ACCOUNTS - Final Accounts preparation

An analysis of turnover by class of business is as follows:

Registered number: 12573258

HEALTHCARE CENTRAL LONDON LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

HEALTHCARE CENTRAL LONDON LIMITED

COMPANY INFORMATION

Directors	M P Abercrombie (appointed 23 April 2024, resigned 31 March 2025)
	S D Browne
	R Chopra
	J M Davis (resigned 31 August 2024)
	S D Kaufman
	D M Maniera (resigned 29 May 2025)
	K McNeill Black
	S Neogi (resigned 1 April 2025)
	P O'Reilly
	A M Safa
	R C Sandu (resigned 1 April 2025)
	S Abu-Moustafa (appointed 28 April 2025)
	S K Agarwal (appointed 28 April 2025)
	S Kumar (appointed 28 April 2025)


Company secretary	S R Fullman


Registered number	12573258


Registered office	Capital House
	25 Chapel Street
	London
	NW1 5DH


Independent auditor	MHA
	Lyndean House
	30-32 Albion Place
	Maidstone
	ME14 5DZ

HEALTHCARE CENTRAL LONDON LIMITED

CONTENTS

	Page
Strategic Report	1 - 3
Directors' Report	4 - 6
Independent Auditor's Report	7 - 10
Statement of Income and Retained Earnings	11
Balance Sheet	12 - 13
Statement of Cash Flows	14 - 15
Analysis of Net Debt	16
Notes to the Financial Statements	17 - 31

HEALTHCARE CENTRAL LONDON LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2025

Introduction

Healthcare Central London (“HCL”) is a GP Federation representing 33 General Practices in the London Borough of Westminster. HCL provides community and primary care services to more than 275,000 residents, alongside staffing, management, and administrative support to member practices.

Combining NHS expertise with a startup mindset, HCL delivers a range of services, including the operation of several NHS contracts on behalf of four Primary Care Networks (PCNs). These services include Community Cardiology and Dermatology, as well as acting as the host employer for a large team of Additional Roles Reimbursement Scheme (ARRS) employees.

HCL works closely with PCNs, NHS commissioners, local authorities, voluntary and community sector (VCS) organisations, and NHS providers to support the development of an Integrated Care System (ICS) and reduce health inequalities across the population it serves.

Business review

In the year to March 2025, HCL delivered a wide range of services, including:

∙ARRS (Additional Roles Reimbursement Scheme) staffing for GP practices

∙Enhanced Access appointments

∙Additional Access appointments

∙E-hub triage and diagnostic services

∙Community-based services such as Diabetes, Cardiology, Dermatology, Spirometry, and Health Inequality Care Coordination

∙Management and accounting services for PCNs

∙Management of NWL single offer contract

HCL’s funding is primarily derived from NHS contracts, most of which are awarded to PCNs that subcontract the provision of services to HCL. The organisation also generated a small amount of commercial income, primarily from research activities for external partners.

During the year, HCL entered into two joint ventures with Octopus Health Limited and ZoomDoc Pro Ltd to develop technology solutions that improve patient care.

As the NHS structure and funding environment continue to evolve, HCL remains adaptable in aligning its services and cost base with changing requirements. The organisation’s core aim is to provide high-quality health services to the populations served by its 31 GP member practices.

Principal risks and uncertainties

Cashflow Risk

HCL delivers services commissioned under a range of NHS contracts, including:

• Network Contract Directed Enhanced Service (Network DES): Covers ARRS staffing, Capacity and
Access, and Enhanced Access services, with contributions for leadership and management (Core Support
funding). These are subcontracted to HCL via PCNs.
• North West Single Offer Enhanced Services: Multiple patient services delivered by GP practices, paid per
activity. HCL provides oversight and receives a management fee.
• Locally Commissioned Services: Awarded by the North West London (NWL) Integrated Care Board (ICB)
to provide specialist services, including Diabetes, Cardiology, Dermatology, Spirometry, and Health
Inequality Care Coordination.

Page 1

HEALTHCARE CENTRAL LONDON LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

In 2024/25, funding and contracting arrangements for several services were finalised after the start of the financial year. HCL continued to deliver these services even though the funding was not received for several months after the services were delivered. Additionally, ARRS funding was paid two months in arrears, requiring HCL to maintain sufficient reserves to meet staffing costs ahead of reimbursement.

To mitigate cashflow risk, HCL conducts weekly cashflow forecasting, regularly reviews its cost base, and maintains facilities to manage short-term funding gaps.

