Company Registration No. 02684965 (England and Wales)
LONDON WOMEN'S CLINIC LIMITED
ANNUAL REPORT AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 OCTOBER 2021
LONDON WOMEN'S CLINIC LIMITED
COMPANY INFORMATION
Directors
K Ahuja
D Williams
Secretary
D Lewsey
Company number
02684965
Registered office
113-115 Harley Street
London
W1G 6AP
Auditor
Cheesmans
4 Aztec Row
Berners Road
London
N1 0PW
Bankers
HSBC Bank Plc
165 Fleet Street
London
EC4 2DY
LONDON WOMEN'S CLINIC LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 26
LONDON WOMEN'S CLINIC LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2021
- 1 -
The directors present the strategic report for the year ended 31 October 2021.
Fair review of the business
Overall, the company performed well following the reopening of the clinics after the forced closure due to pandemic in 2020. The company returned strongly and continued with momentum during the financial year. The company continues to focus on delivering high quality and safe fertility treatment across all its facilities. This year is the first year where the trading performance of London Egg Bank is reported separately in it own legal entity having previously been included in the accounts.
Principal risks and uncertainties
As a provider of healthcare services, the circumvention of clinical risk is paramount to the business. Such circumvention is enforced by a formal risk management policy, as well as relevant governance policies.
The control of clinical risk is dealt with by:
-
Liaising closely with the Human Fertilisation and Embryology Authority (HFEA);
-
All treatments performed by the Company are done so under independent licence by the HFEA;
-
Ensuring that the best possible team of consultants, embryologists and nurses are recruited and incentivised to work to the highest possible standards;
-
Success rates are thoroughly analysed and monitored across the Company, sharing best practice with other clinics to achieve high quality;
-
Ongoing reviews of patient services to ensure that care of the patient is top priority and sharing best practice across the Company to achieve utmost attention to the care and health of patients.
Development and performance
The results for the year, as set out on page
8
.
The company’s key performance business indicators are shown separately below. The latest publicly available clinical success rates and treatment cycle volumes can be found on the HFEA website.
Key performance indicators
The Company has made significant progress throughout the year in relation to key elements of the strategy.
The Board monitors the progress of the Company by reference to the following key performance indicators:
LONDON WOMEN'S CLINIC LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
- 2 -
Other information and explanations
The company intends to pursue their princip
al
activities for the foreseeable future.
D Williams
Director
25 May 2022
LONDON WOMEN'S CLINIC LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2021
- 3 -
The directors present their annual report and financial statements for the year ended 31 October 2021.
Principal activities
The principal activity of the company continued to be that of the provision of medical facilities and services.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
K Ahuja
D Williams
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Auditor
The auditor, Cheesmans, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
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.
Statement of disclosure to auditor
So far as the directors are aware, there is no relevant audit information of which the company's auditor are unaware. Additionally, the directors 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 auditors are aware of that information.
LONDON WOMEN'S CLINIC LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
- 4 -
By order of the Board
D Lewsey
Secretary
25 May 2022
LONDON WOMEN'S CLINIC LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF LONDON WOMEN'S CLINIC LIMITED
- 5 -
Opinion
We have audited the financial statements of London Women's Clinic Limited (the 'company') for the year ended 31 October 2021 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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 FRS 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 31 October 2021 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 directors' 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.
LONDON WOMEN'S CLINIC LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF LONDON WOMEN'S CLINIC 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 and the directors'
r
eport
.
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
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
.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Based on our understanding of the
c
ompany and industry, we identified that the principal risks of non-compliance with laws and regulations related to Employment Law and UK tax legislation, as well as conformity to the standards set by HFEA (the regulatory body in the fertilisation industry), and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journals to increase revenue or reduce expenditure and management bias in accounting estimates. Audit procedures performed by the engagement team included:
Audit response to risks identified
Discussions with management in respect of known or suspected instances of non-compliance with laws and regulations and fraud, as well as reviews of board minutes and internal reports;
Evaluation of t
he operating effectiveness of management’s key controls around the forecasting of costs and margin estimation;
LONDON WOMEN'S CLINIC LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF LONDON WOMEN'S CLINIC LIMITED
- 7 -
Challenging the a
ssumptions and judgements made by management in their significant accounting estimates, in particular those that involve the assessment of future events, which are inherently uncertain – the key estimates determined in this respect are those relating to the recoverability of debtors and the useful lives of assets; and
Reviewing j
ournal entries with unusual account combinations such as those with unusual or unexpected journal postings to the profit and loss as well as journals which contain unusual words.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also the risk of not detecting misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member for our audit work, for this report, or for the opinions we have formed.
