The Directors present the strategic report for the year ended 30 September 2024. The comparative figures are stated for the 18 month period ended 30 September 2023.
Chairmans introduction
The FY24 results covering the 12 months to September 2024 bring an end to an 18 month period where the business has been through unprecedented change and evolution since taking on the complex and difficult turnaround and integration of HML which it acquired in March 2023.
Customer service levels are now back within Service Level Agreement (SLA); new systems have been developed and launched improving the customer experience; significant excess cost has been removed from the group; and productivity has improved. The refreshed management team is delivering, and we have created a platform for continued growth.
FY25 will show further progress as the actions taken over the last 18 months evidence themselves in the businesses’ trading performance. The business will also actively be in the market for new business, something that has not been a focus during 2024, and a positive macro environment for healthcare, and specifically the increasing awareness of Occupational Health (OH) and the value seen in it by employers is driving our conviction to continue to invest and grow.
Business overview
The principal activities of the business remain the provision of Health & Wellbeing and Alcohol and Drug Screening services to the corporate, public, small, and medium businesses (SMEs), insurance and pension sectors throughout the United Kingdom and Ireland.
These financial statements, for the year ended 30 September 2024, have been prepared in accordance with IFRS.
Business model
Employed practitioners deliver the Group’s services either remotely, from various offices and clinics spread throughout the United Kingdom and the ROI, or from customer locations.
We aspire to be the health and wellbeing partner that all employers, no matter their size, turn to if they place the health and wellbeing of their people at the heart of everything they do.
Our services are designed to help our customers improve staff engagement and retention, achieve higher productivity levels, and reduce the cost of absenteeism.
Fair review of the business
2024 saw a continuation of the HML integration phase and the resultant business disruption/ challenge seen in the second half of the prior period. The integration and turnaround of HML has been more complex, has taken longer, and cost more than originally anticipated. Despite this, we deem the acquisition to have been a success.
As the year progressed and as various initiatives were completed, month on month trading results improved as gains in efficiency and process were delivered and duplicated and/ or unnecessary costs removed. At the time of signing this report, we are pleased to confirm that there is now a consistent step change in monthly profitability, and this is expected to continue as further profit enhancement initiatives are delivered, and the annualised impact of these initiatives is seen across FY25 and FY26. Customer waiting times are now within SLAs and are back to being market leading.
The group maintains the support of its funders, shareholders, and its management, and all are confident in the future performance of the group.
Key performance indicators ("KPIs") and result for the period
The key KPIs for the Medigold Health group are growth in Gross Margin % and EBITDA, defined as operating profit, adjusted to add back interest, depreciation, amortisation, and impairment.
Gross margin in the year, when compared to the prior period has grown by 3% to 25%, which although this shows positive progress, is still below our group target of >35%.
The group achieved adjusted EBITDA of £1,870k for the year ended 30 September 2024 (18 months to Sept 2023: £2,296k), defined as reported EBITDA having added back certain exceptional items, comprising identifiable legacy and non-recurring costs incurred by the group as set out in note 6.
These results reflect the ongoing turnaround of HML - a business that was seen as non-core by its previous owners and one that had been under invested for some time.
The key non-financial performance indicators for the group are customer retention, employee retention and gender pay equality. Medigold manages and services a diverse portfolio in excess of 3,000 customers across multiple industry sectors, driven by our Genetic Code values. Customer retention remains solid and although several contracts were not renewed in the year (mainly through Medigold consciously not retendering), customers who have stuck with Medigold during the difficult and extended HML integration phase are now seeing the benefits of streamlined processes and the scale of a large group.
The strong ethical values of our organisation are also intrinsic to an employee retention record to be proud of. Staff turnover for the twelve months ended 30 September 2024 was 31.5% (2023: 29.8%).
Medigold Health remains absolutely committed to providing equal pay and opportunities to all people no matter their gender or how they identify. The group operates a transparent and objective salary band structure which ensures that individuals performing the same or similar roles are paid equitably and fairly, regardless of their race or gender.
The financial position of the group is set out in the financial statements and notes that follow. At the reporting year end date, the group reported a net liability position of £9,671k (2023: £2,622k), as shown on page 20 of the financial statements.
The business completed a refinance of its existing debt facilities with HSBC in October 2024, renewing for a further three-year period and agreeing a revised covenant suite. Alongside this, BGF invested an additional £6m into the business to support both working capital and Medigold’s continued growth, and a collective of existing shareholders and associated family members and friends invested a further £1m. This commitment from all stakeholders demonstrates their confidence in the group's potential and direction of travel. Further information on the group's funding is shown in note 21.
Medigold has high gearing because of the investment strategy of its Private Equity funder, who structure their investment using loan notes as part of their long-term investment horizon. Medigold retains the ongoing support of its Private Equity and debt funders and with consideration of the principal risks and uncertainties facing the business, the directors believe that the group is in an adequate position and has sufficient resources to continue in operational existence for the foreseeable future. As such, the directors continue to adopt the going concern basis of preparation.
Forecast
The priority for FY25 and FY26 is to maximise the efficiency gains that can be delivered from a fully integrated and streamlined group, as well as getting back out into the new business market, having been dormant during the HML integration period.
Medigold’s unique strength in both the SME and large company sectors, combined with continued strong demand across our service lines puts the business in a prime position to capture ongoing market growth.
Action taken to mitigate the impact of external cost pressures being faced by all UK businesses, and the completion of the integration will manifest through a material reduction in our cost base and our FY25 results will show a positive shift in quality of earnings as a result. Gross Margin and EBITDA will show material growth over FY24, and we will deliver an improved customer and employee experience in line with the group’s overall aim of leading the OH industry from a service delivery, geographical reach, and quality perspective.
Research and development
The group continues to invest in external customer facing technology, internal delivery technologies, product development and service enhancement. We continue to focus on ways that we can help our customers using skillsets and technology, whilst continuing to increase our net margins accordingly. These net margin gains will continue to be invested back into the business to help with future innovation and service enhancements.
The focus during 2024 was the launch of Paradigm, a system which dovetails with Medigold Core and supports Medigold’s clinicians in their day-to-day roles, automating manual aspects of traditional client health assessments such as extensive notetaking, dictation, and report generation.
Alongside this, we have been developing systems that will improve the customer experience, and we expect several new interfaces to launch during the FY25 financial year which will advance this through improved visibility and ease of access.
Pre-eminent amongst those is the new Medigold Pulse system, which launched in April 2025. This new system will initially be the shop window for our Management Referral service, and will allow managers to request referrals, monitor progress, and receive the outcome all through a single interface. As customers migrate to this system over the second half of FY25, we will begin work on moving other services to Pulse, allowing us to retire Medigold ONE completely. Additionally, in FY25, our new Employee Portal will launch - this will be the place that employees (rather than managers) receive their Management Referral reports, meaning we no longer have to email reports, improving the experience for service users and removing a significant data protection risk.
In parallel with these enhancements in our Occupational Health business, FY25 will also see improved internal-facing technologies in our Drug and Alcohol business. The Nexus app is being enhanced to improve the sample collection process and streamline chain of custody administration. It is being built in ‘low code’ as our proving ground for a technology that should allow us to rapidly deploy IT process improvements in the future. Nexus will link to a new Laboratory Information Management System (“LIMS”) which is also due to be implemented in the second half of 2025, and a significant investment in new laboratory confirmation equipment will also come online in the second half of the year as we look to grow the capability and capacity of this service line.
As a forward thinking business, Medigold positions technology, systems, and software development as a key pillar of its goal to continue to be a leading OH provider in the UK.
Employee Engagment
At Medigold Health, we are committed to maintaining our people-first culture rooted in inclusivity, engagement, and transparency. Our regular Employee Forums provide a valued platform for colleagues to share their thoughts and opinions directly with Management. In turn, this feedback helps shape the decisions that impact the people who are the lifeblood of Medigold Health.
In July 2024, we further strengthened our commitment to employee engagement by introducing several key initiatives, including the ‘MediGoals’ Performance Management Programme, which replaced annual appraisals with ongoing, meaningful performance discussions.
Our company intranet, Medigold Mine, complemented by our Internal Communications channel, has become a vital tool for bringing together our hybrid workforce and ensuring that everyone feels informed, valued, and able to contribute. Beyond information-sharing, Medigold Mine allows colleagues to recognise each other’s contributions through commenting on and engaging with posts and success stories, sending eCards, or nominating their Code Champion, all of which helps support a positive employee experience.
Family and Community are at the heart of the Medigold Health ‘Genetic Code’. This strong sense of shared purpose drives us to invest significantly in community projects that matter to our employees and create lasting impact in the places where we live and work. Through our Community Impact Programme (CIP), we awarded twelve grants to charitable causes and grassroots projects that hold a personal meaning for our people, demonstrating that our Genetic Code is more than just a set of values: it is a commitment we live by.
People with health conditions or impairments
Applications for employment by people with health conditions or impairments are always fully considered, bearing in mind the aptitudes of the applicant concerned; to help to ensure everyone is given a fair opportunity to join us and to thrive. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of people with health conditions or impairments should, as far as possible, be identical to that of other employees.
Our Diversity, Equity and Inclusion efforts during the year saw the launch of a dedicated Disability Forum to enhance workplace accessibility and remove barriers for employees with disabilities. The forum is already helping to drive positive change within our business and will allow us to build on our longstanding commitment to supporting diversity within Medigold Health by gaining feedback from our colleagues on changes we can make to help remove barriers, enhance the experience of employees with disabilities and ensure our workplace is as inclusive and accessible as possible.
We also expanded our reach through a series of free public webinars, providing accessible health education to businesses, employees, and the wider public. These sessions – covering mental health awareness, stress management and workplace wellbeing – demonstrate our dedication to building healthier, more resilient communities both within and beyond the Group.
Environmental, Social and Governance standards ("ESG")
Medigold Health has continued to strengthen its ESG commitment and activities and is committed to producing an annual ESG report. This document confirms the actions we have taken during the year together with our future ambitions, which affect all stakeholders to our business. This document can be viewed on our website at www.medigold-health.com.
In 2024, we established an ESG Steering Committee, chaired by our General Counsel and Company secretary, to ensure the integration of ESG principles in our operations and decision-making. This committee is responsible for setting our ESG priorities, tracking progress against sustainability targets, and driving initiatives that align with our business objectives. The key areas of focus include Environmental Stewardship, Social Responsibility and Governance and Ethical Integrity. Through this structured approach, we are committed to making tangible improvements that enhance our impact and contribute to a healthier, more sustainable future.
