Company Registration No. 03507491 (England and Wales)
Medigold Health Consultancy Limited
Annual report and
group financial statements
for the year ended 30 September 2024
Medigold Health Consultancy Limited
Company information
Directors
Alexander Goldsmith
Fiona Gibson
Andrew Leeser
(Appointed 14 August 2024)
James Syrotiuk
(Appointed 1 September 2024)
Andrew Kirby
(Appointed 1 September 2024)
Richard Smith
(Appointed 1 September 2024)
Secretary
Sebastian Goldsmith
Company number
03507491
Registered office
Medigold House
Queensbridge
Northampton
NN4 7BF
Independent auditor
Saffery LLP
St John's Court
Easton Street
High Wycombe
HP11 1JX
Bankers
HSBC Bank Plc
South Midlands Corporate Banking Centre
Quadra
500 Pavilion Drive
Northampton Business Park
Northampton
NN4 7YJ
Medigold Health Consultancy Limited
Contents
Page
Strategic report
1 - 9
Directors' report
10 - 14
Independent auditor's report
15 - 18
Group statement of comprehensive income
19
Group statement of financial position
20 - 21
Group statement of changes in equity
22
Group statement of cash flows
23
Notes to the group financial statements
24 - 50
Parent company statement of financial position
51
Parent company statement of changes in equity
52
Notes to the parent company financial statements
53 - 60
Medigold Health Consultancy Limited
Strategic report
For the year ended 30 September 2024
1

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%.

Medigold Health Consultancy Limited
Strategic report (continued)
For the year ended 30 September 2024
2

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.

Position of the company at the reporting year end date

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.

 

Medigold Health Consultancy Limited
Strategic report (continued)
For the year ended 30 September 2024
3

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.

Medigold Health Consultancy Limited
Strategic report (continued)
For the year ended 30 September 2024
4

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.

Medigold Health Consultancy Limited
Strategic report (continued)
For the year ended 30 September 2024
5

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.

Medigold Health Consultancy Limited
Strategic report (continued)
For the year ended 30 September 2024
6

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:

 

 

Below is a description of our key stakeholder groups and how we engaged with them in 2024.

 

Our Service Users

 

Why we engage:

 

How we engaged in 2023 / 2024:

What matters to the Group:

 

Our Customers

 

Why we engage:

Medigold Health Consultancy Limited
Strategic report (continued)
For the year ended 30 September 2024
7

How we engaged in 2023 / 2024:

 

What matters to the Group:

 

Our Colleagues

 

Why we engage:

 

How we engaged in 2023 / 2024:

What matters to the Group:

 

Our Suppliers

 

Why we engage:

Medigold Health Consultancy Limited
Strategic report (continued)
For the year ended 30 September 2024
8

How we engaged in 2023 / 2024:

 

What matters to the Group:

 

Our Community and Environment

 

Why we engage:

 

How we engaged in 2023 / 2024:

What matters to the Group:

Medigold Health Consultancy Limited
Strategic report (continued)
For the year ended 30 September 2024
9

Our Shareholders

 

Why we engage:

 

How we engaged in 2023 / 2024:

 

 

What matters to the Group:

On behalf of the board

Alexander Goldsmith
Director
25 June 2025
Medigold Health Consultancy Limited
Directors' report
For the year ended 30 September 2024
10

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.

Results and dividends

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.

Directors

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

Alexander Goldsmith
Fiona Gibson
Andrew Leeser
(Appointed 14 August 2024)
James Syrotiuk
(Appointed 1 September 2024)
Andrew Kirby
(Appointed 1 September 2024)
Richard Smith
(Appointed 1 September 2024)
Scot Smith
(Resigned 1 January 2024)
Mark Jackson
(Resigned 31 July 2024)
Eliot Caulton
(Resigned 31 August 2024)
Amanda Goldsmith
(Resigned 31 August 2024)
Dr Michael Goldsmith
(Resigned 31 August 2024)
Joanne Packer
(Resigned 31 August 2024)
Matters covered in the strategic report
Details of financial risk management objectives and policies, events after the reporting date and the group's policies concerning its employees and likely future developments are not shown in the directors' report because that information is shown in the strategic report instead under s414C (11).
Supplier payment policy

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:

Medigold Health Consultancy Limited
Directors' report (continued)
For the year ended 30 September 2024
11
Energy and carbon report

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:

2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
1,821,487
1,654,701
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
3.18
3.18
- Fuel consumed for owned transport
262.23
220.23
265.41
223.41
Scope 2 - indirect emissions
- Electricity purchased
161.54
161.54
Total gross emissions
426.95
384.95
Intensity ratio
Tonnes CO2e per £m Revenue
56.8
60.3
Quantification and reporting methodology

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.

