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Registered number: 02769324
















WESTFIELD MEDICAL LIMITED




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024






WESTFIELD MEDICAL LIMITED

 
COMPANY INFORMATION


DIRECTORS
J B D'Hautefeuille 
T Hyvernat 
R Jenkins 
E J Vero 




REGISTERED NUMBER
02769324



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
3 Temple Quay

Bristol

BS1 6DZ




SOLICITORS
Gateley PLC
Abbey Square

Reading

RG1 3BE






WESTFIELD MEDICAL 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 - 27



WESTFIELD MEDICAL LIMITED

 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

INTRODUCTION
 
The directors present their strategic report on the company for the 12 months 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 leading global provider of medical packaging.
The company enjoyed significant sales growth compared to the previous year from a combination of increased pricing, expansion of export sales to the Middle East in particular and an expansion of sales to medical device manufacturers with a wider range of product offerings.  
The company now sources the majority of its medical grade papers from within the wider Group giving it cost advantages as well as better control of the supply chain. 
Investments made during the year have increased the manufacturing capacity and efficiency of its clean room where further growth is expected.

PERFORMANCE, FINANCIAL POSITION AND KEY PERFORMANCE INDICATORS
 
Record sales and profits were recorded for the period. Sales grew by 14.5% over the previous year and profit increased by 64% to £2,011k. Sales of more specialized, higher margin products in particular have risen increasing gross margins from 33% to 35%.
Cash flow was healthy and the company’s cash position at the end of year was improved by £800k.

FUTURE DEVELOPMENTS
 
Being part of an ambitious and well resourced Group continues to present new opportunities from product development and innovation and a global sales network. It is expected that leveraging this resource will further help the company grow. The next financial year will include investments to expand manufacturing capacity and reduce the carbon footprint. Product innovation will focus on improving sustainability features of the product range as well as addressing other market requirements. 


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



E J Vero
Director

Page 1


WESTFIELD MEDICAL 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 profit for the year, after taxation, amounted to £2,011 thousand (2023:£1,228 thousand).

DIRECTORS

The directors who served during the year were:

J B D'Hautefeuille 
T Hyvernat 
R Jenkins 
E J Vero 

MATTERS COVERED IN THE STRATEGIC REPORT

Information relating to financial instruments and future prospects is considered to be of strategic importance and has been disclosed in the strategic report and excluded from the directors' report as permitted under the Companies Act 2006.

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


WESTFIELD MEDICAL 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


WESTFIELD MEDICAL LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WESTFIELD MEDICAL LIMITED
OPINION


We have audited the financial statements of Westfield Medical 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 Equity 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 profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


BASIS FOR OPINION


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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


WESTFIELD MEDICAL LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WESTFIELD MEDICAL 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


WESTFIELD MEDICAL LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WESTFIELD MEDICAL 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 following areas:
 
Revenue recognition cut off; and
Valution of stock 

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


WESTFIELD MEDICAL LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WESTFIELD MEDICAL 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


WESTFIELD MEDICAL LIMITED

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£000
£000

  

Turnover
 4 
19,510
17,031

Cost of sales
  
(12,665)
(11,416)

Gross profit
  
6,845
5,615

Distribution costs
  
(567)
(397)

Administrative expenses
  
(3,648)
(3,391)

Other operating income
  
-
1

EBITDA
 5 
2,630
1,828

Depreciation
  
(342)
(329)

Total operating profit
  
2,288
1,499

Interest receivable and similar income
 9 
-
8

Interest payable and similar expenses
 10 
(54)
(17)

Profit before tax
  
2,234
1,490

Tax on profit
 11 
(223)
(262)

Profit for the financial year
  
2,011
1,228

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 27 form part of these financial statements.

