Company registration number 13239725 (England and Wales)
MEDIPLUS HOLDINGS LIMITED (CONSOLIDATED)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
MEDIPLUS HOLDINGS LIMITED (CONSOLIDATED)
COMPANY INFORMATION
Directors
Mrs E Gray
Mr J R Urie
Secretary
Mrs E Gray
Company number
13239725
Registered office
Unit 7 The Gateway Centre
Coronation Road
Cressex Business Park
High Wycombe
Buckinghamshire
United Kingdom
HP12 3SU
Auditor
Azets Audit Services
Suites B & D
Burnham Yard
London End
Beaconsfield
Buckinghamshire
United Kingdom
HP9 2JH
MEDIPLUS HOLDINGS LIMITED (CONSOLIDATED)
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 31
MEDIPLUS HOLDINGS LIMITED (CONSOLIDATED)
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -

The directors present the strategic report for the year ended 30 September 2024.

Review of the business

In the year to 30th September 2024, the group made a profit after tax of £599,013 compared to £766,679 for the comparative period.

Looking to the forthcoming year, the group expects to continue to make profits in the twelve months from signing, with the level of profitability expected to be marginally increased on the previous year, due to an expected increase in profits but also a similar increase in costs. The Leadership Team continues to monitor cashflow carefully and the latest forecasts indicate there will be sufficient funds to meet both working capital requirements and maintain net cash.

Going concern

In preparing these financial statements, the directors have applied the going concern assumption. The group made a profit after tax of £599,013 during the year under review, and as noted is forecasted to make further profits in the twelve months from the date of signing. Management forecasts for the coming twelve months indicate that the group will be able to meet its working capital requirements during this period.

Principal risks and uncertainties

The management of the business and the nature of the group strategy are subject to several risks. The directors have set out below the principal risks facing the business. Where commercially possible, the directors have put in place processes to monitor and mitigate such risks

High proportion of variable overheads and variable revenues

A large portion of the group’s overheads are variable. The group looks at reducing overheads where possible, especially if there is a significant change in revenue, in order to ensure the group can cover such costs. Management closely monitors fixed and variable overheads against budgets monthly and cost saving exercises are implemented where there is an anticipated decline in revenue.

Competition

The group operates in a competitive environment. As a result there is constant downwards pressure on margins. Policies of constant price reviews and ongoing market review are in place to mitigate such risks. Additionally the group focuses on product quality and enhancement to customer experience, to maintain forecast margins wherever possible.

Legislation

The industry is heavily regulated with continual enhancements of standards and regulations which greatly impacts on costs

Fluctuations in currency exchange

The group operates in GBP, Euro and US Dollars. A proportion of the group’s purchases are from countries in the European Union, the USA and beyond, in both Euros and US Dollars. Both factors potentially expose the group to foreign currency fluctuations. Where currency fluctuations impact on revenues, selling prices are reviewed as soon as practicable. To mitigate cashflow affects of these fluctuations as far as possible, the group maintains bank accounts in all three currencies, naturally hedging the risk and avoiding the need to exchange currencies on a regular basis.

Key performance indicators

To achieve the overall group strategy, the directors monitor the business by measuring actual performance in comparison to detailed monthly and annual budgets, and by reference to certain specific financial and non-financial key performance indicators. Sales growth, gross profit margin and staff costs levels are very important indicators in this respect.

MEDIPLUS HOLDINGS LIMITED (CONSOLIDATED)
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
Financial risk management objectives and policies

The group uses various financial instruments including cash, deposits and finance loans, and other items such as trade debtors and trade creditors arising directly from it’s operations. The existence of these financial instruments exposes the group to several financial risks, as described below.

Liquidity risk

The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable need. The group has an agreed overdraft facility with it’s bank should a short term need arise. As far as possible this facility is not used.

Credit risk

The group’s principal financial assets are cash deposits and trade debtors. The principal credit risk arises from it’s trade debtors. To manage the credit risk, customers are set limits based on a combination of payment history, customer relationships, customer types and agreed terms, and third party credit references. Credit limits are reviewed regularly by the finance team, in conjunction with debt ageing and collection history.

