Company registration number 07884802 (England and Wales)
HORIZON GLOBAL (HEALTHCARE) LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
HORIZON GLOBAL (HEALTHCARE) LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
HORIZON GLOBAL (HEALTHCARE) LTD
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Investments in subsidiaries
4
14,216,578
12,362,004
Current assets
Debtors
6
446,487
309,380
Cash at bank and in hand
81,001
539,366
527,488
848,746
Creditors: amounts falling due within one year
7
(22,427)
(83,526)
Net current assets
505,061
765,220
Total assets less current liabilities
14,721,639
13,127,224
Creditors: amounts falling due after more than one year
8
(6,672,003)
(6,886,560)
Provisions for liabilities
10
(2,265,218)
(1,369,197)
Net assets
5,784,418
4,871,467
Capital and reserves
Called up share capital
1,020
1,020
Share premium account
4,980
4,980
Profit and loss reserves
5,778,418
4,865,467
Total equity
5,784,418
4,871,467
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 22 December 2023 and are signed on its behalf by:
Mr B Patel
Director
Company Registration No. 07884802
HORIZON GLOBAL (HEALTHCARE) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information
HORIZON GLOBAL (HEALTHCARE) LTD is a private company limited by shares incorporated in England and Wales. The registered office is 18 Fitzhardinge Street, London, W1H 6EQ.
1.1
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
HORIZON GLOBAL (HEALTHCARE) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
HORIZON GLOBAL (HEALTHCARE) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
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.
1.9
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 leases asset are consumed.
HORIZON GLOBAL (HEALTHCARE) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
2
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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Critical judgements in applying the Company's accounting policies
During the year, the Directors have concluded that there were no critical accounting judgements.
Key sources of estimation uncertainty
During the year, there were no key sources of estimation uncertainty.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
4
4
4
Investment in subsidiaries
2022
2021
£
£
Shares in group undertakings and participating interests
100
100
Loans to group undertakings and participating interests
14,216,478
12,361,904
14,216,578
12,362,004
HORIZON GLOBAL (HEALTHCARE) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
4
Investment in subsidiaries
(Continued)
- 6 -
Movements in investments
Shares in subsidiaries
Loans to subsidiaries
Total
£
£
£
Cost or valuation
At 1 January 2022
100
12,361,904
12,362,004
Additions
-
1,854,574
1,854,574
At 31 December 2022
100
14,216,478
14,216,578
Carrying amount
At 31 December 2022
100
14,216,478
14,216,578
At 31 December 2021
100
12,361,904
12,362,004
Included above is loan notes receivable from MyHealthcare Clinic Ltd, a subsidiary undertaking, totalling £14,216,478 (2022 - £12,361,903), are repayable solely upon the occurrence of an exit event.
5
Subsidiaries
Details of the company's subsidiaries at 31 December 2022 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
MyHealthcare Clinic Ltd
United Kingdom
Medical and Dental practice activities
Ordinary
87.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
MyHealthcare Clinic Ltd
(14,937,028)
(4,763,494)
The investments in subsidiaries are all stated at cost.
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
107,410
81,467
HORIZON GLOBAL (HEALTHCARE) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
6
Debtors
(Continued)
- 7 -
2022
2021
Amounts falling due after more than one year:
£
£
Deferred tax asset
339,077
227,913
Total debtors
446,487
309,380
7
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
2,927
2,828
Other creditors
19,500
80,698
22,427
83,526
8
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
301,213
718,904
Other creditors
6,370,790
6,167,656
6,672,003
6,886,560
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
Assets
Assets
2022
2021
2022
2021
Balances:
£
£
£
£
Tax losses
-
-
339,077
227,913
Loan interest
2,265,218
1,369,197
-
-
2,265,218
1,369,197
339,077
227,913
HORIZON GLOBAL (HEALTHCARE) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
9
Deferred taxation
(Continued)
- 8 -
2022
Movements in the year:
£
Liability at 1 January 2022
1,141,284
Charge to profit or loss
784,857
Liability at 31 December 2022
1,926,141
The deferred tax assets set out above is expected to reverse more than 12 months and relates to the utilisation of tax losses against future expected profits of the same period. The deferred tax liability set out above is expected to reverse more than 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Yashlal Hindocha BA,FCA
Statutory Auditor:
Hindocha & Co Limited
11
Operating lease commitments
Lessee
Operating lease payments represent rentals payable by the company for certain of its equipment. Equipment Leases are negotiated for term of 5 years and rentals are fixed.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
Equipment lease
670,484
864,572
12
Related party transactions
HORIZON GLOBAL (HEALTHCARE) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
12
Related party transactions
(Continued)
- 9 -
During the year, company was credited loan interest amounting to £1,854,574 ( 2021 - £1,627,146) against loan advanced to subsidiary undertaking, MyHealthcare Clinic Ltd. These loan notes are repayable solely upon the occurrence of an exit event. Loan notes balance at the year end was £14,216,478 (2022 - £12,361,903).
Included in creditors an amount outstanding were as follows:
MyHealthcare Clinic Ltd £1,596,208 (2021 - £643,002)
Bharat Patel Family Trust & Related Companies - £1,810,335 ( 2021 - £2,214,576)
The amounts stated for Family Trust & Related Companies represent unsecured obligations, and no interest is payable on these balances.
Directors' current account - £2,964,247 (2021 - £3,065,045)
13
Non-audit services provided by auditor
In common with many businesses of our size and nature we use our auditor to assist with the preparation of the financial statements.
2022-12-312022-01-01false22 December 2023CCH SoftwareCCH Accounts Production 2023.100No description of principal activityThis audit opinion is unqualifiedDr A PatelMr B PatelDr S PatelMrs P Patel078848022022-01-012022-12-31078848022022-12-31078848022021-12-3107884802core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3107884802core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3107884802core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3107884802core:Non-currentFinancialInstrumentscore:AfterOneYear2021-12-3107884802core:CurrentFinancialInstruments2022-12-3107884802core:CurrentFinancialInstruments2021-12-3107884802core:Non-currentFinancialInstruments2022-12-3107884802core:Non-currentFinancialInstruments2021-12-3107884802core:ShareCapital2022-12-3107884802core:ShareCapital2021-12-3107884802core:SharePremium2022-12-3107884802core:SharePremium2021-12-3107884802core:RetainedEarningsAccumulatedLosses2022-12-3107884802core:RetainedEarningsAccumulatedLosses2021-12-3107884802bus:Director22022-01-012022-12-31078848022021-01-012021-12-3107884802core:Subsidiary12022-01-012022-12-3107884802core:Subsidiary112022-01-012022-12-3107884802core:WithinOneYear2022-12-3107884802core:WithinOneYear2021-12-3107884802core:AfterOneYear2022-12-3107884802core:AfterOneYear2021-12-3107884802bus:PrivateLimitedCompanyLtd2022-01-012022-12-3107884802bus:SmallCompaniesRegimeForAccounts2022-01-012022-12-3107884802bus:FRS1022022-01-012022-12-3107884802bus:Audited2022-01-012022-12-3107884802bus:Director12022-01-012022-12-3107884802bus:Director32022-01-012022-12-3107884802bus:CompanySecretary12022-01-012022-12-3107884802bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP