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Registration number: 10946488

Fertility Bristol Limited

Annual Report and Financial Statements

for the Year Ended 31 March 2024

 

Fertility Bristol Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3 to 4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 9

Profit and Loss Account

10

Balance Sheet

11

Statement of Changes in Equity

12

Statement of Cash Flows

13

Notes to the Financial Statements

14 to 28

 

Fertility Bristol Limited

Company Information

Directors

V Akande

G Beal

Y E Hignell

Registered office

Freshford House
Redcliffe Way
Bristol
BS1 6NL

Auditors

ML Audit LLP
Statutory Auditors
Freshford House
Redcliffe Way
Bristol
BS1 6NL

 

Fertility Bristol Limited

Strategic Report for the Year Ended 31 March 2024

The directors present their strategic report for the year ended 31 March 2024.

Principal activity

The principal activity of the company is the provision of in-vitro fertilisation and related medical services.

Fair review of the business

The company turnover for the year has increased to £9.3m from £7.5m (as restated) in 2023, and made a pre-tax profit of £2.0m (2023 : £0.5m (as restated)). The performance of the company for the period ended 31 March 2024 was in line with the expectations of the directors, with a strong increase in revenue. The financial position of the company is considered satisfactory. Over the year, the company continued to invest in its operational capacity and capabilities to grow its market position and deliver high-quality services.

Principal risks and uncertainties

The key business risks and uncertainties affecting the company relate to changes in the economy, competition from national and international practices, and the introduction of new treatments and procedures. The company mitigates these risks through regular market analysis, investment in research and development, and maintaining high standards of patient care to differentiate itself from competitors.

Financial key performance indicators

Given the straightforward nature of the business, the directors are of the opinion that traditional KPI analysis is not necessary for an understanding of the company’s development, performance, or position. Revenue growth, customer satisfaction and clinical outcomes are monitored internally and have remained strong.

Future developments

The company will continue to invest in cutting-edge technology and expand its service offerings to meet growing patient demand and maintain its competitive advantage.

Outlook

The directors remain confident in the company's ability to continue delivering high-quality services and to achieve sustainable growth in the coming years.

Approved and authorised by the Board on 24 February 2025 and signed on its behalf by:
 

.........................................
V Akande
Director

 

Fertility Bristol Limited

Directors' Report for the Year Ended 31 March 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors of the company

The directors who held office during the year were as follows:

V Akande

P Wilson (ceased 29 October 2024)

E McVeigh (ceased 29 October 2024)

D Rees Jones (ceased 29 October 2024)

The following directors were appointed after the year end:

G Beal (appointed 19 December 2024)

Y E Hignell (appointed 29 October 2024)

D Shah (appointed 29 October 2024 and ceased 19 December 2024)

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends of £3,000,000 were paid during the year (2023 - £300,000). The directors do not recommend payment of a final dividend (2023 - £nil).

Financial instruments

The company has procedures to identify risk and protect and manage the company from events that may hinder its financial performance objectives. The objectives aim to ensure sufficient working capital exists and monitor and manage risk.

Price risk, credit risk, liquidity risk and cash flow risk

Price risk – the company is exposed to price risk as a result of its operations, but the risk is minimised by the demand for its high quality fertility services.

Credit risk – The company manages credit risk effectively by requiring payment in advance for treatment. This policy significantly reduces the risk of non-payment and ensures that the company maintains a secure cash flow. Clear terms and conditions are provided to all patients at the outset, further minimising the company's exposure to credit risk. These measures support the company's financial stability and enable it to continue delivering high-quality fertility services.

Liquidity and cash flow risk – the company’s exposure to liquidity risk is minimal as the company tightly monitors and controls its cash flow.

Events after the financial period

Since the balance sheet date, the company has been acquired by FB Topco Limited. The ultimate controlling party since the date of acquisition is FutureLife a.s., a company incorporated in the Czech Republic.

 

Fertility Bristol Limited

Directors' Report for the Year Ended 31 March 2024

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

The auditors ML Audit LLP are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Approved by the Board on 24 February 2025 and signed on its behalf by:

V Akande
Director

   
     
 

Fertility Bristol Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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 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.

