Inuvi Group Limited
Annual Report and Financial Statements
For the year ended 31 December 2024
Company Registration No. 12077076 (England and Wales)
Inuvi Group Limited
Company Information
Directors
J Benton
E Nicholson
S Schmidt-Chiari
D Oatley
Secretary
D Oatley
Company number
12077076
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 Group 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 group are the provision of medical reporting and health assessments through a nationwide network of medical examiners and healthcare professionals, together with laboratory testing and community medical diagnostic services.

Fair review of the business

Revenue grew by 37% in the year, building on the 42% growth achieved in the prior year. This resulted from existing customers, new business and the addition of Medicals Direct Screenings Group which was acquired in December 2023. Group operating profit improved from 2023 after allowing for restructuring costs which were primarily associated with the integration of Medicals Direct. Profit before tax and after acquisition cost for the financial year was £1,185k (2023 £462k).

 

Subsequent Events and Future Developments

On 14th March 2025, Express Diagnostics purchased Citrine Diagnostics Limited, which owns Physiological Measurements Limited. This acquisition complements the community diagnostics services provided by Express Diagnostics and will enhance our service proposition in this market, particularly to the NHS. The group will continue to focus on the growth of the existing businesses, together with working to harness the opportunities and synergies from the enlarged portfolio of businesses.

 

Financial performance
2024
2023
Change
£'000
£'000
£'000
%
Turnover
29,386
21,374
8,012
37.48%
Gross profit
14,953
10,447
4,506
43.13%
Operating profit
1,185
462
723
156.49%
EBITDA (before exceptionals)
3,906
2,760
1,146
41.52%
Financial instruments
The company's principal  financial instruments comprise group and bank borrowings, 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. The main risks arise from interest rate risk.
Inuvi Group Limited
Strategic Report (Continued)
For the year ended 31 December 2024
Page 2
Principal risks and uncertainties

The companies with the group operate within clearly defined control environments and have risk management process to identify, evaluate, manage and mitigate significant risks. The risk registers are regularly reviewed by the senior management team and there is executive ownership of each risk and mitigation plan

 

Regulatory and Compliance Risk. The companies are regulated by the CQC and are accredited under ISO9001 and ISO27001, and in addition our laboratory operates under UKAS 15189 accreditation. 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 companies within the group hold significant amounts of sensitive data in relation to their customers. To mitigate this risk there is a high level of data security focus within the businesses, including robust IT and physical location security, mandatory staff training, systems audits and rigorous vetting of new suppliers.

 

Technology Risk The companies are 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 group companies have a culture of high-quality service, regular client review meetings and client feedback initiatives. The customer base is diversified in all business to avoid dependence on specific customers, with business development activity extending to the identification of new synergistic market opportunities.

 

 

Environmental and Carbon Policy

Inuvi Group recognises its responsibility to act in an environmentally responsible way the group endeavours 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. The Inuvi Group 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.

 

Key performance indicators

The Board and senior management team monitor the performance of the company by reference to the following KPIs:

2024
2023
Sales growth %
37%
42%
Gross profit %
51%
49%
EBITDA % of sales
13%
13%
Employees
205
163
Inuvi Group Limited
Strategic Report (Continued)
For the year ended 31 December 2024
Page 3

On behalf of the board

J Benton
Director
10 June 2025
Inuvi Group 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 and group is to provide medical services.

Results and dividends

The results for the year are set out on page 10.No ordinary dividends were paid. 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:

J Benton
R Allison
(Resigned 29 October 2024)
E Nicholson
S Schmidt-Chiari
D Oatley
Auditor

In accordance with the company's articles, a resolution proposing that be reappointed as auditor of the group 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 group and company, and of the profit or loss of the group 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 group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 auditor of the company 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 auditor of the company is aware of that information.

Inuvi Group Limited
Directors' Report (Continued)
For the year ended 31 December 2024
Page 5
On behalf of the board
J Benton
Director
10 June 2025
Inuvi Group Limited
Independent Auditor's Report
To the Members of Inuvi Group Limited
Page 6
Opinion

We have audited the financial statements of Inuvi Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Group Statement of Comprehensive Income, the Group Balance Sheet, the Company Balance Sheet, the Group Statement of Changes in Equity, the Company Statement of Changes in Equity, the Group 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 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 group and parent 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 group's and parent 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.