On behalf of the board

Mrs E Gray
Director
20 February 2025
MEDIPLUS HOLDINGS LIMITED (CONSOLIDATED)
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 30 September 2024.

Principal activities

The principal activity of the company and group continued to be that of manufacture, sale and distribution of medical devices.

Results and dividends

The results for the year are set out in the profit and loss.

Ordinary dividends were paid amounting to £1,239,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mrs E Gray
Mr J R Urie
Auditor

In accordance with the company's articles, a resolution proposing that be reappointed as auditor of the group will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mrs E Gray
Director
20 February 2025
MEDIPLUS HOLDINGS LIMITED (CONSOLIDATED)
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

MEDIPLUS HOLDINGS LIMITED (CONSOLIDATED)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MEDIPLUS HOLDINGS LIMITED (CONSOLIDATED)
- 5 -
Opinion

We have audited the financial statements of Mediplus Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company 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 the financial statements:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

MEDIPLUS HOLDINGS LIMITED (CONSOLIDATED)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MEDIPLUS HOLDINGS LIMITED (CONSOLIDATED)
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

MEDIPLUS HOLDINGS LIMITED (CONSOLIDATED)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MEDIPLUS HOLDINGS LIMITED (CONSOLIDATED)
- 7 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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.

Jack Tatschner ACA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
25 February 2025
Chartered Accountants
Statutory Auditor
Suites B & D
Burnham Yard
London End
Beaconsfield
Buckinghamshire
United Kingdom
HP9 2JH
MEDIPLUS HOLDINGS LIMITED (CONSOLIDATED)
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
2
13,140,849
11,413,715
Cost of sales
(6,470,881)
(5,283,729)
Gross profit
6,669,968
6,129,986
Administrative expenses
(5,723,489)
(5,188,493)
Other operating income
96,921
21,740
Operating profit
3
1,043,400
963,233
Interest payable and similar expenses
7
(86,034)
(53,025)
Profit before taxation
957,366
910,208
Tax on profit
8
(358,353)
(143,529)
Profit for the financial year
599,013
766,679
Profit for the financial year is all attributable to the owners of the parent company.
MEDIPLUS HOLDINGS LIMITED (CONSOLIDATED)
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
2024
2023
£
£
Profit for the year
599,013
766,679
Other comprehensive income
-
-
Total comprehensive income for the year
599,013
766,679
Total comprehensive income for the year is all attributable to the owners of the parent company.
MEDIPLUS HOLDINGS LIMITED (CONSOLIDATED)
GROUP BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
684,358
774,320
Current assets
Stocks
13
2,060,812
1,283,476
Debtors
14
1,935,958
1,869,009
Cash at bank and in hand
1,008,866
1,898,535
5,005,636
5,051,020
Creditors: amounts falling due within one year
15
(1,864,325)
(1,090,268)
Net current assets
3,141,311
3,960,752
Total assets less current liabilities
3,825,669
4,735,072
Creditors: amounts falling due after more than one year
16
-
(283,657)
Provisions for liabilities
Deferred tax liability
19
45,112
30,871
(45,112)
(30,871)
Net assets
3,780,557
4,420,544
Capital and reserves
Called up share capital
21
10,100
10,100
Profit and loss reserves
3,770,457
4,410,444
Total equity
3,780,557
4,420,544
The financial statements were approved by the board of directors and authorised for issue on 20 February 2025 and are signed on its behalf by:
20 February 2025
Mrs E Gray
Director
Company registration number 13239725 (England and Wales)
MEDIPLUS HOLDINGS LIMITED (CONSOLIDATED)
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
11
21,209
21,209
Current assets
Debtors
14
492,600
28,100
Cash at bank and in hand
252
66,454
492,852
94,554
Creditors: amounts falling due within one year
15
(503,362)
(106,999)
Net current liabilities
(10,510)
(12,445)
Net assets
10,699
8,764
Capital and reserves
Called up share capital
21
10,100
10,100
Profit and loss reserves
599
(1,336)
Total equity
10,699
8,764

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,240,934 (2023 - £51,664 profit).

