Company registration number 03459373 (England and Wales)
ACUMED LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
ACUMED LTD
COMPANY INFORMATION
Directors
Mr N Ryder
Mr S M Cameron
Mr D L Brown
Mr H Meerdervoort
Company number
03459373
Registered office
Huebner House
The Fairground
Weyhill
Andover
Hampshire
SP11 0QN
Auditor
HJS Accountants Limited
Tagus House
9 Ocean Way
Southampton
Hampshire
United Kingdom
SO14 3TJ
ACUMED LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
11 - 12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 25
ACUMED LTD
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
The result for the year which are set out in the profit and loss account show turnover of £16,263,807 (2023 - £15,814,364) and an operating profit of £4,551,827 (2023 - £3,164,851). As at December 2024 the company had net assets of £17,038,360 (2023 - £18,145,725).
The directors monitor performance by reviewing turnover, gross margins and profit or loss before taxation. Turnover has increased in line with industry standard by 3% to £16,263,807. Gross margin has increased by 11% to 57% (2023: 46%) mostly due to a decrease in the stock provision. These factors resulted in an increase in profit before tax to £4,769,664 (2023: £3,316,239).
The director consider the performance for the year and the financial position at the year end to be satisfactory.
Principal risks and uncertainties
The management of the business and the execution of the company's strategy are subject to number of risks. Risks are reviewed by the board and appropriate processes put in place to monitor and mitigate them .
The company is exposed to risks through the supply of orthopedic and surgical products to the NHS and private hospitals & clinics. Consequently the business is exposed to changes in the NHS through spending & procurement cuts with increasing pressure on pricing and margins and strong competitors in the marketplace. The business mitigates these risks through a continual programme of investment in new products specifically tailored to the end user's needs and inventory management.
ACUMED LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Section 172(1) statement
The companies (Miscellaneous Reporting) Regulations 2018 introduced a requirement for companies to publish a statement describing how the directors have had regard to the matters set out in section 172 (1)(a) to (f) of the Companies Act 2006.
172 (1)(a) to (f) required each director to act in the way he or she considered would be most likely to promote the success the company for the benefit of its members as a whole with regard to the following matter:
(a) The likely consequences of any decision in the long term:
The company directors have set out a direction for the company designed to have a long term beneficial impact on the company and its subsidiary and to help drive success.
(b) The interests of the company's employees:
Employees are key to the success of the organisation. We aim to be a responsible employer and the health and safety of all our employees is a primary consideration in the way we do business.
(c) The need to foster the company's business relationships with suppliers, customers and others:
Interaction with key stakeholders is key to the success of our business and our aim is to partner with both customers and suppliers to help deliver orthopedic and related surgical products.
(d) The impact of the company's operations on the community and environment.
As a significant employer in our local area, we support local employment, We collaborate with local educational institutes where possible and are actively reducing our environmental impact.
(e) The desirability of the company maintaining a reputation for high standards of business conduct:
The directors follow a strict code of conduct, both set by the company and Berkshire Hathaway, and use this as a guide to all business transactions.
(f) The need to act fairly as between members of the company.
The directors believe they have acted in the good faith to promote the goals of the company for the benefit of its members and in doing so have given regard to our key stakeholders including our members.
Mr N Ryder
Director
5 June 2025
ACUMED LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the company is the distribution of orthopedic and medical products to hospitals in the United Kingdom.
Results and dividends
The results for the year are set out on page 9.
Ordinary dividends were paid amounting to £4,500,000. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr N Ryder
Mr S M Cameron
Mr D L Brown
Mr H Meerdervoort
Qualifying third party indemnity provisions
The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.
Financial instruments
The company's financial instruments comprise of intra group balances, cash and liquid resources, and various other items such as trade debtors, trade creditors, etc. that arise directly from its operation. The main purpose of these financial instrument is to finance the operations of the company.
The existence of these financial instrument exposes the company to a number of financial risks which are set out below. The directors review and agree policies for managing these risks.