Intensity measurement

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.

Medigold Health Consultancy Limited
Directors' report (continued)
For the year ended 30 September 2024
12
Measures taken to improve energy efficiency

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:

 

Reduce value chain emissions:

 

Empower employees and customers

 

Transparent reporting and governance

 

Medigold Health Consultancy Limited
Directors' report (continued)
For the year ended 30 September 2024
13
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 group financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom and have also chosen to prepare the parent company financial statements in accordance with Financial Reporting Standard (FRS) 101 'Reduced Disclosure Framework'.

 

Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 

In preparing the group financial statements, International Accounting Standard 1 requires that directors:

 

 

In preparing the parent company financial statements, the directors are required to:

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditor

Saffery LLP has expressed its willingness to remain in office as auditors.

 

 

 

Statement of disclosure to auditor

Each director in office at the date of approval of this annual report confirms that:

 

 

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

Medigold Health Consultancy Limited
Directors' report (continued)
For the year ended 30 September 2024
14
On behalf of the board
Alexander Goldsmith
Director
25 June 2025
Medigold Health Consultancy Limited
Independent auditor's report
To the members of Medigold Health Consultancy Limited
15
Opinion

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).

In our opinion:

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.

Medigold Health Consultancy Limited
Independent auditor's report (continued)
To the members of Medigold Health Consultancy Limited
16

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:

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 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:

 

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 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.

Auditor's responsibilities for the audit of the financial statements

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.

Medigold Health Consultancy Limited
Independent auditor's report (continued)
To the members of Medigold Health Consultancy Limited
17

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.

Medigold Health Consultancy Limited
Independent auditor's report (continued)
To the members of Medigold Health Consultancy Limited
18

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.

Andrew Watkinson (Senior Statutory Auditor)
For and on behalf of Saffery LLP
25 June 2025
Statutory Auditor
St John's Court
Easton Street
High Wycombe
HP11 1JX
Medigold Health Consultancy Limited
Group statement of comprehensive income
For the year ended 30 September 2024
19
Year
Period
ended
ended
30 September
30 September
2024
2023
Notes
£'000
£'000
Revenue
4
71,278
81,383
Cost of sales
(53,284)
(61,460)
Gross profit
17,994
19,923
Administrative expenses
(18,902)
(21,835)
Operating loss
7
(908)
(1,912)
Exceptional items
6
109
1,130
Depreciation and amortisation
7
2,669
3,078
Adjusted EBITDA
1,870
2,296
Net finance costs
11
(6,402)
(4,701)
Loss before taxation
(7,310)
(6,613)
Income tax income
12
261
143
Loss and total comprehensive income for the year
(7,049)
(6,470)
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
There was no other comprehensive income for 2024 (2023: £nil)

The income statement has been prepared on the basis that all operations are continuing operations.

 

Medigold Health Consultancy Limited
Group statement of financial position
As at 30 September 2024
20
2024
2023
Notes
£'000
£'000
Non-current assets
Goodwill
13
16,594
16,311
Intangible assets
13
3,650
2,803
Property, plant and equipment
14
3,441
3,142
Deferred tax asset
24
180
180
23,865
22,436
Current assets
Inventories
16
876
1,207
Trade and other receivables
17
19,672
20,394
Current tax recoverable
231
-
0
Cash and cash equivalents
261
1,429
21,040
23,030
Current liabilities
Trade and other payables
22
11,693
12,485
Current tax liabilities
-
0
30
Borrowings
21
10,741
13,962
Lease liabilities
23
1,013
698
23,447
27,175
Net current liabilities
(2,407)
(4,145)
Non-current liabilities
Trade and other payables
22
4,069
4,638
Borrowings
21
24,062
13,662
Lease liabilities
23
2,153
1,840
Long term provisions
25
845
773
31,129
20,913
Net liabilities
(9,671)
(2,622)
Equity
Called up share capital
28
28
28
Retained earnings
(9,699)
(2,650)
Total equity
(9,671)
(2,622)

 

