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Registered number: 09703244
















STERIMED UK HOLDINGS LIMITED




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024










STERIMED UK HOLDINGS LIMITED

 
COMPANY INFORMATION


DIRECTORS
E J Vero 
J B D'Hautefeuille 
T Hyvernat 




REGISTERED NUMBER
09703244



REGISTERED OFFICE
Second Avenue
Westfield Industrial Estate Midsomer Norton

Radstock

BA3 4DP




INDEPENDENT AUDITORS
Bishop Fleming LLP
Chartered Accountants & Statutory Auditors

10 Temple Back

Bristol

BS1 6FL




BANKERS
HSBC Bank
Bristol

BS1 6DZ




SOLICITORS
Gateley Plc
Abbey Square

Reading

RG1 3BE






STERIMED UK HOLDINGS LIMITED


CONTENTS



Page
Strategic Report
 
1
Directors' Report
 
2
Directors' Responsibilities Statement
 
3
Independent Auditors' Report
 
4 - 7
Statement of Comprehensive Income
 
8
Statement of Financial Position
 
9
Statement of Changes in Equity
 
10
Statement of Cash Flows
 
11
Analysis of Net Debt
 
12
Notes to the Financial Statements
 
13 - 21


STERIMED UK HOLDINGS LIMITED

 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

INTRODUCTION
 
The directors present their strategic report on the company for the year ended 30th June 2024. 

BUSINESS REVIEW
 
Westfield Medical is a leading manufacturer and supplier of single-use sterilisation barrier materials to hospitals and the healthcare industry. Since December 2021 it has been part of the Sterimed Group, a global leader in medical packaging headquartered in France with operations in 22 countries.
Sterimed UK Holdings serves as a holding company of Westfield Medical Limited and has no trading of its own. In March 2023 it also acquired 100% of the share capital of Granton Medical Limited bringing contract packing services into the Group’s portfolio of offerings. Granton Medical Limited is also the leading UK manufacturer of self-seal sterilization pouches.

PERFORMANCE, FINANCIAL POSITION AND KEY PERFORMANCE INDICATORS
 
Sterimed UK Holdings has no external secured debt and only has loan obligations to its parent company.


This report was approved by the board on 25 March 2025 and signed on its behalf.



E J Vero
Director
Page 1


STERIMED UK HOLDINGS LIMITED

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

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

RESULTS AND DIVIDENDS

The loss for the year, after taxation, amounted to £541 thousand (2023: loss £536 thousand).

DIRECTORS

The directors who served during the year were:

E J Vero 
J B D'Hautefeuille 
T Hyvernat 

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

POST BALANCE SHEET EVENTS

There has been no material post balance sheet events requiring disclosure.

AUDITORS

The auditorsBishop Fleming LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 






E J Vero
Director

Date: 25 March 2025

Second Avenue
Westfield Industrial Estate Midsomer Norton
Radstock
BA3 4DP
Page 2


STERIMED UK HOLDINGS LIMITED

 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Page 3


STERIMED UK HOLDINGS LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STERIMED UK HOLDINGS LIMITED
OPINION


We have audited the financial statements of Sterimed UK Holdings Limited (the 'Company') for the year ended 30 June 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equitythe Group Statement of comprehensive income, the Group and Company Statements of financial position, the Group Statement of cash flows, the Group and Company Statement of changes in equity, the Consolidated analysis of net debt and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 June 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


BASIS FOR OPINION


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


CONCLUSIONS RELATING TO GOING CONCERN


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


OTHER INFORMATION


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Page 4


STERIMED UK HOLDINGS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STERIMED UK HOLDINGS LIMITED (CONTINUED)

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
 

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


the information given in the Strategic Report and the 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.


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the 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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


RESPONSIBILITIES OF DIRECTORS
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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.


Page 5


STERIMED UK HOLDINGS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STERIMED UK HOLDINGS LIMITED (CONTINUED)

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities:
 
We have considered the nature of the industry and sector, control environment and business performance.
We have considered the results of our enquiries of management including the Finance Director and Chief Executive Officer about their own identification and assessment of the risk of irregularities.
For any matters identified we have obtained and reviewed the Company’s documentation of their policies and procedures relating to:
°Identifying, evaluating, and complying with laws and regulations whether they were aware of any instances of non-compliance;
°Detecting and responding to the risk of fraud and whether they have knowledge of actual, suspected, or alleged fraud; and
°The internal controls established to mitigate the risks of fraud or non-compliance with laws and regulations.
We have considered the matters discussed among the audit engagement team including internal tax specialists regarding how and where fraud might occur in the financial statements and potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud is through the risk of management override. 
We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or to avoid a material penalty. These included data protection regulations, health and safety regulations, employment legislation and quality management systems.
 
Page 6


STERIMED UK HOLDINGS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STERIMED UK HOLDINGS LIMITED (CONTINUED)

Audit response to risks identified
We identified revenue recognition cut off and valuation of stock as key audit matters related to the potential risk of fraud, our procedures to respond to risks identified included the following:
 
Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
Enquiring of management concerning actual and potential litigation claims;
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement or fraud;
Reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and
In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. 
 