 

Fertility Bristol Limited

Independent Auditor's Report to the Members of Fertility Bristol Limited

Qualified Opinion

We have audited the financial statements of Fertility Bristol Limited (the 'company') for the year ended 31 March 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, 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 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, except for the possible effects of the matter described in the Basis for Qualified Opinion section of our report, the financial statements:

give a true and fair view of the state of the company's affairs as at 31 March 2024 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 qualified opinion on financial statements

We were not appointed as auditor of the company until after 31 March 2023 and thus did not observe the counting of physical inventories at the end of that year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities of £226,163 held at 31 March 2023 by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount at 31 March 2023 was necessary or whether there was any consequential effect on the cost of sales for the year ended 31 March 2024. In addition, were any adjustment to the inventory balance to be required, the strategic report would also need to be amended.

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 qualified opinion.

Key audit matters

Except for the matter described in the basis for qualified opinion section, we have determined that there are no key audit matters to be communicated in our report.

 

Fertility Bristol Limited

Independent Auditor's Report to the Members of Fertility Bristol Limited

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 were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the inventory quantities of £226,163 held at 31 March 2023. We have concluded that where the other information refers to the inventory balance or related balances such as cost of sales, it may be materially misstated for the same reason.

Opinion on other matter prescribed by the Companies Act 2006

Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:

the information given in the strategic report and directors' report 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.

Other matter

The prior year financial statements were unaudited.

 

Fertility Bristol Limited

Independent Auditor's Report to the Members of Fertility Bristol Limited

Matters on which we are required to report by exception

Except for the matter described in the basis for qualified opinion section of our report, in 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 directors’ report.

Arising solely from the limitation on the scope of our work relating to stock, referred to above:

we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and

we were unable to determine whether adequate accounting records have been kept.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

returns adequate for our audit have not been received from locations 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 5, 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 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.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework;

inquired of management, and those charged with governance, about their own identification and assessment of the risks or irregularities, including known and actual, suspected or alleged instances of fraud;

discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity’s operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

 

Fertility Bristol Limited

Independent Auditor's Report to the Members of Fertility Bristol Limited

A further description of our responsibilities is available on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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 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 members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Guy Armitage-Norton (Senior Statutory Auditor)
For and on behalf of ML Audit LLP, Statutory Auditor
Statutory Auditors
Freshford House
Redcliffe Way
Bristol
BS1 6NL

25 February 2025

 

Fertility Bristol Limited

Profit and Loss Account for the Year Ended 31 March 2024

Note

2024
£

(As restated)
Unaudited
2023
£

Turnover

3

9,330,905

7,500,700

Cost of sales

 

(4,388,101)

(4,451,470)

Gross profit

 

4,942,804

3,049,230

Administrative expenses

 

(2,912,717)

(2,538,644)

Operating profit

4

2,030,087

510,586

Other interest receivable and similar income

5

12,636

5,689

Interest payable and similar expenses

6

(16,235)

(12,581)

   

(3,599)

(6,892)

Profit before tax

 

2,026,488

503,694

Tax on profit

10

(519,690)

127,289

Profit for the financial year

 

1,506,798

630,983

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above. As a result, a seperate Statement of Other Comprehensive Income has not been presented.

 

Fertility Bristol Limited

(Registration number: 10946488)
Balance Sheet as at 31 March 2024

Note

2024
£

(As restated)
Unaudited
2023
£

Fixed assets

 

Tangible assets

12

2,806,547

2,590,131

Current assets

 

Stocks

13

583,366

226,163

Debtors

14

1,033,919

626,194

Cash at bank and in hand

15

1,477,163

2,201,517

 

3,094,448

3,053,874

Creditors: Amounts falling due within one year

16

(3,658,122)

(2,145,128)

Net current (liabilities)/assets

 

(563,674)

908,746

Total assets less current liabilities

 

2,242,873

3,498,877

Creditors: Amounts falling due after more than one year

16

(165,805)

-

Provisions for liabilities

17

(407,634)

(336,241)

Net assets

 

1,669,434

3,162,636

Capital and reserves

 

Called up share capital

215

215

Share premium reserve

20

104,676

104,676

Retained earnings

20

1,564,543

3,057,745

Shareholders' funds

 

1,669,434

3,162,636

Approved and authorised by the Board on 24 February 2025 and signed on its behalf by:
 

V Akande
Director

   
     
 

Fertility Bristol Limited

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 April 2023

215

104,676

3,057,745

3,162,636

Profit for the year

-

-

1,506,798

1,506,798

Dividends

-

-

(3,000,000)

(3,000,000)

At 31 March 2024

215

104,676

1,564,543

1,669,434

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 April 2022

215

104,676

2,726,762

2,831,653

Profit for the year (as restated)

-

-

630,983

630,983

Dividends

-

-

(300,000)

(300,000)

At 31 March 2023 (as restated)

