Isabel Healthcare Limited


Director	Maude, Jason Richard


Company Secretary	Meadows, Thomas Rory St John


Registered Address	10 Bolt Court Bolt Court
	London
	EC4A 3DA


Registered Number	04759944 (England and Wales)

Notes to the Financial Statements
for the year ended 31 December 2024

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

	Turnover policy
	Turnover represents net invoiced sales of services, excluding value added tax.

	Revenue from sale of goods
	Revenue is measured at fair value of the consideration received and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes. All revenues generated are attributable to the company's principal activity. Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount.

Revenue from sale of goods

Revenue is measured at fair value of the consideration received and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes. All revenues generated are attributable to the company's principal activity.

Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount.

	Employee benefits
	The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

	Foreign currency translation
	Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

	Deferred tax
	Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interest in join ventures, except where the company is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.

Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interest in join ventures, except where the company is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.

	Intangible assets
	Patents and trademarks are measured initially at purchase cost and amortised on a straight line basis over their estimated useful lives. Amortisation is provided in order to write off each asset in equal annual amounts over its estimated useful economic life. In the case of Intellectual Property this is estimated to be 20 years.

	Research and development
	Expenditure on research activities is recognised as an expense in the period in which it is incurred. An internally generated intangible asset arising from the company's work on developing working prototypes from initial design work is recognised only if all of the following conditions are met: - An asset is created that can be identified; - It is probable that the asset created will generate future economic benefits; - The development cost of the asset can be measured reliably. As at the date of these financial statements no development expenditure had met all of the above conditions and accordingly no intangible asset recognised.

Research and development

Expenditure on research activities is recognised as an expense in the period in which it is incurred. An internally generated intangible asset arising from the company's work on developing working prototypes from initial design work is recognised only if all of the following conditions are met:
- An asset is created that can be identified;
- It is probable that the asset created will generate future economic benefits;
- The development cost of the asset can be measured reliably.
As at the date of these financial statements no development expenditure had met all of the above conditions and accordingly no intangible asset recognised.

	Website design and equipment
	Plant and equipment and website design and content costs are stated at cost less accumulated depreciation and any recognised impairment loss. Depreciation is charged so as to write off the cost or valuation of assets over their estimated useful lives using the straight line method, on the following basis:- Website design & content 25% on cost Equipment, fixtures and fittings 25% on cost Website design and content development costs are capitalised and recorded as tangible fixed assets to the extent that they lead to the creation of an enduring asset which it is envisaged will deliver benefits at least as great as the amount capitalised. To the extent that such is not envisaged the cost is written off as incurred. Website application and infrastructure development costs are recorded as plant and equipment in respect of hardware, software and similar costs and as intangible assets in respect of domain names and similar costs.

Website design and equipment

Plant and equipment and website design and content costs are stated at cost less accumulated depreciation and any recognised impairment loss.

Depreciation is charged so as to write off the cost or valuation of assets over their estimated useful lives using the straight line method, on the following basis:-

Website design & content 25% on cost
Equipment, fixtures and fittings 25% on cost

Website design and content development costs are capitalised and recorded as tangible fixed assets to the extent that they lead to the creation of an enduring asset which it is envisaged will deliver benefits at least as great as the amount capitalised. To the extent that such is not envisaged the cost is written off as incurred. Website application and infrastructure development costs are recorded as plant and equipment in respect of hardware, software and similar costs and as intangible assets in respect of domain names and similar costs.

	Financial instruments
	Financial assets and financial liabilities are recognised on the company's balance sheet when the company becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Financial instruments

Financial assets and financial liabilities are recognised on the company's balance sheet when the company becomes a party to the contractual provisions of the instrument.

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

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

2.	Average number of employees
	The following average number of employees includes the director.


		2024		2023
	Average number of employees during the year	4		4

3.	Intangible assets

	Other	Total
	£	£
Cost or valuation
At 01 January 24	1,513,940	1,513,940
At 31 December 24	1,513,940	1,513,940
Amortisation and impairment
At 01 January 24	1,512,633	1,512,633
Charge for year	475	475
At 31 December 24	1,513,108	1,513,108
Net book value
At 31 December 24	832	832
At 31 December 23	1,307	1,307

4.	Website design and equipment

	Office Equipment	Total
	£	£
Cost or valuation
At 01 January 24	2,045,579	2,045,579
Additions	254,637	254,637
Disposals	(1,041)	(1,041)
At 31 December 24	2,299,175	2,299,175
Depreciation and impairment
At 01 January 24	1,533,481	1,533,481
Charge for year	207,793	207,793
On disposals	(455)	(455)
At 31 December 24	1,740,819	1,740,819
Net book value
At 31 December 24	558,356	558,356
At 31 December 23	512,098	512,098