Inuvi Group Limited
Independent Auditor's Report (Continued)
To the Members of Inuvi Group 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:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent company and their 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 group's and parent 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 group or parent 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.

Inuvi Group Limited
Independent Auditor's Report (Continued)
To the Members of Inuvi Group Limited
Page 8
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:

Ÿ

 

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.

Inuvi Group Limited
Independent Auditor's Report (Continued)
To the Members of Inuvi Group Limited
Page 9

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 for no purpose other than to draw to the attention of the company’s members those matters we are required to include in an auditor's report addressed to them. To the fullest extent permitted by law, we do not accept or assume responsibility to any party 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.

Karen Wardell
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 Group Limited
Group Statement of Comprehensive Income
For the year ended 31 December 2024
Page 10
2024
2023
Notes
£'000
£'000
Turnover
3
29,386
21,374
Cost of sales
(14,433)
(10,927)
Gross profit
14,953
10,447
Administrative expenses
(12,999)
(9,321)
Exceptional item
4
(769)
(664)
Operating profit
5
1,185
462
Interest receivable and similar income
44
30
Interest payable and similar expenses
(949)
(606)
Profit/(loss) before taxation
280
(114)
Tax on profit/(loss)
9
(378)
(493)
Loss for the financial year
(98)
(607)
Loss for the financial year is attributable to:
- Owners of the parent company
(76)
(586)
- Non-controlling interests
(22)
(21)
(98)
(607)
Total comprehensive income for the year is attributable to:
- Owners of the parent company
(76)
(586)
- Non-controlling interests
(22)
(21)
(98)
(607)
Inuvi Group Limited
Group Balance Sheet
As at 31 December 2024
Page 11
2024
2023
Notes
£'000
£'000
£'000
£'000
Fixed assets
Intangible assets
10
8,744
10,214
Tangible assets
11
3,632
3,303
12,376
13,517
Current assets
Stocks
382
307
Debtors
14
4,780
3,822
Cash at bank and in hand
607
1,231
5,769
5,360
Creditors: amounts falling due within one year
15
(5,529)
(5,160)
Net current assets
240
200
Total assets less current liabilities
12,616
13,717
Creditors: amounts falling due after more than one year
17
(9,175)
(10,255)
Provisions for liabilities
18
(281)
(204)
Net assets
3,160
3,258
Capital and reserves
Called up share capital
-
0
-
0
Profit and loss reserves
2,792
2,868
Equity attributable to owners of the parent company
2,792
2,868
Non-controlling interests
368
390
3,160
3,258
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:
10 June 2025
J Benton
Director
Inuvi Group Limited
Company Balance Sheet
As at 31 December 2024
31 December 2024
Page 12
2024
2023
Notes
£'000
£'000
£'000
£'000
Fixed assets
Investments
12
8,827
8,827
Current assets
Debtors
14
6,526
6,021
Cash at bank and in hand
1
1
6,527
6,022
Creditors: amounts falling due within one year
15
(8,993)
(7,513)
Net current liabilities
(2,466)
(1,491)
Total assets less current liabilities
6,361
7,336
Creditors: amounts falling due after more than one year
17
(9,175)
(9,453)
Net liabilities
(2,814)
(2,117)
Capital and reserves
Called up share capital
-
0
-
0
Profit and loss reserves
(2,814)
(2,117)
Total equity
(2,814)
(2,117)

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £697,000 (2023 - £517,000).

