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REGISTERED NUMBER: 02110690 (England and Wales)



































Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 31 December 2023

for

Medi UK Ltd

Medi UK Ltd (Registered number: 02110690)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Statement of Comprehensive Income 8

Statement of Financial Position 9

Statement of Changes in Equity 10

Statement of Cash Flows 11

Notes to the Statement of Cash Flows 12

Notes to the Financial Statements 13


Medi UK Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: A M L Holman
G C Sciuchetti





REGISTERED OFFICE: Plough Lane
Hereford
Herefordshire
HR4 0EL





REGISTERED NUMBER: 02110690 (England and Wales)





AUDITORS: Thorne Widgery Accountancy Ltd
Chartered Accountants
Statutory Auditors
2 Wyevale Business Park
Kings Acre
Hereford
Herefordshire
HR4 7BS

Medi UK Ltd (Registered number: 02110690)

Strategic Report
for the Year Ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
medi UK Ltd continues its principal activity to provide high quality medical devices to the Vascular and Orthopaedic markets within the NHS and private healthcare sector. A majority of our business is with the NHS, both in acute and primary care. Our biggest growth has been in the community sector where we are helping NHS Trusts to achieve the Government aim of bringing healthcare closer to home.

Recently introduced product concepts have been well received and have helped to increase sales as the year progressed and the company adapted to the changing healthcare environment. In particular we have assisted many areas with pathways for patient care that have improved treatment options. Prudent cost control and a positive cash flow led to a broadly similar profit before tax. Provision has been made in the accounts for increased costs of finished products.

We have restructured our organisation during 2023 with an increase in head count for Account Managers and Administrative Support. The revised structure is designed to allow further seamless expansion as we aim to grow our business with a reputation for quality of product, service and support in a dynamic healthcare environment.

PRINCIPAL RISKS AND UNCERTAINTIES
Increasing costs of raw materials, fuel and labour have all had an impact on our business. medi UK are part of a global organisation and worldwide we have been able to mitigate the costs to some degree by forward purchasing raw materials and power supply.

Global supply chain disruptions have been identified as a risk and we continued to hold elevated stock levels to mitigate against any stock shortages.

A majority of our compression garments are available on the Drug Tariff (prescription) across the UK. The NHS Business Services Authority control the Price Rise Mechanism for products listed under Part IXA of the Drug Tariff in England and Wales. An application is made annually for a price rise for listed products and the rate is the Gross Domestic Product Deflator Forecast minus Factor ‘X’. Factor X has remained constant at -0.75% for many years and we are working with the Drug Tariff Forum to seek an amendment to this as the current formula leaves the price rise well below the prevailing rate of inflation.

The NHS is looking more and more towards solutions rather than just the supply of products. Life time cost effectiveness combined with treatment outcomes are now a high priority for healthcare providers in the UK. Our reliance on quality of product and support helps to reduce the uncertainties that these changes inevitably bring.

ON BEHALF OF THE BOARD:





G C Sciuchetti - Director


23 April 2024

Medi UK Ltd (Registered number: 02110690)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

DIVIDENDS
The total distribution of dividends for the year ended 31 December 2023 will be £ 300,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

A M L Holman
G C Sciuchetti

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.

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Thorne Widgery Accountancy Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





G C Sciuchetti - Director


23 April 2024

Report of the Independent Auditors to the Members of
Medi UK Ltd

Opinion
We have audited the financial statements of Medi UK Ltd (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 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.

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.

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.

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.

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.

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 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 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
Medi UK Ltd


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.

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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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.

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.

Report of the Independent Auditors to the Members of
Medi UK Ltd


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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the Company, we identified that the principal risks of non-compliance with laws and regulations related to breaches of UK regulatory principles, such as those governed by the British Standards Institution, and we considered the extent to which non-compliance might have a material effect on the financial statements of the Company. We also considered those laws and regulations that have a direct impact on the financial statements of the Company such as the Companies Act 2006, the British Standards Institution and UK tax legislation.

We have also 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 are related to management bias in accounting estimates and judgemental areas of the financial statements.

Audit procedures performed by the engagement team included:
- Discussions with the Board, Management and Company Secretary involved in the Risk and Compliance functions and the Company's legal function, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
- Evaluation and testing of the operating effectiveness of management's controls designed to prevent and detect irregularities;
- Assessment of matters reported on the Company's fraud register and the results of management's investigation of such matters;
- Identifying and testing journal entries based on risk criteria;
- Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing; and
- Testing transactions entered into outside the normal course of the Company's business as appropriate.

