Medimpex UK Limited
Annual Report and Financial Statements
For the year ended 31 December 2024
Company Registration No. 00597927 (England and Wales)
Medimpex UK Limited
Company Information
Directors
E Bogsch
R Narauskas
Secretary
N Paston-Delmas
Company number
00597927
Registered office
127 Shirland Road
London
W9 2EP
Auditor
Moore Kingston Smith LLP
4 Victoria Square
St Albans
Hertfordshire
AL1 3TF
Medimpex UK Limited
Contents
Page
Directors' report
1 - 2
Independent auditor's report
3 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 21
Medimpex UK Limited
Directors' Report
For the year ended 31 December 2024
Page 1
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
The company's principal activity is that of holding property for use by itself and the group and acting as a commission agent for a pharmaceutical producer.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
E Bogsch
T Halko
(Resigned 30 June 2024)
R Narauskas
Results and dividends
The results for the year are set out on page 7.
During the year the company paid dividends of £Nil (2023: £Nil) to equity holders.
Auditor
The auditor, Moore Kingston Smith LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Strategic Report Exemption
The company has chosen, in accordance with the Companies Act 2006, S. 414B(b), not to prepare a Strategic Report.
Medimpex UK Limited
Directors' Report (Continued)
For the year ended 31 December 2024
Page 2
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 company’s auditor 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 company’s auditor is aware of that information.
On behalf of the board
E Bogsch
R Narauskas
Director
Director
15 May 2025
Medimpex UK Limited
Independent Auditor's Report
To the Members of Medimpex UK Limited
Page 3
Opinion
We have audited the financial statements of Medimpex UK Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 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.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our 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.
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.
Medimpex UK Limited
Independent Auditor's Report (Continued)
To the Members of Medimpex UK Limited
Page 4
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has 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 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; or
the directors were not entitled to take advantage of the small companies exemption from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 1, 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.
Medimpex UK Limited
Independent Auditor's Report (Continued)
To the Members of Medimpex UK Limited
Page 5
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.
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
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. 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.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Medimpex UK Limited
Independent Auditor's Report (Continued)
To the Members of Medimpex UK Limited
Page 6
Explanation as to what extent 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, 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.
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.
Our approach was as follows:
We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.
We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.
We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.
Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
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.
Trushit Patel
Senior Statutory Auditor
for and on behalf of Moore Kingston Smith LLP
16 May 2025
Chartered Accountants
Statutory Auditor
4 Victoria Square
St Albans
Hertfordshire
AL1 3TF
Medimpex UK Limited
Statement of Comprehensive Income
For the year ended 31 December 2024
Page 7
2024
2023
Notes
£
£
Administrative expenses
(164,955)
(214,976)
Other operating income
440,750
342,138
Operating profit
4
275,795
127,162
Interest receivable and similar income
5
374
Interest payable and similar expenses
6
(536)
Profit before taxation
275,259
127,536
Tax on profit
7
(78,567)
(40,680)
Profit for the financial year
196,692
86,856
Other comprehensive income
Revaluation of tangible fixed assets
296,850
Tax relating to other comprehensive income
(25,000)
Total comprehensive income for the year
468,542
86,856
Medimpex UK Limited
Balance Sheet
As at 31 December 2024
Page 8
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
8
1,466,249
1,239,712
Investment properties
9
1,650,000
1,650,000
Investments
10
149
149
3,116,398
2,889,861
Current assets
Debtors
11
272,130
165,559
Cash at bank and in hand
484,187
330,381
756,317
495,940
Creditors: amounts falling due within one year
12
(81,188)
(72,790)
Net current assets
675,129
423,150
Total assets less current liabilities
3,791,527
3,313,011
Provisions for liabilities
Deferred tax liability
13
(397,677)
(387,703)
(397,677)
(387,703)
Net assets
3,393,850
2,925,308
Capital and reserves
Called up share capital
15
200,008
200,008
Revaluation reserve
14
921,165
649,315
Profit and loss reserves
16
2,272,677
2,075,985
Total equity
3,393,850
2,925,308
The financial statements were approved by the board of directors and authorised for issue on 15 May 2025 and are signed on its behalf by:
E Bogsch
R Narauskas
Director
Director
Company Registration No. 00597927
Medimpex UK Limited
Statement of Changes in Equity
For the year ended 31 December 2024
Page 9
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2023
200,008
649,315
1,989,129
2,838,452
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
86,856
86,856
Balance at 31 December 2023
200,008
649,315
2,075,985
2,925,308
Year ended 31 December 2024:
Profit for the year
-
-
196,692
196,692
Other comprehensive income:
Revaluation of tangible fixed assets
-
296,850
-
296,850
Tax relating to other comprehensive income
-
(25,000)
(25,000)
Total comprehensive income for the year
-
271,850
196,692
468,542
Balance at 31 December 2024
200,008
921,165
2,272,677
3,393,850
Medimpex UK Limited
Notes to the Financial Statements
For the year ended 31 December 2024
Page 10
1
Accounting policies
Company information
Medimpex UK Limited is a limited company domiciled and incorporated in England and Wales. The registered office is 127 Shirland Road, London, W9 2EP.