215

104,676

3,057,745

3,162,636

 

Fertility Bristol Limited

Statement of Cash Flows for the Year Ended 31 March 2024

Note

2024
£

(As restated)
Unaudited
2023
£

Cash flows from operating activities

Profit for the year

 

1,506,798

630,983

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

246,661

297,744

Profit on disposal of tangible assets

4

(3,051)

-

Finance income

5

(12,636)

(5,689)

Finance costs

6

16,235

12,581

Income tax expense

10

519,690

(127,289)

 

2,273,697

808,330

Working capital adjustments

 

Increase in stocks

13

(357,203)

(45,575)

Increase in trade debtors

14

(407,725)

(69,965)

Increase in trade creditors

16

1,210,674

670,787

Cash generated from operations

 

2,719,443

1,363,577

Income taxes paid

10

(189,758)

(1,039)

Net cash flow from operating activities

 

2,529,685

1,362,538

Cash flows from investing activities

 

Interest received

5

12,636

5,689

Acquisitions of tangible assets

12

(134,081)

(120,348)

Proceeds from sale of tangible assets

12

35,534

-

Net cash flows from investing activities

 

(85,911)

(114,659)

Cash flows from financing activities

 

Interest paid

6

(16,235)

(12,581)

Payments to hire purchase and finance lease creditors

 

(151,893)

(100,128)

Dividends paid

22

(3,000,000)

(300,000)

Net cash flows from financing activities

 

(3,168,128)

(412,709)

Net (decrease)/increase in cash and cash equivalents

 

(724,354)

835,170

Cash and cash equivalents at 1 April

 

2,201,517

1,366,347

Cash and cash equivalents at 31 March

 

1,477,163

2,201,517

 

Fertility Bristol Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Freshford House
Redcliffe Way
Bristol
BS1 6NL

These financial statements were authorised for issue by the Board on 24 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

The directors have reviewed the company's supply chains, key customers, capital resources and continues to operate within its budgets and forecasts following the year end.

The company made a profit before tax of £2,026,488 (2023 as restated - £503,694) and had a bank balance of £1,477,163 (2023 - £2,201,517) at the year ended 31 March 2024.

The directors are confident that the company has sufficient resources and cashflow generated from activity, and the intention of the group and ultimate parent company is to continue operational existence for a period of at least twelve months from the date of signing this report.

 

Fertility Bristol Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Prior period errors

During the audit of the 2024 financial statements, it was identified that contrary to the company's revenue recognition policy, certain treatment income had not been deferred, and therefore the value of deferred income at 31 March 2023 had been understated. The prior period balance sheet and profit and loss account have therefore been restated to correct this. On the comparative profit and loss account, this has resulted in a decrease in turnover of £687,110 and decrease in the tax charge of £130,439. On the balance sheet, there has been a corresponding increase in accruals and deferred income of £687,110 and decrease in the corporation tax liability of £130,439.

Key accounting estimates and significant judgements

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, if the revision only affects that period, or in the period of the revision and future periods if the revision affects both current and future periods.

During the year, management have made estimates for deferred income of £1,189,369 (2023 - £964,438). The basis for these estimates in relation to fertility treatments invoiced upfront are formed from reviewing the stage of treatment at the balance sheet date, which is estimated based on certain treatment milestones being reached.

In determining the closing stock valuation at 31 March 2024 of £583,366 (2023 - £226,163), management makes significant judgements in the allocation of individual cost elements that comprise the closing finished goods value. These judgements involve estimating attributable material costs, labour costs and overheads.

Revenue recognition

Turnover is derived from the company’s principal activity undertaken in the United Kingdom. Turnover represents the invoiced value of services provided to customers for fertility treatment, including cycles, medication and other associated services, less amounts deferred within creditors.

Turnover is recognised where and to the extent that the company is entitled to it under the terms of its contracts with customers. Drugs are recognised at the point of invoice as that is when they are dispensed to the patient. Invoices raised in advance of fertility treatments are recognised within deferred income and are released to the profit & loss account on a systematic basis in line with when the value of the services invoiced are provided to the customer. Where a contract with a customer includes cryostorage, this is recognised in deferred income at the point of freezing and released to the profit and loss on a straight-line basis.

Prices for treatment are agreed with the customer in advance of any treatment taking place. Contracts with customers do not allow for refunds once services are performed. If a patient is entitled to a refund on services not yet performed, this is recognised when there is an agreement to issue the refund.

Other revenue includes amounts received for the provision of training days and similar activities.

