ACCOUNTS - Final Accounts

ACCOUNTS - Final Accounts

HOLT HEALTH SERVICES LIMITED - Company Information

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Caseware UK (AP4) 2016.0.181 2016.0.181 2018-06-302018-06-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetruePharmacyfalse2017-07-01 06582472 2017-07-01 2018-06-30 06582472 2016-07-01 2017-06-30 06582472 2018-06-30 06582472 2017-06-30 06582472 c:Director5 2017-07-01 2018-06-30 06582472 d:FurnitureFittings 2017-07-01 2018-06-30 06582472 d:FurnitureFittings 2018-06-30 06582472 d:FurnitureFittings 2017-06-30 06582472 d:FurnitureFittings d:OwnedOrFreeholdAssets 2017-07-01 2018-06-30 06582472 d:PatentsTrademarksLicencesConcessionsSimilar 2018-06-30 06582472 d:PatentsTrademarksLicencesConcessionsSimilar 2017-06-30 06582472 d:CurrentFinancialInstruments 2018-06-30 06582472 d:CurrentFinancialInstruments 2017-06-30 06582472 d:CurrentFinancialInstruments d:WithinOneYear 2018-06-30 06582472 d:CurrentFinancialInstruments d:WithinOneYear 2017-06-30 06582472 d:ShareCapital 2018-06-30 06582472 d:ShareCapital 2017-06-30 06582472 d:RetainedEarningsAccumulatedLosses 2018-06-30 06582472 d:RetainedEarningsAccumulatedLosses 2017-06-30 06582472 d:AcceleratedTaxDepreciationDeferredTax 2017-06-30 06582472 d:TaxLossesCarry-forwardsDeferredTax 2017-06-30 06582472 d:AcceleratedTaxDepreciationDeferredTax 2018-06-30 06582472 c:FRS102 2017-07-01 2018-06-30 06582472 c:AuditExemptWithAccountantsReport 2017-07-01 2018-06-30 06582472 c:FullAccounts 2017-07-01 2018-06-30 06582472 c:PrivateLimitedCompanyLtd 2017-07-01 2018-06-30 iso4217:GBP xbrli:pure

Registered number: 06582472









HOLT HEALTH SERVICES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2018
 
HOLT HEALTH SERVICES LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF HOLT HEALTH SERVICES 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 financial statements of Holt Health Services Limited for the year ended 30 June 2018 which comprise the Balance sheet and the related notes from the Company accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/ members/regulations-standards-and-guidance/.

This report is made solely to the Board of directors of Holt Health Services Limited, as a body, in accordance with the terms of our engagement letter dated 21 October 2013. Our work has been undertaken solely to prepare for your approval the financial statements of Holt Health Services Limited and state those matters that we have agreed to state to the Board of directors of Holt Health Services Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Holt Health Services Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Holt Health Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit or loss of Holt Health Services Limited. You consider that Holt Health Services Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Holt Health Services 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 financial statements.

  



MA Partners LLP
 
Registered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
15 October 2018
Page 1
 
HOLT HEALTH SERVICES LIMITED
REGISTERED NUMBER: 06582472

BALANCE SHEET
AS AT 30 JUNE 2018

2018
2017
Note
£
£

Fixed assets
  

Tangible assets
 5 
20,204
23,777

  
20,204
23,777

Current assets
  

Stocks
 6 
9,858
9,943

Debtors: amounts falling due within one year
 7 
104,358
123,746

Cash at bank and in hand
  
124,230
110,942

  
238,446
244,631

Creditors: amounts falling due within one year
 8 
(251,435)
(317,489)

Net current liabilities
  
 
 
(12,989)
 
 
(72,858)

Total assets less current liabilities
  
7,215
(49,081)

Provisions for liabilities
  

Deferred tax
 9 
(2,598)
-

  
 
 
(2,598)
 
 
-

Net assets/(liabilities)
  
4,617
(49,081)


Capital and reserves
  

Called up share capital 
  
1,300
1,300

Profit and loss account
  
3,317
(50,381)

  
4,617
(49,081)


The directors consider 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 Companies Act 2006.