.......................................
Carol Cheesman (Senior Statutory Auditor)
For and on behalf of Cheesmans
25 May 2022
Chartered Accountants
Statutory Auditor
4 Aztec Row
Berners Road
London
N1 0PW
LONDON WOMEN'S CLINIC LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2021
- 8 -
Continuing
Discontinued
31 October
Continuing
Discontinued
31 October
operations
operations
2021
operations
operations
2020
Notes
£
£
£
£
£
£
Turnover
3
23,993,149
23,993,149
16,418,912
2,079,834
18,498,746
Cost of sales
(12,106,199)
(12,106,199)
(8,189,490)
(1,308,024)
(9,497,514)
Gross profit
11,886,950
11,886,950
8,229,422
771,810
9,001,232
Administrative expenses
(8,412,353)
(8,412,353)
(8,523,203)
(608,831)
(9,132,034)
Other operating income
302,516
302,516
352,066
352,066
Operating profit
4
3,777,113
3,777,113
58,285
162,979
221,264
Interest receivable and similar income
6
11,415
11,415
Interest payable and similar expenses
7
(10,003)
(10,003)
(11,732)
(900)
(12,632)
Profit before taxation
3,767,110
3,767,110
57,968
162,079
220,047
Taxation
8
(709,565)
(709,565)
(215,617)
(215,617)
Profit for the financial year
3,057,545
3,057,545
(157,649)
162,079
4,430
LONDON WOMEN'S CLINIC LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2021
31 October 2021
- 9 -
2021
2020
Notes
£
£
£
£
Fixed assets
Goodwill
12
216,600
252,700
Other intangible assets
12
19,645
19,889
Total intangible assets
236,245
272,589
Tangible assets
13
3,724,569
3,415,576
3,960,814
3,688,165
Current assets
Stocks
14
193,895
174,155
Debtors
15
3,599,619
1,579,947
Cash at bank and in hand
1,329,551
368,469
5,123,065
2,122,571
Creditors: amounts falling due within one year
16
(3,761,966)
(3,544,555)
Net current assets/(liabilities)
1,361,099
(1,421,984)
Total assets less current liabilities
5,321,913
2,266,181
Creditors: amounts falling due after more than one year
17
(36,175)
(57,953)
Provisions for liabilities
(228,417)
(208,452)
Net assets
5,057,321
1,999,776
Capital and reserves
Called up share capital
21
1,995,346
1,995,346
Profit and loss reserves
3,061,975
4,430
Total equity
5,057,321
1,999,776
The financial statements were approved by the Board of Directors and authorised for issue on 25 May 2022 and are signed on its behalf by:
K Ahuja
Director
Company Registration No. 02684965
LONDON WOMEN'S CLINIC LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2021
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 November 2019
1,995,346
1,376,320
3,371,666
Year ended 31 October 2020:
Profit and total comprehensive income for the year
-
4,430
4,430
Dividends
10
-
(1,376,320)
(1,376,320)
Balance at 31 October 2020
1,995,346
4,430
1,999,776
Year ended 31 October 2021:
Profit and total comprehensive income for the year
-
3,057,545
3,057,545
Balance at 31 October 2021
1,995,346
3,061,975
5,057,321
LONDON WOMEN'S CLINIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
- 11 -
1
Accounting policies
Company information
London Women's Clinic Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
113-115 Harley Street, London, W1G 6AP.
1.1
Accounting convention
The financial statements are prepared under the historical cost convention.
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, 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.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares
publicly available consolidated financial statements
, including this company,
which are
intended to give a true and fair view of the assets, liabilities,
financial position and profit or loss
of the group
.
T
he company has
therefore
taken advantage of
e
xemptions from the following disclosure requirements:
-
Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;
-
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
-
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’
:
Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument;
basis
of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income
;
-
Section 26 ‘Share based Payment’
:
Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements
;
-
Section 33 ‘Related Party Disclosures’
:
Compensation for key management personnel
.
The financial statements of the company are consolidated in the financial statements of JD Healthcare Limited. These consolidated financial statements are available from its registered office
,
113-115 Harley Street, London, W1G 6AP
.
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.
1.2
Turnover
Turnover represents amounts receivable for goods and services rendered during the year.
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.
LONDON WOMEN'S CLINIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
1
Accounting policies
(Continued)
- 12 -
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
recover
ed
.
The company receives revenue in respect of storage fees to freeze and store patient gametes and embryos. The allocation of revenue between point of sale and subsequent periods is a key judgement estimate and critical accounting judgement.