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:
10 June 2025
J Benton
Director
Company Registration No. 12077076 (England and Wales)
Inuvi Group Limited
Group Statement of Changes in Equity
For the year ended 31 December 2024
Page 13
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
£'000
£'000
£'000
£'000
£'000
Balance at 1 January 2023
-
0
3,454
3,454
-
3,454
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
(586)
(586)
(21)
(607)
Other movements
-
-
-
411
411
Balance at 31 December 2023
-
0
2,868
2,868
390
3,258
Year ended 31 December 2024:
Loss and total comprehensive income for the year
-
(76)
(76)
(22)
(98)
Balance at 31 December 2024
-
0
2,792
2,792
368
3,160
Inuvi Group Limited
Company Statement of Changes in Equity
For the year ended 31 December 2024
Page 14
Share capital
Profit and loss reserves
Total
£'000
£'000
£'000
Balance at 1 January 2023
-
0
(1,600)
(1,600)
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
(517)
(517)
Balance at 31 December 2023
-
0
(2,117)
(2,117)
Year ended 31 December 2024:
Loss and total comprehensive income for the year
-
(697)
(697)
Balance at 31 December 2024
-
0
(2,814)
(2,814)
Inuvi Group Limited
Group Statement of Cash Flows
For the year ended 31 December 2024
Page 15
2024
2023
Notes
£'000
£'000
£'000
£'000
Cash flows from operating activities
Cash generated from operations
24
2,443
2,455
Interest paid
(906)
(605)
Income taxes paid
(506)
(371)
Net cash inflow from operating activities
1,031
1,479
Investing activities
Purchase of business
-
(8,283)
Purchase of intangible assets
(163)
(520)
Purchase of tangible fixed assets
(815)
(318)
Interest received
-
30
Net cash used in investing activities
(978)
(9,091)
Financing activities
Repayment of other loans
(700)
-
Cash acquired on acquisitions
-
378
Drawdown of bank loans
750
7,046
Repayment of bank loans
(727)
-
Net cash (used in)/generated from financing activities
(677)
7,424
Net decrease in cash and cash equivalents
(624)
(188)
Cash and cash equivalents at beginning of year
1,231
1,419
Cash and cash equivalents at end of year
607
1,231
Inuvi Group Limited
Notes to the Financial Statements
For the year ended 31 December 2024
Page 16
1
Accounting policies
Company information

Inuvi Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 10 Millars Brook Business Park, Molly Millars Lane, Wokingham, RG41 2AD.

 

The group consists of Inuvi Group Limited and all of its subsidiaries.

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 £'000.

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

The 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 for parent company information presented within the consolidated financial statements:

 

Inuvi Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 17
1.2
Basis of consolidation

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

The consolidated group financial statements consist of the financial statements of the parent company Inuvi Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The company's loss in the year is due to the amortisation of goodwill charge of £1,467k. The group revenue, profitability and cash generation have grown considerably in the year and have continued to do so since the year end. In the period following year end, forecasts were produced and approved by the directors which show the group 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.

1.4
Turnover

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

Inuvi Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 18
1.5
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.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business 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.

1.7
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 if the fair value can be measured reliably.

 

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
33% straight line
Development costs
33% straight line
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
N/A - land only
Leasehold improvements
33% straight line
Plant and equipment
33% straight line
Fixtures and fittings
33% straight line
Computers
33% straight line
Motor vehicles
33% straight line
1.9
Fixed asset investments

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

Inuvi Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 19
1.10
Impairment of fixed assets

At each reporting period end date, the group 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

1.11
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.

1.12
Cash at bank and in hand

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

1.13
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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 group after deducting all of its liabilities.

Inuvi Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 20

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.

1.14
Equity instruments

Equity instruments issued by the group 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 group.

1.15
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is 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.

Inuvi Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 21
1.16
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.

1.17
Retirement benefits

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

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.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Intangible fixed assets

The annual amortisation charge for intangible assets is sensitive to changes in the estimated lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually.

 

Goodwill impairment reviews are also performed annually. These reviews require an estimation of the value in use of the cash generating units to which goodwill has been allocated. The value in use calculation requires the entity to estimate the future cash flows expected to arise for the cash generating unit and a suitable discount rate to calculate present value.

 

See note 10 for the carrying amount of the intangible assets and notes 1.6 and 1.8 for the useful economic lives for each class of asset.

3
Turnover and other revenue

The group has only one class of business and all turnover is generated in the UK.

Inuvi Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
3
Turnover and other revenue
(Continued)
Page 22
2024
2023
£'000
£'000
Other revenue
Interest income
44
30
4
Exceptional item
2024
2023
£'000
£'000
Expenditure
Exceptional costs
769
664
769
664

In the current year, these exceptional items relate to restructuring costs due to group acquisitions.