During the year we awarded individual grants to charitable organisations, meaningful causes and community events connected to our team members, with the aim of fostering positive relationships and actively engaging with the communities we are a part of.
As part of our deepening relationship with the University of Northampton, we continue to be part of the Northampton Sustainability Accord, a multi-stakeholder agreement, which reflects our dedication to advancing sustainable practices and achieving shared meaningful environmental and social impact through collaboration.
We continue to use OneTrust for reporting processes and this has standardised compliance processes, improving transparency, and streamlining regulatory reporting. In addition, we have maintained our ISO 9001, ISO 14001, ISO 27001, ISO 45001, and SEQOHS standards, demonstrating our commitment to quality, safety, and environmental responsibility.
In May 2024, we rolled out a new cyber training programme in partnership with the security awareness training company usecure. The usecure training sessions are designed to ensure all our employees are equipped with the knowledge and skills to respond appropriately to potential cyber threats, helping to safeguard our organisation and ensure our compliance with security requirements and standards.
Our governance framework ensures that Medigold Health operates with integrity, accountability, and a strong focus on long-term sustainability.
Principal risks and uncertainties
The group faces a number of principal risks, as follows:
Credit risk
Credit risk is defined as the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur monetary loss. Credit risk within the group primarily arises since trade, in most cases, requires extending credit customers, without which many would not trade with the group
To manage and mitigate this risk, clear and direct focus is continually applied to credit control measures and to the improvement of invoicing processes. We continue to evolve our credit control and accounts receivable teams with a view to reducing our cash collection cycle. All customers are assessed for credit risk before engagement, and we are constantly assessing how we can improve the purchase to pay process for customers. One example of this is a current project to expand the ways that customers can pay for services allowing lower value transactions to be paid for using Direct Debit or upfront payment as opposed to offering credit.
Liquidity and cash flow risk
Liquidity risk is the risk that an entity will have insufficient short-term assets to finance short-term liabilities. The group has a mix of debt on its balance sheet from: traditional lenders; its private equity backers; and from Vendors of previously acquired businesses enabling it to optimise its cost of capital and also to ensure that sufficient flexibility is maintained to manage working capital and other commitments. As a result, whilst not all debt is short term in nature, the group is open to liquidity risk.
This risk is managed by the maintenance and effective and continual monitoring of short-term funding requirements through weekly and monthly reporting to ensure that adequate borrowing facilities are available and that covenants are adhered to. Further information on the group's funding is shown in note 21.
Talent acquisition & retention risk
The group is a service provider; its people are a valuable resource. Clinically and commercially strong Occupational Health Physicians (OHPs) and Occupational Health Advisors (OHAs) are key to the delivery of our high-quality service. Due to decades of under investment in the Occupational Health specialty for clinicians across the public and private sector, there is a finite pool of suitable clinicians, and that pool is gradually shrinking. As a result, Occupational Health clinicians command high salaries in comparison to clinicians in general. In order to retain the best clinicians, the group pays higher than market salaries and works extremely hard to maintain our status as an employer of choice through regular and meaningful employee engagement and training.
Medigold competes strongly in the recruitment market and continues to attract talent from major competitors. Our focus remains on retention and the investments made into the administrative systems that our clinicians use on a daily basis have made their workplace experience more efficient and less stressful.
Industry competition risk
Being successful in tendering for and retaining contracts is challenging. The group often pitches against competitors with less complete service offerings offered at lower prices. However, such services can initially appear comparable to those offered by Medigold. Exposure to such competition puts pressure on margins the group is able to achieve with new business, along with renewals of existing customers who may be tempted by headline cost savings. Fortunately, our reputation in the market is such that many of those assessing Occupational Health tender submissions appreciate the superior quality that comes with the Medigold Health delivery model which, anecdotally, is often the dominant factor in clients’ decision making. The Board of directors and wider management team recognise the importance in maintaining this competitive edge but are also prepared to lose business that will become financially undesirable – examples of this were seen during the year where several customer contracts (mainly legacy HML customers) were not renewed as they were not commercially viable.
Non-compliance with Laws & Regulations risk
Legal and regulatory non-compliance could result in material fines being levied amongst other penalties. GDPR remains a principal consideration to the Occupational Health market due to the inherently sensitive nature of the personal and medical records the industry has to maintain on behalf of its customers. Minor data breaches do happen on occasion, due to human error, and since the launch of GDPR in 2018 the financial implications of such breaches have become more serious. For that reason, the group has invested considerable time and effort into ensuring appropriate procedures and processes are in place to reduce the risk of breaches occurring and to mitigate the impact of breaches if they do occur. To date, these measures have proved effective in mitigating the risk and will continue to be monitored to ensure this remains the case.
Section 172(1) statement
The Directors are aware of their duty under s172 of the Companies Act 2006 to act in the way they would consider, in good faith, would be most likely to promote the success of the Group for the benefit of its members as a whole and, in doing so, to have regard (amongst other matters) to:
the likely consequences of its decisions in the long-term.
the interests of the Group’s employees.
the need to foster the Group’s business relationships with suppliers, customers, and others.
the impact of the Group’s operations on the community and the environment.
the desirability of the Group maintaining a reputation for high standards of business conduct; and
the need to act fairly between members of the Group.