The financial statements were approved by the board of directors and authorised for issue on 20 February 2025 and are signed on its behalf by:
20 February 2025
Mrs E Gray
Director
Company registration number 13239725 (England and Wales)
MEDIPLUS HOLDINGS LIMITED (CONSOLIDATED)
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2022
10,100
3,696,765
3,706,865
Year ended 30 September 2023:
Profit and total comprehensive income
-
766,679
766,679
Dividends
9
-
(53,000)
(53,000)
Balance at 30 September 2023
10,100
4,410,444
4,420,544
Year ended 30 September 2024:
Profit and total comprehensive income
-
599,013
599,013
Dividends
9
-
(1,239,000)
(1,239,000)
Balance at 30 September 2024
10,100
3,770,457
3,780,557
MEDIPLUS HOLDINGS LIMITED (CONSOLIDATED)
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2022
10,100
-
0
10,100
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
51,664
51,664
Dividends
9
-
(53,000)
(53,000)
Balance at 30 September 2023
10,100
(1,336)
8,764
Year ended 30 September 2024:
Profit and total comprehensive income
-
1,240,935
1,240,935
Dividends
9
-
(1,239,000)
(1,239,000)
Balance at 30 September 2024
10,100
599
10,699
MEDIPLUS HOLDINGS LIMITED (CONSOLIDATED)
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
884,882
789,202
Interest paid
(86,034)
(25,490)
Income taxes paid
(342,427)
(117,103)
Net cash inflow from operating activities
456,421
646,609
Investing activities
Purchase of tangible fixed assets
(74,531)
(774,655)
Net cash used in investing activities
(74,531)
(774,655)
Financing activities
Payment of finance leases obligations
(428,922)
428,922
Dividends paid to equity shareholders
(842,637)
(122,210)
Net cash (used in)/generated from financing activities
(1,271,559)
306,712
Net (decrease)/increase in cash and cash equivalents
(889,669)
178,666
Cash and cash equivalents at beginning of year
1,898,535
1,719,869
Cash and cash equivalents at end of year
1,008,866
1,898,535
MEDIPLUS HOLDINGS LIMITED (CONSOLIDATED)
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
25
(492,565)
9,373
Investing activities
Proceeds from disposal of subsidiaries
-
0
(11,209)
Dividends received
1,269,000
190,500
Net cash generated from investing activities
1,269,000
179,291
Financing activities
Dividends paid to equity shareholders
(842,637)
(122,210)
Net cash used in financing activities
(842,637)
(122,210)
Net (decrease)/increase in cash and cash equivalents
(66,202)
66,454
Cash and cash equivalents at beginning of year
66,454
-
0
Cash and cash equivalents at end of year
252
66,454
MEDIPLUS HOLDINGS LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 16 -
1
Accounting policies
Company information

Mediplus Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 7, The Gateway Centre, Coronation Road, Cressex Business Park, High Wycombe, Buckinghamshire, United Kingdom, HP12 3SU.

 

The group consists of Mediplus Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Mediplus Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 September 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

MEDIPLUS HOLDINGS LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover represents net invoiced sales of goods, excluding value added tax. Goods are recognised as income on the day they are despatched to customers.

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Improvements to property
- Lease term
Tooling
- 5 years
Plant and equipment
- 3 years
Computer equipment
- 3 years
Office equipment
- 3 years
Cleanroom equipment
- 3 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

MEDIPLUS HOLDINGS LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 18 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

MEDIPLUS HOLDINGS LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 19 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

MEDIPLUS HOLDINGS LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 20 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in the profit or loss account.

