Company registration number 03945478 (England and Wales)
HEALIX HEALTH SERVICES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
HEALIX HEALTH SERVICES LIMITED
COMPANY INFORMATION
Directors
P G H Beven
C E Butcher
P A R Mason
J D Pugh
I G Talbot
(Appointed 25 March 2022)
Secretary
T Eustace
Company number
03945478
Registered office
Healix House
Esher Green
Esher
Surrey
KT10 8AB
Auditor
Richardsons
30 Upper High Street
Thame
Oxfordshire
OX9 3EZ
HEALIX HEALTH SERVICES LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of income and retained earnings
8
Balance sheet
9
Statement of cash flows
10
Notes to the financial statements
11 - 19
HEALIX HEALTH SERVICES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2022
- 1 -
The directors present the strategic report for the Year ended 30 June 2022.
Fair review of the business
The principal activity of the company is to provide clinically led private healthcare claims administration. These services are delivered through the mastertrust framework and also as a third-party administrator for health insurance underwriters and organisations.
The Healix mastertrust solution is designed to provide organisations a flexible solution to their employee, student or member healthcare benefit scheme. Healthcare trusts offer a viable alternative to the medical insurance model; allowing schemes to be bespoke to clients’ requirements on both the range and variety of healthcare benefits as well as appropriate or preferred limits. The healthcare trust scheme provides an attractive commercial model whereby unspent funds - contributed by the participating company – remain within the trust and can be used by the scheme members for healthcare benefits in future years. Clients decide which services are of the most benefit to them and their teams, paying only for what is used.
The Company has experienced a positive year, following the quieter months experienced through the pandemic, and forecasts substantial growth within the 3 and 5 year financial and strategic plans.
The Company’s positive net position has more than doubled in the year with net assets of £1.2m (2021: net assets of £574k).
The 12 months ended 30 June 2022 were focused on investing in our teams across the business - ensuring that the unsettling impact of the pandemic on our people and recruitment was carefully managed - as well as growing and strengthening client and broker relationships and responding to broker and client feedback on product and service development.
The business has continued driving growth by focusing on our people, our relationships and our position in the healthcare provider market and the digitalisation and automation of systems and member access to services.
-
Building the Healix Health culture and values through regular and clear communications, the engagement and promotion of hybrid working whilst encouraging and ensuring office interactions remain prominent, and team incentive programmes recognising performance and also the demonstration of the Company values.
-
Expansion of product offering through the launch of Healix ConneX; delivering members a digital solution to muscular-skeletal and mental wellbeing in an easily accessible app.
-
Automation and streamlining of processes and systems to continuously improve both internal efficiencies and member service experiences through improved digital access.
The business has a healthy cash balance to support the business moving forward. We are continuing to develop our service offerings and invest in our people and systems.
HEALIX HEALTH SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 2 -
Principal risks and uncertainties
Regular review of risks and controls that affect the achievement of business targets and objectives or the reputation of the company are addressed at all levels.
To achieve business objectives, effectively managed risks need to be taken. By understanding the nature of our risks we ensure that we keep ourselves in a position to make informed decisions. Healix reviews and manages a Corporate Risk Register (CRR) and invests resource to keep up to date with clinical, technological, market and industry changes and developments.
Outlined below are the principal risks identified, notwithstanding that there are other risks that may occur and impact the achievement of the Company’s objectives.
-
Financial Risk as a result of the level of contributions for Service Credits paid into the mastertrusts: Healix agrees to a maximum client contribution to fund their healthcare scheme and accepts the risk of contributing a capped value of service credits to add further funding to schemes if required.
-
Business Risk from the supplier of stop-loss insurance terminating arrangements with Healix.
-
Competitive Risk as a result of actions and/or activities of larger healthcare insurance providers.
-
Changes in taxation legislation governing healthcare trusts
Development and performance
Healix Health Services continues to enjoy a strong presence in the marketplace. The strategic vision for the Company includes a considerably increased investment in marketing resources and activity including a project to expand the Healix brand and the build of a new updated website in 2023, plus a drive to interact with our end consumers (and not only our corporate clients) through the launch of social media activity and communications on multiple platforms.
Ongoing system developments to improve business processes through increased automation and to provide improved member services through enhanced technologies such as easy-to-access portals and apps, digital treatment pathways using Artificial Intelligence (AI), and quicker interactive communications are ongoing in 2022 and planned for 2023 and beyond.
The company is opening an additional site for operations in January 2023 and is pleased to be in the positive position of increasing headcount to meet business demand.
