REGISTERED NUMBER: 08950877 (England and Wales)

HEALTH INNOVATION WESSEX LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Ms F E Driscoll

N J Johnson

Ms A S Whitfield

Professor A D Pandyan

Dr D J Baylis

Dr J P Johnson

Professor A Richardson

Professor A J Chauhan

Ms N J Hamlet

Professor P R Worsley

Professor C J Barnes

Dr P M Wilson

REGISTERED OFFICE:

Innovation Centre

Southampton Science Park

2 Venture Road

Chilworth

Hampshire

SO16 7NP

REGISTERED NUMBER:

08950877 (England and Wales)

SENIOR STATUTORY AUDITOR:

Matt Cooper ACA

AUDITORS:

Hopper Williams & Bell Limited

Statutory Auditor

Highland House

Mayflower Close

Chandler's Ford

Eastleigh

Hampshire

SO53 4AR

FIXED ASSETS

Tangible assets

4

40,786

48,917

Investments

5

-

-

40,786

48,917

CURRENT ASSETS

Debtors

6

336,743

351,699

Investments

7

810,422

810,000

Cash at bank

3,547,702

3,192,513

4,694,867

4,354,212

CREDITORS

Amounts falling due within one year

8

(3,842,353

)

(3,535,211

)

NET CURRENT ASSETS

852,514

819,001

TOTAL ASSETS LESS CURRENT LIABILITIES

893,300

867,918

RESERVES

Retained earnings

893,300

867,918

893,300

867,918

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 August 2025 and were signed on its behalf by:

Ms N J Hamlet - Director

1.	STATUTORY INFORMATION

Health Innovation Wessex Limited is a private company, limited by guarantee, registered in England and Wales. The company's registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standards applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies' regime.

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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value.

The principal accounting policies adopted are set out below.

Going Concern

The directors have concluded that with the right management actions the company is a going concern for at least 12 months following the signature of the financial statements. Accordingly the directors have prepared the financial statements on this basis.

Turnover

Turnover represents amounts invoiced excluding value added tax, adjusted for amounts deferred or accrued where appropriate. Income is recognised in the period in which it is due. Income received on a conditional basis, including core income from NHS England, is deferred to the following year to the extent that the conditions are not fully discharged and expenditure against that income has not been incurred by the year end.

Provision for impairment of income is made where there is objective evidence that the company will not be able to collect all amounts due.

Income generated from the provision of other services is recognised at the time such services are provided.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold improvements

-

Over the length of the lease

Fixtures and fittings

-

Straight line over 5 years

Computer equipment

-

Straight line over 3 - 5 years

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Financial assets

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

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

Financial liabilities

Basic financial liabilities, which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, 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.

Equity instruments

Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Fixed asset investments

Other investments are recognised at cost less any provision for impairment.

Current asset investments

Current asset investments comprise fixed term bank deposits. These investments are classified as a basic financial instrument and are measured at amortised cost.

Leasing commitments

Leases where substantially all risks and rewards incidental to ownership are retained by the lessors are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessors) are recognised in the Statement of Income and Retained Earnings on a straight line basis over the period of the lease.

Agency arrangements

The company has entered into a partnership agreement for Wessex Health Partnership which involves the use of the assets and other resources of the venturers. Health Innovation Wessex Limited does not have control over the application of the funds. The funds received and paid and any balances held are disclosed in the agency arrangements note below.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 62 (2024 - 48 ) .

4.	TANGIBLE FIXED ASSETS

Short

Fixtures

leasehold

and

Computer

improvements

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2024

8,210

33,289

99,510

141,009

Additions

-

235

13,825

14,060

Disposals

-

(291

)

-

(291

)

At 31 March 2025

8,210

33,233

113,335

154,778

DEPRECIATION

At 1 April 2024

8,210

26,918

56,964

92,092

Charge for year

-

1,628

20,272

21,900

At 31 March 2025

8,210

28,546

77,236

113,992

NET BOOK VALUE

At 31 March 2025

-

4,687

36,099

40,786

At 31 March 2024

-

6,371

42,546

48,917

5.	FIXED ASSET INVESTMENTS

This relates to an investment with a cost of £100,877 which was fully impaired in the year ended 31 March 2023. A review of this investment has been completed during the year, and it is still considered to be fully impaired as at the balance sheet date.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

as restated

£

£

Trade debtors

272,940

169,509

Other debtors

63,803

182,190

336,743

351,699

7.	CURRENT ASSET INVESTMENTS

2025

2024

as restated

£

£

Bank deposits

810,422

810,000

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

as restated

£

£

Trade creditors

565,313

492,066

Taxation and social security

123,179

-

Other creditors

3,153,861

3,043,145

3,842,353

3,535,211

9.	LEASING AGREEMENTS

Total operating lease commitments as at 31 March 2025 were £17,933 (2024 - £63,796) in relation to office rental and equipment.

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Matt Cooper ACA (Senior Statutory Auditor)

for and on behalf of Hopper Williams & Bell Limited

11.	AGENCY ARRANGEMENTS

Health Innovation Wessex Limited entered into a partnership agreement in the year ended 31 March 2024 for which it receives and distributes funds as an agent for Wessex Health Partnership. In the accounting period, Health Innovation Wessex Limited received £720,965 (2024: £1,475,000) and disbursed £699,289 (2024: £559,223) from the fund. An amount of £937,453 (2024:£915,777) is included in other creditors relating to undistributed funds.

Additionally other miscellaneous grant agreements were entered into which reflected an agency agreement. At 1 April 2024, a brought forwards balance of £272,774 was included within the accounts relating to these agreements. Income of £894,500 was received during the year and £188,475 was disbursed. An amount of £978,799 is included in other creditors at the balance sheet date relating to undistributed funds.

12.	LIMITED BY GUARANTEE

The company is limited by guarantee and does not have share capital. In the event of the company being wound up, the members have each agreed to contribute the sum of £1 towards the assets of the company.

13.	PRIOR YEAR ADJUSTMENTS

The financial statements have been restated for the year ended 31 March 2024 to correct misallocated balance sheet nominals relating to the treatment of Wessex Health Partners agency arrangement.

The balance sheet has changed as follows:

Bank - Increase of £133,268

Trade debtors - Increase of £100,000

Trade creditors - Increase of £5,763

Other debtors - Increase of £6,507

Other creditors - Increase of £234,012

There are no adjustments which effect either the reserves of the company, the profit included in the statement of income and retained earnings, or corporation tax.