Below is a description of our key stakeholder groups and how we engaged with them in 2024.
Our Service Users
Why we engage:
Our day-to-day operation exists to provide a supportive and efficient experience for our clients so that referrals and support can be overseen in a timely and effective manner, with our ultimate aim to keep employees in work, safe and well.
We aim to make the interactions with Medigold as positive and simple as possible and ensure that our services are regularly reviewed and fit for purpose.
How we engaged in 2023 / 2024:
Our main method of interacting with our patients is via online or face-to-face meetings with qualified medical professionals who are there to work with the service user to understand their issues and advise accordingly.
During the course of the year the Group worked to catch up on a backlog of appointments from the prior year caused by acquisitions and integrations thereof. We are pleased to report that average end to end (referral to report) times reduced from >30 days in some extreme instances to <10 days on average today.
Our relationship management and customer services teams continue to evolve and develop so that we can deliver best in class service, and the reduction in the backlog and resultant improvement in customer satisfaction has enabled them to return to an initiative-taking relationship with our customers as opposed to a reactive one.
What matters to the Group:
Our products are relevant and provide the required service and outcome resolution
Efficient and sympathetic assessment and consultation
Ease of access to customer service
Our Customers
Why we engage:
Our services are designed to help our customers improve staff engagement and retention, achieve higher productivity levels, and reduce the cost of absenteeism.
How we engaged in 2023 / 2024:
We engage and build relationships with our customers and clients in several ways, from face-to-face interaction and regular relationship calls/ meetings to invitations to bespoke topical webinars.
Our services are delivered by practitioners employed by the group, either remotely, from various offices and clinics spread throughout the United Kingdom and the ROI, or from customer locations with the aim of providing the best solution for our customers needs.
We continued to maintain our ISO 9001, ISO 14001, ISO 27001, ISO 45001, and SEQOHS standards, demonstrating our commitment to quality, safety, and environmental responsibility – all factors that are important to our customers, as well as our wider stakeholder base.
What matters to the Group:
Product range, price, and quality
Convenience and accessibility
Customer service
Fair marketing
Responsible use of personal data
Ethics and sustainability
Becoming a trusted partner
Our products are relevant and provide the required service and outcome resolution
Efficient and sympathetic assessment and consultation
Ease of access to customer service
Our Colleagues
Why we engage:
The Group’s long-term success is predicated on the commitment of our employees to our purpose and demonstration of our values. In order to deliver great customer service and improve our staff engagement scores we need to ensure that we provide an appropriate environment and communication channels to both attract and retain talent for now and the future.
How we engaged in 2023 / 2024:
We have a dynamic and open leadership who regularly update and seek feedback from employees in order to ensure that staff are up to date with the progress of the Group and that management are aware of areas of potential areas of improvement from around the business. Regular company wide update calls are held, along with team by team updated provided by business unit leads. We also operate an employee forum which gives employee representatives the chance to challenge, engage with and feed into senior management and key decisions within the business.
We operate a supportive working environment with numerous rewards and benefits alongside a learning culture with great career opportunities.
What matters to the Group:
Fair employment
Competitive pay and benefits
Development and career opportunities
Collaborative and supportive work environment
Health and safety and colleague wellbeing
Responsible and respectful use of personal data
Ethics and sustainability
Our Suppliers
Why we engage:
Our suppliers are fundamental to the quality of our services and to ensuring that as a business we meet the high standard of conduct that we set ourselves.
It is important that we ensure good working relationships with our suppliers but also to choose partners that allow the Group to fulfil its day-to-day operations to deliver our products and services to the best standard possible.
How we engaged in 2023 / 2024:
We regularly engage in open and two-way conversations with our largest suppliers, and we continually review and update our supplier onboarding process and conduct annual reviews on all key suppliers to the Group. We also collaborate with our suppliers to ensure that they have effective controls in place to protect the security and privacy of our customers data.
We commenced a supplier audit to ensure that all suppliers are onboarded onto our OneTrust system and that we hold all required data to enable our own supplier reporting to be as accurate and up to date as possible.
What matters to the Group:
Long-term partnerships
Collaborative approach
Open terms of business
Fair payment terms
Our Community and Environment
Why we engage:
The Board recognises the importance of leading a Group that not only generates value for shareholders but also contributes to the wider society.
How we engaged in 2023 / 2024:
We integrate environmental and community considerations into our operations, reflecting out commitment to sustainable and socially responsible practices.
On the environmental front, we continue to take proactive steps to reduce our carbon footprint through energy-efficient practices across the Group. These efforts support our overarching goal of minimising environmental impact while fostering a culture of sustainability. We remain committed to equipment recycling, adopting a repair-and-upgrade-first approach to technology, and reducing paper usage. Our encouragement of hybrid working, alongside a preference for virtual client meetings, helps to support low commuting-related emissions. In addition, a conscious shift to sea freight and a reduction in the use of plastics within our products and packaging further support our low-impact logistics strategy.
We partner with the Sustainable Business Alliance (SBA), who provide expert guidance on best practices in sustainability. We also undertake an annual review of our ISO14001 Environmental Standards certification to benchmark our progress and identify opportunities for continuous improvement.
