Inuvi Health Limited
Annual Report and Financial Statements
For the year ended 31 December 2024
Company Registration No. 08811416 (England and Wales)
Inuvi Health Limited
Company Information
Directors
J Benton
E Schmidt-Chiari
E G Nicholson
D Oatley
Secretary
D Oatley
Company number
08811416
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
Inuvi Health Limited
Strategic Report
For the year ended 31 December 2024
Page 1
The directors present the strategic report for the year ended 31 December 2024.
The principal activities of the company are the provision of medical reporting and health assessments through a nationwide network of medical examiners and healthcare professionals.
Business Review
Following the acquisition of Medicals Direct Screening Services and its subsidiary Medicals Direct Screenings Services Limited in December 2023 there has been strong focus during the year on integrating the businesses. The resultant growth in revenue and customer base has been partially offset by a significant customer exiting the protection insurance market, resulting in modest revenue growth in the year. However, we have harnessed the efficiencies of the combined medical examiner network to improve gross profit by 5.7 %. Overheads have been managed effectively to improve Operating Profit to £706k (2023 £448k).
Subsequent Events and Future Developments
There have been no significant subsequent events to report. Inuvi Health will continue to work to broaden its customer base and to drive further efficiencies within the new service areas which arose from the Medicals Direct acquisition. We will further develop the business’s network of health practitioners to continually enhance our nationwide coverage.
Financial Performance
2024
2023
Change
£'000
£'000
£'000
%
Turnover
13,186
13,034
152
1.17%
Gross Profit
5,397
5,106
291
5.70%
Operating profit
706
448
258
57.59%
EBITDA (and before exceptional items)
973
825
148
17.94%
Financial Instruments
The company’s principal financial instruments comprise of non-interest-bearing inter-company trading and loan balances, together with cash and liquid resources, trade debtors and trade creditors arising directly from its operations. The main purpose of these financial instruments is to assist in financing the businesses operations. All of these are actively managed and controlled so that there is minimal risk associated with these financial instruments
Inuvi Health Limited
Strategic Report (Continued)
For the year ended 31 December 2024
Page 2
Principal risks and uncertainties
The company has a control environment and risk management process to identify, evaluate, manage and mitigate significant risks. The risk register is regularly reviewed by the senior management team and there is executive ownership of each risk and mitigation plan
Regulatory and Compliance Risk. The company is regulated by the CQC and is accredited under ISO9001 and ISO27001. Maintaining compliance is an essential element of our service excellence. The risk of non-compliance is mitigated by continuous quality audits by qualified managers and immediate implementation of remediation actions if necessary.
Information Security Risk. The company holds significant amounts of sensitive data in relation to its customers. To mitigate this risk there is a high level of data security focus within the business, including robust IT and physical location security, mandatory staff training, systems audits and rigorous vetting of new suppliers
Technology Risk The company is very dependent on its IT systems to maintain services to customers and internally. This risk is managed by ensuring that appropriately experienced IT personnel and other resources are in place, together with development resources to continually enhance the company’s IT capabilities
Loss of Key Customer Risk. The loss of key customers due to economic reasons or changes in the market conditions is a risk. The company has a culture of high-quality service, regular client review meetings and client feedback initiatives. The customer base has diversified over recent years to avoid dependence on specific customers and market segments
Environmental and Carbon Policy
Inuvi Health recognises its responsibility to act in an environmentally responsible way thus we endeavour to integrate environmental needs into our business strategy. We are committed to the continual improvement of environmental performance by assessing impacts, setting objectives and regularly reviewing KPI targets. As part of the Inuvi Group initiatives, the business is in the process of implementing an Environmental Management System with the goal of achieving ISO 14001:2015 certification in 2026. This includes promoting environmental awareness across our teams; initiatives to reduce energy and water usage; reduce, reuse and recycle waste; monitoring our carbon footprint.
