Company registration number 04087007 (England and Wales)
BRACCO UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
BRACCO UK LIMITED
COMPANY INFORMATION
Directors
Mr E Tettamanti
Ms S Oldham
Mr A Gaiani
Secretary
Ms R Mowat
Company number
04087007
Registered office
Magdalen Centre
The Oxford Science Park
Oxford
Oxfordshire
UK
OX4 4GA
Auditor
Azets Audit Services
Suites B & D
Burnham Yard
London End
Beaconsfield
Buckinghamshire
United Kingdom
HP9 2JH
BRACCO UK LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Income statement
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11 - 23
BRACCO UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

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

Review of the business

There was an increase in turnover of £4,016k (12%) predominately due to an increased injector install base. To strengthen the customer value proposition for Bracco UK, the national UK service centre is now fully operational.

 

The main driver for this increase in revenue was the Device Injector (DI) business which contributed £20,810k (57%) of the total 2024 revenues of £36,287k (2023: £32,271k). This is attributed to additional Government funding for diagnostic healthcare and the implementation of 160 community diagnostic centres.

 

The company’s gross profit has increased to £12,662k (2023: £12,490k). The company has a varied and balanced portfolio of products which is a critical factor in the development of the business. The split of product type is 57% devices and 43% pharmaceutical products. Administration costs increase in 2024 due to the investment in the UK service centre resulting in a drop in Operating Profit to £3,254k (2023 £4,083k).

Principal risks and uncertainties

The company has the NHS as its principal customer base, which continues to be a price competitive market. The prices expected to erode in some market segments but strengthen in other segments due to historically low prices being renegotiated. To mitigate this, the company is increasing its average selling price on contracts renewals and marketing and promoting higher margin products. The company also benefits from being able to offer a wide range of products to a market with traditionally high demand. Sales growth in our products indicate that the market for the company’s products will continue for the foreseeable future. Furthermore, the NHS is government supported and not considered to represent a credit risk.

Procurement for medicines and medical devices within the NHS continues to undergo change and the company actively participates in trade associations and other forums to ensure it keeps pace with the changing face of public procurement as well as keeping abreast of developments with competitors.

Key performance indicators

The key performance indicators of the business are turnover and operating profit which are in the business review above

Future Developments

There are no future developments expected as the company’s direction of activities remain consistent.

On behalf of the board

Ms S Oldham
Director
16 May 2025
BRACCO UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

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

Principal activities

The principal activity of the company comprise selling and distributing contrast media and medical devices.

There are no manufacturing activities carried out by Bracco UK Limited.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £2,000,000 (2023: £1,500,000). The directors recommend payment of a final dividend of £1,000,000 (2023: £2,000,000).

Directors

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

Mr E Tettamanti
Ms S Oldham
Mr A Gaiani
Financial instruments
Financial risk management objectives and policies

The Company’s activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The company does not use derivative contracts for speculative purposes.

 

Cash flow risk

 

The Company’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The directors do not consider this risk to have a significant impact on the business and therefore have not undertaken any hedging strategies to mitigate this risk.

Liquidity risk

 

Liquidity risk is mitigated for the company as it monitors its day-to-day liquidity position and runs periodical cashflow forecasts to ensure sufficient funds are available to finance working capital. Moreover, the risk is considered low as the cash balances are sufficient to cover the Company’s liabilities.

Credit risk

 

The Company’s principal financial assets are cash and cash equivalents and trade and other receivables.

 

The Company’s credit risk is primarily attributable to its trade receivables. As most of its trade receivables are from NHS institutions, any risk is calculated as small. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for doubtful receivables is made on expected loss, and estimate updated on evidence of a reduction in the recoverability of the cash flows. The company manages its credit risk by undertaking credit checks on its customers and regular reviews of outstanding debt from customers.

BRACCO UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Going concern

The Company’s business activities, together with the factors likely to affect its future development and position, are set out in the Strategic report.

 

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company has considerable financial resources together with long term contracts with most of their customers, an operating profit of £3,254k with net current assets of £4,055k. The company maintains a cash balance in excess of £1,834k whilst having no debt. Additionally, 2024 has remained profitable and cash-flow positive, and it is expected to be for at least 12 months from the date of signing.

Energy and carbon report

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

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
Ms S Oldham
Director
16 May 2025
BRACCO UK LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

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

 

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

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the 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.