The directors acknowledge their 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 comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

Page 2
 
HOLT HEALTH SERVICES LIMITED
REGISTERED NUMBER: 06582472
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2018

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 October 2018.





Dr A C Brooks
Director

The notes on pages 4 to 11 form part of these financial statements.

Page 3
 
HOLT HEALTH SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018

1.


General information

The Company is a United Kingdom company limited by shares.  It is both incorporated and domiciled in England and Wales.  The address of its registered office is Holt Medical Practice, Kelling Hospital, Old Cromer Road, Holt, Norfolk, NR25 6QA.
The company's principal activity is the operation of a community pharmacy.

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

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.3

Finance costs

Finance costs are charged to the Statement of comprehensive income 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.

Page 4
 
HOLT HEALTH SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018

2.Accounting policies (continued)

 
2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.5

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.

 
2.6

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.

Page 5
 
HOLT HEALTH SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

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 & fittings
-
15% reducing balance

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 the Statement of comprehensive income.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
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.

 
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.

Page 6
 
HOLT HEALTH SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018

2.Accounting policies (continued)

 
2.11

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of comprehensive income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.12

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2017 - 3).

Page 7
 
HOLT HEALTH SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018

4.


Intangible assets




Licence

£



Cost


At 1 July 2017
79,966



At 30 June 2018

79,966



Amortisation


At 1 July 2017
79,966



At 30 June 2018

79,966



Net book value



At 30 June 2018
-



At 30 June 2017
-

Page 8
 
HOLT HEALTH SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018

5.


Tangible fixed assets





Fixtures & fittings

£



Cost or valuation


At 1 July 2017
53,792



At 30 June 2018

53,792



Depreciation


At 1 July 2017
30,015


Charge for the year on owned assets
3,567



At 30 June 2018

33,582



Net book value



At 30 June 2018
20,210



At 30 June 2017
23,777


6.


Stocks

2018
2017
£
£

Dispensary stocks
9,858
9,943

9,858
9,943


Page 9
 
HOLT HEALTH SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018

7.


Debtors

2018
2017
£
£


Trade debtors
91,453
96,748

Other debtors
8,288
10,961

Prepayments and accrued income
4,617
5,156

Deferred taxation
-
10,881

104,358
123,746



8.


Creditors: Amounts falling due within one year

2018
2017
£
£

Trade creditors
44,596
43,794

Holt Medical Practice
69,912
138,352

Corporation tax
752
-

Other creditors
128,700
128,700

Accruals and deferred income
7,475
6,643

251,435
317,489



9.


Deferred taxation




2018


£






At beginning of year
10,881


Charged to profit or loss
(13,479)



At end of year
(2,598)

Page 10
 
HOLT HEALTH SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
 
9.Deferred taxation (continued)

The deferred taxation balance is made up as follows:

2018
2017
£
£


Accelerated capital allowances
(2,598)
(2,206)

Tax losses carried forward
-
13,087

(2,598)
10,881


10.


Related party transactions

As at 30 June 2018, the following loans were outstanding and included within other creditors:
          2018     2017
Dr A C Brooks    director            £9,900            £9,900
Dr P K Franklin    director            £9,900            £9,900
Dr J Marriott    director   £9,900  £9,900
Dr P M Brueggemann   shareholder            £9,900            £9,900
Dr D H Clarke   shareholder   £9,900  £9,900
Dr S J Grove   shareholder   £9,900  £9,900
Dr P T Harvey    shareholder            £9,900            £9,900
Dr B S Chander    shareholder            £9,900            £9,900
Dr J Farthing   shareholder   £9,900  £9,900
Dr M Irani      shareholder   £9,900  £9,900
Dr C Kopelman   shareholder   £9,900  £9,900
Holt Medical Practice         shareholder   £19,800  £19,800

 
Page 11