5.	Impairment of tangible fixed assets
	At each balance sheet date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the company estimates the recoverable amount of the cash generating unit to which the asset belongs. An intangible asset with an indefinite useful life is tested for impairment annually and whenever there is an indication that the asset may be impaired. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash generating unit) is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Where an impairment loss subsequently reverses, the carrying amount of the asset (cash generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed that would have been determined had no impairment loss been recognised for the asset (cash generating unit) in prior years. A reversal of an impairment loss is recognised as income immediately, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Impairment of tangible fixed assets

At each balance sheet date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the company estimates the recoverable amount of the cash generating unit to which the asset belongs. An intangible asset with an indefinite useful life is tested for impairment annually and whenever there is an indication that the asset may be impaired.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash generating unit) is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Where an impairment loss subsequently reverses, the carrying amount of the asset (cash generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed that would have been determined had no impairment loss been recognised for the asset (cash generating unit) in prior years.  A reversal of an impairment loss is recognised as income immediately, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

6.	Fixed asset investments
	The company's investments at the Balance Sheet date in the share capital of companies include the following: Isabel Healthcare Inc. Registered office: 1710 Hermitage, Ann Arbor, MI 48104, USA Nature of business: Market, distribute and implement software. Class of shares: Ordinary 100% Aggregate capital and reserves for 2024: (£4,179,393) Profit for the 2024 year: £61,757 Aggregate capital and reserves for 2023: (£4,174,518) Loss for the 2023 year: (£55,588)

Fixed asset investments

The company's investments at the Balance Sheet date in the share capital of companies include the
following:

Isabel Healthcare Inc.
Registered office: 1710 Hermitage, Ann Arbor, MI 48104, USA
Nature of business: Market, distribute and implement software.

Class of shares: Ordinary 100%

Aggregate capital and reserves for 2024: (£4,179,393)
Profit for the 2024 year: £61,757

Aggregate capital and reserves for 2023: (£4,174,518)
Loss for the 2023 year: (£55,588)

7.	Debtors: amounts due within one year

	2024	2023
	£	£
Amounts owed by group undertakings	2,452,133	2,423,596
Other debtors	45,953	68,537
Prepayments and accrued income	14,763	14,012
Total	2,512,849	2,506,145


	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

8.	Creditors: amounts due within one year

	2024	2023
	£	£
Trade creditors / trade payables	21,000	63,005
Amounts owed to related parties	3,058,576	3,013,602
Taxation and social security	8,635	7,834
Other creditors	325	461
Accrued liabilities and deferred income	90,441	44,542
Total	3,178,977	3,129,444


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

9.	Related party transactions
	The company operates a current account with the director and at the year end £4,583 (2023: £4,583) was owed to the director. This amount is interest free and repayable on demand. During the year, the company received income under a distribution agreement from its subsidiary undertaking, Isabel Healthcare Inc. This amounted to £299,264 (2023: £291,368) and was received under normal commercial terms. The company also received management fees amounting to £46,041 (2023: £44,826) from the same company, again under normal commercial terms. As at the year end, the company owed £3,053,993 (2023: £3,009,019) to its holding company, Isabel Healthcare Holdings Inc. The company was also owed £2,452,133 (2023: £2,423,596) by its trading subsidiary, Isabel Healthcare Inc. at the year end.

Related party transactions

The company operates a current account with the director and at the year end £4,583 (2023: £4,583) was owed to the director.  This amount is interest free and repayable on demand.

During the year, the company received income under a distribution agreement from its subsidiary undertaking, Isabel Healthcare Inc. This amounted to £299,264 (2023: £291,368) and was received under normal commercial terms. The company also received management fees amounting to £46,041 (2023: £44,826) from the same company, again under normal commercial terms.

As at the year end, the company owed £3,053,993 (2023: £3,009,019) to its holding company, Isabel Healthcare Holdings Inc. The company was also owed £2,452,133 (2023: £2,423,596) by its trading subsidiary, Isabel Healthcare Inc. at the year end.

	Notes	2024		2023
		£	£	£	£
Fixed assets
Intangible assets	3		832		1,307
Tangible assets	4		558,356		512,098
			559,188		513,405
Current assets
Debtors	7	2,512,849		2,506,145
Cash at bank and on hand		17,899		16,287
		2,530,748		2,522,432
Creditors amounts falling due within one year	8	(3,178,977)		(3,129,444)
Net current assets (liabilities)			(648,229)		(607,012)
Total assets less current liabilities			(89,041)		(93,607)
Net assets			(89,041)		(93,607)
Capital and reserves
Called up share capital			1,501,441		1,501,441
Profit and loss account			(1,590,482)		(1,595,048)
Shareholders' funds			(89,041)		(93,607)