Medigold Health Consultancy Limited
Group statement of financial position (continued)
As at 30 September 2024
21
The financial statements were approved by the board of directors and authorised for issue on 25 June 2025 and are signed on its behalf by:
Alexander Goldsmith
Director
Company registration number 03507491 (England and Wales)
Medigold Health Consultancy Limited
Group statement of changes in equity
For the year ended 30 September 2024
22
Share capital
Retained earnings
Total
£'000
£'000
£'000
Balance at 1 April 2022
28
3,820
3,848
Period ended 30 September 2023:
Loss and total comprehensive income
-
(6,470)
(6,470)
Balance at 30 September 2023
28
(2,650)
(2,622)
Year ended 30 September 2024:
Loss and total comprehensive income
-
(7,049)
(7,049)
Balance at 30 September 2024
28
(9,699)
(9,671)

 

Medigold Health Consultancy Limited
Group statement of cash flows
For the year ended 30 September 2024
23
2024
2023
Notes
£'000
£'000
£'000
£'000
Cash flows from operating activities
Cash generated from operations
34
3,457
182
Income taxes paid
-
(202)
Net cash inflow/(outflow) from operating activities
3,457
(20)
Investing activities
Deferred consideration paid
(1,823)
(723)
Purchase of intangible assets
(2,095)
(1,872)
Purchase of property, plant and equipment
(182)
(546)
Purchase of subsidiaries, net of cash acquired
-
0
(13,035)
Net cash used in investing activities
(4,100)
(16,176)
Financing activities
Proceeds from borrowings
3,323
22,420
Repayment of borrowings
(900)
(5,050)
Payment of lease liabilities
(1,750)
(1,607)
Interest paid
(1,198)
(2,379)
Net cash (used in)/generated from financing activities
(525)
13,384
Net decrease in cash and cash equivalents
(1,168)
(2,812)
Cash and cash equivalents at beginning of year
1,429
4,241
Cash and cash equivalents at end of year
261
1,429

 

Medigold Health Consultancy Limited
Notes to the group financial statements
For the year ended 30 September 2024
24
1
Accounting policies
Company information

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.

1.1
Accounting convention

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

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

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.                            

1.2
Basis of consolidation

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.

Medigold Health Consultancy Limited
Notes to the group financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies (continued)
25

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.

1.3
Going concern

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 2true1.

Medigold Health Consultancy Limited
Notes to the group financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies (continued)
26
1.4
Revenue

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.

 

The group has determined that there are no significant financing components in respect of the provision of services, because the period between when the group delivers its services and when its customer pay for those services will generally be one year or less.

 

A receivable is recognised when a bill has been issued to the customer in line with the group’s contract with them, and typically fall due within 30 days in line with the group’s standard credit terms.

 

For billing purposes, a number of the group’s customers are billed in equal monthly instalments throughout the year. This seldom matches the pattern of consumption by the customer or the delivery services by the group. Contract assets are recognised where the revenue recognition criteria have been met but a bill has not yet been raised. Contract liabilities are recognised in respect of amounts billed in advance of satisfying the performance obligation under the contract.

 

The group’s contracts do not provide rights of return, however, as described above, contract liabilities do arise where bills are raised in advance of delivery of services to the customer.

1.5
Goodwill

Goodwill represents the excess of the fair value of the consideration of an acquisition over the fair value of the Group’s share of the net identifiable assets of the acquired subsidiary at the date of acquisition. Goodwill is considered to have an indefinite useful life. Goodwill is tested for impairment annually and again whenever indicators of impairment are detected and is carried at cost less any provision for impairment.

1.6
Intangible assets other than goodwill

Intangible assets other than goodwill comprise development costs and computer software. They are initially recognised at cost and subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Expenditure incurred in the research phase is recognised as an expense when incurred. Expenditure incurred in the development phase is capitalised when the following recognition criteria are all met:

 

                        

Amortisation is recognised by equal installments over estimated finite useful economic lives as follows:

 

Development costs         20% to 33.3%

Other intangibles            33.33%

 

Amortisation of intangible assets is shown within Administrative expenses in the Income statement.

Medigold Health Consultancy Limited
Notes to the group financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies (continued)
27
1.7
Property, plant and equipment

Property, plant and equipment is carried at cost less accumulated depreciation and any recognised impairment in value. Cost comprises the aggregate amount paid to acquire assets and includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is calculated to write down the cost of the assets to their residual values by equal instalments over the estimated useful economic lives as follows:

Right of use assets
over the lease term
Leasehold property improvements
over the lease term
Office & computer equipment
20% to 33.33%
Motor vehicles
20% to 33.33%
Other assets
20% to 33.33%

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.

1.8
Impairment of tangible and intangible assets

For the purposes of impairment testing, goodwill is allocated to each of the Group’s cash-generating units ("CGU"s) or groups of CGUs that is expected to benefit from the synergies of the combination.

