Direct Healthcare 24 Plc - Limited company accounts 17.3

REGISTERED NUMBER: 08741677 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 September 2017

for

Direct Healthcare 24 Plc

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

7

Other Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTORS:

K Coyle

C Coyle

D Harrington

N Poturicich

Ms A L Cooper

SECRETARY:

H Pepperdine

REGISTERED OFFICE:

Hygeia House

66-68 College Road

Harrow

Middlesex

HA1 1BE

REGISTERED NUMBER:

08741677 (England and Wales)

AUDITORS:

SHERIDAN CLARKE LTD

STATUTORY AUDITORS

BRIDGE HOUSE

25-27 THE BRIDGE

HARROW

HA3 5AB

The directors present their strategic report for the year ended 30 September 2017.

REVIEW OF BUSINESS

The Directors consider the profit on ordinary activities before taxation to be satisfactory despite a reduction in turnover

and gross profit margin on the prior year.

The key financial highlights for the period are as follows:

2017 2016 2015

Turnover £1,342,787 £1,613,820 £2,075,028

Gross profit margin 31% 35% 37%

Profit before tax 26% 22% 23%

PRINCIPAL RISKS AND UNCERTAINTIES

Direct Healthcare 24 Plc continues to progress and has diversified it's activities to mainly provide staff to the healthcare

sector. Adequate finance is in place to take advantage of future business opportunities and the Directors continue to

monitor cash flow and costs to ensure stability and the profit levels of the business.

It is not considered necessary for an understanding of the development, performance or position of the company's

business to comment here on environmental matters, the entity's employees or social, community and human rights

issues. However, the company is very much aware and respectful of such matters and takes them in to account when

planning and implementing business policy and procedures.

ON BEHALF OF THE BOARD:

D Harrington - Director

23 March 2018

The directors present their report with the financial statements of the company for the year ended 30 September 2017.

DIVIDENDS

No dividends will be distributed for the year ended 30 September 2017.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 October 2016 to the date of this

report.

K Coyle

C Coyle

D Harrington

N Poturicich

Ms A L Cooper

Other changes in directors holding office are as follows:

C Safapour - resigned 27 January 2017

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting

Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;

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

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	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

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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act

2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have

taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the

company's auditors are aware of that information.

AUDITORS

The auditors, SHERIDAN CLARKE LTD, will be proposed for re-appointment at the forthcoming Annual General

Meeting.

ON BEHALF OF THE BOARD:

D Harrington - Director

23 March 2018

Opinion

We have audited the financial statements of Direct Healthcare 24 Plc (the 'company') for the year ended

30 September 2017 on pages seven to fifteen. 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).

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 a Report of the Auditors 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.

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 30 September 2017 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 Auditors' 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 UK, including the FRC'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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to

you where:

-	the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

-

the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic

Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors

thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of

assurance conclusion thereon.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

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 Report of the Directors.

We have nothing to report in respect of the following matters where 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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.

Our 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 a Report of the Auditors 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.

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 Report of the Auditors.

Anna Clarke (Senior Statutory Auditor)

for and on behalf of SHERIDAN CLARKE LTD

STATUTORY AUDITORS

BRIDGE HOUSE

25-27 THE BRIDGE

HARROW

HA3 5AB

23 March 2018

TURNOVER

1,342,787

1,613,820

Cost of sales

923,625

1,043,215

GROSS PROFIT

419,162

570,605

Administrative expenses

73,613

224,748

OPERATING PROFIT

4

345,549

345,857

Interest receivable and similar income

1,197

1,315

PROFIT BEFORE TAXATION

346,746

347,172

Tax on profit

5

67,694

69,554

PROFIT FOR THE FINANCIAL YEAR

279,052

277,618

PROFIT FOR THE YEAR

279,052

277,618

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

279,052

277,618

FIXED ASSETS

Tangible assets

6

2,111

2,814

CURRENT ASSETS

Debtors

7

10,002

123,921

Cash at bank

974,589

784,556

984,591

908,477

CREDITORS

Amounts falling due within one year

8

120,826

124,743

NET CURRENT ASSETS

863,765

783,734

TOTAL ASSETS LESS CURRENT LIABILITIES

865,876

786,548

CAPITAL AND RESERVES

Called up share capital

9

75,000

100,000

Capital redemption reserve

10

(174,724

)

-

Retained earnings

10

965,600

686,548

SHAREHOLDERS' FUNDS

865,876

786,548

The financial statements were approved by the Board of Directors on 23 March 2018 and were signed on its behalf by:

