services we provide to our customers, along with the improvisation in existing products and services to existing customers, we are continuously looking and analysing the market and make sure to add the new range of high demanding products. Also, management is continuously working towards minimising the supply chain costs and control over operational costs and overheads and that would lead to better margins for the Group.
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ASTUTE HEALTHCARE LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Greenhouse gas emissions, energy consumption and energy efficiency action
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The Group presents its greenhouse gases ("GHG") emissions and energy use data under Streamlined Energy
and carbon Reporting ("SECR") for the year ended 31 March 2025:
The following figures make up our baseline reporting for 2025.
Scope 1 consumption and emissions relate to direct combustion of natural gas, and fuels utilised for transportation operations, such as company cars and external vehicles.
Scope 2 consumption and emissions relate to indirect emissions relating to the consumption of purchased electricity in day to day business operations.
Quantification and reporting methodology
We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2023 UK Government’s Conversion Factors for Company Reporting.
Disclosure of information to auditors
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The director at the time when this Director's Report is approved has confirmed that:
∙so far as is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and
∙ 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 auditors are aware of that information.
Post balance sheet events
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There have been no significant events affecting the Group since the year end.
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ASTUTE HEALTHCARE LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Under section 487(2) of the Companies Act 2006, BKL Audit LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
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ASTUTE HEALTHCARE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASTUTE HEALTHCARE LIMITED
We have audited the financial statements of Astute Healthcare Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
∙give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 March 2025 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.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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
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In auditing the financial statements, we have concluded that the director's 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 or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
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ASTUTE HEALTHCARE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASTUTE HEALTHCARE LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is 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. 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 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.
Opinion on other matters prescribed by the Companies Act 2006
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In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Director's 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 Director's Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
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In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Director's 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 director's remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.
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ASTUTE HEALTHCARE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASTUTE HEALTHCARE LIMITED (CONTINUED)
Responsibilities of directors
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As explained more fully in the Director's Responsibilities Statement set out on page 4, the director is 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 director determines 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 director is 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 director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.
Auditors' responsibilities for the audit of the financial statements
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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 Auditors' 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 Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙enquiring of management and those charged with governance around actual and potential litigation and claims;
∙enquiring of management and those charged with governance to identify any instances of non- compliance with laws and regulations;
∙reviewing board meeting minutes for all meetings taking place throughout the year and indeed up until the date of signature of these financial statements;
∙reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
∙reviewing the general ledger in detail for all transactions with related parties; performing walk through testing to ensure systems and controls are operating as recorded where appropriate;
∙performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
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ASTUTE HEALTHCARE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASTUTE HEALTHCARE LIMITED (CONTINUED)
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
∙Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director.
∙Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' Report. However, future events or conditions may cause the Company to cease to continue as a going concern.
∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
∙Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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ASTUTE HEALTHCARE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASTUTE HEALTHCARE LIMITED (CONTINUED)
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 Auditors' 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.
Michael Wedge FCA (Senior Statutory Auditor)
for and on behalf of
BKL Audit LLP
Chartered Accountants
Statutory Auditor
35 Ballards Lane
London
N3 1XW
1 September 2025
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ASTUTE HEALTHCARE LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
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Interest receivable and similar income
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Interest payable and similar expenses
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Profit for the financial year
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Other comprehensive income for the year
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Exchange differences on translation of foreign operations
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Other comprehensive income for the year
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Total comprehensive income for the year
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Profit for the year attributable to:
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Owners of the parent company
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The notes on pages 21 to 41 form part of these financial statements.
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ASTUTE HEALTHCARE LIMITED
REGISTERED NUMBER: 08147250
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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ASTUTE HEALTHCARE LIMITED
REGISTERED NUMBER: 08147250
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2025
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Equity attributable to owners of the parent Company
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Non-controlling interests
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The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 21 to 41 form part of these financial statements.
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ASTUTE HEALTHCARE LIMITED
REGISTERED NUMBER: 08147250
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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ASTUTE HEALTHCARE LIMITED
REGISTERED NUMBER: 08147250
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2025
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Profit and loss account brought forward
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Profit and loss account carried forward
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The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 21 to 41 form part of these financial statements.