The company now invoices predominantly single year storage as opposed to three year storage (which was the case for the last couple of years) and therefore income released in respect of three year storage relates mainly to previously deferred income. The income released in the current year was £0.537million (2020: £0.449million).
1.3
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 10 years.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Website costs
50% straight line
Brand
20% straight line
1.5
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 works
Over the remaining life of the lease
Medical and laboratory equipment
20% straight line
Fixtures, fittings & equipment
20% straight line
Computer equipment
33% straight line
Furniture / small equipment
25% straight line
Artwork
10% straight line
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
.
LONDON WOMEN'S CLINIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
1
Accounting policies
(Continued)
- 13 -
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
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.
1.9
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.
LONDON WOMEN'S CLINIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
1
Accounting policies
(Continued)
- 14 -
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.
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.
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.
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.
LONDON WOMEN'S CLINIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
1
Accounting policies
(Continued)
- 15 -
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
paymen
ts 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. A
m
ounts 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.
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.
1.10
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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 is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
LONDON WOMEN'S CLINIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
1
Accounting policies
(Continued)
- 16 -
1.12
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.
1.13
Retirement benefits
The company operates a defined contribution scheme for the benefits of it's employees. Contibutions payable are charged to the profit and loss account in the period they are payable.
1.14
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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
s
asset are consumed.
1.15
Group relief
Where tax losses are claimed, the claimant company pays to the surrendering company an amount equal to the corporation tax saved.
LONDON WOMEN'S CLINIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
- 17 -
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.
Revenue recognition
Revenue is recognised when the risks and rewards of ownership have transferred to the buyer.
Assessing the point where this occurs includes the judgement that revenue from IVF sales is recognised when the patient baseline occurs.
The judgement for goods sold such as drug packages is that the sale occurs when the invoice is raised.
Key sources of estimation uncertainty
Debtor recoverability
At the balance sheet date, the directors consider the recoverability of the amounts owed to the company utilising post balance sheet information where available. Where balances are not considered recoverable appropriate provisions are made.
With regard to trade debtors, determining the recoverability of debtors requires an estimation of the average time period that self-funded debtors will pay. The directors consider 180 days to be a reasonable estimate.
Storage fee income deferred
Where an invoice has been raised but the service has yet to be provided, the directors defer an estimated amount of the income to represent the period in which the services will be provided.
With regard to multi year storage fees provided by the Company, this
has previously been
recognised over the storage period, with one year of income
being
recognised in the year in which the invoice is raised with annual release in subsequent years.
In the current year, such storage fees are now invoiced and recognised annually, with the full revenue being recognised in the year of invoicing.
Useful Lives of Assets
The directors have considered the useful economic life of the fixed assets and on that basis have estimated the depreciation rate that should be used by the Company. Where new information becomes available in this regard the Directors consider the materiality of any potential adjustments and where necessary revise their useful economic life assessment
.
LONDON WOMEN'S CLINIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
- 18 -
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2021
2020
£
£
Turnover analysed by class of business
Fertility services
23,993,149
18,498,746
2021
2020
£
£
Other significant revenue
Interest income
-
11,415
4
Operating profit
2021
2020
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
16,137
Depreciation of owned tangible fixed assets
565,200
732,654
Depreciation of tangible fixed assets held under finance leases
59,626
Profit on disposal of tangible fixed assets
(7,047)
Amortisation of intangible assets
57,659
200,100
Impairment of intangible assets
328,000
Operating lease charges
1,497,446
1,621,957
The company uses common facilities with other group undertakings for which management charges are rendered by the ultimate parent undertaking. Included within those charges are amounts for staff and administrative costs together with audit fees of £10,000 (2020: £11,000) and fees of £2,000 (2020: £1,000) for taxation services.
None of the directors received any remuneration for their services direct from the company.