Credit risk:
The company seeks to manage credit risk by only selling to reputable and credit worthy customers. New customers have background and credit references checked. Existing customers have their credit limit reviewed on a quarterly basis. The credit risk on liquid funds is limited because the counterparties are banks with high credit ratings assigned by international credit rating agencies.
Cash flow risk:
The company has a level of exposure on purchase from one of its parent companies which are denominated in US Dollars The directors accept this risk and seek to minimize the impact of this on the effect of cash flows,
Liquidity Risk:
The directors monitor liquidity through a tightly controlled cash management process and use of intra group balances to ensure that the company has sufficient resources to meet obligation as they fail due.
Auditor
In accordance with the company's articles, a resolution proposing that HJS Accountants Limited be reappointed as auditor of the company will be put at a General Meeting.
ACUMED LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Statement of disclosure to auditor
Each director has taken the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and which they know the auditors are unaware.
On behalf of the board
Mr N Ryder
Director
5 June 2025
ACUMED LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
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.
ACUMED LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ACUMED LTD
- 6 -
Opinion
We have audited the financial statements of Acumed Ltd (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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.
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 strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
ACUMED LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ACUMED LTD
- 7 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to breaches of UK regulatory principles, such as those governed by the relevant medical authorities. We also considered the laws and regulations which have a direct impact on the financial statements such as the Companies Act 2006.
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to management bias in accounting estimates and judgmental areas of the financial statements.
Audit procedures performed by the audit engagement team included:
Discussions with senior management, including consideration of known or suspected instances of noncompliance with laws and regulations or instances of fraud;
Identifying and testing journal entries based on risk criteria;
Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;
Testing transactions entered into outside of the normal course of the company's business;
Reviewing any potential litigation or claims against the entity which indicate any potential noncompliance issues.
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 though collusion.
ACUMED LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ACUMED LTD
- 8 -
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.
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.
Angela Trainor
Senior Statutory Auditor
For and on behalf of HJS Accountants Limited
Chartered Accountants and Statutory Auditor
Tagus House
9 Ocean Way
Southampton
Hampshire
United Kingdom
SO14 3TJ
ACUMED LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
16,263,807
15,814,634
Cost of sales
(6,946,870)
(8,481,014)
Gross profit
9,316,937
7,333,620
Distribution costs
(1,154,547)
(898,936)
Administrative expenses
(3,632,343)
(3,327,669)
Other operating income
57,836
Operating profit
5
4,530,047
3,164,851
Interest receivable and similar income
9
236,680
151,388
Profit before taxation
4,766,727
3,316,239
Tax on profit
10
(1,219,324)
(770,721)
Profit for the financial year
3,547,403
2,545,518
The profit and loss account has been prepared on the basis that all operations are continuing operations.
ACUMED LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
£
£
Profit for the year
3,547,403
2,545,518
Other comprehensive income
-
-
Total comprehensive income for the year
3,547,403
2,545,518
ACUMED LTD
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
1,470,467
1,470,482
Current assets
Stocks
13
9,512,477
9,980,987
Debtors
14
3,043,455
2,716,286
Cash at bank and in hand
4,807,227
4,888,347
17,363,159
17,585,620
Creditors: amounts falling due within one year
15
(1,495,645)
(737,935)
Net current assets
15,867,514
16,847,685
Total assets less current liabilities
17,337,981
18,318,167
Provisions for liabilities
Deferred tax liability
16
144,853
172,442
(144,853)
(172,442)
Net assets
17,193,128
18,145,725
Capital and reserves
Called up share capital
18
8,800
8,800
Capital redemption reserve
1,200
1,200
Profit and loss reserves
17,183,128
18,135,725
Total equity
17,193,128
18,145,725
ACUMED LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 12 -
The financial statements were approved by the board of directors and authorised for issue on 5 June 2025 and are signed on its behalf by:
Mr N Ryder
Director
Company registration number 03459373 (England and Wales)
ACUMED LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
8,800
1,200
22,590,207
22,600,207
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
2,545,518
2,545,518
Dividends
11
-
-
(7,000,000)
(7,000,000)
Balance at 31 December 2023
8,800
1,200
18,135,725
18,145,725