D Harrington - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 October 2015

100,000

408,930

-

508,930

Changes in equity

Total comprehensive income

-

277,618

-

277,618

Balance at 30 September 2016

100,000

686,548

-

786,548

Changes in equity

Issue of share capital

(25,000

)

-

-

(25,000

)

Total comprehensive income

-

279,052

(174,724

)

104,328

Balance at 30 September 2017

75,000

965,600

(174,724

)

865,876

Cash flows from operating activities

Cash generated from operations

1

469,114

452,538

Tax paid

(80,554

)

(122,596

)

Net cash from operating activities

388,560

329,942

Cash flows from investing activities

Purchase of tangible fixed assets

-

(1,876

)

Interest received

1,197

1,315

Net cash from investing activities

1,197

(561

)

Cash flows from financing activities

Capital repayments in year

(174,724

)

-

Share issue

(25,000

)

-

Net cash from financing activities

(199,724

)

-

Increase in cash and cash equivalents

190,033

329,381

Cash and cash equivalents at beginning of year

2

784,556

455,175

Cash and cash equivalents at end of year

2

974,589

784,556

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

30.9.17

30.9.16

£

£

Profit before taxation

346,746

347,172

Depreciation charges

703

938

Finance income

(1,197

)

(1,315

)

346,252

346,795

Decrease in trade and other debtors

113,919

109,217

Increase/(decrease) in trade and other creditors

8,943

(3,474

)

Cash generated from operations

469,114

452,538

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these

Balance Sheet amounts:

Year ended 30 September 2017

30.9.17

1.10.16

£

£

Cash and cash equivalents

974,589

784,556

Year ended 30 September 2016

30.9.16

1.10.15

£

£

Cash and cash equivalents

784,556

455,175

1.	STATUTORY INFORMATION

Direct Healthcare 24 Plc is a private company , 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover comprises the invoiced value of services supplied by the company, all revenue is recognised in the

Financial Statements as soon as the service has been supplied.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

25% on reducing balance

Taxation

Current tax, including UK Corporation tax is provided at amounts expected to be paid using the tax rates and

laws enacted by the Balance Sheet date.

Deferred tax is only provided for when material. The Directors have decided that deferred tax is once again not

material this year.

3.	EMPLOYEES AND DIRECTORS

30.9.17

30.9.16

£

£

Wages and salaries

39,811

149,196

Social security costs

2,673

14,402

42,484

163,598

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

30.9.17

30.9.16

Sales

2

6

Admin

1

1

3

7

30.9.17

30.9.16

£

£

Directors' remuneration

-

-

4.	OPERATING PROFIT

The operating profit is stated after charging:

30.9.17

30.9.16

£

£

Depreciation - owned assets

703

938

Auditors' remuneration

2,500

3,600

5.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

30.9.17

30.9.16

£

£

Current tax:

UK corporation tax

67,694

69,554

Tax on profit

67,694

69,554

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is

explained below:

30.9.17

30.9.16

£

£

Profit before tax

346,746

347,172

Profit multiplied by the standard rate of corporation tax in the UK of 19.500% (2016 - 20%)

67,615

69,434

Effects of:

Expenses not deductible for tax purposes

79

120

Total tax charge

67,694

69,554

6.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 October 2016

and 30 September 2017

5,211

DEPRECIATION

At 1 October 2016

2,397

Charge for year

703

At 30 September 2017

3,100

NET BOOK VALUE

At 30 September 2017

2,111

At 30 September 2016

2,814

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.17

30.9.16

£

£

Trade debtors

10,002

123,921

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.17

30.9.16

£

£

Trade creditors

-

219

Tax

32,694

45,554

Social security and other taxes

13,059

6,563

Other creditors

72,573

66,407

Accrued expenses

2,500

6,000

120,826

124,743

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.17

30.9.16

value:

£

£

100,000

Ordinary

£1

75,000

100,000

10.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 October 2016

686,548

-

686,548

Profit for the year

279,052

279,052

Purchase of own shares

-

(174,724

)

(174,724

)

At 30 September 2017

965,600

(174,724

)

790,876

11.	RELATED PARTY DISCLOSURES

K. Coyle, D. Harrington and A. Cooper are also Directors of Coyle Personnel Plc and Mayday Healthcare Plc.

C. Coyle and N. Poturicich are also Directors of Mayday Healthcare Plc.

No trading took place between the related party companies and no one shareholder holds a controlling interest in

the company.