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ASTUTE HEALTHCARE LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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Equity attributable to owners of parent Company
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Non-controlling interests
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Comprehensive income for the year
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Exchange differences on translation of foreign operations (as restated)
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Contributions by and distributions to owners
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Other reserves (as restated)
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Comprehensive income for the year
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Exchange differences on translation of foreign operations
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Contributions by and distributions to owners
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The notes on pages 21 to 41 form part of these financial statements.
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ASTUTE HEALTHCARE LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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Comprehensive income for the year
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Contributions by and distributions to owners
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Comprehensive income for the year
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Contributions by and distributions to owners
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The notes on pages 21 to 41 form part of these financial statements.
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ASTUTE HEALTHCARE LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
Cash flows from operating activities
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Profit for the financial year
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Amortisation of intangible assets
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Depreciation of tangible assets
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Net cash generated from operating activities
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Cash flows from investing activities
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Sale of intangible assets
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Purchase of tangible fixed assets
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Sale of tangible fixed assets
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Net cash from investing activities
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ASTUTE HEALTHCARE LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
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Cash flows from financing activities
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Repayment of debenture loans
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Net cash used in financing activities
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Net increase/(decrease) in cash and cash equivalents
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Cash and cash equivalents at beginning of year
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Cash and cash equivalents at the end of year
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Cash and cash equivalents at the end of year comprise:
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The notes on pages 21 to 41 form part of these financial statements.
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ASTUTE HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The principal activity of Astute Healthcare Limited (the “Company") together with its subsidiaries (the "Group”) is the distribution of pharmaceutical products to independent pharmacies.
The Company is a private company limited by shares, incorporated in England and Wales.
The Registered Office address is Unit 1, Bilton road, Hitchin, SG4 OSB.
2.Accounting policies
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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 judgement 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:
The consolidated Group financial statements consist of the results of the parent company Astute Healthcare Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are prepared up to 31 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
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ASTUTE HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
At the time of approving the financial statements, the director has a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
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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 Consolidated 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'.
On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.
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ASTUTE HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover primarily originates from the sale of goods and, to a lesser extent, from the provision of services. A contract with the customer is typically related to a confirmed purchase order that is completed based on the agreed terms or the company’s general terms and conditions.
Turnover is recognised when control of the goods or services is transferred to the customer, provided that the amount can be reliably measured, and it is probable that economic benefits will flow to the company. Any deductions from sales, such as returned goods, rebates, discounts, are deducted from the gross turnover.
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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.
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.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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Defined contribution plans
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Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises
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ASTUTE HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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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; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
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.
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.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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.
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ASTUTE HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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Intangible assets (continued)
|
The estimated useful lives range as follows:
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.
At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
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.
Investments in subsidiaries are measured at cost less accumulated impairment.
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ASTUTE HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
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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.
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ASTUTE HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties.
(i) Financial assets
Basic financial assets, including trade & other debtors, are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans and loans from other third parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Creditors 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 recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
(iii) Offsetting
Financial assets and liabilities are offset and 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.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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ASTUTE HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Judgements in applying accounting policies and key sources of estimation uncertainty
|
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Investment Impairment
The Company evaluates its investments in subsidiaries and associates for impairment whenever there are indicators of a potential decline in recoverable value. This assessment requires judgment in estimating the future cash flows of the investee, discount rates, and the appropriate valuation methodologies. Management considers both external and internal indicators, such as financial performance, market conditions, and any changes in the business environment that could impact the carrying value of the investment. Where an impairment is identified, it is recognised in profit or loss.
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The analysis of turnover by geographical market is not disclosed for reasons of confidentiality as the director is of the opinion that this would be seriously prejudicial to the interests of the Company. However, the Group transacts with counterparties in overseas markets including the EEA, the USA, and emerging markets in the ROW.
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ASTUTE HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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The operating profit is stated after charging:
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Operating lease commitments
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During the year, the Group obtained the following services from the Company's auditors and their associates:
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Fees payable to the Company's auditors and their associates for the audit of the consolidated and parent Company's financial statements
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Fees payable to the Company's auditors and their associates in respect of:
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Taxation compliance services
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ASTUTE HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Staff costs were as follows:
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Cost of defined contribution scheme
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The Company had only one director who did not receive any remuneration (2024: £Nil).
