Real Health (NL) Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 05913403 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2021

for

Real Health (NL) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Dr J K O'Dowd

R G O'Dowd

SECRETARY:

REGISTERED OFFICE:

c/o Day and Co

132-134 College Road

Harrow

HA1 1BQ

REGISTERED NUMBER:

05913403 (England and Wales)

FIXED ASSETS

Intangible assets

4

634,945

672,295

Tangible assets

5

1,571

3,142

636,516

675,437

CURRENT ASSETS

Debtors

6

281,421

281,520

Cash at bank and in hand

218,533

246,750

499,954

528,270

CREDITORS

Amounts falling due within one year

7

152,293

194,982

NET CURRENT ASSETS

347,661

333,288

TOTAL ASSETS LESS CURRENT LIABILITIES

984,177

1,008,725

CREDITORS

Amounts falling due after more than one year

8

477,311

521,390

NET ASSETS

506,866

487,335

CAPITAL AND RESERVES

Called up share capital

200

200

Retained earnings

506,666

487,135

SHAREHOLDERS' FUNDS

506,866

487,335

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 November 2022 and were signed on its behalf by:

R G O'Dowd - Director

1.	STATUTORY INFORMATION

Real Health (NL) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of twenty years.

Tangible fixed assets

Plant and Machinery etc - 33% on cost

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the profit and loss account.

Deferred tax

No deferred tax provision has been made for timing differences between net book values and tax written down values of all assets for for trading losses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2021

and 31 December 2021

755,918

AMORTISATION

At 1 January 2021

83,623

Charge for year

37,350

At 31 December 2021

120,973

NET BOOK VALUE

At 31 December 2021

634,945

At 31 December 2020

672,295

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2021

and 31 December 2021

86,142

DEPRECIATION

At 1 January 2021

83,000

Charge for year

1,571

At 31 December 2021

84,571

NET BOOK VALUE

At 31 December 2021

1,571

At 31 December 2020

3,142

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade debtors

119,190

111,615

Amounts owed by group undertakings

129,254

137,088

Other debtors

32,977

32,817

281,421

281,520

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade creditors

52,881

63,866

Taxation and social security

36,251

13,324

Other creditors

63,161

117,792

152,293

194,982

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.21

31.12.20

£

£

Other creditors

477,311

521,390

9.	RELATED PARTY DISCLOSURES

Included in debtors is £129,254 (2020: £137,088) owed by Real Health (UK) Limited, the ultimate parent company. R G O'Dowd and J K O'Dowd are director shareholders of Real Health (UK) Limited.

Included in the fees paid to consultants during the year is £79,664 (2020: £83,422) for 180 Solutions Limited, a company in which R G O'Dowd is a director shareholder.

10.

PATENTS

In 2019, an agreement was concluded between Rios Medial Ltd and Real Health (NL) Ltd on the right to use treatment methods for a maximum sum of €882,500. The first payment of £153,361 (€182,500) was made in 2019. The balance up to a maximum of £588,235 (€700,000) is payable in ten annual instalments of £58,823 (€70,000) each. The payment obligation is dependent on the company achieving an EBITDA of £84,034 (€100,000) in the preceding year. In the event that the EBITDA is less than £84.034 (€100,000), the payment for that year is limited to 70% of the EBITDA. Subject to the conditions being met, such a payment will be made no later than 1 August following the year end.

Payments during the year totalled £98,319 (€117,000) leaving a balance of £477,311 (€568,000) at 31 December 2021.

11.	EXCHANGE RATE

The exchange rate used throughout the financial statements is €1 = £0.840336134. It was the official rate at the close of business on 31 December 2021.