BRACCO UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF BRACCO UK LIMITED
- 5 -
Opinion

We have audited the financial statements of Bracco UK Limited (the 'company') for the year ended 31 December 2024 which comprise the income statement, the statement of financial position, 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 Financial Reporting Standard 101 Reduced Disclosure Framework (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

BRACCO UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF BRACCO UK LIMITED
- 6 -
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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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

BRACCO UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF BRACCO UK LIMITED
- 7 -

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

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

 

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

 

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

 

 

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

Use of our report

This report is made solely to the company’s member 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 member, those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

David Green MA (Cantab) FCA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
16 May 2025
Chartered Accountants
Statutory Auditor
Suites B & D
Burnham Yard
London End
Beaconsfield
Buckinghamshire
United Kingdom
HP9 2JH
BRACCO UK LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£000s
£000s
Revenue
3
36,287
32,271
Cost of sales
(23,625)
(19,781)
Gross profit
12,662
12,490
Administrative expenses
(9,631)
(8,636)
Other operating income
223
229
Operating profit
4
3,254
4,083
Finance costs
7
(8)
(10)
Other gains and losses
8
(9)
(25)
Profit before taxation
3,237
4,048
Tax on profit
9
(725)
(948)
Profit and total comprehensive income for the financial year
2,512
3,100
BRACCO UK LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£000s
£000s
£000s
£000s
Non-current assets
Intangible assets - goodwill
11
2,060
2,060
Other intangible assets
11
38
-
0
Property, plant and equipment
12
1,387
361
3,485
2,421
Current assets
Inventories
13
5,947
4,452
Trade and other receivables
14
7,156
4,033
Cash and cash equivalents
1,834
2,618
14,937
11,103
Current liabilities
15
(10,139)
(6,395)
Net current assets
4,798
4,708
Total assets less current liabilities
8,283
7,129
Non-current liabilities
15
(642)
-
Net assets
7,641
7,129
Equity
Called up share capital
21
-
0
-
0
Capital redemption reserve
22
3,500
3,500
Retained earnings
4,141
3,629
Total equity
7,641
7,129
The financial statements were approved by the board of directors and authorised for issue on 16 May 2025 and are signed on its behalf by:
Ms S Oldham
Director
Company registration number 04087007
BRACCO UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Share capital
Capital redemption reserve
Retained earnings
Total
Notes
£000s
£000s
£000s
£000s
Balance at 1 January 2023
-
3,500
2,029
5,529
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
3,100
3,100
Transactions with owners in their capacity as owners:
Dividends
10
-
-
(1,500)
(1,500)
Balance at 31 December 2023
-
0
3,500
3,629
7,129
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
2,512
2,512
Transactions with owners in their capacity as owners:
Dividends
10
-
-
(2,000)
(2,000)
Balance at 31 December 2024
-
0
3,500
4,141
7,641
BRACCO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
1
Accounting policies
Company information

Bracco UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Magdalen Centre, The Oxford Science Park, Oxford, Oxfordshire, UK, OX4 4GA. The company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Accounting convention

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.

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 £000s.

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

As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS:

Where required, equivalent disclosures are given in the group accounts of Bracco S.p.a. The group accounts of Bracco S.p.a are available to the public and can be obtained as set out in note 23.

1.2
Going concern

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

1.3
Revenue

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales-related taxes.

 

Turnover is recognised when the goods are delivered and accepted by customer when the significant risks and rewards of ownership of the goods have passed to the buyer and amount can be measured reliably. Sales returns are only issued on incorrect orders from customer or damaged on delivery and are deducted from total turnover.

 

Maintenance contract revenue is recognised over the length of contract.

BRACCO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.4
Goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less impairment losses.

 

The gain on a bargain purchase is recognised in profit or loss in the period of the acquisition.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is subsequently reversed if, and only if, the reasons for the impairment loss have ceased to apply.

1.5
Intangible assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

 

Amortisation 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:

 

Software                     4 years

1.6
Property, plant and equipment

Property, plant and equipment 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:

Leasehold improvements
2 - 11 years
Plant and equipment
3 years
Right of Use Assets
Length of lease

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

1.7
Impairment of tangible and intangible assets

At each reporting end date, the company reviews the carrying amounts of its tangible and intangible 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.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

BRACCO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -

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.

 

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

1.8
Inventories

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

 

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

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.9
Cash and cash equivalents

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

1.10
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

 

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial assets at fair value through profit or loss

When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.