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The average monthly number of employees, including the director, during the year was as follows:
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Interest receivable from related parties
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Interest payable and similar expenses
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Other loan interest payable
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|
ASTUTE HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Current tax on profits for the year
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Origination and reversal of timing differences
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Factors affecting tax charge for the year
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The tax assessed for the year is lower than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)
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Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
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Capital allowances for year in excess of depreciation
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Utilised losses on foreign subsidiaries
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Total tax charge for the year
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ASTUTE HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Charge for the year on owned assets
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ASTUTE HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Charge for the year on owned assets
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ASTUTE HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
13.Tangible fixed assets (continued)
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Charge for the year on owned assets
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ASTUTE HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
|
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Investments in subsidiary companies
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At 1 April 2024 (as previously stated)
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At 1 April 2024 (as restated)
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During the current financial year, a detailed review of fixed asset investments was conducted. This identified that amounts given as loans to the subsidiaries were incorrectly classified as additions to the investment value. As a result, the opening balances as at 1 April 2024 have been restated to accurately reflect the true investment value. This restatement does not have any impact on the current year's profit and loss or the retained earnings of the company. The adjustment is purely for the purpose of aligning the value of investments with the actual asset base.
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The following were subsidiary undertakings of the Company:
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Acorn Universal Consultancy LLP
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ASTUTE HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
|
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Finished goods and goods for resale
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The difference between purchase price or production cost of stocks and their replacement cost is not material.
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Due after more than one year
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Amounts owed by group undertakings
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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ASTUTE HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
|
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Creditors: Amounts falling due within one year
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Debenture loans (Note 25)
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Other taxation and social security
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Accruals and deferred income
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A subsidiary of Astute Healthcare Limited has a bank loan on which interest accrues at 8.84% per annum, payable monthly in arrears. The loan is subject to annual renewal, with the next review scheduled for 15 July 2025, and is repayable on demand.
The bank holds a fixed and floating charge over the property and assets of the subsidiary company.
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Charged to profit or loss
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ASTUTE HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
19.Deferred taxation (continued)
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Charged to profit or loss
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The deferred taxation balance is made up as follows:
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Accelerated capital allowances
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Allotted, called up and fully paid
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2 (2024 - 2) Ordinary shares shares of £1.00 each
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Other reserves
Other reserves comprise foreign exchange differences arising on business combinations of overseas entities.
Profit and loss account
This reserve records retained earnings and accumulated profits.
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ASTUTE HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The comparative information in the financial statements has been restated from the figures previously reported in the prior year financial statements for presentational purposes. The results are summarised below:
These adjustments had no impact on profit or net assets.
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 £15,803 (2024: £15,958). Contributions totalling £3,125 (2024: £3,711) were payable to the fund at the reporting date and are included in creditors.
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ASTUTE HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Commitments under operating leases
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At 31 March 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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25.Security and Guarantees
The banking facilities of the Company are secured by various charges and guarantees. At the reporting date, the following security arrangements were in place:
1) Limited guarantee given by the shareholders.
2) Limited guarantee given by Export Credits Guarantee Department.
3) Legal charge over the two warehouses held in the UK.
4) Unlimited guarantee given by a related company.
Accordingly, Company’s assets are subject to fixed and floating charges as security for banking facilities provided.
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Related party transactions
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Where possible, the Group has taken advantage of the exemptions in Section 33.1A of FRS 102 not to disclose transactions with other wholly-owned group undertakings. Other transactions are listed below:
Included within other debtors is a total of £2,070,132 (2024: £2,070,132) owed from companies with common shareholders.
Included within group undertakings is a total of £1,544,987 (2024: £1,394,737) owed from its subsidiary.
Included within other loans is a total of £282,527 (2024: £282,527) owed to a shareholder.
Included within trade debtors is a total of £116,853 (2024: £19,147) owed from companies with common shareholders.
Included within trade creditors is a total of £393,962 (2024: £94,412) owed to companies with common shareholders.
Included within turnover and expenses is a total of £932,725 (2024: £nil) relating to sales and purchases between companies within the group not wholly owned.
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ASTUTE HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Mr. Dhruvalbhai Patel is the ultimate controlling party
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