5
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£'000
£'000
Exchange losses
10
1
Depreciation of owned tangible fixed assets
483
430
(Profit)/loss on disposal of tangible fixed assets
(141)
22
Amortisation of intangible assets
1,634
1,204
Cost of stocks recognised as an expense
13,582
10,737
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£'000
£'000
For audit services
Audit of the financial statements of the group and company
25
18
Audit of the financial statements of the company's subsidiaries
72
55
97
73
Inuvi Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 23
7
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Total employees
205
163
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£'000
£'000
£'000
£'000
Wages and salaries
6,865
4,816
-
0
-
0
Social security costs
652
437
-
-
Pension costs
411
228
-
0
-
0
7,928
5,481
-
0
-
0
8
Directors' remuneration
2024
2023
£'000
£'000
Remuneration paid to directors
748
643
Remuneration disclosed above includes the following amounts paid to the highest paid director:
Highest paid director
£'000
Remuneration for qualifying services
255
9
Taxation
2024
2023
£'000
£'000
Current tax
UK corporation tax on profits for the current period
362
495
Adjustments in respect of prior periods
(34)
3
Total current tax
328
498
Inuvi Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
9
Taxation
2024
2023
£'000
£'000
(Continued)
Page 24
Deferred tax
Origination and reversal of timing differences
88
(5)
Adjustment in respect of prior periods
(38)
-
0
Total deferred tax
50
(5)
Total tax charge
378
493

The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£'000
£'000
Profit/(loss) before taxation
280
(114)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
70
(27)
Tax effect of expenses that are not deductible in determining taxable profit
357
138
Unutilised tax losses carried forward
-
0
97
Adjustments in respect of prior years
(76)
3
Under/(over) provided in prior years
-
0
3
Deferred tax adjustments in respect of prior years
(8)
(7)
Fixed asset differences
35
270
Remeasurement of deferred tax for changes in tax rates
-
0
16
Taxation charge
378
493
Inuvi Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 25
10
Intangible fixed assets
Group
Goodwill
Other
Total
£'000
£'000
£'000
Cost
At 1 January 2024
13,889
950
14,839
Additions
-
0
163
163
At 31 December 2024
13,889
1,113
15,002
Amortisation and impairment
At 1 January 2024
3,931
694
4,625
Amortisation charged for the year
1,467
166
1,633
At 31 December 2024
5,398
860
6,258
Carrying amount
At 31 December 2024
8,491
253
8,744
At 31 December 2023
9,958
256
10,214
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.
Inuvi Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 26
11
Tangible fixed assets
Group
Land and buildings
Plant and machinery etc
Total
£'000
£'000
£'000
Cost
At 1 January 2024
3,090
1,003
4,093
Additions
19
796
815
Disposals
-
0
(154)
(154)
Transfers
(123)
123
-
Other movements
-
0
35
35
At 31 December 2024
2,986
1,803
4,789
Depreciation and impairment
At 1 January 2024
287
503
790
Depreciation charged in the year
150
333
483
Eliminated in respect of disposals
-
0
(151)
(151)
Other movements
-
0
35
35
At 31 December 2024
437
720
1,157
Carrying amount
At 31 December 2024
2,549
1,083
3,632
At 31 December 2023
2,803
500
3,303
The company had no tangible fixed assets at 31 December 2024 or 31 December 2023.
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
£'000
£'000
£'000
£'000
Investments in subsidiaries
-
0
-
0
8,827
8,827
Inuvi Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
12
Fixed asset investments
(Continued)
Page 27
Movements in fixed asset investments
Company
Shares in subsidiaries
£'000
Cost or valuation
At 1 January 2024 and 31 December 2024
8,827
Carrying amount
At 31 December 2024
8,827
At 31 December 2023
8,827
13
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Indirect
Inuvi Health Limited
1
Medical Screening Services
Ordinary
100.00
-
Inuvi Diagnostics Limited
2
Laboratory Testing
Ordinary
100.00
-
Plymouth Health Limited
3
Health Activities
Ordinary
87.50
-
Express Diagnostics
4
Laboratory Testing
Ordinary
0
87.50
Medicals Direct Screening Limited
5
Health Screening Services
Ordinary
0
100.00
Medicals Direct Screenings Services Limited
6
Health Screening Services
Ordinary
0
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Unit 10 Millars Brook Business Park, Wokingham, RG41 2AD
2
Unit 10 Millars Brook Business Park, Wokingham, RG41 2AD
3
Unit 10 Millars Brook Business Park, Wokingham, RG41 2AD
4
Plymouth Science Park, Plymouth, PL6 8BU
5
Unit 10 Millars Brook Business Park, Wokingham, RG41 2AD
6
Unit 10 Millars Brook Business Park, Wokingham, RG41 2AD
Inuvi Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 28
14
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£'000
£'000
£'000
£'000
Trade debtors
4,002
3,271
-
0
-
0
Corporation tax recoverable
86
56
-
0
-
0
Amounts owed by group
28
-
0
5,947
6,020
Other debtors
41
240
579
-
Prepayments and accrued income
596
255
-
0
1
4,753
3,822
6,526
6,021
Amounts falling due after more than one year:
Deferred tax asset
27
-
-
-
Total debtors
4,780
3,822
6,526
6,021
15
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£'000
£'000
£'000
£'000
Bank loans
927
1,327
927
1,327
Trade creditors
1,438
1,291
16
29
Amounts owed to group undertakings
-
0
-
0
7,978
6,085
Corporation tax payable
69
167
-
0
-
0
Other taxation and social security
286
219
-
0
-
0
Other creditors
1,522
927
-
-
Accruals and deferred income
1,287
1,229
72
72
5,529
5,160
8,993
7,513
Inuvi Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 29
16
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£'000
£'000
£'000
£'000
Bank loans
5,859
5,836
5,859
5,836
Other loans
5,047
5,746
4,243
4,944
10,906
11,582
10,102
10,780
Payable within one year
1,731
1,327
927
1,327
Payable after one year
9,175
10,255
9,175
9,453