MEDIPLUS HOLDINGS LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 21 -
2
Turnover
2024
2023
£
£
Turnover analysed by class of business
Sale of medical devices
13,140,849
11,413,715
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
9,539,964
7,712,980
Europe
1,947,706
2,290,461
United States
1,159,081
1,023,661
Rest of the World
494,098
386,613
13,140,849
11,413,715
3
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Exchange losses
87,887
92,631
Depreciation of owned tangible fixed assets
164,493
98,868
Depreciation of tangible fixed assets held under finance leases
-
11,954
(Profit)/loss on disposal of tangible fixed assets
-
3,789
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
42,000
40,000
For other services
Accounts preparation for the group
7,350
7,000
Corporation tax services for the group
2,100
2,000
9,450
9,000
MEDIPLUS HOLDINGS LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 22 -
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
65
61
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,228,441
2,728,415
-
0
-
0
Social security costs
350,616
288,630
-
-
Pension costs
152,138
123,458
-
0
-
0
3,731,195
3,140,503
-
0
-
0
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
391,331
348,212
Company pension contributions to defined contribution schemes
84,000
56,000
475,331
404,212
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
251,956
227,109
Company pension contributions to defined contribution schemes
42,000
28,000

Number of directors to whom retirement benefits are accruing under money purchase schemes are 2 (2023: 2).

MEDIPLUS HOLDINGS LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 23 -
7
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
85,730
53,025
Other finance costs:
Other interest
304
-
Total finance costs
86,034
53,025
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
234,799
-
0
Adjustments in respect of prior periods
19,588
-
0
Total UK current tax
254,387
-
0
Foreign current tax on profits for the current period
46,836
126,207
Adjustments in foreign tax in respect of prior periods
42,889
-
0
Total current tax
344,112
126,207
Deferred tax
Origination and reversal of timing differences
14,241
17,322
Total tax charge
358,353
143,529
MEDIPLUS HOLDINGS LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
8
Taxation
(Continued)
- 24 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
957,366
910,208
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
239,342
172,940
Tax effect of expenses that are not deductible in determining taxable profit
6,547
2,333
Unutilised tax losses carried forward
-
0
56,784
Adjustments in respect of prior years
19,588
-
0
Permanent capital allowances in excess of depreciation
20,967
(27,169)
Research and development tax credit
-
0
(74,893)
Effect of overseas tax rates
57,668
5,552
Patent box deduction
-
0
(9,340)
Deferred tax
14,241
17,322
Taxation charge
358,353
143,529
9
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
23,000
13,000
Interim paid
1,216,000
40,000
1,239,000
53,000
MEDIPLUS HOLDINGS LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 25 -
10
Tangible fixed assets
Group
Improvements to property
Tooling
Plant and equipment
Computer equipment
Office equipment
Cleanroom equipment
Total
£
£
£
£
£
£
£
Cost
At 1 October 2023
703,173
319,651
150,798
74,948
190,661
88,321
1,527,552
Additions
3,617
54,697
710
2,950
8,828
3,729
74,531
At 30 September 2024
706,790
374,348
151,508
77,898
199,489
92,050
1,602,083
Depreciation and impairment
At 1 October 2023
181,362
246,076
150,456
16,615
77,396
81,327
753,232
Depreciation charged in the year
55,649
36,115
500
23,099
43,650
5,480
164,493
At 30 September 2024
237,011
282,191
150,956
39,714
121,046
86,807
917,725
Carrying amount
At 30 September 2024
469,779
92,157
552
38,184
78,443
5,243
684,358
At 30 September 2023
521,811
73,575
342
58,333
113,265
6,994
774,320
The company had no tangible fixed assets at 30 September 2024 or 30 September 2023.
MEDIPLUS HOLDINGS LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
10
Tangible fixed assets
(Continued)
- 26 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Improvements to property
-
466,222
-
-
11
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
21,209
21,209
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023 and 30 September 2024
21,209
Carrying amount
At 30 September 2024
21,209
At 30 September 2023
21,209
12
Subsidiaries

All subsidaries registered office or place of business is the same as Mediplus Holdings Limited.