Financial key performance indicators
The Board and senior management team monitor the performance of the company by reference to the following KPIs:
2024
2023
£'000
£'000
Sales Growth
1.20%
15.9%
Gross Profit %
40.90%
39.20%
EBITDA % of Sales
7.40%
7.50%
Inuvi Health Limited
Strategic Report (Continued)
For the year ended 31 December 2024
Page 3
J Benton
Director
10 June 2025
Inuvi Health Limited
Directors' Report
For the year ended 31 December 2024
Page 4
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the company continued to be that of providing medical screening services to the protection insurance sector.
Results and dividends
The results for the year are set out on page 11.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
J Benton
R Allison
(Resigned 29 October 2024)
E Schmidt-Chiari
E G Nicholson
D Oatley
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 directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Inuvi Health Limited
Directors' Report (Continued)
For the year ended 31 December 2024
Page 5
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
J Benton
Director
10 June 2025
Inuvi Health Limited
Independent Auditor's Report
To the Members of Inuvi Health Limited
Page 6
Opinion
We have audited the financial statements of Inuvi Health Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Inuvi Health Limited
Independent Auditor's Report (Continued)
To the Members of Inuvi Health Limited
Page 7
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.
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.
Inuvi Health Limited
Independent Auditor's Report (Continued)
To the Members of Inuvi Health Limited
Page 8
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Inuvi Health Limited
Independent Auditor's Report (Continued)
To the Members of Inuvi Health Limited
Page 9
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.
Our approach was as follows:
We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.
We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.
We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.
Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Inuvi Health Limited
Independent Auditor's Report (Continued)
To the Members of Inuvi Health Limited
Page 10
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
Inuvi Health Limited
Statement of Comprehensive Income
For the year ended 31 December 2024
Page 11
2024
2023
Notes
£
£
Turnover
3
13,185,618
13,034,415
Cost of sales
(7,788,561)
(7,928,303)
Gross profit
5,397,057
5,106,112
Administrative expenses
(4,690,840)
(4,503,074)
Acquisition costs
4
(155,361)
Operating profit
5
706,217
447,677
Interest receivable and similar income
8
33,580
27,874
Interest payable and similar expenses
9
(70)
Profit before taxation
739,727
475,551
Tax on profit
10
(162,066)
(164,584)
Profit for the financial year
577,661
310,967
The Profit and Loss Account has been prepared on the basis that all operations are continuing operations.
Inuvi Health Limited
Balance Sheet
As at 31 December 2024
Page 12
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
303,612
349,484
Other intangible assets
11
224,757
216,384
Total intangible assets
528,369
565,868
Tangible assets
12
117,953
110,585
Investments
13
1,494,870
1,493,040
2,141,192
2,169,493
Current assets
Debtors
15
7,227,142
4,277,478
Cash at bank and in hand
349,531
829,512
7,576,673
5,106,990
Creditors: amounts falling due within one year
16
(5,367,119)
(3,516,463)
Net current assets
2,209,554
1,590,527
Total assets less current liabilities
4,350,746
3,760,020
Provisions for liabilities
Deferred tax liability
17
(73,675)
(60,610)
(73,675)
(60,610)
Net assets
4,277,071
3,699,410
Capital and reserves
Called up share capital
19
118
118
Share premium account
99,982
99,982
Profit and loss reserves
4,176,971
3,599,310
Total equity
4,277,071
3,699,410
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. 08811416
Inuvi Health Limited
Statement of Changes in Equity
For the year ended 31 December 2024
Page 13
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2023
118
99,982
3,288,343
3,388,443
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
310,967
310,967
Balance at 31 December 2023
118
99,982
3,599,310
3,699,410
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
577,661
577,661
Balance at 31 December 2024
118
99,982
4,176,971
4,277,071
Inuvi Health Limited
Notes to the Financial Statements
For the year ended 31 December 2024
Page 14
1
Accounting policies
Company information
Inuvi 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.
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 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares;
Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; 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 Inuvi Group Limited (formerly Longacre MSS Group Limited). These consolidated financial statements are available from its registered office, Unit 10 Millars Brook Business Park, Molly Millars Lane, Wokingham, Berkshire, RD41 2AD.