Economic Risk

NHS funding for service delivery does not typically cover organisational overheads such as office accommodation, finance, HR, and quality assurance functions. Furthermore, contract uplifts have not kept pace with inflation, leading to cost pressures.

To mitigate these challenges, HCL undertakes regular cost reviews and is developing a commercial strategy to diversify income streams and reduce reliance on NHS funding alone.

Clinical Risk

As an organisation delivering NHS services and employing clinical staff, HCL is exposed to clinical risk. A robust risk management framework is embedded across all services in line with Care Quality Commission (CQC) requirements.

Incidents are rare, and when they occur, they are recorded, investigated thoroughly, and followed by the implementation of corrective actions to prevent recurrence.

For many of the services delivered by HCL, committees are in place to provide oversight of individual services. These committees include clinicians and management from HCL, the PCNs and the GP practices.

General Risks

A risk register is maintained by the organisation covering clinical and non-clinical risks. It is reviewed regularly by the senior leadership team and the board at their periodic meetings.

Key performance indicators

Financial

HCL monitors income and profit before tax as its key financial performance indicators.

Total revenue: £19,456,974 (2024: £16,999,616)

Profit before tax: £3,830 (2024: £153,077)

Non-Financial

The Company considers quality and safe delivery of care to be very important, as well as patient satisfaction.

The most recent inspection report by the CQC (Care Quality Commission) rates the company as ‘Good’ overall, with an outstanding score in ‘Care provision, integration and continuity’.

HCL also monitors patient satisfaction through a ‘friends and family’ question asked to patients across a range of the services the Company provides. The average score for the year to March 2025 was 93% (no comparison is available as this test was established in the current year).

Page 2

HEALTHCARE CENTRAL LONDON LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

This report was approved by the board and signed on its behalf.

R Chopra

Director

Date: 23 December 2025

Page 3

HEALTHCARE CENTRAL LONDON LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 MARCH 2025

The directors present their report and the financial statements for the year ended 31 March 2025.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgements and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £10,251 (2024 - profit £153,077).

Political donations

The Company made no political donations and incurred no political expenditure during the year.

Directors’ indemnities

No qualifying third-party indemnity provisions were in place for the benefit of the Company’s directors during the year.

Page 4

HEALTHCARE CENTRAL LONDON LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Directors

The directors who served during the year were:

M P Abercrombie (appointed 23 April 2024, resigned 31 March 2025)

S D Browne

R Chopra

J M Davis (resigned 31 August 2024)

S D Kaufman

D M Maniera (resigned 29 May 2025)

K McNeill Black

S Neogi (resigned 1 April 2025)

P O'Reilly

A M Safa

R C Sandu (resigned 1 April 2025)

Future developments

Following the year end, the NWL ICB has merged with North Central London ICB (NCL). This was to achieve scale and maximise cost effectiveness and resilience, amid cost pressures for the NHS. There is a new 10-year plan for the NHS, to shift more services from hospitals into the community. As HCL manages primary care services, this should create more opportunities for the organisation and the PCN’s it supports going forward.

The priorities for 2025/26 are to continue providing a high level of care for the patients across the borough. HCL is well placed to adapt to the requirements of the newly created bi-borough ICB and the changing NHS landscape. HCL will also continue to develop its commercial income to mitigate potential unknown changes in funding.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

∙the director 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's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Matters covered in the Strategic Report

Certain items required under Schedule 7 to be disclosed in the Directors' Report are set out in the Strategic Report in accordance with S.414C(II) of the Companies Act 2006; these being the Company's principle risks and uncertainties.

Auditor

MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 5

HEALTHCARE CENTRAL LONDON LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

This report was approved by the board and signed on its behalf.

R Chopra

Director

Date: 23 December 2025

Page 6

HEALTHCARE CENTRAL LONDON LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HEALTHCARE CENTRAL LONDON LIMITED

Opinion

We have audited the financial statements of Healthcare Central London Limited (the 'Company') for the year ended 31 March 2025, which comprise the Statement of income and retained earnings, the Balance sheet, the Statement of cash flows 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 Company's affairs as at 31 March 2025 and of its profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Page 7

HEALTHCARE CENTRAL LONDON LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HEALTHCARE CENTRAL LONDON LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are 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

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.

Other Matter – Prior Year Financial Statements

The financial statements of Healthcare Central London Limited for the year ended 31 March 204 were not audited. Accordingly, we do not express an opinion on those financial statements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' 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, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

Page 8

HEALTHCARE CENTRAL LONDON LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HEALTHCARE CENTRAL LONDON LIMITED (CONTINUED)

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine 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 directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's 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 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:

∙Enquiry of management around actual and potential litigation and claims;

∙Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations;

∙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 revieing accounting estimates for bias;

∙Reviewing the financial statement disclosures and tested to supporting documentation to assess compliance with applicable laws and regulations; and

∙Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.