 

Mediplus Limited is exempt from audit by virtue of section 479a of the Companies Act 2006 with parenteral guarantee given by the company. The company registration number is 02051641.

Details of the company's subsidiaries at 30 September 2024 are as follows:

Name of undertaking
Country of incorporation
Class of
% Held
shares held
Direct
Mediplus Ltd
UK
Ordinary shares
100.00
Mediplus GmbH
Germany
Ordinary shares
100.00
MEDIPLUS HOLDINGS LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 27 -
13
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
2,060,812
1,283,476
-
0
-
0
14
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,635,505
1,459,853
-
0
-
0
Amounts owed by group undertakings
-
-
492,500
-
Other debtors
421
9,165
100
28,100
Prepayments and accrued income
300,032
399,991
-
0
-
0
1,935,958
1,869,009
492,600
28,100
15
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
17
-
0
145,265
-
0
-
0
Trade creditors
686,906
261,433
-
0
-
0
Amounts owed to group undertakings
1
-
0
11,209
11,209
Corporation tax payable
286,948
285,263
-
0
-
0
Other taxation and social security
85,195
94,363
-
-
Dividends payable
492,153
95,790
492,153
95,790
Other creditors
21,052
16,735
-
0
-
0
Accruals and deferred income
292,070
191,419
-
0
-
0
1,864,325
1,090,268
503,362
106,999
16
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
17
-
0
283,657
-
0
-
0
MEDIPLUS HOLDINGS LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 28 -
17
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
-
0
145,265
-
0
-
0
In two to five years
-
0
283,657
-
0
-
0
-
428,922
-
-

Finance lease payments represent rentals payable by the company or group for certain items of improvements to property. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. All finance leases were settled early in the financial year.

18
Securities

The company are party to an omnibus guarantee and set off agreement dated 27 February 2006 given to National Westminster Bank Plc in respect of overdraft facilities. The total level of indebtedness at the year end amounted to £nil (2023: £nil).

19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
48,648
33,200
Retirement benefit obligations
(3,536)
(2,329)
45,112
30,871
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 October 2023
30,871
-
Charge to profit or loss
14,241
-
Liability at 30 September 2024
45,112
-

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

MEDIPLUS HOLDINGS LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 29 -
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
152,138
123,458

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
10,100
10,100
10,100
10,100
22
Financial commitments, guarantees and contingent liabilities

The Company has given parental guarantees to Mediplus Limited relating to outstanding liabilities to which the subsidiary company is subject.

23
Operating lease commitments

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
231,235
43,375
-
-
Between two and five years
751,514
-
-
-
982,749
43,375
-
-
MEDIPLUS HOLDINGS LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 30 -
24
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
599,013
766,679
Adjustments for:
Taxation charged
358,353
143,529
Finance costs
86,034
25,490
(Gain)/loss on disposal of tangible fixed assets
-
3,900
Depreciation and impairment of tangible fixed assets
164,493
110,822
Movements in working capital:
Increase in stocks
(777,336)
(237,815)
(Increase)/decrease in debtors
(66,949)
17,643
Increase/(decrease) in creditors
521,274
(41,046)
Cash generated from operations
884,882
789,202
25
Cash (absorbed by)/generated from operations - company
2024
2023
£
£
Profit for the year after tax
1,240,935
51,664
Adjustments for:
Investment income
(1,241,000)
(53,500)
Movements in working capital:
Increase in debtors
(492,500)
-
Increase in creditors
-
11,209
Cash (absorbed by)/generated from operations
(492,565)
9,373
26
Analysis of changes in net funds - group
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
1,898,535
(889,669)
1,008,866
Obligations under finance leases
(428,922)
428,922
-
1,469,613
(460,747)
1,008,866
MEDIPLUS HOLDINGS LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 31 -
27
Analysis of changes in net funds - company
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
66,454
(66,202)
252
2024-09-302023-10-01falsefalseCCH SoftwareCCH Accounts Production 2024.310Mr J R UrieMr J R UrieR G UrieMrs E 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