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 2006Our 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 Auditors' 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.






Ria Burridge FCCA (Senior Statutory Auditor)
for and on behalf of
Bishop Fleming LLP
Chartered Accountants
Statutory Auditors
10 Temple Back
Bristol
BS1 6FL

25 March 2025
Page 7


STERIMED UK HOLDINGS LIMITED

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£000
£000

  

Administrative expenses
  
(7)
(7)

Other operating income
  
-
6

EBITDA
  
(7)
(1)

Interest receivable and similar income
 6 
39
16

Interest payable and similar expenses
 7 
(573)
(551)

Loss before tax
  
(541)
(536)

Loss for the financial year
  
(541)
(536)

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 13 to 21 form part of these financial statements.
Page 8


STERIMED UK HOLDINGS LIMITED
REGISTERED NUMBER:09703244

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

As restated
2024
2023
Note
£000
£000

Fixed assets
  

Investments
 9 
5,605
5,605

  
5,605
5,605

Current assets
  

Debtors: amounts falling due within one year
 10 
2,140
3,808

  
2,140
3,808

Creditors: amounts falling due within one year
 11 
(896)
(1,153)

Net current assets
  
 
 
1,244
 
 
2,655

Total assets less current liabilities
  
6,849
8,260

Creditors: amounts falling due after more than one year
 12 
(7,660)
(8,530)

  

Net liabilities
  
(811)
(270)


Capital and reserves
  

Called up share capital 
 14 
475
475

Capital redemption reserve
 15 
100
100

Profit and loss account
 15 
(1,386)
(845)

  
(811)
(270)


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





E J Vero
Director

Date: 25 March 2025

The notes on pages 13 to 21 form part of these financial statements.

Page 9


STERIMED UK HOLDINGS LIMITED


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£000
£000
£000
£000


At 1 July 2022
475
100
(309)
266


Comprehensive income for the year

Loss for the year
-
-
(536)
(536)



At 1 July 2023
475
100
(845)
(270)


Comprehensive income for the year

Loss for the year
-
-
(541)
(541)


At 30 June 2024
475
100
(1,386)
(811)


The notes on pages 13 to 21 form part of these financial statements.

Page 10


STERIMED UK HOLDINGS LIMITED


STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
£000
£000

Cash flows from operating activities

Loss for the financial year
(541)
(536)

Adjustments for:

Interest paid
573
551

Interest received
(39)
(16)

Decrease in debtors
1,668
717

(Decrease)/increase in creditors
(257)
1,514

Net cash generated from operating activities

1,404
2,230


Cash flows from investing activities

Purchase of tangible fixed assets
-
(1,146)

Interest received
39
16

Net cash from investing activities

39
(1,130)

Cash flows from financing activities

Repayment of loans
(870)
(550)

Interest paid
(573)
(551)

Net cash used in financing activities
(1,443)
(1,101)

Net increase/(decrease) in cash and cash equivalents
-
(1)

Cash and cash equivalents at beginning of year
-
1

Cash and cash equivalents at the end of year
-
-



The notes on pages 13 to 21 form part of these financial statements.

Page 11


STERIMED UK HOLDINGS LIMITED


ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2024




As restated
At 1 July 2023
Cash flows
At 30 June 2024
£000

£000

£000

Debt due after 1 year

(8,530)

(586)

(9,116)

Debt due within 1 year

(870)

1,136

266



(9,400)
550
(8,850)

The notes on pages 13 to 21 form part of these financial statements.
Page 12


STERIMED UK HOLDINGS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


GENERAL INFORMATION

Westfield Medical Group Limited is a private company limited by shares, registered in England and Wales. The address of its registered office is Second Avenue, Westfield Industrial Estate, Midsomer Norton, Radstock, BA3 4DP.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The financial statements have been prepared on a going concern basis which the directors consider to be appropriate. 
The directors have prepared cash flow forecasts which indicate that the company and the group will have sufficient funds to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements.

 
2.3

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.7

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 13


STERIMED UK HOLDINGS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (continued)

 
2.8

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.9

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Page 14


STERIMED UK HOLDINGS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those 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 affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The critical judgments made by management that have a significant effect on the amounts recognised in the financial statements are described below.
Critical judgments
Lease Commitments:
Determine whether leases entered into by the group either as a lessor or lessee are operating leases or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.
Depreciation rates:
Tangible fixed assets are depreciated over their useful lives, taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
Sources of estimation uncertainty
Valuation of investments in subsidiary companies
At the balance sheet date the directors consider whether there are indicators that the investment in subsidiary companies requires impairment. Such indicators include results since acquisition, net assets of the subsidiary companies, and forecast profitability of the investments. 


4.


AUDITORS' REMUNERATION

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£000
£000


Fees payable to the Company's auditors for the audit of the Company's financial statements
5
5


5.


EMPLOYEES




The Company has no employees other than the directors, who did not receive any remuneration (2023: £NIL).

Page 15


STERIMED UK HOLDINGS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


INTEREST RECEIVABLE

2024
2023
£000
£000


Interest receivable from group companies
39
16

39
16


7.


