REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Financial Statements for the Year Ended 30 September 2020 |
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Direct Healthcare 24 Limited |
REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Financial Statements for the Year Ended 30 September 2020 |
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for |
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Direct Healthcare 24 Limited |
Direct Healthcare 24 Limited (Registered number: 08741677) |
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Contents of the Financial Statements |
for the Year Ended 30 September 2020 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 4 |
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Report of the Independent Auditors | 6 |
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Income Statement | 8 |
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Other Comprehensive Income | 9 |
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Balance Sheet | 10 |
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Statement of Changes in Equity | 11 |
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Cash Flow Statement | 12 |
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Notes to the Cash Flow Statement | 13 |
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Notes to the Financial Statements | 14 |
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Direct Healthcare 24 Limited |
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Company Information |
for the Year Ended 30 September 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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STATUTORY AUDITORS |
BRIDGE HOUSE |
25-27 THE BRIDGE |
HARROW |
HA3 5AB |
Direct Healthcare 24 Limited (Registered number: 08741677) |
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Strategic Report |
for the Year Ended 30 September 2020 |
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The directors present their strategic report for the year ended 30 September 2020. |
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REVIEW OF BUSINESS |
The Directors consider that the company had a satisfactory period of trading. |
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The company has seen its profit nearly double in the period which is a testimony to its strategy over the last few years. These strategies include the putting in place of skilled teams and a strong Business Development culture based on the many years of experience of our senior management. |
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The business had an excellent start to the year but was then affected like most companies in its industry by the global Covid-19 pandemic. The company used the government's furlough scheme in some of its teams that were impacted. However, in general, by using its close relationships with some key clients, the company managed to adapt and maintain its excellent margins and volumes, along with cost cutting where needed and productivity savings. |
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Trading started to recover fully around August and the company ended the year strongly, building on the strong growth towards the end of the previous year. The Directors believe the company will continue its growth over the next year, growing into new areas as the economy starts to recover. |
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The key financial highlights for the period are as follows: |
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2020 | 2019 | 2018 |
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Turnover | £14.6 million | £8 million | £2 million |
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Turnover movement | £6.6 million | £5.6 million | £1 million |
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Gross profit margin | 28% | 34% | 32% |
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Profit before tax | 23% | 19% | 22% |
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Direct Healthcare 24 Limited (Registered number: 08741677) |
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Strategic Report |
for the Year Ended 30 September 2020 |
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PRINCIPAL RISKS AND UNCERTAINTIES |
The business is reliant on the levels of activity in recruitment markets which are in turn affected by the overall strength of the economy. |
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As mentioned in the business review the company has been affected by the global pandemic but has seen a big upturn in the first 6 months of the year ending 30 September 2021. Any further lockdowns will have an impact on the entity and the directors would have to seek any government support available. The company is trying to become as diverse as possible to minimise exposure risks to any future breakouts. |
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The company has minimal exposure to Brexit due to the fact it is a UK focused company that does not trade internationally. The directors have noticed a tightening in the available labour pool post Covid but are looking at technology and the company's internal processes in order to minimise this risk and source the best available staff. |
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The introduction of the new IR35 rules in April 2021 are one of the fundamental changes to the recruitment sector and could have a major impact on revenues and margins throughout the industry in which the company operates. The company has developed a very robust system and internal processes and has taken the best possible advice to ensure that it is fully compliant and able to be in a good position compared with its competitors. |
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It is not considered necessary for an understanding of the development, performance or position of the company's business to comment here on environmental matters, the entity's employees or social, community and human rights issues. However, the company is very much aware and respectful of such matters and takes them in to account when planning and implementing business policy and procedures. |
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ON BEHALF OF THE BOARD: |
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Direct Healthcare 24 Limited (Registered number: 08741677) |
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Report of the Directors |
for the Year Ended 30 September 2020 |
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The directors present their report with the financial statements of the company for the year ended 30 September 2020. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of a recruitment agency. |
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DIVIDENDS |
No interim dividend was paid during the year. The directors recommend a final dividend of
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The total distribution of dividends for the year ended 30 September 2020 will be £
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 October 2019 to the date of this report. |
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Other changes in directors holding office are as follows: |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
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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: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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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. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
Direct Healthcare 24 Limited (Registered number: 08741677) |
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Report of the Directors |
for the Year Ended 30 September 2020 |
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AUDITORS |
The auditors, SHERIDAN CLARKE LTD, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
Direct Healthcare 24 Limited |
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Opinion |
We have audited the financial statements of Direct Healthcare 24 Limited (the 'company') for the year ended 30 September 2020 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of 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). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 September 2020 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. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: |