Page 9

HEALTHCARE CENTRAL LONDON LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HEALTHCARE CENTRAL LONDON LIMITED (CONTINUED)

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's 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.

Duncan Cochrane-Dyet BSc BFP FCA (Senior Statutory Auditor)

for and on behalf of

MHA

Statutory Auditor
Maidstone, United Kingdom

23 December 2025

MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)

Page 10

HEALTHCARE CENTRAL LONDON LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED 31 MARCH 2025

	2025	2024
	£	£


Turnover	19,456,974	16,999,616
Cost of sales	(16,605,004)	(14,241,187)
Gross profit	2,851,970	2,758,429
Administrative expenses	(2,840,804)	(2,544,681)
Operating profit	11,166	213,748
Interest receivable and similar income	87	-
Interest payable and similar expenses	(7,336)	-
Profit before tax	3,917	213,748
Tax on profit	(14,168)	(60,671)
(Loss)/profit after tax	(10,251)	153,077



Retained earnings at the beginning of the year	153,077	-
	153,077	-
(Loss)/profit for the year	(10,251)	153,077
Retained earnings at the end of the year	142,826	153,077

There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of income and retained earnings.

The notes on pages 17 to 31 form part of these financial statements.

Page 11

HEALTHCARE CENTRAL LONDON LIMITED

REGISTERED NUMBER: 12573258

BALANCE SHEET

AS AT 31 MARCH 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	11		80,000		90,000
Tangible assets	12		148,447		201,465
Investments	13		100		-
			228,547		291,465
Current assets
Debtors: amounts falling due within one year	14	3,230,978		4,397,961
Cash at bank and in hand	15	1,361,121		1,530,292
		4,592,099		5,928,253
Creditors: amounts falling due within one year	16	(4,453,419)		(5,847,141)
Net current assets			138,680		81,112
Total assets less current liabilities			367,227		372,577
Provisions for liabilities
Deferred tax		(4,901)		-
			(4,901)		-
Net assets			362,326		372,577

Capital and reserves
Called up share capital	18	219,500	219,500
Profit and loss account	19	142,826	153,077
		362,326	372,577

Page 12

HEALTHCARE CENTRAL LONDON LIMITED

REGISTERED NUMBER: 12573258

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2025

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

R Chopra

Director

Date: 23 December 2025

The notes on pages 17 to 31 form part of these financial statements.

Page 13

HEALTHCARE CENTRAL LONDON LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit for the financial year	(10,251)	153,077
Adjustments for:
Amortisation of intangible assets	10,000	10,000
Depreciation of tangible assets	67,287	35,610
Interest paid	7,336	-
Interest received	(87)	-
Taxation charge	14,168	60,671
Decrease/(increase) in debtors	1,166,983	(4,182,851)
(Decrease)/increase in creditors	(1,434,678)	4,272,422
Increase in amounts owed to groups	580,658	280,595
(Decrease)/increase in amounts owed to participating ints	(488,211)	1,233,453
Corporation tax (paid)/received	(60,758)	-
Net cash generated from operating activities	(147,553)	1,862,977

Cash flows from investing activities
Purchase of intangible fixed assets	-	(100,000)
Purchase of tangible fixed assets	(14,269)	(237,075)
Purchase of unlisted and other investments	(100)	-
Interest received	87	-
Net cash from investing activities	(14,282)	(337,075)
Cash flows from financing activities
Interest paid	(7,336)	-
Net cash used in financing activities	(7,336)	-
Net (decrease)/increase in cash and cash equivalents	(169,171)	1,525,902
Cash and cash equivalents at beginning of year	1,530,292	4,390
Cash and cash equivalents at the end of year	1,361,121	1,530,292

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	1,361,121	1,530,292
	1,361,121	1,530,292

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HEALTHCARE CENTRAL LONDON LIMITED

The notes on pages 17 to 31 form part of these financial statements.

Page 15

HEALTHCARE CENTRAL LONDON LIMITED

ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 MARCH 2025


At 1 April 2024	Cash flows	At 31 March 2025
£	£	£

Cash at bank and in hand	1,530,292	(169,171)	1,361,121
Debt due within 1 year	(73,612)	(10,390)	(84,002)
	1,456,680	(179,561)	1,277,119

The notes on pages 17 to 31 form part of these financial statements.