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
3,547,403
3,547,403
Dividends
11
-
-
(4,500,000)
(4,500,000)
Balance at 31 December 2024
8,800
1,200
17,183,128
17,193,128
ACUMED LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
5,871,701
3,717,562
Income taxes paid
(1,306,482)
(857,205)
Net cash inflow from operating activities
4,565,219
2,860,357
Investing activities
Purchase of tangible fixed assets
(383,019)
(350,264)
Proceeds from disposal of tangible fixed assets
7,572
Interest received
55,795
53,990
Other income received from investments
180,885
97,398
Net cash used in investing activities
(146,339)
(191,304)
Financing activities
Dividends paid
(4,500,000)
(7,000,000)
Net cash used in financing activities
(4,500,000)
(7,000,000)
Net decrease in cash and cash equivalents
(81,120)
(4,330,947)
Cash and cash equivalents at beginning of year
4,888,347
9,219,294
Cash and cash equivalents at end of year
4,807,227
4,888,347
ACUMED LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
1
Accounting policies
Company information
Acumed Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Huebner House, The Fairground, Weyhill, Andover, Hampshire, SP11 0QN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Berkshire Hathaway Inc. These consolidated financial statements are available from its registered office, 1440 Kiewet Plaza, Omaha, Nebraska, USA.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company 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
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.4
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.
ACUMED LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
Depreciation is charge so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows
Freehold buildings
Straight line over 40 years
Plant and Machinery
Straight line over 5 years
Office equipment
Straight line over 8 years
Computers
Straight line over 5 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deduction all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.
Recognition and Measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs).except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs),unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
ACUMED LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.6
Financial instruments
Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment, an impairment loss is recognised in profit or loss as described below.
A non financial asset is impaired where there is objective evidence that, as a result of once or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal, An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
For financial assets carried at amortized cost, the amount of an impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial assets' original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the assets carrying amount and the best estimated of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher Thant the carrying value had no impairment been recognised.
Bad debt policy
The average bad debt percentage is calculated using amounts credited against four years sales cycle is applied to outstanding receivables at the balance sheet date.
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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
ACUMED LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the 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.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
ACUMED LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in the tax assessments.
Unrelieved tax losses and other 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.
The company's liability for current and deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
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.
3
Turnover and other revenue
The analysis of the company's revenue for the year from continuing operations is as follow:
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
16,263,807
15,814,634
2024
2023
£
£
Turnover analysed by geographical market
UK
16,263,807
15,814,634
ACUMED LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Turnover and other revenue
(Continued)
- 20 -
2024
2023
£
£
Other revenue
Interest income
55,795
53,990
4
Exceptional item
2024
2023
£
£
Expenditure
Exceptional item - Cost of sales
-
(1,100)
5
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(4,229)
12,705
Depreciation of owned tangible fixed assets
371,661
405,855
Loss on disposal of tangible fixed assets
11,373
-
Operating lease charges
3,223
3,241
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
29,500
27,250
For other services
All other non-audit services
1,500
1,500
7
Employees
2024
2023
Number
Number
Directors
1
1
Sales and administration
41
41
Total
42
42
ACUMED LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
7
Employees
(Continued)
- 21 -
2024
2023
£
£
Wages and salaries
2,525,662
2,267,619
Social security costs
221,059
253,155
Pension costs
148,289
131,243
2,895,010
2,652,017
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
135,105
117,385
Company pension contributions to defined contribution schemes
8,800
2,840
143,905
120,225
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).
Another director is remunerated through the company, however, the costs are fully recharged to group companies and so have been excluded in the above balances.