The long-term loans are secured by fixed and floating charges over the assets of the group.

 

17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£'000
£'000
£'000
£'000
Bank loans and overdrafts
4,932
4,509
4,932
4,509
Other creditors
4,243
5,746
4,243
4,944
9,175
10,255
9,175
9,453
18
Provisions for liabilities
Group
Company
2024
2023
2024
2023
Notes
£'000
£'000
£'000
£'000
Deferred tax liabilities
19
281
204
-
0
-
0
19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£'000
£'000
£'000
£'000
Accelerated capital allowances
281
204
27
-
Inuvi Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
19
Deferred taxation
(Continued)
Page 30
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£'000
£'000
Liability at 1 January 2024
204
-
Charge to profit or loss
50
-
Liability at 31 December 2024
254
-

 

20
Operating lease commitments

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

Group
Company
2024
2023
2024
2023
£'000
£'000
£'000
£'000
Within one year
149
140
-
-
Between two and five years
407
533
-
-
556
673
-
-
21
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2024
2023
2024
2023
£'000
£'000
£'000
£'000
Acquisition of tangible fixed assets
-
123
-
-
22
Events after the reporting date

On 14th March 2025, Express Diagnostics Limited, a subsidiary of Inuvi Group Limited, purchased Citrine Diagnostics Limited, which owns Physiological Measurements Limited. A group restructure also occurred in this date, which resulted in Inuvi Group acquiring 100% of the share capital of Plymouth Health Limited.

Inuvi Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 31
23
Controlling party

The immediate parent company is Inuvi Medical Services Limited (formerly Longacre Medical Services Limited), a company incorporated in England and Wales, which owns 100% of the issued share capital of the company. The ultimate parent company is Longacre Group Limited, a company incorporated in England and Wales, which has an indirect interest in 72% of the issued share capital of the company.

 

Longacre Group Limited is the largest group to prepare consolidated financial statements which include these financial statements. Copies of the consolidated financial statements can be obtained from 1 Mercer Street, London, WC2H 9QJ.

 

 

24
Cash generated from group operations
2024
2023
£'000
£'000
Loss for the year after tax
(98)
(607)
Adjustments for:
Taxation charged
378
493
Finance costs
906
605
Investment income
-
(30)
Loss on disposal of tangible fixed assets
3
30
Amortisation and impairment of intangible assets
1,633
1,204
Depreciation and impairment of tangible fixed assets
483
430
Increase in provisions
77
4
Movements in working capital:
Increase in stocks
(75)
(69)
Increase in debtors
(927)
(342)
Increase in creditors
63
737
Cash generated from operations
2,443
2,455
25
Analysis of changes in net debt - group
1 January 2024
Cash flows
31 December 2024
£'000
£'000
£'000
Cash at bank and in hand
1,231
(624)
607
Borrowings excluding overdrafts
(11,582)
676
(10,906)
(10,351)
52
(10,299)
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