1.2
Going concern
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. In the period following the year end, forecasts were produced and approved by the directors which show the company can continue to operate for at least the next twelve months following the approval of the financial statements.Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Inuvi Health Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 15
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.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.5
Intangible fixed assets - 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 accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
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.
1.6
Intangible fixed 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:
Computer Software
33% straight line
1.7
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.
Inuvi Health Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 16
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
33% straight line
Fixtures and fittings
33% straight line
Computers
33% straight line
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.
1.8
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.
1.9
Impairment of fixed assets
At each reporting period 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.
1.10
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.
1.11
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.
Inuvi Health Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 17
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.
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.
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.
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.
Inuvi Health Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 18
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.
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.
1.12
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.13
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 profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Inuvi Health Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 19
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
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 stock or fixed 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.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
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.
1.17
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.18
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.
Inuvi Health Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 20
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Depreciation
The company exercises judgements to determine useful lives and residual useful lives and residual values for tangible fixed assets. The assets are depreciated down to their residual values over their estimated useful lives.
Amortisation
The company excercises judgements to determine useful lives and residual useful lives and residual values for intangible fixed assets. The assets are depreciated down to their residual values over their estimated useful lives.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of services
13,185,618
13,034,415
2024
2023
£
£
Turnover analysed by geographical market
UK
13,185,618
13,034,415
2024
2023
£
£
Other significant revenue
Interest income
33,580
27,874
Inuvi Health Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 21
4
Exceptional item
2024
2023
£
£
Expenditure
Acquisition costs
-
155,361
5
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Exchange losses
1,652
585
Fees payable to the company's auditor for the audit of the company's financial statements
16,965
16,200
Depreciation of owned tangible fixed assets
80,408
62,786
Amortisation of intangible assets
186,782
158,843
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
65
67
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
3,105,035
2,968,894
Social security costs
317,937
289,177
Pension costs
189,673
126,418
3,612,645
3,384,489
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
533,640
643,256
Company pension contributions to defined contribution schemes
51,882
23,212
585,522
666,468
Inuvi Health Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
7
Directors' remuneration
(Continued)
Page 22
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
254,692
253,810
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
1,783
Other interest income
33,580
26,091
Total income
33,580
27,874
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
1,783
9
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Other interest
70
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
164,968
155,376
Adjustments in respect of prior periods
(15,967)
(1,062)
Total current tax
149,001
154,314
Deferred tax
Origination and reversal of timing differences
13,065
10,270
Total tax charge
162,066
164,584
Inuvi Health Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
10
Taxation
(Continued)
Page 23
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
739,727
475,551
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
184,932
118,888
Tax effect of expenses that are not deductible in determining taxable profit
1,693
44,244
Adjustments in respect of prior years
(7,972)
(2,184)
Group relief
(28,515)
Remeasurement of deferred tax for changes in tax rates
737
Fixed asset differences
11,928
11,419
Effect of tax rate change
(8,520)
Taxation charge for the year
162,066
164,584
11
Intangible fixed assets
Goodwill
Computer Software
Total
£
£
£
Cost
At 1 January 2024
398,022
824,765
1,222,787
Additions
149,283