9
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest receivable from group companies
55,795
53,990
Income from fixed asset investments
Income from participating interests - associates
180,885
97,398
Total income
236,680
151,388
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
55,795
53,990
ACUMED LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,221,953
821,744
Adjustments in respect of prior periods
24,960
Total current tax
1,246,913
821,744
Deferred tax
Origination and reversal of timing differences
(8,249)
Adjustment in respect of prior periods
(19,340)
(51,023)
Total deferred tax
(27,589)
(51,023)
Total tax charge
1,219,324
770,721
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
4,766,727
3,316,239
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
1,191,682
829,060
Tax effect of expenses that are not deductible in determining taxable profit
5,359
11,912
Effect of change in corporation tax rate
(51,688)
Group relief
(3,926)
Under/(over) provided in prior years
24,960
Deferred tax adjustments in respect of prior years
(19,340)
(51,023)
Tax increase from effect of capital allowances and depreciation
16,663
36,386
Taxation charge for the year
1,219,324
770,721
11
Dividends
2024
2023
£
£
Final paid
4,500,000
7,000,000
ACUMED LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
12
Tangible fixed assets
Freehold buildings
Assets under construction
Plant and Machinery
Office equipment
Computers
Total
£
£
£
£
£
£
Cost
At 1 January 2024
906,516
27,737
3,930,452
202,162
134,211
5,201,078
Additions
303,972
19,876
59,171
383,019
Disposals
(74,829)
(30,771)
(16,289)
(121,889)
Transfers
(27,737)
27,737
At 31 December 2024
906,516
4,159,595
219,004
177,093
5,462,208
Depreciation and impairment
At 1 January 2024
251,409
3,215,246
159,727
104,214
3,730,596
Depreciation charged in the year
15,739
329,623
12,226
14,073
371,661
Eliminated in respect of disposals
(67,541)
(26,686)
(16,289)
(110,516)
At 31 December 2024
267,148
3,477,328
145,267
101,998
3,991,741
Carrying amount
At 31 December 2024
639,368
682,267
73,737
75,095
1,470,467
At 31 December 2023
655,107
27,737
715,206
42,435
29,997
1,470,482
Included within the net book value of land and buildings above is £639,368 (2023 - £655,107 ) in respect of freehold land and buildings of which £297,957 (2023 - £297,957 ) represents land which is not depreciated.
13
Stocks
2024
2023
£
£
Raw materials and consumables
9,512,477
9,980,987
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,698,585
2,515,801
Corporation tax recoverable
96,876
17,237
Amounts owed by group undertakings
106,356
105,457
Other debtors
36,245
6,951
Prepayments and accrued income
105,393
70,840
3,043,455
2,716,286
ACUMED LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
15
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
78,367
89,307
Corporation tax
(15,391)
(35,461)
Other taxation and social security
317,708
131,578
Other creditors
1,114,961
552,511
1,495,645
737,935
Included within other creditors is an amount owed to a connected company for £665,042 (2023: £162,258).
16
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
146,621
172,442
Retirement benefit obligations
(1,768)
-
144,853
172,442
2024
Movements in the year:
£
Liability at 1 January 2024
172,442
Credit to profit or loss
(27,589)
Liability at 31 December 2024
144,853
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
148,289
131,243
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.
ACUMED LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
18
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
8,800
8,800
8,800
8,800
19
Events after the reporting date
The parent company Acumed Acquisation Company Limited has entered liquidation. During this process the shares will be transferred to Acumed LLC meaning ownership of Acumed Limited will move to Acumed LLC. That is expected to complete during 2025.
20
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
2024
2023
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
665,042
162,258
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
106,356
105,457
21
Ultimate controlling party
The company's immediate parent is Acumed Acquisition Company Limited, incorporated in England & Wales, refer to note 19 with regards to changes in ownership expected during 2025. The ultimate parent is Berkshire Hathaway Inc. incorporated in the United states of America. The most senior parent entity producing publicly available financial statements is Berkshire Hathaway Inc. being the parent of the largest group in which these financial statements are consolidated. These financial statements are available upon request from 1440 Kiewit Plaza, Omaha, Nebraska, USA.
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