Plymouth Health Limited
Annual Report and Financial Statements
For the year ended 31 December 2024
Company Registration No. 14852416 (England and Wales)
Plymouth Health Limited
Company Information
Directors
D Oatley
J Benton
Company number
14852416
Registered office
Unit 10 Millars Brook Business Park
Molly Millars Lane
Wokingham
Berkshire
United Kingdom
RG41 2AD
Auditor
Moore Kingston Smith LLP
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Plymouth Health Limited
Contents
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 7
Profit and loss account
8
Balance sheet
9
Notes to the financial statements
10 - 13
Plymouth Health Limited
Directors' Report
For the year ended 31 December 2024
Page 1

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

Principal activities

The principal activity of the company is that of a holding company. The company was incorporated on 8th May 2023.

Directors

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

D Oatley
J Benton
I N Jarvis
(Appointed 11 July 2024 and resigned 14 March 2025)
Auditor

In accordance with the company's articles, a resolution proposing that Moore Kingston Smith LLP be reappointed as auditor of the company will be put at a General Meeting.

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.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
J Benton
Director
10 June 2025
Plymouth Health Limited
Directors' Responsibilities Statement
For the year ended 31 December 2024
Page 2

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.

Plymouth Health Limited
Independent Auditor's Report
To the Members of Plymouth Health Limited
Page 3
Opinion

We have audited the financial statements of Plymouth Health Limited (the 'company') for the year ended 31 December 2024 which comprise the Profit and Loss Account, the Balance Sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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.

Plymouth Health Limited
Independent Auditor's Report (Continued)
To the Members of Plymouth Health Limited
Page 4

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

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.

Plymouth Health Limited
Independent Auditor's Report (Continued)
To the Members of Plymouth Health Limited
Page 5
Auditor's responsibilities for the audit of the financial statements

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

 

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

 

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

 

 

Plymouth Health Limited
Independent Auditor's Report (Continued)
To the Members of Plymouth Health Limited
Page 6

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

 

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 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.

Plymouth Health Limited
Independent Auditor's Report (Continued)
To the Members of Plymouth Health Limited
Page 7
Karen Wardell
Senior Statutory Auditor
for and on behalf of Moore Kingston Smith LLP
10 June 2025
Chartered Accountants
Statutory Auditor
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Plymouth Health Limited
Profit and Loss Account
For the year ended 31 December 2024
Page 8
Year
Period
ended
ended
31 December
31 December
2024
2023
Notes
£
£
Administrative expenses
(2,815)
(2,586)
Interest receivable and similar income
3
229
-
0
Interest payable and similar expenses
(527,183)
(259,981)
Loss before taxation
(529,769)
(262,567)
Tax on loss
-
0
-
0
Loss for the financial year
(529,769)
(262,567)
Plymouth Health Limited
Balance Sheet
As at 31 December 2024
Page 9
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
4
6,789,917
6,789,918
Current assets
Cash at bank and in hand
224
67
Creditors: amounts falling due within one year
5
(1,796,104)
(461,760)
Net current liabilities
(1,795,880)
(461,693)
Total assets less current liabilities
4,994,037
6,328,225
Creditors: amounts falling due after more than one year
6
(5,785,373)
(6,589,792)
Net liabilities
(791,336)
(261,567)
Capital and reserves
Called up share capital
7
1,000
1,000
Profit and loss reserves
(792,336)
(262,567)
Total equity
(791,336)
(261,567)

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 10 June 2025 and are signed on its behalf by:
J  Benton
Director
Company Registration No. 14852416
Plymouth Health Limited
Notes to the Financial Statements
For the year ended 31 December 2024
Page 10
1
Accounting policies
Company information

Plymouth Health Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 10 Millars Brook Business Park, Molly Millars Lane, Wokingham, Berkshire, United Kingdom, RG41 2AD.

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 as applicable to companies subject to the small companies regime.

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.

1.2
Going concern

The directors have prepared and reviewed forecasts including cash flow projections for a period of 12 months from the date of signing and are satisfied that the Company will be able to continue in operation and meet it's liabilities as they fall due. Inuvi Group Limited has indicated trueit will continue to provide further financial and other support to Plymouth Health Limited for at least the next twelve months from the date of signing and will not call upon repayment of the intercompany balance within that time.

 

At 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
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.4
Cash and cash equivalents

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

Plymouth Health Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 11
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

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

Plymouth Health Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 12
2
Employees

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

2024
2023
Number
Number
Total
-
0
-
0
3
Interest receivable and similar income
2024
2023
£
£
Interest receivable and similar income includes the following:
Interest receivable from group companies
229
-
0
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
6,789,917
6,789,918

Included in fixed asset investments is a £6,789,917 investment in Express Diagnostics. On 29 October 2024, Cardionetics Limited, a company owned by Plymouth Health Limited, was dissolved and the investment of £1 has been disposed of.

Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024
6,789,918
Disposals
(1)
At 31 December 2024
6,789,917
Carrying amount
At 31 December 2024
6,789,917
At 31 December 2023
6,789,918
Plymouth Health Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 13
5
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
387,141
239,939
Other creditors
804,419
200,000
Accruals and deferred income
604,544
21,821
1,796,104
461,760
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
5,785,373
6,589,792

Within this balance, there are £5,630,931 (2023: £5,630,931) of 8% Subordinated Loan Notes redeemable in 2028 with Inuvi Group. There is no security attached to these.

7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
8
Events after the reporting date

On 14th March 2025, Inuvi Group Limited became the sole shareholder in Plymouth Health Limited. As part of this transactions, the outstanding loan notes of £804,419 were settled. As such these have been recognised as current within these financial statements.

9
Parent company

The company is a subsidiary of Inuvi Group Limited a company incorporated in England and Wales.

 

Longacre Group is the smallest and largest group to prepare consolidated financial statements. Copies can be found from 1 Mercer Street, London, WC2H 9QJ.

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