Our commitment to positive social impact is reflected in the continued development of our Community Impact Programme (CIP) which enables employees to support both local and national causes they are enthusiastic about through targeted grant funding for charities and community initiatives. Internally, our MediGoals programme has helped to foster a culture of continuous growth, inclusion, and sustainability by encouraging meaningful conversations between staff and management around personal and professional development.
We also expanded our reach through a series of free public webinars, providing accessible health education to businesses, employees, and the wider public. These sessions – covering mental health awareness, stress management and workplace wellbeing – demonstrate our dedication to building healthier, more resilient communities both within and beyond the Group.
What matters to the Group:
Reducing environmental impact
Sustainability
Investing in local community
Community engagement and impact
Employee wellbeing and empowerment
Promoting environmental offerings on platform, i.e. Cycle to Work
Transparent reporting and governance
Continuous improvement
Our Shareholders
Why we engage:
Our shareholders are key to the long-term success of the business. We strive to obtain investor buy-in into our strategic objectives and how we plan to deliver on them. We create value for our shareholders by generating strong sustainable profits.
How we engaged in 2023 / 2024:
The Group has monthly Board meetings with its shareholders and numerous touch points in between to ensure that the Board is fully up to date with current trends and strategic plans.
What matters to the Group:
Financial performance
Strategy and business model
Long-term growth
Reputation of the Group
On behalf of the board
The directors present their annual report and financial statements for the 12 month period ended 30 September 2024. The comparative figures are stated for the 18 month period ended 30 September 2023.
The results for the year are set out on page 19.
Ordinary dividends paid during the period amounted to £nil (2023: £nil). The directors do not recommend payment of a final dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
The group's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).
The group's current policy concerning the payment of trade creditors is to:
settle the terms of payment with suppliers when agreeing the terms of each transaction;
ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and
pay in accordance with the company's contractual and other legal obligations.
We report here on Medigold Health Consultancy Limited's use of energy and emission of greenhouse gases under the Streamlined Energy and Carbon Reporting regulations.
The table below sets out total energy consumption and resulting GHG emissions by scope arising from business operations:
Our energy and carbon calculations have been conducted in accordance with the UK Government’s Reporting Guidelines for Company Report. Data has been reviewed and verified by a third-party. GHG calculations have been performed using the Greenhouse Gas Protocol Corporate Reporting Standards (GHG Protocol) and ISO14064-1:2018 Greenhouse Gases – Part 1: Specification with guidance at the organization level for quantification and reporting of greenhouse gas emissions and removals. All emissions calculations use up to date GHG Conversion Factors for Company Report (BEIS) and are reported as carbon dioxide equivalent (CO2 e), accounting for all major greenhouse gases.
Our carbon footprint for the 2023/24 reporting year has been calculated based on our environmental impact across scope 1, 2 and 3 (selected categories) emissions sources for the UK only. Our emissions are presented on a location basis. On a location basis, our emissions are 4,075,710 kgCO2, which represents an average impact of 4,907 kgCO2 per full time employee. We have calculated emissions intensity metrics on revenue, which we will monitor to track performance in our subsequent environmental disclosures.
We are currently working to align our business operations, assets and service delivery model with the latest climate science recommendations and are committed to achieving net-zero carbon emissions. As we have now designated 2023/24 as our baseline year, we are in the process of establishing a comprehensive carbon reduction plan. Our actions will include the following:
Transition to low carbon operations:
Completing an energy audit of all facilities to identify efficiency opportunities.
Expanding our use of renewable electricity providers to include all sites where landlord agreements are in place.
Undertaking a review of all fleet vehicles to identify opportunities to replace with electric or hybrid alternatives.
Implementing building upgrades (e.g. LED lighting).
Reduce value chain emissions:
Undertaking a comprehensive assessment of our Scope 3 emissions footprint.
Engaging with key suppliers to set science-based emissions reduction targets.
Developing a sustainable procurement policy.
Collaborating with logistics providers to shift to lower emission transport solutions.
Empower employees and customers
Launching a sustainability programme for all employees.
Reviewing incentives for employees to adopt low carbon emissions for travel and commuting.
Providing resources to help customers measure and reduce their own carbon footprints.
Annually reviewing the sustainable business travel plan.
Transparent reporting and governance
Measuring and reporting emissions annually in accordance with the GHG protocol.
Reviewing all associated KPIs and linking to Scope 1, 2 & 3 emissions.
Annually reviewing our decarbonisation strategy to incorporate new technologies, policies and stakeholder feedback.
The ESG Steering Committee will be responsible for overseeing our decarbonisation strategy.
Saffery LLP has expressed its willingness to remain in office as auditors. |
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We have audited the financial statements of Medigold Health Consultancy Limited (the ‘parent company’) and its subsidiaries (the ‘group’) for the year ended 30 September 2024 which comprise the group statement of comprehensive income, the group and parent company statement of financial position, the group and parent company statement of changes in equity, the group statement of cash flows and the group and parent company notes to the financial statements, including significant accounting policies.
The financial reporting framework that has been applied in the preparation of the group financial statements is applicable law and UK adopted international accounting standards. The financial reporting framework that has been applied in the preparation of the parent company financial statements is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 Reduced Disclosure Framework (United Kingdom Generally Accepted Accounting Practice).