 

Fertility Bristol Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Finance income and costs policy

Interest income and expenses are recognised using the effective interest rate method.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Short leasehold land and buildings

6.67% straight line and 20% straight line

Furniture, fittings and equipment

20% straight line and 33% straight line

Plant and machinery

10% straight line

 

Fertility Bristol Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

50% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell within the financial statements. The value of stock is determined by attributing purchase costs, costs of conversion, and other attributable overheads incurred in bringing stock to its present location and condition. When considering attributable costs incurred, these consist primarily of labour and other personnel costs incurred when providing the service.

At each reporting date, stocks are assessed for impairment, with any associated impairment loss being recognised immediately in the profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Fertility Bristol Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the relative risks and uncertainties.

Increases in provisions are generally charged as an expense to the profit or loss.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the
risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the
lease and the present value of the minimum lease payments. These assets are depreciated on a
straight-line basis over the shorter of the useful life of the asset and the lease term. The
corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss and reduction of the
lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the
liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Fertility Bristol Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

3

Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

2024
£

(As restated)
Unaudited
2023
£

Rendering of services

9,328,670

7,500,700

Other revenue

2,235

-

9,330,905

7,500,700

All revenue is generated from sales in the United Kingdom.

4

Operating profit

Arrived at after charging/(crediting):

2024
£

Unaudited
2023
£

Depreciation expense

246,661

297,744

Foreign exchange losses

1,001

-

Operating lease expense - property

293,568

293,568

Profit on disposal of property, plant and equipment

(3,051)

-

5

Other interest receivable and similar income

2024
£

Unaudited
2023
£

Interest income on bank deposits

12,636

5,689

6

Interest payable and similar expenses

2024
£

Unaudited
2023
£

Interest on obligations under finance leases and hire purchase contracts

16,235

1,354

Interest expense on other finance liabilities

-

11,227

16,235

12,581

 

Fertility Bristol Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

7

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

Unaudited
2023
£

Wages and salaries

2,897,032

2,556,358

Social security costs

305,655

272,756

Pension costs, defined contribution scheme

166,930

144,167

Other employee expense

14,002

5,846

3,383,619

2,979,127

The average number of persons employed by the company (including directors) during the year, analysed by category, was as follows:

2024
No.

Unaudited
2023
No.

Administration and support

26

27

Medical

58

50

Directors

4

4

88

81

8

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

Unaudited
2023
£

Remuneration

415,416

279,291

Contributions paid to money purchase schemes

8,344

6,125

423,760

285,416

In respect of the highest paid director:

2024
£

Unaudited
2023
£

Remuneration

164,100

153,125

 

Fertility Bristol Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

Unaudited
2023
No.

Accruing benefits under money purchase pension scheme

2

1

The directors are considered to be the key management personnel (KMP) of the Company.

9

Auditors' remuneration

2024
£

Unaudited
2023
£

Audit of the financial statements

24,000

-


 

 

Fertility Bristol Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

10

Taxation

Tax charged/(credited) in the income statement:

2024
£

(As restated)
Unaudited
2023
£

Current taxation

UK corporation tax

448,297

60,336

Deferred taxation

Arising from origination and reversal of timing differences

71,393

(187,625)

Tax expense/(receipt) in the income statement

519,690

(127,289)

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 19%).

The differences are reconciled below:

2024
£

(As restated)
Unaudited
2023
£

Profit before tax

2,026,488

503,694

Corporation tax at standard rate

506,622

95,702

Decrease in UK and foreign current tax from adjustment for prior periods

(148)

(92,607)

Tax decrease from effect of capital allowances and depreciation

-

(6,428)

Decrease from effect of different UK tax rates on some earnings

-

(22,804)

Effect of expense not deductible in determining taxable profit (tax loss)

1,770

22,660

Deferred tax expense/(credit) from unrecognised temporary difference from a prior period

11,446

(123,812)

Total tax charge/(credit)

519,690

(127,289)

 

Fertility Bristol Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

11

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

129,928

129,928

At 31 March 2024

129,928

129,928

Amortisation

At 1 April 2023

129,928

129,928

At 31 March 2024

129,928

129,928

Carrying amount

At 31 March 2024

-

-

12

Tangible assets

Short leasehold land and buildings
 £

Furniture, fittings and equipment
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 April 2023

2,651,012

6,636

790,509

3,448,157

Additions

33,457

2,760

459,343

495,560

Disposals

(3,785)

-

(61,668)

(65,453)

