ACCOUNTS - Final Accounts preparation

HEALTHMEDIX LIMITED - Company Information

Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-312021-12-312021-01-01falseNo description of principal activity99falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08702296 2021-01-01 2021-12-31 08702296 2020-01-01 2020-12-31 08702296 2021-12-31 08702296 2020-12-31 08702296 c:Director1 2021-01-01 2021-12-31 08702296 d:FurnitureFittings 2021-01-01 2021-12-31 08702296 d:FurnitureFittings 2021-12-31 08702296 d:FurnitureFittings 2020-12-31 08702296 d:FurnitureFittings d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 08702296 d:ComputerSoftware 2021-12-31 08702296 d:ComputerSoftware 2020-12-31 08702296 d:CurrentFinancialInstruments 2021-12-31 08702296 d:CurrentFinancialInstruments 2020-12-31 08702296 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 08702296 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 08702296 d:ShareCapital 2021-12-31 08702296 d:ShareCapital 2020-12-31 08702296 d:RetainedEarningsAccumulatedLosses 2021-12-31 08702296 d:RetainedEarningsAccumulatedLosses 2020-12-31 08702296 c:FRS102 2021-01-01 2021-12-31 08702296 c:AuditExempt-NoAccountantsReport 2021-01-01 2021-12-31 08702296 c:FullAccounts 2021-01-01 2021-12-31 08702296 c:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 iso4217:GBP xbrli:pure

Registered number: 08702296

HEALTHMEDIX LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

HEALTHMEDIX LIMITED

REGISTERED NUMBER: 08702296

BALANCE SHEET

AS AT 31 DECEMBER 2021

		2021		2020
Note		£		£

Fixed assets
Tangible assets	5		33		43
			33		43
Current assets
Debtors: amounts falling due within one year	6	140,849		348,602
Cash at bank and in hand	7	11,040		1,323
		151,889		349,925
Creditors: amounts falling due within one year	8	(56,226)		(153,660)
Net current assets			95,663		196,265
Total assets less current liabilities			95,696		196,308

Net assets			95,696		196,308

Capital and reserves
Called up share capital	640	640
Profit and loss account	95,056	195,668
	95,696	196,308

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HEALTHMEDIX LIMITED

REGISTERED NUMBER: 08702296

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2021

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

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

Martin Dawson

Director

Date: 11 August 2022

The notes on pages 3 to 8 form part of these financial statements.

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HEALTHMEDIX LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

1.	General information

HealthMedix Limited is a private limited company by shares and is incorporated and domiciled in England. The address of its registered office is The Quays, 1 Lowry Plaza, Salford, Manchester, United Kingdom, M50 3UB.
The principal activity of HealthMedix Limited during the year was the provision of recruitment consultancy services to both the National Health Service (NHS) and private health sectors.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Turnover recognition

Turnover represents the income receivable and accrued (excluding value added tax) in the ordinary course of business for recruitment consultancy services provided. This consists of:
• Turnover from temporary placements which represents amounts billed for the services of temporary staff including the salary cost of these staff. This is recognised when the service has been provided.
• Turnover from direct engagement sales which represents commission only amounts billed for the provision of staff through VAT efficiency models. This is recognised when the service has been provided.
• Turnover for permanent placements is recognised at the date at which the placement commences. Turnover is only recognised once any material contingencies have been resolved.

2.3

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.

2.4

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.

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HEALTHMEDIX LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

2.5

Taxation

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.

2.6

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.

2.7

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings

25%

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.

2.8

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.

2.9

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.

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HEALTHMEDIX LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

2.10

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.

2.11

Financial Instruments

(i) Financial assets
Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, are recognised at transaction price.
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 payables, bank loans are recognised at transaction price.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables 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.

2.12

Dividends

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.

Employees

The average monthly number of employees, including directors, during the year was 9 (2020 - 9).

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HEALTHMEDIX LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

4.	Intangible assets

		Computer software
		£
	Cost
	At 1 January 2021	3,250
	At 31 December 2021	3,250
	Amortisation
	At 1 January 2021	3,250
	At 31 December 2021	3,250
	Net book value
	At 31 December 2021	-
	At 31 December 2020	-

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HEALTHMEDIX LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

5.	Tangible fixed assets

		Fixtures and fittings
		£
	Cost or valuation
	At 1 January 2021	238
	At 31 December 2021	238
	Depreciation
	At 1 January 2021	195
	Charge for the year on owned assets	10
	At 31 December 2021	205
	Net book value
	At 31 December 2021	33
	At 31 December 2020	43

Debtors

					2021	2020
					£	£


Trade debtors	112,046	222,028
Other debtors	7,178	88,599
Prepayments and accrued income	21,625	37,975
	140,849	348,602

7.	Cash and cash equivalents
		2021	2020
		£	£

	Cash at bank and in hand	11,040	1,323

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HEALTHMEDIX LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

8.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Trade creditors	1,003	2,426
Corporation tax	-	19,700
Other taxation and social security	22,972	97,977
Other creditors	16,137	-
Accruals and deferred income	16,114	33,557
	56,226	153,660

The company has entered into a debt factoring arrangement with HSBC Invoice Finance (UK) Limited whereby the bank will advance up to 90% of the existing and future debts arising from contracts of sale.
Security to the bank is provided within the Contingent liabilities note below.

9.	Contingent liabilities

The company has provided security to HSBC plc by way of a fixed charge over all book and other debts and floating charge over all assets, goodwill, undertaking and uncalled capital, both present and future, plus a charge over contract monies.
The company has provided security to HSBC Invoice Finance (UK) Limited by way of a fixed charge over all book and other debts and floating charge over all assets, goodwill, undertaking and uncalled capital, both present and future.
The company has provided a joint and several guarantee and indemnity together with Interact Medical Limited, HealthTemps Limited and Surgi-Call Locums Limited to HSBC Invoice Finance (UK) Limited and HSBC Plc for sums due and losses from each other.

10.	Pension commitments

The company operates a defined contribution pension scheme in respect of its employees. The scheme and its assets are held by independent managers.The balance outstanding at year end amounted to £35 (2020: £35).

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