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 directors are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company 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.
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 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 parent company or to cease operations, or have no realistic alternative but to do so.
Our objectives are to obtain reasonable assurance about whether the group and parent company 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.
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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the group and parent company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent company by discussions with directors and by updating our understanding of the sector in which the group and parent company operates.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.
As group auditors, our assessment of matters relating to non-compliance with laws or regulations and fraud differed at group and component level according to their particular circumstances. Our communications included a request to identify instances of non-compliance with laws and regulations and fraud that could give rise to material misstatement of the group financial statements in addition to our risk assessment.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. 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.
Laws and regulations of direct significance in the context of the group and parent company include The Companies Act 2006 and UK Tax legislation.
Audit response to risks identified
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of group and parent company financial statement disclosures. We reviewed the parent company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.
A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
The income statement has been prepared on the basis that all operations are continuing operations.
Medigold Health Consultancy Limited ("the Company") is a private company limited by shares incorporated in England and Wales under the Companies Act 2006 (registration number 03507491). The Company is domiciled in the United Kingdom and its registered address and principal place of business is Medigold House, Queensbridge, Northampton, NN4 7BF. The principal activities of the Company and Group are detailed in the Strategic Report.
The financial statements are prepared in sterling, which is the functional currency of the group. Monetary amounts in these financial statements are rounded to the nearest £'000.
The financial statements presented cover more than one year for the period ending 30 September 2023 as the group's year end was changed to 30 September, to align group companies' reporting dates following the acquisition of Health Management Limited. As a result, amounts shown in the financial statements are not necessarily comparable from period to period.
The consolidated financial statements comprise the financial statements of the Company and its subsidiaries.
Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Control is achieved when the Group has:
- Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee)
- Exposure, or rights, to variable returns from its involvement with the investee
- The ability to use its power over the investee to affect its returns
Generally, there is a presumption that a majority of voting rights results in control. The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognised in profit or loss. Any investment retained is recognised at fair value.
Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. Profit or loss and each component of other comprehensive income (OCI) are attributed to equity holders of the parent of the Group and to non-controlling interests. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group’s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.
Subsidiaries are all entities over which the Company has the ability to exercise control and are accounted for as subsidiaries. The trading results of subsidiaries acquired or disposed of during the period are included in the income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate.
All intra-group transactions, balances, income and expenditure are eliminated on consolidation.
The purchase method of accounting is used to account for the acquisition of subsidiaries by the Company. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are initially measured at fair value at the acquisition date irrespective of the extent of any non-controlling interest. The excess of cost of acquisition over the fair values of the Group’s share of identifiable net assets acquired is recognised as goodwill. Any deficiency of the cost of acquisition below the fair value of identifiable net assets acquired (i.e. discount on acquisition) is recognised directly in the income statement. All acquisition expenses are reported within the income statement immediately.
Any deferred or contingent consideration to be transferred by the Group is recognised at fair value at the acquisition date. Subsequent changes to the fair value of the deferred consideration that are deemed to be an asset or liability are recognised in accordance with IAS 39 either in profit or loss or as a change to other comprehensive income.
Where necessary, adjustments are made to the financial information of subsidiaries to bring the accounting policies used in line with those used by other members of the Group.
The assets’ residual values, useful lives and methods of depreciation are reviewed, and adjusted if appropriate, on an annual basis. An asset is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on de-recognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the income statement in the period that the asset is derecognised.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade and other payables are recognised at original cost.
Borrowings are initially recognised at fair value, being proceeds received less directly attributable transaction costs incurred. Borrowings are subsequently measured at amortised cost with any transaction costs amortised to the income statement over the period of the borrowings using the effective interest method.
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.
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of fixed lease payments. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, the lessee's incremental borrowing rate is used, being the rate that the lessee would have to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset with similar terms, security and conditions.
Lease payments are allocated between principal and finance costs. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
Right-of-use assets are measured at cost comprising the initial measurement of lease liability, any lease payments made at or before the commencement date less any lease incentives received, and any initial direct costs. Right-of-use assets are depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis.
Payments associated with short-term leases of equipment and vehicles and all leases of assets considered low value are recognised as an expense in profit or loss on a straight-line basis. Short-term leases are leases with a lease term of twelve months or less.
Net finance costs
Net finance costs comprise interest on bank and other borrowings and interest on leases recognised under IFRS 16, less bank interest received.
Exceptional items
Exceptional items are those items that, in the directors’ view, are required to be separately disclosed by virtue of their size or incidence to enable a full understanding of the group’s financial performance.
During the financial year, the group has adopted the following new IFRSs (including amendments thereto) and IFRIC interpretations, that became effective for the first time:
Their adoption has not had any material impact on the disclosures or amounts reported in the financial statements.
At the date of authorisation of these financial statements, the following standards and interpretations, which have not yet been applied in these financial statements, were in issue but not yet effective (and in some cases had not yet been adopted by the EU):
The directors are evaluating the impact that these standards will have on the financial statements, but they are not expected to be significant.
The Group makes judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The resulting accounting estimates calculated using these judgements and assumptions will, by definition, seldom equal the related actual results but are based on historical experience and other factors that are considered to be relevant. The Group’s 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 if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods.