Key performance indicators
Year ended 30/06/2022 9 months ended 30/06/2021
Revenue £6,631,018 £5,721,418
Profit before Tax £609,702 £596,911
Net Assets £1,205,542 £574,147
Environmental and Social Matters:
Healix Health Services supports local communities’ initiatives through donations and employee involvement and supports charities involved in health and well-being.
I G Talbot
Director
12 December 2022
HEALIX HEALTH SERVICES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2022
- 3 -
The directors present their annual report and financial statements for the Year ended 30 June 2022.
Principal activities
The principal activity of the company continued to be that of the provision of health claim services.
Directors
The directors who held office during the Year and up to the date of signature of the financial statements were as follows:
P G H Beven
C E Butcher
P A R Mason
J D Pugh
I G Talbot
(Appointed 25 March 2022)
Results and dividends
The results for the Year are set out on page 8.
No ordinary dividends were paid. The directors recommen
d a
payment of a final dividend
of £180,000
.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s
auditor
is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s
auditor
is aware of that information.
On behalf of the board
I G Talbot
Director
12 December 2022
HEALIX HEALTH SERVICES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2022
- 4 -
The directors are responsible for preparing the annual report 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;
-
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.
HEALIX HEALTH SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HEALIX HEALTH SERVICES LIMITED
- 5 -
Opinion
We have audited the financial statements of Healix Health Services Limited (the 'company') for the Year ended 30 June 2022 which comprise the statement of income and retained earnings, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies.
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).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 30 June 2022 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.
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
Auditor's
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
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the
company's
ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report
.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the strategic report and the directors'
r
eport for the financial Year for which the financial statements are prepared is consistent with the financial statements
; and
-
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
HEALIX HEALTH SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HEALIX HEALTH SERVICES LIMITED
- 6 -
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 identifie
d
material misstatements in the strategic report or the directors'
r
eport
.
We have nothing to report in respect of the following matters in relation to which 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
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 directors'
r
esponsibilities
s
tatement, 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 is 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.
Auditor's 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 an
auditor's
report 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
.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
-
Enquiry of management
t and
those charged with governance around actual and potential litigation and claims.
-
Enquiry of
the company's
staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.
-
Reviewing minutes of meetings of those charged with governance.
-
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
-
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
A further description of our responsibilities for the audit of the financial statements is located on the
Financial Reporting Council’s website at: http://www.frc.org.uk/auditors
responsibilities
.
This description forms part of our auditor’s report.
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 an auditor's report 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.
HEALIX HEALTH SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HEALIX HEALTH SERVICES LIMITED
- 7 -
Alison Richardson (Senior Statutory Auditor)
for and on behalf of Richardsons
12 December 2022
Chartered Accountants
Statutory Auditor
30 Upper High Street
Thame
Oxfordshire
OX9 3EZ
HEALIX HEALTH SERVICES LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 JUNE 2022
- 8 -
Year
Period
ended
ended
30 June
30 June
2022
2021
Notes
£
£
Turnover
2
6,631,018
5,721,418
Cost of sales
(3,343,492)
(2,799,919)
Gross profit
3,287,526
2,921,499
Distribution costs
(7,193)
Administrative expenses
(3,284,474)
(2,530,322)
Other operating income
576,291
211,317
Operating profit
5
579,343
595,301
Interest receivable and similar income
8
30,359
1,610
Profit before taxation
609,702
596,911
Taxation
9
21,693
(114,085)
Profit for the financial Year
631,395
482,826
Retained earnings at 1 July 2021
426,147
(56,679)
Retained earnings at 30 June 2022
1,057,542
426,147
The profit and loss account has been prepared on the basis that all operations are continuing operations.
