false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
false
No description of principal activity
2018-04-01
Sage Accounts Production Advanced 2018 Update 1 - FRS
10,602,875
530,144
530,144
1,060,288
9,542,587
10,072,731
807,793
78,710
886,503
80,779
88,650
169,429
717,074
727,014
xbrli:pure
xbrli:shares
iso4217:GBP
10676368
2018-04-01
2019-03-31
10676368
2019-03-31
10676368
2018-03-31
10676368
2017-03-17
2018-03-31
10676368
2018-03-31
10676368
core:NetGoodwill
2018-04-01
2019-03-31
10676368
core:FurnitureFittings
2018-04-01
2019-03-31
10676368
bus:Director2
2018-04-01
2019-03-31
10676368
core:NetGoodwill
2018-03-31
10676368
core:NetGoodwill
2019-03-31
10676368
core:FurnitureFittings
2018-03-31
10676368
core:FurnitureFittings
2019-03-31
10676368
core:WithinOneYear
2019-03-31
10676368
core:WithinOneYear
2018-03-31
10676368
core:AfterOneYear
2019-03-31
10676368
core:AfterOneYear
2018-03-31
10676368
core:ShareCapital
2019-03-31
10676368
core:ShareCapital
2018-03-31
10676368
core:SharePremium
2019-03-31
10676368
core:SharePremium
2018-03-31
10676368
core:RetainedEarningsAccumulatedLosses
2019-03-31
10676368
core:RetainedEarningsAccumulatedLosses
2018-03-31
10676368
core:BetweenOneFiveYears
2019-03-31
10676368
core:BetweenOneFiveYears
2018-03-31
10676368
core:MoreThanFiveYears
2019-03-31
10676368
core:MoreThanFiveYears
2018-03-31
10676368
core:NetGoodwill
2018-03-31
10676368
core:FurnitureFittings
2018-03-31
10676368
bus:SmallEntities
2018-04-01
2019-03-31
10676368
bus:Audited
2018-04-01
2019-03-31
10676368
bus:FullAccounts
2018-04-01
2019-03-31
10676368
bus:SmallCompaniesRegimeForAccounts
2018-04-01
2019-03-31
10676368
bus:PrivateLimitedCompanyLtd
2018-04-01
2019-03-31
COMPANY REGISTRATION NUMBER:
10676368
Filleted Financial Statements
|
|
Statement of Financial Position
|
|
31 March 2019
Fixed assets
Intangible assets
|
5
|
9,542,587
|
10,072,731
|
Tangible assets
|
6
|
717,074
|
727,014
|
|
-------------
|
-------------
|
|
10,259,661
|
10,799,745
|
|
|
|
|
Current assets
Debtors
|
7
|
572,094
|
496,589
|
Cash at bank and in hand
|
220,361
|
420,245
|
|
---------
|
---------
|
|
792,455
|
916,834
|
|
|
|
|
Creditors: amounts falling due within one year
|
8
|
5,246,394
|
3,947,931
|
|
------------
|
------------
|
Net current liabilities
|
4,453,939
|
3,031,097
|
|
-------------
|
-------------
|
Total assets less current liabilities
|
5,805,722
|
7,768,648
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
9
|
6,168,399
|
7,930,799
|
|
------------
|
------------
|
Net liabilities
|
(
362,677)
|
(
162,151)
|
|
------------
|
------------
|
|
|
|
|
Capital and reserves
Called up share capital
|
2,000
|
2,000
|
Share premium account
|
334,800
|
334,800
|
Profit and loss account
|
(
699,477)
|
(
498,951)
|
|
---------
|
---------
|
Shareholders deficit
|
(
362,677)
|
(
162,151)
|
|
---------
|
---------
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the
board of directors
and authorised for issue on
23 December 2019
, and are signed on behalf of the board by:
Professor K Nicolaides
|
Director
|
|
Company registration number:
10676368
Notes to the Financial Statements
|
|
Year ended 31 March 2019
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 137 Harley Street, London, W1G 6BG, U.K..