Page 8


WESTFIELD MEDICAL LIMITED
REGISTERED NUMBER:02769324

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£000
£000

Fixed assets
  

Tangible assets
 12 
2,849
2,724

  
2,849
2,724

Current assets
  

Stocks
 13 
2,573
3,352

Debtors: amounts falling due within one year
 14 
4,880
2,653

Cash at bank and in hand
 15 
1,635
888

  
9,088
6,893

Creditors: amounts falling due within one year
 16 
(6,325)
(5,974)

Net current assets
  
 
 
2,763
 
 
919

Total assets less current liabilities
  
5,612
3,643

Creditors: amounts falling due after more than one year
 17 
(93)
(138)

Provisions for liabilities
  

Deferred tax
 20 
(420)
(417)

Net assets
  
5,099
3,088


Capital and reserves
  

Called up share capital 
 21 
400
400

Profit and loss account
 22 
4,699
2,688

  
5,099
3,088


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 27 form part of these financial statements.

Page 9


WESTFIELD MEDICAL LIMITED


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


Called up share capital
Profit and loss account
Total equity

£000
£000
£000


At 1 July 2022
400
1,460
1,860


Comprehensive income for the year

Profit for the year
-
1,228
1,228



At 1 July 2023
400
2,688
3,088


Comprehensive income for the year

Profit for the year
-
2,011
2,011


At 30 June 2024
400
4,699
5,099


The notes on pages 13 to 27 form part of these financial statements.

Page 10


WESTFIELD MEDICAL LIMITED


STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
£000
£000

Cash flows from operating activities

Profit for the financial year
2,011
1,228

Adjustments for:

Depreciation of tangible assets
343
330

Interest paid
17
17

Interest received
(8)
(8)

Taxation charge
262
262

Decrease/(increase) in stocks
779
(1,096)

(Increase)/decrease in debtors
(2,227)
883

Increase/(decrease) in creditors
363
(1,197)

Corporation tax (paid)
(254)
(301)

Net cash generated from operating activities

1,286
118


Cash flows from investing activities

Purchase of intangible fixed assets
-
(354)

Sale of intangible assets
-
42

Purchase of tangible fixed assets
(470)
-

Sale of tangible fixed assets
2
-

Interest received
8
8

HP interest paid
(17)
(16)

Net cash from investing activities

(477)
(320)

Cash flows from financing activities

Repayment of loans
(10)
(9)

Repayment of/new finance leases
(52)
(124)

Interest paid
-
(1)

Net cash used in financing activities
(62)
(134)

Net increase/(decrease) in cash and cash equivalents
747
(336)

Cash and cash equivalents at beginning of year
888
1,224

Cash and cash equivalents at the end of year
1,635
888


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,635
888

1,635
888


The notes on pages 13 to 27 form part of these financial statements.

Page 11


WESTFIELD MEDICAL LIMITED


ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2024





At 1 July 2023
Cash flows
New finance leases
At 30 June 2024
£000

£000

£000

£000

Cash at bank and in hand

888

747

-

1,635

Debt due after 1 year

(24)

(19)

29

(14)

Debt due within 1 year

(10)

(21)

21

(10)

Finance leases

(214)

52

-

(162)



640
759
50
1,449

The notes on pages 13 to 27 form part of these financial statements.

Page 12


WESTFIELD MEDICAL LIMITED

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

1.


GENERAL INFORMATION

Westfield Medical Limited is a private limited company limited by shares, registered in England and Wales. The address of its registered office is Second Avenue, Wesfield 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 company has net current assets of £2,763k (2023: net current liabilities of £919k) and net assets of £5,099k (2023: £3,088k) as a result of an amount owed to its immediate parent company, which is classified as repayable on demand. The parent company continues to support the company, and has confirmed it will not seek repayment of the debt unless the company has sufficient working capital to do so without jeopardising the company position. 
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

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 13


WESTFIELD MEDICAL LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.4

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

LEASED ASSETS: THE COMPANY AS LESSEE

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.7

INTEREST INCOME

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

 
2.8

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.

 
2.9

BORROWING COSTS

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

Page 14


WESTFIELD MEDICAL LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.10

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

CURRENT AND DEFERRED TAXATION

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

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.12

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 15


WESTFIELD MEDICAL LIMITED

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

2.ACCOUNTING POLICIES (continued)


2.12
TANGIBLE FIXED ASSETS (CONTINUED)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
50 years
Long-term leasehold property
-
4-10 years
Plant and machinery
-
3-7 years
Motor vehicles
-
3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a standard cost basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

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.