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Administrative
41
37
Medical staff
75
87
Total
116
124
LONDON WOMEN'S CLINIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
5
Employees
(Continued)
- 19 -
Their aggregate remuneration comprised:
2021
2020
£
£
Wages and salaries
5,508,972
5,396,578
Social security costs
617,541
597,079
Pension costs
102,061
106,705
6,228,574
6,100,362
6
Interest receivable and similar income
2021
2020
£
£
Interest income
Other interest income
11,415
7
Interest payable and similar expenses
2021
2020
£
£
Interest on finance leases and hire purchase contracts
10,003
12,632
8
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
680,500
Adjustments in respect of prior periods
9,100
Group tax relief
7,165
Total current tax
689,600
7,165
Deferred tax
Origination and reversal of timing differences
19,965
208,452
Total tax charge
709,565
215,617
LONDON WOMEN'S CLINIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
8
Taxation
(Continued)
- 20 -
The actual 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:
2021
2020
£
£
Profit before taxation
3,767,110
220,047
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2020: 19.00%)
715,751
41,809
Tax effect of expenses that are not deductible in determining taxable profit
5,452
6,358
Tax effect of utilisation of tax losses not previously recognised
(28,180)
Permanent capital allowances in excess of depreciation
(40,703)
66,527
Research and development tax credit
(79,349)
Under/(over) provided in prior years
9,100
Deferred Tax
19,965
208,452
Taxation charge for the year
709,565
215,617
9
Discontinued operations
London Egg Bank
At the end of the prior year, on 31 October 2020, the company sold its stock of eggs and assets relating to egg donation to The London Egg Bank Limited, a group company which took over the trading of the egg collection and storage business. As such the income statement shows discontinued operations in the prior year.
10
Dividends
2021
2020
£
£
Interim paid
1,376,320
LONDON WOMEN'S CLINIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
- 21 -
11
Impairments
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
2021
2020
Notes
£
£
In respect of:
Intangible assets
12
328,000
Recognised in:
Administrative expenses
-
328,000
12
Intangible fixed assets
Goodwill
Negative goodwill
Website costs
Brand
Total
£
£
£
£
£
Cost
At 1 November 2020
361,000
(107,266)
69,413
820,000
1,143,147
Additions - internally developed
21,315
21,315
At 31 October 2021
361,000
(107,266)
90,728
820,000
1,164,462
Amortisation and impairment
At 1 November 2020
108,300
(107,266)
49,524
820,000
870,558
Amortisation charged for the year
36,100
21,559
57,659
At 31 October 2021
144,400
(107,266)
71,083
820,000
928,217
Carrying amount
At 31 October 2021
216,600
19,645
236,245
At 31 October 2020
252,700
19,889
272,589
More information on impairment
movements
in the
year is given in note 11.
LONDON WOMEN'S CLINIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
- 22 -
13
Tangible fixed assets
Leasehold works
Medical and laboratory equipment
Fixtures, fittings & equipment
Computer equipment
Furniture / small equipment
Artwork
Total
£
£
£
£
£
£
£
Cost
At 1 November 2020
3,698,537
2,056,838
457,299
766,874
71,748
54,514
7,105,810
Additions
526,138
246,747
35,311
53,911
11,249
837
874,193
Disposals
(33,731)
(33,731)
At 31 October 2021
4,224,675
2,269,854
492,610
820,785
82,997
55,351
7,946,272
Depreciation and impairment
At 1 November 2020
1,269,481
1,223,382
423,621
658,810
69,410
45,530
3,690,234
Depreciation charged in the year
181,695
297,809
16,498
66,604
1,402
1,192
565,200
Eliminated in respect of disposals
(33,731)
(33,731)
At 31 October 2021
1,451,176
1,487,460
440,119
725,414
70,812
46,722
4,221,703
Carrying amount
At 31 October 2021
2,773,499
782,394
52,491
95,371
12,185
8,629
3,724,569
At 31 October 2020
2,429,056
833,456
33,678
108,064
2,338
8,984
3,415,576
LONDON WOMEN'S CLINIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
13
Tangible fixed assets
(Continued)
- 23 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2021
2020
£
£
Medical and laboratory equipment
96,705
201,811
14
Stocks
2021
2020
£
£
Finished goods and goods for resale
193,895
174,155
15
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
798,934
659,448
Amounts owed by group undertakings
2,102,722
261,422
Other debtors
51,268
40,000
Prepayments and accrued income
646,695
619,077
3,599,619
1,579,947
16
Creditors: amounts falling due within one year
2021
2020
Notes
£
£
Obligations under finance leases
18
60,530
116,209
Trade creditors
1,405,150
1,355,899
Corporation tax
680,500
Other creditors
10,337
7,465
Accruals and deferred income
1,605,449
2,064,982
3,761,966
3,544,555
17
Creditors: amounts falling due after more than one year
2021
2020
Notes
£
£
Obligations under finance leases
18
36,175
57,953
LONDON WOMEN'S CLINIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
- 24 -
18
Finance lease obligations
2021
2020
Future minimum lease payments due under finance leases:
£
£
Within one year
60,530
116,209
In two to five years
36,175
57,953
96,705
174,162
Finance lease payments represent rentals payable by the company for certain items of plant and machinery.