Page 16

HEALTHCARE CENTRAL LONDON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1.	General information

Healthcare Central London Limited is a private company, limited by shares, incorporated in England and Wales in the United Kingdom. The registered office address is Capital House, 25 Chapel Street, London, United Kingdom, NW1 5DH.

These financial statements are presented in pound sterling, the functional currency of the Company, and rounded to the nearest £1.

The principal activity of the Company is the provision of general and specialist medical practice activities.

2.Accounting policies

2.1

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 management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 17

HEALTHCARE CENTRAL LONDON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.5

Finance costs

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.

2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

NHS pension scheme

The company provides certain members of staff access to the NHS Pension Scheme. The scheme is an unfunded, defined benefit scheme that covers NHS employers, General Practices and other bodies, allowed under the direction of the Secretary of State, in England and Wales. The scheme is not designed to be run in a way that would enable employing bodies to identify their share of the underlying scheme assets and liabilities. Therefore, the scheme is accounted for as if it were a defined contribution scheme: the cost to the employer of participating in the scheme is taken as equal to the contributions payable to the scheme for the accounting period.

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HEALTHCARE CENTRAL LONDON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.7

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 balance sheet date in the countries where the Company operates and generates income.

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

2.8

Intangible assets

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 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 Statement of income and retained earnings 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.

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.

The estimated useful lives range as follows:

Goodwill

years

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HEALTHCARE CENTRAL LONDON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.9

Tangible fixed assets

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements	-	5 years
Office equipment	-	5 years
Medical equipment	-	5 years

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.

2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.12

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 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 Company's cash management.

Page 20

HEALTHCARE CENTRAL LONDON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Page 21

HEALTHCARE CENTRAL LONDON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.15

Financial instruments (continued)

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Basic financial liabilities

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

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

No significant judgements were made by management in the preparation of these financial statements.

Page 22

HEALTHCARE CENTRAL LONDON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

ICB income	15,781,405	16,033,840
Practice income	1,712	150,269
PCN income	2,731,090	449,142
Project income	125,082	-
Other income	817,685	78,076
Management and training recharges	-	288,289
	19,456,974	16,999,616

All turnover arose within the United Kingdom.

Fees payable to the Company's auditors for the audit of the Company's financial statements

24,000

5,000

Page 23

HEALTHCARE CENTRAL LONDON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Wages and salaries	6,033,923	4,985,447
Social security costs	658,918	493,970
Cost of defined contribution pension scheme	620,740	397,195
	7,313,581	5,876,612

The average monthly number of employees, including the directors, during the year was as follows:

	2025	2024
	No.	No.

Directors	13	10
Employees	148	114

	161	124

7.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	304,000	155,625
Company contributions to defined contribution pension schemes	39,186	22,379
	343,186	178,004

	During the year retirement benefits were accruing to 2 directors (2024 - 1) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £189,000 (2024 - £155,625).
	The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £22,649 (2024 - £22,379).

Page 24

HEALTHCARE CENTRAL LONDON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

8.	Interest receivable
		2025	2024
		£	£

	Other interest receivable	87	-
		87	-

9.	Interest payable and similar expenses
		2025	2024
		£	£

	Loans from group undertakings	7,336	-
		7,336	-

Corporation tax
Current tax on profits for the year	17,035	60,671
Adjustments in respect of previous periods	(7,768)	-
	9,267	60,671

Total current tax	9,267	60,671

Deferred tax
Origination and reversal of timing differences	4,901	-
Total deferred tax	4,901	-


	Tax on profit	14,168	60,671

Page 25

HEALTHCARE CENTRAL LONDON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

10.Taxation (continued)

Profit on ordinary activities before tax

3,917

213,748

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	979	53,437
Effects of:
Adjustments to tax charge in respect of prior periods	(7,768)	-
Other timing differences leading to an increase (decrease) in taxation	-	7,234
Marginal relief	(804)	-
Adjustments to tax charge in respect of previous periods - deferred tax	21,761	-
Total tax charge for the year	14,168	60,671

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 26

HEALTHCARE CENTRAL LONDON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

11.	Intangible assets

		Goodwill
		£
	Cost
	At 1 April 2024	100,000
	At 31 March 2025	100,000
	Amortisation
	At 1 April 2024	10,000
	Charge for the year on owned assets	10,000
	At 31 March 2025	20,000
	Net book value
	At 31 March 2025	80,000
	At 31 March 2024	90,000

On 1 April 2023, the business of Central Healthcare London CIC was transferred to the Company at a valuation of £100,000, giving rise to goodwill at the same value. Goodwill is amortised over 10 years, being the directors' best estimate of the useful expected life of transferred contracts.