There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material 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 collusions.

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.

Report of the Independent Auditors to the Members of
Medi UK Ltd


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.




KEVIN TONG ACA FCCA (Senior Statutory Auditor)
for and on behalf of Thorne Widgery Accountancy Ltd
Chartered Accountants
Statutory Auditors
2 Wyevale Business Park
Kings Acre
Hereford
Herefordshire
HR4 7BS

23 April 2024

Medi UK Ltd (Registered number: 02110690)

Statement of Comprehensive Income
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

TURNOVER 3 20,052,001 18,317,661

Cost of sales (13,914,543 ) (12,338,556 )
GROSS PROFIT 6,137,458 5,979,105

Distribution costs (199,011 ) (168,235 )
Administrative expenses (3,920,098 ) (3,630,033 )
2,018,349 2,180,837

Other operating income 540 284
OPERATING PROFIT 6 2,018,889 2,181,121

Interest receivable and similar income 22,684 5,989
PROFIT BEFORE TAXATION 2,041,573 2,187,110

Tax on profit 7 (485,810 ) (419,225 )
PROFIT FOR THE FINANCIAL YEAR 1,555,763 1,767,885

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

1,555,763

1,767,885

Medi UK Ltd (Registered number: 02110690)

Statement of Financial Position
31 December 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Tangible assets 9 86,252 103,939

CURRENT ASSETS
Stocks 10 2,265,444 2,382,725
Debtors 11 3,178,593 3,036,507
Cash at bank and in hand 946,820 757,627
6,390,857 6,176,859
CREDITORS
Amounts falling due within one year 12 (1,521,843 ) (2,581,295 )
NET CURRENT ASSETS 4,869,014 3,595,564
TOTAL ASSETS LESS CURRENT LIABILITIES 4,955,266 3,699,503

CAPITAL AND RESERVES
Called up share capital 14 100,000 100,000
Retained earnings 15 4,855,266 3,599,503
SHAREHOLDERS' FUNDS 4,955,266 3,699,503

The financial statements were approved by the Board of Directors and authorised for issue on 23 April 2024 and were signed on its behalf by:





G C Sciuchetti - Director


Medi UK Ltd (Registered number: 02110690)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 100,000 4,031,618 4,131,618

Changes in equity
Dividends - (2,200,000 ) (2,200,000 )
Total comprehensive income - 1,767,885 1,767,885
Balance at 31 December 2022 100,000 3,599,503 3,699,503

Changes in equity
Dividends - (300,000 ) (300,000 )
Total comprehensive income - 1,555,763 1,555,763
Balance at 31 December 2023 100,000 4,855,266 4,955,266

Medi UK Ltd (Registered number: 02110690)

Statement of Cash Flows
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 978,953 2,147,990
Tax paid (512,444 ) (528,057 )
Net cash from operating activities 466,509 1,619,933

Cash flows from investing activities
Purchase of tangible fixed assets - (107,992 )
Sale of tangible fixed assets - 21,000
Interest received 22,684 5,989
Net cash from investing activities 22,684 (81,003 )

Cash flows from financing activities
Equity dividends paid (300,000 ) (2,200,000 )
Net cash from financing activities (300,000 ) (2,200,000 )

Increase/(decrease) in cash and cash equivalents 189,193 (661,070 )
Cash and cash equivalents at beginning of
year

2

757,627

1,418,697

Cash and cash equivalents at end of year 2 946,820 757,627

Medi UK Ltd (Registered number: 02110690)

Notes to the Statement of Cash Flows
for the Year Ended 31 December 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
31.12.23 31.12.22
£    £   
Profit before taxation 2,041,573 2,187,110
Depreciation charges 17,767 19,511
Loss on disposal of fixed assets - 3,100
Finance income (22,684 ) (5,989 )
2,036,656 2,203,732
Decrease/(increase) in stocks 117,281 (541,280 )
Increase in trade and other debtors (141,786 ) (616,975 )
(Decrease)/increase in trade and other creditors (1,033,198 ) 1,102,513
Cash generated from operations 978,953 2,147,990

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 946,820 757,627
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 757,627 1,418,697


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 757,627 189,193 946,820
757,627 189,193 946,820
Total 757,627 189,193 946,820

Medi UK Ltd (Registered number: 02110690)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Medi UK Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern basis
The directors have considered the basis on which the financial statements have been prepared and are confident that the going concern basis is appropriate for the following reasons:

Medi UK continued to adapt its approach to the ever-changing UK healthcare market. We have developed alternative routes to market and launched successful brand-new product concepts. Our focus remains on supporting UK clinicians in their demanding roles.