HEALIX HEALTH SERVICES LIMITED
BALANCE SHEET
AS AT
30 JUNE 2022
30 June 2022
- 9 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investments
11
251,250
Current assets
Debtors
12
1,299,648
1,683,440
Cash at bank and in hand
4,595,915
4,294,450
5,895,563
5,977,890
Creditors: amounts falling due within one year
13
(4,423,608)
(4,405,933)
Net current assets
1,471,955
1,571,957
Total assets less current liabilities
1,723,205
1,571,957
Creditors: amounts falling due after more than one year
14
(163,419)
(224,953)
Provisions for liabilities
Provisions
354,244
772,857
(354,244)
(772,857)
Net assets
1,205,542
574,147
Capital and reserves
Called up share capital
17
148,000
148,000
Profit and loss reserves
1,057,542
426,147
Total equity
1,205,542
574,147
The financial statements were approved by the board of directors and authorised for issue on 12 December 2022 and are signed on its behalf by:
I G Talbot
Director
Company Registration No. 03945478
HEALIX HEALTH SERVICES LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2022
- 10 -
2022
2021
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
20
520,043
1,419,800
Income taxes refunded/(paid)
28,355
(114,085)
Net cash inflow from operating activities
548,398
1,305,715
Investing activities
Purchase of investments
(251,250)
Interest received
30,359
1,610
Net cash (used in)/generated from investing activities
(220,891)
1,610
Financing activities
Repayment of bank loans
(26,042)
250,000
Net cash (used in)/generated from financing activities
(26,042)
250,000
Net increase in cash and cash equivalents
301,465
1,557,325
Cash and cash equivalents at beginning of Year
4,294,450
2,737,125
Cash and cash equivalents at end of Year
4,595,915
4,294,450
HEALIX HEALTH SERVICES LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 11 -
1
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
2
Turnover and other revenue
An analysis of the company's turnover is as follows:
2022
2021
£
£
Turnover analysed by class of business
Turnover
6,631,018
5,721,418
2022
2021
£
£
Turnover analysed by geographical market
United Kingdom
6,631,018
5,721,418
2022
2021
£
£
Other revenue
Interest income
30,359
1,610
Grants received
33,206
3
Accounting policies
Company information
Healix Health Services Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Healix House, Esher Green, Esher, Surrey, KT10 8AB.
3.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
HEALIX HEALTH SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
3
Accounting policies
(Continued)
- 12 -
3.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
3.3
Turnover
Turnover represents amounts invoiced to third parties, net of VAT and trade discounts in respect of the following sources of income:
Case fee revenue is recognised either in the month the case is opened or in the month that the provider invoices for the case are approved for payment.
Trust administration fee income not at risk is recognised evenly on a monthly basis over the length of the scheme contract.
Trust fee income at risk is recognised monthly; split into income calculated at a given rate per principal member and the balance of risk income. The given rate per principal members is recognised monthly over the length of the scheme from the first month of the contract. The balance of the risk income is recognised monthly after a three month delay, once the scheme's performance has been initially assessed. The scheme's performance and forecast performance is assessed and tracked monthly and any losses are recognised within cost of sales as the scheme matures.
Where member numbers are fixed, Virtual GP (VGP) revenue is recognised in the first month of the contract and the supplier cost for this service is recognised in the same month as a cost of sale.
Where member numbers fluctuate, VGP revenue is recognised on a month by month basis together with the related supplier cost for this service which is recorded each month too.
Helpline revenue is recognised over the contractual period, either on a fixed fee or volume basis.
3.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Over remaining term of lease
Fixtures and fittings
25% straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
3.5
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in
nonconvertible
preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in
profit or loss. Derivative financial instruments are initially recorded
a
t cost and thereafter at fair value with
changes recognised in profit or loss.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in
profit
or
loss
, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
HEALIX HEALTH SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
3
Accounting policies
(Continued)
- 13 -
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts,
are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are
s
ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in
profit
or
loss
in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as
being measured at
fair value th
r
ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
3.6
Taxation
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
HEALIX HEALTH SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
3
Accounting policies
(Continued)
- 14 -
3.7
Provisions
Provisions are recognised on trust fees at risk when the company has assessed a loss on a scheme that is still ongoing as at the year end when it is probable that the company will be required to settle part of an obligation and a reliable estimate can be made of the amount of the obligation.
The provision takes into account the risks and uncertainties of the obligation.
Where a scheme is assessed and all of the fee will be lost the total income and expenditure on the scheme is bought into account and the loss is recognised.
3.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
3.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
3.10
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
d
asset are consumed.