 
2.15

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.

 
2.16

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.

Page 16


WESTFIELD MEDICAL LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.17

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

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 17


WESTFIELD MEDICAL 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 company 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 stocks:
The company reviews the net realisable value of, and demand for, its stock on a regular basis to provide assurance that recorded inventory is stated at the lower of cost or net realisable value. The company will make provision for those individual stock balances where the recoverable value is judged to be lower than the carring amount.
Valuation of trade debtors:
The company reviews the valuation of the trade debtor balances outstanding on a regular basis to provide assurance that the carrying value is not higher than the recoverable amount. The company will make provision for those individual trade debtor balances where the recoverable value is judged to be lower than the carring amount.


4.


TURNOVER

The whole of the turnover is attributable to the company's principal activity.
The directors have not included an analysis of turnover by geographical market as they consider it would be prejudicial to the interests of the Company.

Page 18


WESTFIELD MEDICAL LIMITED

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

5.


OPERATING PROFIT

The operating profit is stated after charging:

2024
2023
£000
£000

Depreciation of tangible fixed assets
343
330

Exchange differences
11
(82)


6.


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
18
17


7.


EMPLOYEES

Staff costs, including directors' remuneration, were as follows:


2024
2023
£000
£000

Wages and salaries
3,949
3,457

Social security costs
362
317

Cost of defined contribution scheme
224
156

4,535
3,930


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Production
75
76



Administration
11
12



Selling and distribution
20
14

106
102

Page 19


WESTFIELD MEDICAL LIMITED

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

8.


DIRECTORS' REMUNERATION

2024
2023
£000
£000

Directors' emoluments
294
267

Company contributions to defined contribution pension schemes
68
20

362
287


During the year retirement benefits were accruing to 2 directors (2023:1) in respect of defined contribution pension schemes.

In the prior year the highest paid director received remuneration of £168 thousand (2023:£150 thousand).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £35 thousand (2023:£10 thousand).


9.


INTEREST RECEIVABLE

2024
2023
£000
£000


Interest receivable from group companies
-
8

-
8


10.


INTEREST PAYABLE AND SIMILAR EXPENSES

2024
2023
£000
£000


Other loan interest payable
1
1

Loans from group undertakings
35
-

Finance leases and hire purchase contracts
18
16

54
17

Page 20


WESTFIELD MEDICAL LIMITED

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

11.


TAXATION


2024
2023
£000
£000

CORPORATION TAX


Current tax on profits for the year
217
130

Adjustments in respect of previous periods
4
-


TOTAL CURRENT TAX

221
130

DEFERRED TAX


Origination and reversal of timing differences
32
38

Adjustments in respect of prior periods
(30)
94

TOTAL DEFERRED TAX

2
132


TAXATION ON PROFIT ON ORDINARY ACTIVITIES
223
262
Page 21


WESTFIELD MEDICAL LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
11.TAXATION (CONTINUED)



FACTORS AFFECTING TAX CHARGE FOR THE YEAR

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

2024
2023
£000
£000


Profit on ordinary activities before tax
2,234
1,490


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023:20.50%)
559
305

EFFECTS OF:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1
23

Capital allowances for year in excess of depreciation
18
37

Adjustments to tax charge in respect of prior periods
4
(6)

Capital gains
(6)
(9)

Other tax charge (relief) on exceptional items
(5)
-

Other differences leading to an increase (decrease) in the tax charge
-
7

Group relief
(318)
(189)

Adjustments to tax charge in respect of previous periods
(30)
94

TOTAL TAX CHARGE FOR THE YEAR
223
262


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.

Page 22


WESTFIELD MEDICAL LIMITED

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

12.


