Over Healthcare Limited - Period Ending 2018-06-30
Over Healthcare Limited - Period Ending 2018-06-30
Registration number:
Over Healthcare Limited
for the Year Ended 30 June 2018
Chartered Certified Accountant
Unit 1 The Cam Centre
Wilbury Way
Hitchin
Herts
SG4 0TW
Over Healthcare Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Accountants' Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
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Detailed Profit and Loss Account |
Over Healthcare Limited
Company Information
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Directors |
Dr Craig Needs Dr Richard Maddison |
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Registered office |
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Accountants |
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Page 1 |
Over Healthcare Limited
Strategic Report for the Year Ended 30 June 2018
The directors present their strategic report for the year ended 30 June 2018.
Principal activity
The principal activity of the company is Pharmacy Services
Approved by the
.........................................
Director
.........................................
Director
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Page 2 |
Over Healthcare Limited
Directors' Report for the Year Ended 30 June 2018
The directors present their report and the financial statements for the year ended 30 June 2018.
Directors of the company
The directors who held office during the year were as follows:
Financial instruments
Small companies provision statement
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
Approved by the
.........................................
Director
.........................................
Director
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Page 3 |
Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Over Healthcare Limited
for the Year Ended 30 June 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Over Healthcare Limited for the year ended 30 June 2018 as set out on pages 5 to 15 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.
This report is made solely to the Board of Directors of Over Healthcare Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Over Healthcare Limited and state those matters that we have agreed to state to the Board of Directors of Over Healthcare Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Over Healthcare Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Over Healthcare Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Over Healthcare Limited. You consider that Over Healthcare Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Over Healthcare Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Chartered Certified Accountant
Wilbury Way
Hitchin
Herts
SG4 0TW
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Page 4 |
Over Healthcare Limited
Profit and Loss Account for the Year Ended 30 June 2018
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Note |
2018 |
2017 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Distribution costs |
( |
( |
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Administrative expenses |
( |
( |
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Operating profit |
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Profit before tax |
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Taxation |
( |
( |
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Profit for the financial year |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
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Page 5 |
Over Healthcare Limited
Statement of Comprehensive Income for the Year Ended 30 June 2018
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2018 |
2017 |
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Profit for the year |
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Total comprehensive income for the year |
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Page 6 |
Over Healthcare Limited
(Registration number: 07169037)
Balance Sheet as at 30 June 2018
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Note |
2018 |
2017 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
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Page 7 |
Over Healthcare Limited
(Registration number: 07169037)
Balance Sheet as at 30 June 2018
Approved and authorised by the
.........................................
Director
.........................................
Director
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Page 8 |
Over Healthcare Limited
Statement of Changes in Equity for the Year Ended 30 June 2018
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Share capital |
Profit and loss account |
Total |
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At 1 July 2017 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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Dividends |
- |
( |
( |
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At 30 June 2018 |
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Share capital |
Profit and loss account |
Total |
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At 1 July 2016 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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Dividends |
- |
( |
( |
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At 30 June 2017 |
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Page 9 |
Over Healthcare Limited
Notes to the Financial Statements for the Year Ended 30 June 2018
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General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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Page 10 |
Over Healthcare Limited
Notes to the Financial Statements for the Year Ended 30 June 2018
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Fixture and Fittings |
20% Reducing balance |
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Surgery Equipments |
25% Straight Line Method |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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Page 11 |
Over Healthcare Limited
Notes to the Financial Statements for the Year Ended 30 June 2018
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Share based payments
The company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated using the Black Scholes option pricing model. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.
The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.