- | the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
- | the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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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. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Direct Healthcare 24 Limited |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
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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. |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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Use of our 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 a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
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for and on behalf of
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STATUTORY AUDITORS |
BRIDGE HOUSE |
25-27 THE BRIDGE |
HARROW |
HA3 5AB |
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Direct Healthcare 24 Limited (Registered number: 08741677) |
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Income Statement |
for the Year Ended 30 September 2020 |
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30.9.20 | 30.9.19 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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3,249,057 | 1,552,840 |
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Other operating income | 3 |
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OPERATING PROFIT | 5 |
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Interest receivable and similar income |
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PROFIT BEFORE TAXATION |
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Tax on profit | 6 |
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PROFIT FOR THE FINANCIAL YEAR |
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Direct Healthcare 24 Limited (Registered number: 08741677) |
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Other Comprehensive Income |
for the Year Ended 30 September 2020 |
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30.9.20 | 30.9.19 |
Notes | £ | £ |
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PROFIT FOR THE YEAR |
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OTHER COMPREHENSIVE INCOME |
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Income tax relating to other comprehensive
income |
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OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX |
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TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
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Direct Healthcare 24 Limited (Registered number: 08741677) |
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Balance Sheet |
30 September 2020 |
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30.9.20 | 30.9.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
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CURRENT ASSETS |
Debtors | 9 |
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Prepayments and accrued income |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 10 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 11 |
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Capital redemption reserve | 12 | ( |
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Retained earnings | 12 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Direct Healthcare 24 Limited (Registered number: 08741677) |
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Statement of Changes in Equity |
for the Year Ended 30 September 2020 |
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Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
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Balance at 1 October 2018 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 30 September 2019 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 30 September 2020 |
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Direct Healthcare 24 Limited (Registered number: 08741677) |
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Cash Flow Statement |
for the Year Ended 30 September 2020 |
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30.9.20 | 30.9.19 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
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Tax paid | ( |
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Net cash from operating activities |
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Cash flows from investing activities |
Purchase of tangible fixed assets |
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Interest received |
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Net cash from investing activities |
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Cash flows from financing activities |
Increase in group company creditors |
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Equity dividends paid | ( |
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Net cash from financing activities | ( |
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Increase/(decrease) in cash and cash equivalents |
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Cash and cash equivalents at beginning of
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2 |
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875,455 |
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Cash and cash equivalents at end of year | 2 | 735,464 | 409,621 |
Direct Healthcare 24 Limited (Registered number: 08741677) |
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Notes to the Cash Flow Statement |
for the Year Ended 30 September 2020 |
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1. |
RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS |
30.9.20 | 30.9.19 |
£ | £ |
Profit before taxation |
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Depreciation charges |
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Loss on disposal of fixed assets |
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Finance income | (1,436 | ) | (1,759 | ) |
3,352,183 | 1,553,287 |
Increase in trade and other debtors | ( |
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Increase in trade and other creditors |
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Cash generated from operations |
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2. | CASH AND CASH EQUIVALENTS |
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The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
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Year ended 30 September 2020 |
30.9.20 | 1.10.19 |
£ | £ |
Cash and cash equivalents | 735,464 | 409,621 |
Year ended 30 September 2019 |
30.9.19 | 1.10.18 |
£ | £ |
Cash and cash equivalents | 409,621 | 875,455 |
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3. | ANALYSIS OF CHANGES IN NET FUNDS |
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At 1.10.19 | Cash flow | At 30.9.20 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 409,621 | 325,843 | 735,464 |
409,621 |
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735,464 |
Total | 409,621 | 325,843 | 735,464 |
Direct Healthcare 24 Limited (Registered number: 08741677) |
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Notes to the Financial Statements |
for the Year Ended 30 September 2020 |
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1. | STATUTORY INFORMATION |
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Direct Healthcare 24 Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover comprises the invoiced value of services supplied by the company. All revenue is recognised in the Financial Statements as soon as the service has been supplied. |
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Tangible fixed assets |
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Computer equipment | - |
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Government grants |
Amounts receivable by the company under the Coronavirus Job Retention Scheme are accounted for when received. Income received under this scheme is included within other income in the profit and loss account. |