Page 27

HEALTHCARE CENTRAL LONDON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

12.	Tangible fixed assets

	Leasehold improvements	Office equipment	Medical equipment	Total
	£	£	£	£
Cost or valuation
At 1 April 2024	117,247	96,948	22,880	237,075
Additions	-	14,269	-	14,269
At 31 March 2025	117,247	111,217	22,880	251,344
Depreciation
At 1 April 2024	25,361	8,131	2,118	35,610
Charge for the year on owned assets	42,409	20,513	4,365	67,287
At 31 March 2025	67,770	28,644	6,483	102,897
Net book value
At 31 March 2025	49,477	82,573	16,397	148,447
At 31 March 2024	91,886	88,817	20,762	201,465

13.	Fixed asset investments

		Unlisted investments
		£
	Cost or valuation
	Additions	100
	At 31 March 2025	100

Page 28

HEALTHCARE CENTRAL LONDON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

14.

Debtors

					2025	2024
					£	£


Trade debtors	713,088	2,407,943
Other debtors	39,130	42,691
Called up share capital not paid	215,110	215,110
Prepayments and accrued income	2,263,650	1,732,217
	3,230,978	4,397,961

15.	Cash and cash equivalents
		2025	2024
		£	£

Bank and cash in hand	615,879	296,839
Bank accounts held on behalf of third parties	745,242	1,233,453
	1,361,121	1,530,292

Amounts totaling £745,242 (2024: £1,233,453) are held on behalf of three GP practices within the Federation and are therefore also shown as due within one year in note 16.

16.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors	427,491	941,809
Amounts due to related undertakings	861,253	280,595
Bank accounts held on behalf of third parties	745,242	1,233,453
Corporation tax	9,180	60,671
Other taxation and social security	214,791	177,240
Other creditors	84,002	301,508
Accruals and deferred income	2,111,460	2,851,865
	4,453,419	5,847,141

Page 29

HEALTHCARE CENTRAL LONDON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

17.	Deferred taxation

		2025
		£

	Charged to profit or loss	(4,901)
	At end of year	(4,901)

The deferred taxation balance is made up as follows:
	2025	2024
	£	£

Accelerated capital allowances	(17,187)	-
Short term timing differences	12,286	-
	(4,901)	-

18.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

6 (2024 - 6) Ordinary AV shares of £0.01 each	-	-
10 (2024 - 10) Ordinary BV shares of £0.01 each	-	-
6 (2024 - 6) Ordinary CV shares of £0.01 each	-	-
8 (2024 - 8) Ordinary DV shares of £0.01 each	-	-

	-	-

Allotted, called up and partly paid

85 (2024 - 85) Ordinary Redeemable AC shares of £500.00 each	42,500	42,500
155 (2024 - 155) Ordinary Redeemable BC shares of £500.00 each	77,500	77,500
70 (2024 - 70) Ordinary Redeemable CC shares of £500.00 each	35,000	35,000
129 (2024 - 129) Ordinary Redeemable DC shares of £500.00 each	64,500	64,500

	219,500	219,500

19.

Reserves

Profit and loss account

Cumulative profit and loss net of any distributions to owners.

Page 30

HEALTHCARE CENTRAL LONDON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

20.	Pension commitments

The Company operates a defined contributions pension scheme. The pension cost charge represents contributions payable by the Company to the fund and amounted to £608,068(2024: £397,195). Contributions totalling £84,002 (2024: £75,612) were payable to the fund at the balance sheet date and are included in creditors.

Not later than 1 year	342,530	148,659
Later than 1 year and not later than 5 years	312,030	470,753
	654,560	619,412

22.

Related party transactions

During the year, the Company received amounts from Central London Healthcare CIC, a company under common control for £300,881 (2024: £288,289) for management recharges, and training cost recharges.The outstanding balance at the balance sheet date was £52,930 (2024: £280,595).

Trivial expenses were paid to Central London Healthcare CIC for £10,901. The outstanding balance at the balance sheet date was £1,811 (2024: £Nil).

As at the year end, the balance due to Central London Healthcare CIC for the loan account was £861,253 (2024: £280,595) shown in creditors.

During the year, there was a total of £223,712 (2024: £116,443) paid to six directors and the company secretary for payment of services provided to the Company. As at the year end, there was £2,625 (2024: £4,050) owed and is included within creditors.

During the year, the company received income of £2,731,090 (2024: £449,132) from Primary Care Networks (PCNs) with which it is associated through its shared directors. These transactions related to the provision of staff and administrative support to the PCNs

Page 31