At 31 March 2024

2,680,684

9,396

1,188,184

3,878,264

Depreciation

At 1 April 2023

244,864

6,636

606,526

858,026

Charge for the year

183,808

221

62,632

246,661

Eliminated on disposal

(274)

-

(32,696)

(32,970)

At 31 March 2024

428,398

6,857

636,462

1,071,717

Carrying amount

At 31 March 2024

2,252,286

2,539

551,722

2,806,547

At 31 March 2023

2,406,148

-

183,983

2,590,131

 

Fertility Bristol Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

2024
£

Unaudited
2023
£

Plant and machinery

353,666

27,379

   

13

Stocks

2024
£

Unaudited
2023
£

Other inventories

583,366

226,163

14

Debtors

Current

2024
£

Unaudited
2023
£

Trade debtors

589,506

484,578

Other debtors

-

600

Prepayments

444,413

141,016

 

1,033,919

626,194

15

Cash and cash equivalents

2024
£

Unaudited
2023
£

Cash at bank

346,950

322,255

Short-term deposits

1,130,213

1,879,262

1,477,163

2,201,517

 

Fertility Bristol Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

16

Creditors

Note

2024
£

(As restated)
Unaudited
2023
£

Due within one year

 

Trade creditors

23

556,603

275,147

Amounts due to related parties

23

600,000

-

Social security and other taxes

 

88,190

75,862

Other creditors

 

349

1,600

Accruals and deferred income

 

1,989,366

1,671,225

Corporation tax liability

10

317,836

59,297

Current HP liabilities

 

105,778

61,997

 

3,658,122

2,145,128

Due after one year

 

Non-current HP liabilities

 

165,805

-

Hire purchase liabilities are secured against the assets to which they relate.

17

Provisions for liabilities

Deferred tax
£

Total
£

At 1 April 2023

336,241

336,241

Additional provisions

71,393

71,393

At 31 March 2024

407,634

407,634

18

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £166,930 (2023 - £144,167).

Contributions totalling £349 (2023 - £nil) were payable to the scheme at the end of the year and are included in creditors.

 

Fertility Bristol Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

19

Share capital

Allotted, called up and fully paid shares

2024

Unaudited
2023

No.

£

No.

£

Ordinary A share capital of £0.01 each

21,586

215

21,586

215

       

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions:
Ordinary shares carry one voting right per share and the right to dividends.

20

Reserves

Share capital

This reserve reflects the nominal value of the share capital issued by the Company.

Share premium

This reserve reflects the amount above the nominal value received for shares sold, less transaction costs.

Profit and loss account

This reserve reflects the accumulated profits and losses of the Company, net of distributions to owners.

21

Obligations under leases and hire purchase contracts

Finance leases

The total of future minimum lease payments is as follows:

2024
£

Unaudited
2023
£

Not later than one year

105,778

61,997

Later than one year and not later than five years

165,805

-

271,583

61,997

 

Fertility Bristol Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Operating leases

The total of future minimum lease payments is as follows:

2024
£

Unaudited
2023
£

Not later than one year

334,445

222,964

Later than one year and not later than five years

1,337,782

1,337,782

Later than five years

2,452,600

2,787,045

4,124,827

4,347,791

22

Dividends

2024

Unaudited
2023

£

£

Interim dividend of £138.98 (2023 - £13.90) per ordinary share

3,000,000

300,000

 

 

23

Related party transactions

Key management personnel

Key management personnel comprises directors of the company.

Summary of transactions with other related parties

Other related parties comprise shareholders of the company and other companies controlled by directors of Fertility Bristol Limited.
 

Expenditure with and payables to related parties

2024

Other related parties
£

Rendering of services

6,600

Included within trade creditors is the above amount owed to a company that is controlled by one of the directors.

 

Fertility Bristol Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Loans from related parties

2024

Key management
£

Other related parties
£

Total
£

At start of period

-

-

-

Advanced

545,910

54,090

600,000

At end of period

545,910

54,090

600,000

2023

Key management
£

Total
£

At start of period

319,769

319,769

Advanced

55,332

55,332

Repaid

(375,101)

(375,101)

At end of period

-

-

Terms of loans from related parties

Amounts owed to key management are interest free and repayable on demand.
 Amounts owed to other related parties are interest free and repayable on demand.

24

Non adjusting events after the financial period

Since the balance sheet date, the company has been acquired by FB Topco Limited. The ultimate controlling party since the date of acquisition is FutureLife a.s., a company incorporated in the Czech Republic.

25

Controlling party

The ultimate controlling party as at the balance sheet date was Dr V Akande.