3.11
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
4
Auditor's remuneration
2022
2021
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
7,000
7,100
5
Operating profit
2022
2021
Operating profit for the period is stated after charging/(crediting):
£
£
Government grants
(33,206)
Fees payable to the company's auditor for the audit of the company's financial statements
7,000
7,100
Depreciation of owned tangible fixed assets
676
Operating lease charges
180,000
135,000
HEALIX HEALTH SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 15 -
6
Employees
The average monthly number of persons (including directors) employed by the company during the Year was:
2022
2021
Number
Number
69
66
Their aggregate remuneration comprised:
2022
2021
£
£
Wages and salaries
2,623,005
1,684,288
Social security costs
274,172
165,812
Pension costs
110,488
74,599
3,007,665
1,924,699
7
Directors' remuneration
2022
2021
£
£
Remuneration for qualifying services
43,796
7,193
8
Interest receivable and similar income
2022
2021
£
£
Interest income
Interest on bank deposits
30,359
1,610
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
30,359
1,610
9
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
120,747
114,085
Adjustments in respect of prior periods
(142,440)
Total current tax
(21,693)
114,085
HEALIX HEALTH SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
9
Taxation
(Continued)
- 16 -
The actual (credit)/charge for the Year can be reconciled to the expected charge for the Year based on the profit or loss and the standard rate of tax as follows:
2022
2021
£
£
Profit before taxation
609,702
596,911
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
115,843
113,413
Tax effect of expenses that are not deductible in determining taxable profit
6,320
302
Tax effect of income not taxable in determining taxable profit
(5,768)
(306)
Adjustments in respect of prior years
(142,440)
Tax relief in respect of gift aid
(39)
(38)
Pension Contribution Movement
(1,377)
280
Non Trade Loan Relationships Credit
5,768
306
Depreciation
128
Taxation (credit)/charge for the period
(21,693)
114,085
10
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Total
£
£
£
Cost
At 1 July 2021 and 30 June 2022
90,371
105,336
195,707
Depreciation and impairment
At 1 July 2021 and 30 June 2022
90,371
105,336
195,707
Carrying amount
At 30 June 2022
At 30 June 2021
11
Fixed asset investments
2022
2021
£
£
Unlisted investments
251,250
HEALIX HEALTH SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
11
Fixed asset investments
(Continued)
- 17 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 July 2021
-
Additions
251,250
At 30 June 2022
251,250
Carrying amount
At 30 June 2022
251,250
At 30 June 2021
-
12
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
774,416
911,119
Other debtors
8,078
410,848
Prepayments and accrued income
517,154
361,473
1,299,648
1,683,440
13
Creditors: amounts falling due within one year
2022
2021
Notes
£
£
Bank loans
15
60,539
25,047
Trade creditors
249,395
288,618
Taxation and social security
598,710
488,304
Other creditors
490,863
628,569
Accruals and deferred income
3,024,101
2,975,395
4,423,608
4,405,933
The bank loan has been repaid in full post year end.
14
Creditors: amounts falling due after more than one year
2022
2021
Notes
£
£
Bank loans and overdrafts
15
163,419
224,953
HEALIX HEALTH SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
14
Creditors: amounts falling due after more than one year
(Continued)
- 18 -
The bank loan has been repaid in full post year end.
15
Loans and overdrafts
2022
2021
£
£
Bank loans
223,958
250,000
Payable within one year
60,539
25,047
Payable after one year
163,419
224,953
The bank holds a fixed and floating charge over all current and future assets of the company.
16
Retirement benefit schemes
2022
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
110,488
74,599
The company operates a defined contribution pension scheme for all qualifying employees.
The assets of the scheme are held separately from those of the company in an independently administered fund.
17
Share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
148,000
148,000
148,000
148,000
18
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2022
2021
£
£
Within one year
180,000
180,000
Between two and five years
382,500
562,500
562,500
742,500
HEALIX HEALTH SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 19 -
19
Off balance sheet arrangements
One of the core services provided by Healix Health Services is the administration of corporate healthcare trusts. Corporate healthcare trusts or medical benefit trusts, are a way of providing healthcare benefits to employees. They are an alternative to conventional private health insurance products, and they are often structured to resemble conventional insurance as closely as possible since that is what employees are used to. Healix provides a range of healthcare mastertrust arrangements for large corporate clients as well as for SME or broker multi-employer trusts. The assets and liabilities of these trust funds are off balance sheet and are recorded as £15.9m as at 30 June 2022 (2021: £15.4m), with the cash balance being £13.9m (2021: £12.9m).
20
Cash generated from operations
2022
2021
£
£
Profit for the Year after tax
631,395
482,826
Adjustments for:
Taxation (credited)/charged
(21,693)
114,085
Investment income
(30,359)
(1,610)
Depreciation and impairment of tangible fixed assets
676
(Decrease)/increase in provisions
(418,613)
446,851
Movements in working capital:
Decrease/(increase) in debtors
383,792
(813,374)
(Decrease)/increase in creditors
(24,479)
1,190,346
Cash generated from operations
520,043
1,419,800
21
Analysis of changes in net funds
1 July 2021
Cash flows
30 June 2022
£
£
£
Cash at bank and in hand
4,294,450
301,465
4,595,915
Borrowings excluding overdrafts
(250,000)
26,042
(223,958)
4,044,450
327,507
4,371,957
2022-06-30
2021-07-01
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