TANGIBLE FIXED ASSETS





Freehold property
Long-term leasehold property
Plant and machinery
Motor vehicles
Assets under construction
Total

£000
£000
£000
£000
£000
£000



COST OR VALUATION


At 1 July 2023
1,827
423
3,587
191
-
6,028


Additions
12
9
362
65
22
470


Disposals
-
(7)
(431)
-
-
(438)



At 30 June 2024

1,839
425
3,518
256
22
6,060



DEPRECIATION


At 1 July 2023
46
188
2,985
85
-
3,304


Charge for the year on owned assets
37
55
194
-
-
286


Charge for the year on financed assets
-
-
-
57
-
57


Disposals
-
(7)
(429)
-
-
(436)



At 30 June 2024

83
236
2,750
142
-
3,211



NET BOOK VALUE



At 30 June 2024
1,756
189
768
114
22
2,849



At 30 June 2023
1,781
235
602
106
-
2,724


13.


STOCKS

2024
2023
£000
£000

Raw materials and consumables
1,800
2,216

Work in progress (goods to be sold)
88
80

Finished goods and goods for resale
685
1,056

2,573
3,352


Page 23


WESTFIELD MEDICAL LIMITED

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

14.


DEBTORS

2024
2023
£000
£000


Trade debtors
3,141
1,789

Amounts owed by group undertakings
1,505
616

Other debtors
77
25

Prepayments and accrued income
157
223

4,880
2,653


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


15.


CASH AND CASH EQUIVALENTS

2024
2023
£000
£000

Cash at bank and in hand
1,635
888

1,635
888



16.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£000
£000

Bank loans
10
10

Trade creditors
1,259
1,551

Amounts owed to group undertakings
3,571
3,152

Corporation tax
5
-

Other taxation and social security
422
125

Obligations under finance lease and hire purchase contracts
83
100

Other creditors
1
3

Accruals and deferred income
974
1,033

6,325
5,974


Page 24


WESTFIELD MEDICAL LIMITED

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

17.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
2023
£000
£000

Bank loans
14
24

Net obligations under finance leases and hire purchase contracts
79
114

93
138



18.


LOANS


Analysis of the maturity of loans is given below:


2024
2023
£000
£000

AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans
10
10


10
10

AMOUNTS FALLING DUE 1-2 YEARS

Bank loans
10
10


10
10

AMOUNTS FALLING DUE 2-5 YEARS

Bank loans
5
15


5
15


25
35



19.


HIRE PURCHASE AND FINANCE LEASES


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£000
£000


Within one year
83
100

Between 1-5 years
79
114

162
214

Page 25


WESTFIELD MEDICAL LIMITED

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

20.


DEFERRED TAXATION




2024


£000






At beginning of year
(417)


Charged to profit or loss
(3)



AT END OF YEAR
(420)

The provision for deferred taxation is made up as follows:

2024
2023
£000
£000


Fixed asset timing differences
(163)
(147)

Capital gains
(268)
(273)

Short term timing differences
11
3

(420)
(417)


21.


SHARE CAPITAL

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



400,000 (2023:400,000) Ordinary shares of £1.00 each
400
400



22.


RESERVES

Profit and loss account

The profit and loss account includes all current and prior periods retained profits and losses.


23.


PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £224k (2023: £150k). Contributions totalling £14k (2023: £12k) were payable to the fund at the reporting date and are included in creditors.

Page 26


WESTFIELD MEDICAL LIMITED

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

24.


COMMITMENTS UNDER OPERATING LEASES

At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£000
£000


Not later than 1 year
120,000
-

Later than 1 year and not later than 5 years
480,000
-

Later than 5 years
810,000
-

1,410,000
-


25.


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, a parent company, advanced loans totalling £8,430k to Sterimed UK Holdings Limited, the immediate parent company. During the period Westfield Medical Limited made payments on account to Sterimed Holding SAS totalling £550k (2023: £1,375k).
n 2023 Sterimed Holding SAS, a parent company, advanced loans totalling £1,600k to Sterimed UK Holdings Limited, the immediate parent company. During the period Westfield Medical Limited made payments on account to Sterimed Holding SAS totalling £320k (2023: £80k).
At the year end Granton Medical Limited owed Westfield Medical Limited £1,272k (2023: £377k), this amount 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. 


26.


CONTROLLING PARTY

The immediate parent company is Sterimed UK Holdings Limited, a private limited company incorporated in the United Kingdom. 
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 27