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration for services rendered and comprises the invoiced value supplied by the company during the year. Revenue from the provision of services is recognised at the invoice date; the amount of revenue can be measured reliably; and it is probable that the associated economic benefits will flow to the entity.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Goodwill
|
-
|
5% straight line
|
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures, fittings and equipment
|
-
|
10% straight line
|
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
37
(2018:
41
).
5.
Intangible assets
|
Goodwill
|
|
£
|
Cost
|
|
At 1 April 2018 and 31 March 2019
|
10,602,875
|
|
-------------
|
Amortisation
|
|
At 1 April 2018
|
530,144
|
Charge for the year
|
530,144
|
|
-------------
|
At 31 March 2019
|
1,060,288
|
|
-------------
|
Carrying amount
|
|
At 31 March 2019
|
9,542,587
|
|
-------------
|
At 31 March 2018
|
10,072,731
|
|
-------------
|
|
|
6.
Tangible assets
|
Fixtures and fittings
|
|
£
|
Cost
|
|
At 1 April 2018
|
807,793
|
Additions
|
78,710
|
|
---------
|
At 31 March 2019
|
886,503
|
|
---------
|
Depreciation
|
|
At 1 April 2018
|
80,779
|
Charge for the year
|
88,650
|
|
---------
|
At 31 March 2019
|
169,429
|
|
---------
|
Carrying amount
|
|
At 31 March 2019
|
717,074
|
|
---------
|
At 31 March 2018
|
727,014
|
|
---------
|
|
|
7.
Debtors
|
2019
|
2018
|
|
£
|
£
|
Trade debtors
|
459,344
|
426,930
|
Other debtors
|
112,750
|
69,659
|
|
---------
|
---------
|
|
572,094
|
496,589
|
|
---------
|
---------
|
|
|
|
8.
Creditors:
amounts falling due within one year
|
2019
|
2018
|
|
£
|
£
|
Trade creditors
|
364,968
|
233,435
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest
|
2,172,951
|
958,979
|
Corporation tax
|
33,338
|
–
|
Social security and other taxes
|
–
|
42,536
|
Other creditors
|
2,675,137
|
2,712,981
|
|
------------
|
------------
|
|
5,246,394
|
3,947,931
|
|
------------
|
------------
|
|
|
|
9.
Creditors:
amounts falling due after more than one year
|
2019
|
2018
|
|
£
|
£
|
Other creditors
|
6,168,399
|
7,930,799
|
|
------------
|
------------
|
|
|
|
Included within creditors: amounts falling due after more than one year is an amount of £Nil (2018: £881,199) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
.
10.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2019
|
2018
|
|
£
|
£
|
Not later than 1 year
|
149,850
|
149,850
|
Later than 1 year and not later than 5 years
|
599,400
|
599,400
|
Later than 5 years
|
4,233,263
|
4,383,113
|
|
------------
|
------------
|
|
4,982,513
|
5,132,363
|
|
------------
|
------------
|
|
|
|
11.
Summary audit opinion
The auditor's report for the year dated 23 December 2019 was unqualified.
The senior statutory auditor was
Constantinos Ioannou
, for and on behalf of
Ioannou & Co
.
12.
Related party transactions
At 31st March 2019 The Company owed The Fetal Medicine Foundation £2,172,951 (2018 - £958,979). At 31s March 2019 the company owed King's College NHS Foundation Trust £8,811,999 (2018 - £10,574,399) for the purchase of the IVF business,.under a Deferred Payment Plan. King's College NHS Foundation Trust owed the company £271,891 (2018 - £289,962) being outstanding invoices. The company owed King's College NHS Foundation Trust £147,673 £2018 - £140,690) being outstanding invoices. During the period King's College NHS Foundation Trust invoiced the Company an amount of £502,835 (2018 £ 64,141) for rent and services , and King's Fertility Ltd invoiced King's College NHS Foundation Trust £1,496,528 (2018 - £803,952) for medical services provided. The Fetal Medicine Foundation owns 90% of the ordinary shareholding of the company, and King's College NHS Foundation Trust owns the remaining 10%.
13.
Controlling party
The controlling party is The Fetal Medicine Foundation, a Registered Charity incorporated in England, who owns 90% of the company's Shares.