On transition to IFRSs, the incremental borrowing rate used reflected the weighted average cost of borrowing for the group. As leases renew and new leases are taken out, this rate is re-assessed and the relevant weighted average cost of borrowing is applied. The applicable incremental borrowing rate used from the date of transition to the reporting date was 10%.
The provision has been estimated by applying an industry average dilapidations benchmark per square foot of rented space for each premises leased by the group. The directors consider this to be the only justifiable means of arriving at an estimate of the dilapidations attributable to each property without incurring undue cost in the process. Any variation in the benchmark per square foot could have a significant financial impact as it is applied to the total area of all leased properties occupied by the group.
The actual dilapidations expense incurred can only be determined at the end of each lease term, at which point a contract value for remedial work will be provided by the appointed contractor. However, the adequacy of the provision will be assessed at least annually and always at the reporting end date to confirm it continues to be a fair representation of the anticipated costs or if it should be adjusted to reflect changes in market conditions. The amounts recorded in this respect are set out in note 25.
Revenue is derived from the provision of Health and Wellbeing and Alcohol and Drug Screening services under contract with the group’s customers. The group recognises revenue related to services over time as they are rendered, as this represents when the group satisfies its performance obligations. Revenue is measured based on the consideration specified in its contract with each customer, which is considered to be its fair value, including expenses and disbursements but excluding discounts and Value Added Tax.
All revenue arose in the United Kingdom in both the current and previous period.
Contract assets and contract liabilities relate to amounts recognised in respect of accrued and deferred income for contracts with customers and are included within “trade and other receivables” and “trade and other payables” respectively on the face of the statement of financial position.
Contract assets primarily relate to the Company’s rights to consideration for services provided, and therefore performance obligation transferred, but not billed. Contract liabilities primarily relate to consideration received from customers in advance of their services being delivered, when the performance obligation has yet to be transferred.
The significant movements in contract assets in the periods ended 30 September 2024 and 30 September 2023 are detailed below:
The significant movements in contract liabilities in the periods ended 30 September 2024 and 30 September 2023 are detailed below:
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The average monthly number of persons (including directors) employed by the group during the year was:
Their aggregate remuneration comprised:
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 6 (2023 - 6).
The charge for the year can be reconciled to the profit per the income statement as follows:
The group has estimated tax losses of approximately £8.2m (2023: £6m) available to relieve future profits of the Group in respect of which a deferred tax asset of £nil (2023: £nil) has been recognised as a deferred tax asset.
Included in the net book value of development costs is £1,311,000 for Medigold Core, the resource planning and management system developed in-house, which has a remaining useful economic life of up to five years.
The Group tests goodwill annually for impairment, or more frequently if there are any indications that goodwill might be impaired. For the period ending 30 September 2024, the recoverable amount of the goodwill relating to each subsidiary was determined based on value in use, calculated by discounting cash flow projections based on financial budgets approved by management covering a four-year period to 30 September 2028 along with discounted cash flows into perpetuity with the assumption of no change in revenue or EBITDA following the four year period.
Property, plant and equipment includes right-of-use assets, as follows:
Details of the company's subsidiaries at 30 September 2024 are as follows:
At 30 September 2023 the trade and assets of Hampton Knight Limited were hived up into Medigold Health Consultancy Limited.
Subsidiary audit exemptions
The members of subsidiaries marked with an asterix have all agreed to adopt exemption from audit under section 479A of the Companies Act 2006 for the year ended 30 September 2024, and guarantees have been provided under section 479C by the parent company Medigold Health Consultancy Limited.
The registered office for all subsidiaries is Medigold House, Queensbridge, Northampton, NN4 7BF.
The group’s financial instruments comprise cash and various items, such as trade receivables and trade payables, that arise directly from the group's activities and expose the group to a number of risks including capital management risk, credit risk and liquidity risk. The policies for managing these risks are regularly reviewed and agreed by the Board.
Fair values of financial instruments
For the following financial assets and liabilities: trade and other payables, trade and other receivables and cash at bank and in hand, the carrying amount approximates the fair value of the instrument due to their short-term nature.
It is the group's policy that no trading in financial instruments should be undertaken.
Capital management risk
The group's main objective when managing capital is to protect returns to shareholders by ensuring the group will continue to trade for the foreseeable future. The group also aims to optimise its capital structure
of debt and equity so as to minimise its The capital structure of the group currently consists of cash and cash equivalents and equity attributable to holders of the parent, comprising issued share capital, reserves and retained earnings. The group continually looks at having the most appropriate
Interest rate risk
The group's interest rate exposure arises mainly from the interest-bearing borrowings as disclosed in notes 21 and 43. All of the group's facilities were floating rates excluding interest on finance leases, which exposed the entity to cash flow risk. As at 30 September 2024 there is a revolving credit facility with HSBC as detailed in note 21. Repayments and inferred interest rates applicable to leases recognised on right-of-use assets under IFRS 16 are fixed and there is no material exposure to interest rate risk.
Foreign exchange risk
The group operates mostly in the United Kingdom and as such the majority of the group's and company's financial assets and liabilities are denominated in Sterling and there is no material exposure to exchange risk.