19
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2021
2020
Balances:
£
£
Accelerated capital allowances
228,417
208,452
2021
Movements in the year:
£
Liability at 1 November 2020
208,452
Charge to profit or loss
19,965
Liability at 31 October 2021
228,417
20
Retirement benefit schemes
2021
2020
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
102,061
106,705
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.
21
Share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
1,995,346
1,995,346
1,995,346
1,995,346
LONDON WOMEN'S CLINIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
21
Share capital
(Continued)
- 25 -
The shares of the company are at par value and have full voting rights attributed to them.
22
Financial commitments, guarantees and contingent liabilities
There is a fixed and floating charge between the companies of the J D Healthcare Group under the terms of which amounts due to HSBC Bank Plc are secured on the assets of all group companies. There have been no instances in the year or to date whereby the obligations under this debenture have been breached and therefore this debenture is not currently enforceable.
The Company participates in a cross guarantee with other companies in the group and associated companies. There is a composite company unlimited multilateral guarantee between J D Healthcare Limited, The Bridge Centre Limited and HSBC, whereby amounts due to and from HSBC can be offset.
There is therefore no liability at 31 October 2021 (2020: Nil)
23
Operating lease commitments
Lessee
The company has leases for its main place of business on Harley Street which include break dates at 30 September 2024 for its premises at 112 Harley Street and 24 June 2025 for its premises at 113-115 Harley Street. The directors have no intention of exercising these break date clauses as the sites are seen as fundamental to the company's brand image. The above disclosures are made in line with the contractual breakdates, however, if the break options were not exercised then the commitment for two to five years would increase to £4,144,186 and the greater than five year commitment would increase to £10,247,870.
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:
2021
2020
£
£
Within one year
1,426,022
1,101,014
Between two and five years
2,620,314
3,765,945
4,046,336
4,866,959
Lessor
The operating leases represent leases to group companies.
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2021
2020
£
£
Within one year
334,954
286,308
Between two and five years
579,249
720,068
914,203
1,006,376
LONDON WOMEN'S CLINIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
- 26 -
24
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Purchases
2021
2020
£
£
Other related parties
3,765
169,466
Transactions in the year comprise pathology tests provided by a non-100% owned fellow group undertaking. There were no balances outstanding at the year end (2020: £nil). Transactions are considered to be at arm's length.
Other information
The company receives rental income from N Macklon, a key member of staff, for use of a residential flat in Harley Street. N Macklon pays £10,000 a year and the rateable value of the flat is £30,000. There were no outstanding balances with N Macklon at the year end.
25
Ultimate controlling party
At the balance sheet date the company's parent undertaking was Harley Street Women's Clinic
Limited
, a company registered in England and Wales.
At the balance sheet date the company's ultimate parent undertaking was J D Healthcare Limited, a company registered in England and Wales.
C
op
ies
of th
ese
compan
ies'
accounts can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.
At 31 October 2021 the company's ultimate controlling party was Kamal Ahuja, a director of the company and of the group.
2021-10-31
2020-11-01
false
CCH Software
CCH Accounts Production 2022.100
K Ahuja
D Williams
D Lewsey
02684965
2020-11-01
2021-10-31
02684965
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2020-11-01
2021-10-31
02684965
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2020-11-01
2021-10-31
02684965
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2020-11-01
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2020-11-01
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2020-11-01
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2020-11-01
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2020-11-01
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02684965
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2019-11-01
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2019-11-01
2020-10-31
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2019-11-01
2020-10-31
02684965
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2019-11-01
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02684965
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02684965
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02684965
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02684965
2020-10-31
02684965
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2021-10-31
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core:ComputerEquipment
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02684965
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2021-10-31
02684965
core:LandBuildings
core:LeasedAssetsHeldAsLessee
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core:PlantMachinery
2020-10-31
02684965
core:FurnitureFittings
2020-10-31
02684965
core:ComputerEquipment
2020-10-31
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core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment
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2020-10-31
02684965
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2021-10-31
02684965
core:WithinOneYear
2020-10-31
02684965
core:BetweenTwoFiveYears
2021-10-31
02684965
core:BetweenTwoFiveYears
2020-10-31
02684965
bus:PrivateLimitedCompanyLtd
2020-11-01
2021-10-31
02684965
bus:FRS102
2020-11-01
2021-10-31
02684965
bus:Audited
2020-11-01
2021-10-31
02684965
bus:FullAccounts
2020-11-01
2021-10-31
xbrli:pure
xbrli:shares
iso4217:GBP