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Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' 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. |
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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. |
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Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction cost. Financial assets classified as receivable within one year are not amortised. |
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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. |
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Basic financial liabilities |
Basic financial liabilities, including creditors and loans are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised. |
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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 initially recognised at transaction price. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Direct Healthcare 24 Limited (Registered number: 08741677) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Taxation |
Current tax, including UK Corporation tax is provided at amounts expected to be paid using the tax rates and laws enacted by the Balance Sheet date. |
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Deferred tax is only provided for when material. The Directors have decided that deferred tax is once again not material this year. |
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3. | OTHER OPERATING INCOME |
30.9.20 | 30.9.19 |
£ | £ |
R&D tax relief |
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Government grants |
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101,790 | - |
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4. | EMPLOYEES AND DIRECTORS |
30.9.20 | 30.9.19 |
£ | £ |
Wages and salaries |
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Social security costs |
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The average number of employees during the year was as follows: |
30.9.20 | 30.9.19 |
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Sales | 20 | 19 |
Administration | 5 | 3 |
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30.9.20 | 30.9.19 |
£ | £ |
Directors' remuneration |
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5. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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30.9.20 | 30.9.19 |
£ | £ |
Hire of plant and machinery |
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Depreciation - owned assets |
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Loss on disposal of fixed assets |
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Auditors' remuneration |
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Direct Healthcare 24 Limited (Registered number: 08741677) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2020 |
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6. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
30.9.20 | 30.9.19 |
£ | £ |
Current tax: |
UK corporation tax |
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Tax on profit |
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Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
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30.9.20 | 30.9.19 |
£ | £ |
Profit before tax |
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Profit multiplied by the standard rate of corporation tax in the UK of
(2019 - |
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Effects of: |
Expenses not deductible for tax purposes |
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Depreciation in excess of capital allowances |
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- |
Total tax charge | 639,484 | 296,012 |
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Tax effects relating to effects of other comprehensive income |
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30.9.19 |
Gross | Tax | Net |
£ | £ | £ |
Capital Redemption Reserve |
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7. | DIVIDENDS |
30.9.20 | 30.9.19 |
£ | £ |
Ordinary shares of £1 each |
Final |
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Direct Healthcare 24 Limited (Registered number: 08741677) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2020 |
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8. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 October 2019 |
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Disposals | ( |
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At 30 September 2020 |
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DEPRECIATION |
At 1 October 2019 |
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Charge for year |
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Eliminated on disposal | ( |
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At 30 September 2020 |
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NET BOOK VALUE |
At 30 September 2020 |
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At 30 September 2019 |
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9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.20 | 30.9.19 |
£ | £ |
Trade debtors |
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Other debtors |
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See note 13 for details of Related Party debtors within Other debtors. |
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10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.20 | 30.9.19 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Tax |
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Social security and other taxes |
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Other creditors |
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Accruals and deferred income |
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See note 13 for details of Related Party and group company creditors within Other creditors. |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.9.20 | 30.9.19 |
value: | £ | £ |
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Ordinary | £1 | 62,500 | 62,500 |
Direct Healthcare 24 Limited (Registered number: 08741677) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2020 |
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12. | RESERVES |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
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At 1 October 2019 |
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( |
) | 1,548,545 |
Profit for the year |
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Dividends | ( |
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At 30 September 2020 |
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( |
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13. | RELATED PARTY DISCLOSURES |
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C. Coyle, A. Coyle, and C. Walsh are also Directors of Coyle Personnel Limited, Mayday Healthcare Limited, Plan B Healthcare Limited, VIP Nursing Limited, Pro Health 24 Limited, Change Education Limited, Red Group Personnel Limited and Medical 24 Limited. N. Poturicich is also a director of Mayday Healthcare Limited, Plan B Healthcare Limited, VIP Nursing Limited, Pro Health 24 Limited, Red Group Personnel Limited and Medical 24 Limited. C. Coyle, A. Coyle and C. Walsh are also Directors of AMC Professional Limited. C. Coyle and A. Coyle are directors of Tapa Holdings Limited. |
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At the year end, £43,073 (2019: £29,293) was owing to Coyle Personnel Limited, £3,346 (2019: £31,464) was owing to Mayday Healthcare Limited, and £4,371 (2019: £3,465 was owed by) was owing to Medical 24 Limited. |
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At the year end, £2 was owed to (2019:£11 was owing from) Plan B Healthcare Limited, £nil (2019: £534) from VIP Nursing Limited, £nil (2019: £461) from Pro Health 24 Limited, £nil (2019: £4,951) from First Aid Healthcare Limited, £nil (2019: £534) from AMC Professional Limited and £1,522 (2019: £3,914) from Red Group Personnel Limited. No trading took place between the related party companies. |
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Direct Healthcare 24 Limited is owned 60% by Tapa Holdings Limited and 40% by N. Poturicich. Tapa Holdings Limited is controlled by K. Coyle. |