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Revenue |
The analysis of the company's revenue for the year from continuing operations is as follows:
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2018 |
2017 |
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Sale of goods |
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Rendering of services |
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Operating profit |
Arrived at after charging/(crediting)
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2018 |
2017 |
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Depreciation expense |
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Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
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2018 |
2017 |
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Wages and salaries |
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Share-based payment expenses |
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Other employee expense |
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Page 12 |
Over Healthcare Limited
Notes to the Financial Statements for the Year Ended 30 June 2018
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
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2018 |
2017 |
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Administration and support |
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Taxation |
Tax charged/(credited) in the income statement
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2018 |
2017 |
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Current taxation |
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UK corporation tax |
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Page 13 |
Over Healthcare Limited
Notes to the Financial Statements for the Year Ended 30 June 2018
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Tangible assets |
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Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 July 2017 |
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At 30 June 2018 |
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Depreciation |
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At 1 July 2017 |
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Charge for the year |
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At 30 June 2018 |
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Carrying amount |
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At 30 June 2018 |
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At 30 June 2017 |
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Stocks |
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2018 |
2017 |
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Finished goods and goods for resale |
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Debtors |
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2018 |
2017 |
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Trade debtors |
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Other debtors |
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Prepayments |
- |
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Total current trade and other debtors |
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Cash and cash equivalents |
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2018 |
2017 |
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Cash at bank |
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Creditors |
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Page 14 |
Over Healthcare Limited
Notes to the Financial Statements for the Year Ended 30 June 2018
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Note |
2018 |
2017 |
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Due within one year |
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Trade creditors |
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Amounts due to related parties |
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- |
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Income tax liability |
8,643 |
15,230 |
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Share capital |
Allotted, called up and fully paid shares
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2018 |
2017 |
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No. |
£ |
No. |
£ |
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5.00 |
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5.00 |
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Loans and borrowings |
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2018 |
2017 |
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Non-current loans and borrowings |
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Dividends |
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2018 |
2017 |
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£ |
£ |
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Interim dividend of £ |
64,800 |
40,000 |
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Page 15 |
Over Healthcare Limited
Detailed Profit and Loss Account for the Year Ended 30 June 2018
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2018 |
2017 |
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Turnover (analysed below) |
610,942 |
659,434 |
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Cost of sales (analysed below) |
(403,558) |
(441,623) |
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Gross profit |
207,384 |
217,811 |
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Gross profit (%) |
33.94% |
33.03% |
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Distribution costs (analysed below) |
(47,229) |
(37,834) |
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Administrative expenses |
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Employment costs (analysed below) |
(98,243) |
(89,320) |
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General administrative expenses (analysed below) |
(18,501) |
(11,997) |
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Finance charges (analysed below) |
(420) |
(896) |
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Depreciation costs (analysed below) |
(705) |
(673) |
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(117,869) |
(102,886) |
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Operating profit |
42,286 |
77,091 |
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Profit before tax |
42,286 |
77,091 |
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Page 16 |
Over Healthcare Limited
Detailed Profit and Loss Account for the Year Ended 30 June 2018
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2018 |
2017 |
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Turnover |
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NHS Dispensing |
572,589 |
600,188 |
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Non NHS Sales |
38,353 |
59,246 |
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610,942 |
659,434 |
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Cost of sales |
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Opening raw materials |
(29,798) |
(32,299) |
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Purchases |
(400,389) |
(439,123) |
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Closing raw materials |
26,629 |
29,799 |
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(403,558) |
(441,623) |
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Distribution costs |
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Locum |
(28,981) |
(20,023) |
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Rent |
(13,104) |
(11,124) |
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Rates |
(1,687) |
(2,711) |
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Light, heat and power |
(628) |
(646) |
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Insurance |
(1,640) |
(1,361) |
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Repairs and maintenance |
(1,189) |
(1,969) |
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(47,229) |
(37,834) |
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Employment costs |
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Wages and salaries (excluding directors) |
(97,573) |
(88,128) |
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Staff training |
(171) |
(230) |
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Staff welfare |
(205) |
(875) |
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Staff Uniforms |
(294) |
(87) |
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(98,243) |
(89,320) |
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General administrative expenses |
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Telephone |
(565) |
(498) |
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Computer software and maintenance costs |
(4,572) |
(5,436) |
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Printing, postage and stationery |
(1,253) |
(724) |
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Subscriptions |
(6,937) |
(867) |
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Cleaning |
(934) |
4 |
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Previous Accountancy Fees |
- |
(370) |
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Accountancy fees |
(1,930) |
(1,620) |
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Legal and professional fees |
(2,310) |
(2,486) |
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(18,501) |
(11,997) |
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Finance charges |
||
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Card Processing Fees |
(30) |
(220) |
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Bank charges |
(390) |
(676) |
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(420) |
(896) |
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Page 17 |
Over Healthcare Limited
Detailed Profit and Loss Account for the Year Ended 30 June 2018
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2018 |
2017 |
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Depreciation costs |
||
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Depreciation of fixtures and fittings (owned) |
(205) |
- |
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Depreciation of office equipment (owned) |
(500) |
(673) |
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(705) |
(673) |
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Page 18 |