| Director |
| Company secretary | Meadows, Thomas Rory St John |
| Registered office | |
| Registered number | 04759944 |
| Accountant | SRG LLP |
| 3rd Floor | |
| 16 Black Friars Lane | |
| London | |
| EC4V 6EB |
| Notes |
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The financial statements were approved and authorised for issue by the director on
Maude, Jason Richard
Director |
Company registration number 04759944
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.
The financial statements are presented in sterling and this is the functional currency of the company.
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.
The financial statements have been prepared under the historical cost convention in accordance with the Companies Act 2006.
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.
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.
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 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.
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.
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.
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 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.
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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 2025: (£3,801,905)
Profit for the 2025 year: £93,060
Aggregate capital and reserves for 2024: (£4,179,393)
Profit for the 2024 year: £61,757
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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.
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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.
The company operates a current account with the director and at the year end £4,583 (2024: £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 £349,606 (2024: £299,264) and was received under normal commercial terms. The company also received management fees amounting to £53,786 (2024: £46,041) from the same company, again under normal commercial terms.
As at the year end, the company owed £2,839,118 (2024: £3,053,993) to its holding company, Isabel Healthcare Holdings Inc. The company was also owed £2,324,531 (2024: £2,452,133) by its trading subsidiary, Isabel Healthcare Inc. at the year end.