Our products have been aligned with National campaigns and received recognition from the National Institute for Health and Care Excellence (NICE).

Through prudent cost control and targeted sales activity, the company has exceeded the 2023 budget in sales and profit, adding to the capital of the company.

The strong performance in business in 2023 shows the approach from medi UK has been well received.

The company has continued to trade profitably in the current financial year.

medi Holdings 2009 GmbH, the Parent company, has confirmed it will continue to provide support as and when required for a period of at least twelve months from the date the financial statements are signed off.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Equipment- Straight line over 5 years
Motor vehicles- Straight line to an estimated residual value over three years
Computer equipment- Straight line over 3 years

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


Medi UK Ltd (Registered number: 02110690)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

4. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£    £   
Wages and salaries 2,534,286 2,330,643
Social security costs 346,895 338,396
Other pension costs 162,834 146,198
3,044,015 2,815,237

The average number of employees during the year was as follows:
31.12.23 31.12.22

Directors 1 1
Management and administrative staff 8 7
Sales staff 30 28
39 36

5. DIRECTORS' EMOLUMENTS
31.12.23 31.12.22
£    £   
Directors' remuneration 117,875 218,655

Medi UK Ltd (Registered number: 02110690)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. OPERATING PROFIT

The operating profit is stated after charging:

31.12.23 31.12.22
£    £   
Hire of plant and machinery 1,337 1,337
Depreciation - owned assets 17,687 19,511
Loss on disposal of fixed assets - 3,100
Auditors remuneration 13,710 13,595

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.23 31.12.22
£    £   
Current tax:
UK corporation tax 486,110 419,878

Deferred tax (300 ) (653 )
Tax on profit 485,810 419,225

8. DIVIDENDS

During the year, total dividends of £300,000 (2022: £2,200,000) were paid to the parent company Medi Holdings 2009 GmbH.

9. TANGIBLE FIXED ASSETS
Motor Computer
Equipment vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023
and 31 December 2023 18,885 126,806 23,714 169,405
DEPRECIATION
At 1 January 2023 18,752 27,600 19,114 65,466
Charge for year 133 15,600 1,954 17,687
At 31 December 2023 18,885 43,200 21,068 83,153
NET BOOK VALUE
At 31 December 2023 - 83,606 2,646 86,252
At 31 December 2022 133 99,206 4,600 103,939

10. STOCKS
31.12.23 31.12.22
£    £   
Stocks 2,265,444 2,382,725

Medi UK Ltd (Registered number: 02110690)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 3,081,561 2,965,254
Other debtors 95,991 70,512
Deferred tax asset 1,041 741
3,178,593 3,036,507

A deferred tax asset has arisen due to the taxable effect of timing differences of tangible fixed assets. These timing differences are expected to reduce in future periods.

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 348,469 323,132
Amounts owed to group undertakings 65,668 898,423
Tax 203,828 230,162
Social security & other taxes 89,994 82,136
VAT 378,031 341,707
Other creditors 2,104 (38,124 )
Accruals and deferred income 433,749 743,859
1,521,843 2,581,295

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£    £   
Within one year 179,413 101,950
Between one and five years 221,102 105,185
400,515 207,135

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
100,000 Ordinary £1 100,000 100,000

15. RESERVES
Retained
earnings
£   

At 1 January 2023 3,599,503
Profit for the year 1,555,763
Dividends (300,000 )
At 31 December 2023 4,855,266

Medi UK Ltd (Registered number: 02110690)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

16. PENSION COMMITMENTS

The company encourages its employees to provide for their retirement. It matches contributions made by an employee to his or her personal pension scheme up to certain levels. Contributions payable under this policy are charged to the profit and loss account in the period to which they relate.

17. ULTIMATE PARENT COMPANY

Medi Holdings 2009 GmbH (incorporated in Germany ) is regarded by the directors as being the company's ultimate parent company.

18. RELATED PARTY DISCLOSURES

Key management personnel are considered to be the directors. Details of remuneration are shown in note 5.