BRACCO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Financial assets at fair value through other comprehensive income

Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the company’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

 

A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.

The company has made an irrevocable election to recognize changes in fair value of investments in equity instruments through other comprehensive income, not through profit or loss. A gain or loss from fair value changes will be shown in other comprehensive income and will not be reclassified subsequently to profit or loss. Equity instruments measured at fair value through other comprehensive income are recognized initially at fair value plus transaction cost directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognized through other comprehensive income are directly transferred to retained earnings when the equity instrument is derecognized or its fair value substantially decreased. Dividends are recognized as finance income in profit or loss.

Impairment of financial assets

Financial assets carried at amortised cost and FVOCI are assessed for indicators of impairment at each reporting end date.

 

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

 

Trade receivables, 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, less any impairment.

 

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.11
Financial liabilities

The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

BRACCO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
Other financial liabilities

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.12
Equity instruments

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

1.13
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 income statement 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 is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary 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 income statement, 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.

1.14
Employee benefits

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

 

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

 

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

BRACCO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.15
Retirement benefits

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

1.16
Leases

At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

 

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other property, plant and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the company's estimate of the amount expected to be payable under a residual value guarantee; or the company's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

2
Critical accounting estimates and judgements

The directors do not consider there to be any accounting judgements that have been made in the process of applying the Company's accounting policies.

 

Key Sources of estimation uncertainty

 

The directors do not consider there to be any key assumptions concerning the future, and other key sources of estimation uncertainty at the balance sheet date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

BRACCO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
3
Revenue
2024
2023
£000s
£000s
Revenue analysed by class of business
Sales of devices
35,514
31,928
Maintenance contracts
773
343
36,287
32,271
2024
2023
£000s
£000s
Revenue analysed by geographical market
United Kingdom
34,277
30,654
Republic of Ireland
2,010
1,617
36,287
32,271
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£000s
£000s
Fees payable to the company's auditor for the audit of the company's financial statements
32
30
Depreciation of property, plant and equipment
337
400
Loss on disposal of property, plant and equipment
17
-
Amortisation of intangible assets (included within administrative expenses)
4
-
Cost of inventories recognised as an expense
23,625
19,781
5
Employees

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

2024
2023
Number
Number
Sales and Marketing
28
18
Corporate Business
1
1
Total
29
19
BRACCO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
5
Employees
(Continued)
- 18 -

Their aggregate remuneration comprised:

2024
2023
£000s
£000s
Wages and salaries
2,176
1,609
Social security costs
285
217
Pension costs
148
92
2,609
1,918
6
Directors' remuneration
2024
2023
£000s
£000s
Remuneration for qualifying services
165
149
Company pension contributions to defined contribution schemes
10
9
175
158
7
Finance costs
2024
2023
£000s
£000s
Interest on financial liabilities measured at amortised cost:
Interest on other loans
8
10
8
Other gains and losses
2024
2023
£000s
£000s
Loss on foreign exchange
(9)
(25)
9
Taxation
2024
2023
£000s
£000s
Current tax
UK corporation tax on profits for the current period
725
1,046
Adjustments in respect of prior periods
-
2
Total UK current tax
725
1,048
Deferred tax
Origination and reversal of temporary differences
-
0
(100)
Total tax charge
725
948
BRACCO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Taxation
(Continued)
- 19 -

The charge for the year can be reconciled to the profit per the income statement as follows:

2024
2023
£000s
£000s
Profit before taxation
3,237
4,048
Expected tax charge based on a corporation tax rate of 25.00% (2023: 23.52%)
809
952
Effect of expenses not deductible in determining taxable profit
(84)
-
0
Adjustment in respect of prior years
-
0
2
Effect of change in UK corporation tax rate
-
0
(6)
Taxation charge for the year
725
948

A rate of 25% has been applied in the measurement of the Group's deferred tax assets and liabilities as at 31 December 2024.