Credit risk
The group's credit risk primarily relates to trade and other receivables and accrued income. The amounts presented in the statement of financial position are net of allowances for expected credit losses assessed by the group's management.
Customer credit risk is managed subject to the group's procedures and controls relating to customer credit management, which are continually reviewed and improved. Credit limits are stablished for all customers and are based inter alia on credit checks.
The Group has assessed its customer base and likelihood of default for each type of customer in the current and potential future economic climates, looking at lifetime and 12-month loss allowances. This resulted in an immaterial provision for expected credit losses which has not been recognised. Ageing of debtors is shown in note 19. All contract assets are expected to be realised within two months.
The directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.
The following table analyses the group’s financial liabilities into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity date. The amounts disclosed in the table below are the contractual undiscounted cash flows.
Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:
The following are the major deferred tax liabilities and assets recognised by the group and movements thereon during the current and prior reporting period.
The dilapidations provision recognises contractual obligations to refurbish or return leasehold premises to their original condition on termination of lease agreements. The present value of estimated liabilities has been calculated based on square footage of each individual leased property and using an industry standard multiplier, using best available information at the balance sheet date. Provisions are accumulated over the lease terms on a straight line basis, and are expected to be utilised at the end of those lease terms for each of the individual properties.
The dilapidations provision is classed as non-current regardless of the lease end date as the group has no intention of exiting those properties in the next twelve months.
The ordinary, A ordinary and A1 ordinary shares carry full voting rights, the right to attend general meetings of the Company and rights to receive varying levels of dividend distributions. The B ordinary shares have no voting rights and no entitlement to dividend distributions. C ordinary shares carry full voting rights, subject to proxy conditions as set out in the articles of association, and entitlement to dividend distributions.
The A ordinary shares carry a long term dividend which becomes payable no sooner than October 2027. At that point in time if there has not been an exit event, the dividend becomes payable calculated in accordance with the terms of the articles of association and does not require approval by the directors. The directors are of the view that this dividend will not crystallise because an exit event is likely to have occurred prior to this date as it is within the control of the directors. As such the shares have been treated as equity instruments.
Amounts recognised in profit or loss as an expense during the period in respect of lease arrangements are as follows:
The remuneration of key management personnel, including directors, is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures.
The Group's head office is owned by the Self Invested Personal Pension plan (SIPP) of five individuals, one of which is the former director, Dr Michael Goldsmith. During the year to 30 September 2024, Medigold Health Consultancy Limited paid rent of £118,000 (2023: £177,000) into the SIPP.
Medigold Health Consultancy Limited is a private company limited by shares incorporated in England and Wales. The registered office is Medigold House, Queensbridge, Northampton, NN4 7BF. .
The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.
In preparing its financial statements the Company has taken advantage of all disclosure exemptions conferred by FRS 101, including the requirements listed below:
paragraphs 45(b) and 46 to 52 of IFRS 2 Share-based Payment;
paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64 (o)(ii), B64(p), B64(q)(ii), B66 and B67of IFRS 3 Business Combinations;
IFRS 7 Financial Instruments: Disclosures;
the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers;
paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases;
paragraph 58 of IFRS 16, provided that the disclosure of details of indebtedness required by paragraph 61(1) of Schedule 1 to the Regulations is presented separately for lease liabilities and other liabilities, and in total;
the requirement in paragraph 38 of IAS 1 ‘Presentation of Financial Statements’ to present comparative information in respect of: (i) paragraph 79(a) (iv) of IAS 1, (ii) paragraph 73(e) of IAS 16 Property Plant and Equipment and (iii) paragraph 118 (e) of IAS 38 Intangibles Assets;
paragraphs 10(d), 10(f), 16, 38A to 38D, 40A to 40D ,111 and 134-136 of IAS 1 Presentation of Financial Statements;
paragraphs 1 to 44E, 44H(b)(ii) and 45 to 63 of IAS 7 Statement of cashflows and (ii) paragraphs 44F, 44G, 44H(a), 44H(b)(i), 44H(b)(iii) and 44H(c) of IAS 7
paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors;
paragraph 17 and 18A of IAS 24 Related Party Disclosures; and
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.
The financial statements have been prepared on the historical cost basis and are presented in Sterling and all values are rounded to the nearest thousand pounds (£000) except otherwise indicated.
The company applies accounting policies consistent with those applied by the group. To the extent that an accounting policy is relevant to both group and parent company financial statements, please refer to the group financial statements for disclosure of the relevant accounting policy.
At the time of approving the financial statements, and following a significant refinancing agreement, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. In forming this expectation, the directors have considered the anticipated trading performance and capital and funding requirements of the group and parent company for a period in excess of 12 months from the date of approval of these financial statements. As such, the directors deem it appropriate to continue to adopt the going concern basis of accounting in preparing the financial statements. Further information on the group's funding is shown in note 21.
The average monthly number of persons (including directors) employed by the company during the year was:
Their aggregate remuneration comprised:
Except as detailed below the directors believe that the carrying amounts of financial assets carried at amortised cost in the financial statements approximate to their fair values.
Details of the company's principal operating subsidiaries are included in note 15.
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.
The company has estimated tax losses of approximately £8.1m (2023: £3.6m) available to relieve future profits of the Group in respect of which a deferred tax asset of £nil (2023: £nil) has been recognised.