INTEREST PAYABLE AND SIMILAR EXPENSES

2024
2023
£000
£000


Loans from group undertakings
573
551

573
551


8.


TAXATION


2024
2023
£000
£000



TOTAL CURRENT TAX
-
-

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25% (2023: 20.50%). The differences are explained below:

2024
2023
£000
£000


Loss on ordinary activities before tax
(541)
(536)


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 20.5%)
(135)
(110)

EFFECTS OF:


Group relief
135
110

TOTAL TAX CHARGE FOR THE YEAR
-
-


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.

Page 16


STERIMED UK HOLDINGS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


FIXED ASSET INVESTMENTS





Investments in subsidiary companies

£000



COST OR VALUATION


At 1 July 2023
5,605



At 30 June 2024
5,605





SUBSIDIARY UNDERTAKINGS


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Westfield Medical Limited
Ordinary
100%
Granton Medical Limited
Ordinary
100%

The aggregate of the share capital and reserves as at 30 June 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£000
£000

Westfield Medical Limited
5,099
2,011

Granton Medical Limited
(740)
(578)


10.


DEBTORS

2024
2023
£000
£000


Amounts owed by group undertakings
2,140
3,708

Other debtors
-
100

2,140
3,808


Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

Page 17


STERIMED UK HOLDINGS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

As restated
2024
2023
£000
£000

Other loans
870
870

Accruals and deferred income
26
283

896
1,153


The 2023 restatement relates to other loans being incorrectly aged in the prior year accounts, and due to amounts previously identified as 'amounts owed to group undertakings' being reclassified to 'other loans'.


12.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

As restated
2024
2023
£000
£000

Other loans
7,660
8,530

7,660
8,530


The 2023 restatement relates to other loans being incorrectly aged in the prior year accounts, and due to amounts previously identified as 'amounts owed to group undertakings' being reclassified to 'other loans'.

Page 18


STERIMED UK HOLDINGS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

13.


LOANS


Analysis of the maturity of loans is given below:


2024
2023
£000
£000

AMOUNTS FALLING DUE WITHIN ONE YEAR

Other loans
870
870


870
870

AMOUNTS FALLING DUE 1-2 YEARS

Other loans
870
870


870
870

AMOUNTS FALLING DUE 2-5 YEARS

Other loans
6,790
7,660


6,790
7,660


8,530
9,400


The 2023 restatement relates to other loans being incorrectly aged in the prior year accounts, and due to amounts previously identified as 'amounts owed to group undertakings' being reclassified to 'other loans'

Page 19


STERIMED UK HOLDINGS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

14.


SHARE CAPITAL

2024
2023
£000
£000
ALLOTTED, CALLED UP AND FULLY PAID



120,000 (2023: 120,000) A Ordinary shares of £1.00 each
120
120
280,000 (2023: 280,000) B Ordinary shares of £1.00 each
280
280
75,000 (2023: 75,000) C Ordinary shares of £1.00 each
75
75

475

475



15.


RESERVES

Capital redemption reserve

Cumulative nominal value of share repurchased by the company.

Profit and loss account

The profit and loss reserve represents cumulative profits or losses, net of dividends paid and other adjustments.


16.


CAPITAL COMMITMENTS


At 30 June 2024 the Company had capital commitments as follows:

2024
2023
£000
£000


Contracted for but not provided in these financial statements
226,962
-

226,962
-

Page 20


STERIMED UK HOLDINGS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

17.


RELATED PARTY TRANSACTIONS

At the year end Westfield Medical Limited owed Sterimed UK Holdings Limited £1,368k (2023: £2,730k), this amount is included in amounts owed by group undertakings. 
In 2022 Sterimed Holding SAS, the immediate parent company, advanced loans totalling £8,430k to Sterimed UK Holdings Limited. The loans attract a weighted interest rate of 6.5%, and are repayable by instalments in less than 5 years from the balance sheet date. This balance is included within other loans and totalled £7,330k (2023: £7,880k) at the year end. 
In 2023 Sterimed Holding SAS, the immediate parent company, advanced loans totalling £1,600k to Sterimed UK Holdings Limited. The loan attracts an interest rate of 4.50%, and are repayable by instalments in less than 5 years from the balance sheet date. This balance is included within other loans and totalled £1,200k (2023: £1,520k) at the year end. 
During the period interest totalling £573k (2023: £551k) accrued on the loans.
In 2023, the company advanced a loan to its subsidiary, Granton Medical Limited, totalling £1,030k. During the year interest accrued on the loan totalling £39k (2023: £16k). The balance at the year end is £772k (2023: £978k) and is included in amounts owed by group undertakings. 
The directors are considered to be the key management personnel of the company. Directors' remuneration is disclosed in note 8. 


18.


CONTROLLING PARTY

The immediate parent company is Sterimed Holding SAS, a private limited company incorporated in France.
The ultimate parent undertaking is Sterimed International SAS, a private limited company incorporated in France. The smallest and largest group in which the results of the company are consolidated is headed by Sterimed International SAS. Copies of these financial statements are available from the registered office. 
 
Page 21