Rangatira Annual Report 2023 - Flipbook - Page 74
74
R anga tira Annua l Rep or t 2 0 2 3
Rangatira Group
Notes to the Consolidated
Financial Statements (continued)
For the year ended 31 March 2023
Note 27 Business Combinations (continued)
Assets acquired and liabilities assumed
The fair values of the identifiable assets and liabilities of Mrs Higgins at the date of the acquisition were:
$000
Purchase price
Cash and cash equivalents
2,875
Trade receivables
1,511
Prepayments
40
Inventories
1,067
Property, plant and equipment
1,944
Intangible assets
Right-of-use assets
Trade and other payables
Lease liabilities
Borrowings
935
1,783
(1,259)
(148)
(1,635)
Deferred tax liability
(262)
Total identifiable assets acquired and liabilities assumed
6,851
Goodwill on acquisition
Net assets attributable to the Group
273
7,124
2022 ACQUISITIONS
Amounts reported in the 2022 financial statements were based on provisional amount while independent valuations were sought.
The valuations for the 2022 acquisitions were completed in November 2022 which was after 2022 financial statements were
approved. The 2022 comparatives have been restated to reflect the results of the valuation and the following are summaries of those
restatements.
(a) Acquisition Of Boulcott Pulse Health Ltd
Boulcott HoldCo Ltd, a 100% held subsidiary of Rangatira Limited, acquired 100% of the shares of Boulcott Pulse Health Limited
on 28 February 2022. The assets and liabilities recognised in 2022 financial statements were based on a provisional assessment
of their fair value while the Group sought an independent valuation. The valuation was completed in November 2022 and identified
the intangible assets as specialist relationships – relationships with the medical specialists (who use the hospital facilities and
administrative support, but are neither employees nor contractors) - and trade names and trademarks.
The multi-period excess earnings method was used to value the specialist relationships. The relief-from-royalty method ( as described
in note 27 A above) was used to value the trade names and trademarks.”