10
Dividends
2024
2023
2024
2023
Amounts recognised as distributions:
per share
per share
Total
Total
£000s
£000s
£000s
£000s
Ordinary shares
Final dividend paid
1,000.00
750.00
2,000
1,500
11
Intangible fixed assets
Goodwill
Software
Total
£000s
£000s
£000s
Cost
At 31 December 2023
2,060
359
2,419
Additions - purchased
-
0
42
42
At 31 December 2024
2,060
401
2,461
Amortisation and impairment
At 31 December 2023
-
0
359
359
Charge for the year
-
0
4
4
At 31 December 2024
-
0
363
363
Carrying amount
At 31 December 2024
2,060
38
2,098
At 31 December 2023
2,060
-
0
2,060
BRACCO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
12
Property, plant and equipment
Leasehold improvements
Plant and equipment
Right of Use Assets
Total
£000s
£000s
£000s
£000s
Cost
At 1 January 2024
-
0
5,388
-
0
5,388
Additions
183
465
732
1,380
Disposals
-
0
(18)
-
0
(18)
At 31 December 2024
183
5,835
732
6,750
Accumulated depreciation and impairment
At 1 January 2024
-
0
5,027
-
0
5,027
Charge for the year
5
263
69
337
Eliminated on disposal
-
0
(1)
-
0
(1)
At 31 December 2024
5
5,289
69
5,363
Carrying amount
At 31 December 2024
178
546
663
1,387
At 31 December 2023
-
0
361
-
0
361
13
Inventories
2024
2023
£000s
£000s
Finished goods
5,947
4,452

 

14
Trade and other receivables
Current
Non-current
2024
2023
2024
2023
£000s
£000s
£000s
£000s
Trade receivables
3,956
3,784
-
-
Corporation tax recoverable
649
53
-
-
Amounts owed by fellow group undertakings
2,449
119
-
0
-
0
Other receivables
1
2
-
-
Prepayments and accrued income
59
34
-
-
7,114
3,992
-
-
Deferred tax asset
-
-
42
41
7,114
3,992
42
41

Amounts owed by group undertakings comprise of intercompany balances that are unsecured, interest free and repayable on demand.

BRACCO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
15
Liabilities
Current
Non-current
2024
2023
2024
2023
Notes
£000s
£000s
£000s
£000s
Trade and other payables
16
8,208
5,321
-
0
-
0
Taxation and social security
1,276
790
-
-
Lease liabilities
17
94
-
0
590
-
0
Deferred income
19
561
284
52
-
0
10,139
6,395
642
-
16
Trade and other payables
2024
2023
£000s
£000s
Trade payables
270
250
Amounts owed to fellow group undertakings
6,630
3,728
Accruals
1,307
1,343
Other payables
1
-
8,208
5,321

Amounts owed to group undertakings comprise of intercompany balances that are unsecured, interest free and repayable on demand.

17
Lease liabilities
2024
2023
Maturity analysis
£000s
£000s
Within one year
94
-
In two to five years
283
-
In over five years
307
-
Total discounted liabilities
684
-

Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

2024
2023
£000s
£000s
Current liabilities
94
-
0
Non-current liabilities
590
-
0
684
-
BRACCO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

ACAs
£000s
Liability at 1 January 2023
59
Deferred tax movements in prior year
Charge/(credit) to profit or loss
(100)
Asset at 1 January 2024
(41)
Deferred tax movements in current year
Charge/(credit) to profit or loss
(1)
Asset at 31 December 2024
(42)

Deferred tax assets are expected to be recovered within one year

19
Deferred revenue
2024
2023
£000s
£000s
Deferred Revenue
613
284
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£000s
£000s
Charge to profit or loss in respect of defined contribution schemes
148
92

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

 

The Company operates a money purchase scheme for which the pension cost charge for the year amounted to £147,942 (2023: £91,354). At the year end the company had a pension liability of £21,330 (2023: £58,621).

 

21
Share capital
2024
2023
2022
2021
Ordinary share capital
Number
Number
£000s
£000s
Ordinary shares of £1 each
2
2
-
-
BRACCO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
21
Share capital
(Continued)
- 23 -

The Company has one class of ordinary shares which carries no right to fixed income.

The Company’s other reserves are as follows:

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

Capital redemption represents the cash received from the parent company after incorporation to fund the operations of the business.

22
Capital redemption reserve
2024
2023
£000s
£000s
At the beginning and end of the year
3,500
3,500

 

23
Ultimate controlling party

The directors regard Bracco Holding (Imaging) BV, a company incorporated in the Netherlands, as the

immediate parent company.

 

The directors regard Bracco S.P.A., a company incorporated in Italy, as the ultimate parent company and

ultimate controlling party. The address is Via Caduti di Marcinelle 13, 20134 Milan, Italy.

 

The smallest and largest group in which the results of Bracco UK Limited are consolidated is Bracco S.P.A.

Copies of the financial statements are available from Via Caduti di Marcinelle 13, 1-20134 Milan, Italy.

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