149,283
At 31 December 2024
398,022
974,048
1,372,070
Amortisation and impairment
At 1 January 2024
48,538
608,381
656,919
Amortisation charged for the year
45,872
140,910
186,782
At 31 December 2024
94,410
749,291
843,701
Carrying amount
At 31 December 2024
303,612
224,757
528,369
At 31 December 2023
349,484
216,384
565,868
Inuvi Health Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 24
12
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2024
52,711
114,993
330,408
498,112
Additions
3,872
3,861
80,043
87,776
At 31 December 2024
56,583
118,854
410,451
585,888
Depreciation and impairment
At 1 January 2024
36,752
101,677
249,098
387,527
Depreciation charged in the year
16,670
11,523
52,215
80,408
At 31 December 2024
53,422
113,200
301,313
467,935
Carrying amount
At 31 December 2024
3,161
5,654
109,138
117,953
At 31 December 2023
15,959
13,316
81,310
110,585
13
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
14
1,494,870
1,493,040
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024
1,493,040
Additions
1,830
At 31 December 2024
1,494,870
Carrying amount
At 31 December 2024
1,494,870
At 31 December 2023
1,493,040
14
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Inuvi Health Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
14
Subsidiaries
(Continued)
Page 25
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Medicals Direct Screening Limited
Unit 10 Millars Brook Business Park, Molly Millars Lane, Wokingham, Berkshire, England, RG41 2AD
Direct
100.00
-
Medicals Direct Screening Services Limited
Unit 10 Millars Brook Business Park, Molly Millars Lane, Wokingham, Berkshire, England, RG41 2AD
Indirect
0
100.00
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,781,329
1,488,824
Amounts owed by group undertakings
5,192,893
2,557,213
Other debtors
5,300
231,441
Prepayments and accrued income
247,620
7,227,142
4,277,478
16
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
620,182
453,861
Amounts owed to group undertakings
3,237,603
1,652,165
Corporation tax
1,939
18,192
Other taxation and social security
129,037
73,699
Deferred income
19,538
7,600
Other creditors
679,380
676,356
Accruals and deferred income
679,440
634,590
5,367,119
3,516,463
17
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
73,675
60,610
Inuvi Health Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
17
Deferred taxation
(Continued)
Page 26
2024
Movements in the year:
£
Liability at 1 January 2024
60,610
Charge to profit or loss
13,065
Liability at 31 December 2024
73,675
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.
18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
189,673
126,418
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.
19
Share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
850 'A' Ordinary shares of 5.88p each
50
50
850 'B' Ordinary shares of 5.88p each
50
50
300 'C' Ordinary shares of 5.88p each
18
18
118
118
All classes of shares rank pari passu.
Inuvi Health Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 27
20
Financial commitments, guarantees and contingent liabilities
Santander UK PLC holds a fixed and floating charge over the assets of the company, as the Company acts as gurarantor for the bank loan taken out by the parent company, Inuvi Group Limited (formerly Longacre MSS Group Limited).
J Benton holds a fixed and floating charge over the assets of the company, as the Company acts as gurarantor for the Loan Notes taken out by the parent company, Inuvi Group Limited (formerly Longacre MSS Group Limited).
Longacre Group Limited holds a fixed and floating charge over the assets of the company, as the Company acts as gurarantor for the Loan Notes taken out by the parent company, Inuvi Group Limited (formerly Longacre MSS Group Limited).
21
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
140,388
139,721
Between two and five years
392,697
532,879
533,085
672,600
22
Related party transactions
The company is a wholly owned subsidiary of Inuvi Group Limited (formerly Longacre MSS Group Limited) and has taken advantage of the exemption conferred by FRS 102 not to disclose transactions with Inuvi Group Limited (formerly Longacre MSS Group Limited) or other wholly owned subsidiaries within the group.
The company incurred rental charges of £142,781 (2023: £130,918 ) from 10 Millars Brook Limited in the year, a company owned by two of the Directors. At the year end, no balances were outstanding.
At the year end the company owed £168 (2023: £nil) in expenses to J Benton, a director.
At the year end the company was entitled to a share of joint employments costs amounting to £214,781 (2023: £nil) from Express Diagnostics Limited, a fellow subsidiary, and an amount of £272,296 (2023: £nil) remained due from the company at year end. The remaining £304,444 (2023:£250,050) of the joint employment costs related to those with Inuvi Diagnostics Limited, a 100% owned subsidiary of the group.
At the year end the company had an amount due to Plymouth Health Limited, a fellow subsidiary, for £300,500 (2023: £36,640) relating to group interest charges in the year.
Inuvi Health Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 28
23
Ultimate controlling party
The company is a wholly owned subsidiary of Inuvi Group Limited (formerly Longacre MSS Group Limited), a company incorporated in England and Wales.
Longacre Group Limited is the smallest and largest group to prepare consolidated financial statements which include these financial statements. Copies of the financial statements can be obtained from 1 Mercer Street, London, WC2H 9QJ.
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