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 on the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties. The principal accounting policies adopted are set out below.
The only reason why the company is not a small company is because it is part of an illegible group .The company has taken advantage of the available exemption in FRS 102 from the requirement to produce a strategic report and cash flow statement on the grounds that it is a subsidiary undertaking where a consolidated cash flow statement is prepared by the ultimate parent company.
1.2
Going concern
The directors have considered the principal risks and uncertainties facing the business, along with the Company's objectives, policies and processes for managing its exposure to financial risk.true
The Company generated a profit of £196,692 and total comprehensive income of £468,542 during the year. After cessation of its pharmaceuticals business the company’s principal activity will be that of holding investment property for use by the group and will therefore receive its income from the group.
The Company has obtained a letter of comfort from Gedeon Richter Plc stating they will influence the Company in a way that it will be in a position to meet all of its current and future payment obligations.
The directors believe that the company will remain profitable in future and the directors believe that the company will have sufficient resources to continue in operation for a period of at least 12 months from the date of approval of these financial statements, and as a result the financial statements have been prepared on the going concern basis.
1.3
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:
Freehold land
Not depreciated
Freehold buildings
2% straight line
Fixtures, fittings & equipment
20% reducing balance
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 credited or charged to profit or loss.
Medimpex UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 11
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
Gains or losses arising from changes in the fair value of investment property are included in profit and loss for the period in which they arise.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
Impairment of fixed assets
At each reporting period end date, the company 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.
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 in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Cash at bank and in hand
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.
Medimpex UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 12
1.8
Financial instruments
The company 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 company's balance sheet 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 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.
Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
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. The impairment loss 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 company 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 company after deducting all of its liabilities.
Medimpex UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 13
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 company’s contractual obligations expire or are discharged or cancelled.
1.9
Equity instruments
Equity instruments issued by the company 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 company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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 company’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 when the company has 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.
Medimpex UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 14
1.11
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
1.12
The company has taken advantage of the exemption under section 401 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Medimpex UK Limited is a wholly owned subsidiary of Gedeon Richter Plc, a company incorporated in Hungary and the results of Medimpex UK Limited are included in the consolidated financial statements of Gedeon Richter Plc.
Medimpex UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 15
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Depreciation
The annual depreciation charge for property, plant and equipment is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 8 for the carrying amount of the property, plant and equipment and note 1.3 for the useful economic lives for each class of asset.
Freehold and Investment properties
The company uses the valuation performed by its independent valuers as the current market value of property and rebuild costs of the building when splitting the land and buildings within the financial statements.
Details of the valuation methodology and key assumptions are given in note 9.
Deferred Tax on Property Valuation
The deferred tax liability includes deferred tax on the gain recognised on the freehold and investment property. This is calculated based on the difference between the valuation at year end and the historical cost. It also includes an indexation allowance to allow for the change in the value of money over time.
The breakdown of this can be seen in note 13 of the accounts. This deferred tax has been recognised to account for the gain that would occur when the property was sold which would be taxable.
The deferred tax in relation to the freehold property is £118,082 (2023: £93,082) and the deferred tax in relation to the investment property was £270,824 (2023: £270,824). The UK tax rate that is applied is 25%.
Medimpex UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 16
3
Revenue
An analysis of the company's turnover is as follows:
2024
2023
£
£
Interest income
-
374
Commissions received
195,658
115,338
Management fees receivable
226,800
226,800
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Exchange losses
18
Fees payable to the company's auditor
9,500
8,420
Depreciation of owned tangible fixed assets
70,313
84,612
Operating lease charges
3,350
3,426
5
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
374
6
Interest payable and similar expenses
2024
2023
£
£
Other interest
536
7
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
84,593
52,419
ATED Tax
9,000
8,450
Total current tax
93,593
60,869
Deferred tax
Origination and reversal of timing differences
(15,026)
(20,189)
Total tax charge
78,567
40,680
Medimpex UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
7
Taxation
(Continued)
Page 17
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
275,259
127,536
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
68,815
31,884
Tax effect of expenses that are not deductible in determining taxable profit
22,618
Effect of change in corporation tax rate
(2,083)
Permanent capital allowances in excess of depreciation
15,778
Other non-reversing timing differences
(15,026)
(20,189)
ATED Tax
9,000
8,450
Taxation charge for the year
78,567
40,680
In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:
2024
2023
£
£
Deferred tax arising on:
Revaluation of property
25,000
-
The group and parent company are within the scope of Pillar Two legislation.
Gedeon Richter UK Ltd (an fellow subsidiary) in the UK has appointed as designated filing entity (DFE) in the United Kingdom.
The group is continuing to assess the impact of the Pillar Two income taxes legislation on its future financial performance.
Medimpex UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 18
8
Tangible fixed assets
Freehold land
Fixtures, fittings & equipment
Total
£
£
£
Cost or valuation
At 1 January 2024
1,150,000
338,674
1,488,674
Revaluation
100,000
100,000
At 31 December 2024
1,250,000
338,674
1,588,674
Depreciation and impairment
At 1 January 2024
180,600
68,362
248,962
Depreciation charged in the year
16,250
54,063
70,313
Revaluation
(196,850)
(196,850)
At 31 December 2024
122,425
122,425
Carrying amount
At 31 December 2024
1,250,000
216,249
1,466,249
At 31 December 2023
969,400
270,312
1,239,712
Land and buildings with a carrying amount of £1,250,000 were revalued on the basis of market value at 9 December 2024 by Design Group Nine, independent valuers not connected with the company. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.
The historic cost of the property was £389,410 (2023: £389,410).
The revaluation surplus is disclosed in note 14.
9
Investment property
2024
£
Fair value
At 1 January 2024 and 31 December 2024
1,650,000
Investment property comprises property held for rental income and capital appreciation. The fair value of the investment property has been arrived at on the basis of a valuation carried out on 9 December 2024 by Design Group Nine, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties, the limited rental evidence has been used to generate a capital value.
The historical cost of the investment property is £180,000 (2023: £180,000).
Included within investment properties are amounts related to land of £1,300,000 (2023: £1,300,000).
Medimpex UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 19
10
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
17
2
2
Unlisted investments
147
147
149
149
The company has not designated any financial assets that are not classified as financial assets at fair value through profit or loss.
The company has invested 1% share in one of its fellow subsidiaries, which is wholly owned by the company's ultimate parent Gedeon Richter Plc, a company incorporated in Hungary and listed on the Hungarian Stock Exchange.
11
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
214,191
11,019
Other debtors
5,778
Prepayments and accrued income
52,161
154,540
272,130
165,559
The above amounts are measured at amortised cost.
12
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
3,486
3,026
Corporation tax
45,365
48,756
Other taxation and social security
19,730
8,211
Other creditors
12,607
12,797
81,188
72,790
Medimpex UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 20
13
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
ACAs
8,771
23,797
Investment property
270,824
270,824
Freehold property
118,082
93,082
397,677
387,703
2024
Movements in the year:
£
Liability at 1 January 2024
387,703
Credit to profit or loss
(15,026)
Charge to other comprehensive income
25,000
Liability at 31 December 2024
397,677
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so.
14
Revaluation reserve
2024
2023
£
£
At 1 January
649,315
649,315
Revaluation surplus arising in the year
296,850
Deferred tax on revaluation of freehold land and buildings
(25,000)
-
At 31 December
921,165
649,315
15
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
200,008
200,008
200,008
200,008
Medimpex UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 21
16
Retained earnings
2024
2023
£
£
At beginning of year
2,075,985
1,989,129
Profit for the year
196,692
86,856
At end of period
2,272,677
2,075,985
On transition to FRS 102 the unrecognised gains on the fair value valuation of investment properties was reclassified from the revaluation reserve to the profit and loss reserve. The unrecognised gains in relation to the fair value movements on revaluation are not distributable reserves. As at the year end, the non-distributable reserves in relation to the fair value of investment properties amounted to £1,013,026 (2023: £1,013,026).
17
Subsidiaries
These financial statements are separate company financial statements for the year ended 31 December 2024.
Details of the company's subsidiaries at 31 December 2024 are as follows:
Country of incorporation (or residence)
Proportion of ownership interest (%)
Proportion of voting power held (%)
Nature of business
Farnham Laboratories Limited
England and Wales
100.00
100.00
Dormant company
The investments in subsidiaries are all stated at cost.
18
Related party transactions
The company has taken the exemption available in FRS 102 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking in the group.
19
Ultimate controlling party
The company's ultimate parent undertaking continued to be Gedeon Richter Plc, a company incorporated in Hungary and listed on the Hungarian Stock Exchange. Consolidated financial statements are available from the parent company's registered office at Gyomroi it 19-21, 1103 Budapest, Hungary.
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