 

A CGU to which goodwill has been allocated is tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the CGU is less than its carrying amount, 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 based on the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognised directly in profit or loss. An impairment loss recognised for goodwill is not reversed in subsequent periods.

 

The value of the goodwill was tested for impairment during the current financial year by means of comparing the recoverable amount of each CGU or group of CGUs with the carrying value of its goodwill; see note 13.

 

On disposal of the relevant CGU, the attributable amount of goodwill is included in the determination of the profit or loss on disposal.

1.9
Inventories

Inventories are valued at the lower of cost and net realisable value. In general, cost is determined on a first in first out basis and includes all direct expenditure based on a normal level of activity. Net realisable value is the price at which the stocks can be sold in the normal course of business after allowing for the costs of realisation.

1.10
Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and short-term deposits with an original maturity of three months or less.

1.11
Financial assets

Trade receivables, which are generally received by the end of the month following terms, are recognised and carried at the lower of their original invoiced value less provision for expected credit losses.

Medigold Health Consultancy Limited
Notes to the group financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies (continued)
28
1.12
Financial liabilities

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.

1.13
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.

1.14
Taxation
Current tax

Current income tax assets and liabilities are measured at the amount expected to be recovered or paid to the taxation authorities based on tax rates and laws that are enacted or substantively enacted by the period-end date.

Deferred tax

Deferred income tax is recognised using the balance sheet liability method, providing for temporary differences between the tax bases and the accounting bases of assets and liabilities. Deferred income tax is calculated on an undiscounted basis at the tax rates that are expected to apply in the period when the liability is settled and the asset is realised, based on tax rates and laws enacted or substantively enacted at the period-end date.

 

Deferred income tax liabilities are recognised for all temporary differences, except for an asset or liability in a transaction that is not a business combination, and at the time of the transaction affects neither the accounting profit nor taxable profit or loss.

 

Deferred income tax is charged or credited to the income statement, except when it relates to items charged or credited to equity, in which case the deferred tax is also dealt with in equity. Deferred income tax assets and liabilities are offset against each other only when the Company has a legally enforceable right to do so.

 

Deferred income tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the deductible temporary differences can be utilised.

1.15
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation as at the reporting date.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised as a finance cost in the statement of comprehensive income in the period in which it arises.

Medigold Health Consultancy Limited
Notes to the group financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies (continued)
29
1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and a expense, unless those costs are required to be recognised as part of intangible 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 group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

The group operates a defined contribution plan. A defined contribution plan is a pension plan under which the employer pays fixed contributions into a separate entity. Contributions payable to the plan are charged to the income statement in the period to which they relate. The group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

1.18
Leases

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.

1.19
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.

1.20

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.

1.21

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.

Medigold Health Consultancy Limited
Notes to the group financial statements (continued)
For the year ended 30 September 2024
30
2
Adoption of new and revised standards and changes in accounting policies

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:

Effective date
Standard
annual period beginning on or after
Lease Liability in a Sale and Leaseback (Amendments to IFRS 16)
01-Jan-24
Classification of Liabilities as Current or Non-Current, Non-current Liabilities with Covenants: amendments to IAS 1
01-Jan-24
Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7)
01-Jan-24
Lack of Exchangeability (Amendments to IAS 21)
01-Jan-24

Their adoption has not had any material impact on the disclosures or amounts reported in the financial statements.

Standards which are in issue but not yet effective

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):

Effective date
Standard
annual period beginning on or after
Classification and Measurement of Financial Instruments (Amendments to IFRS 7 and IFRS 9)
01-Jan-26
IFRS 18 – Presentation and Disclosure in Financial Statements
01-Jan-27
IFRS 19 – Subsidiaries without Public Accountability: Disclosures
01-Jan-27

The directors are evaluating the impact that these standards will have on the financial statements, but they are not expected to be significant.

3
Critical accounting estimates and judgements

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.

Critical judgements
Impairment

The directors have exercised judgement in determining the recoverable amount of goodwill and investments, and further information on these can be found in note 13.

Application of IFRS 16 - Leases

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%.

Medigold Health Consultancy Limited
Notes to the group financial statements (continued)
For the year ended 30 September 2024
3
Critical accounting estimates and judgements (continued)
31
Key sources of estimation uncertainty
Dilapidations provision

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.

4
Revenue

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.

2024
2023
£'000
£'000
Revenue analysed by class of business
Health and wellbeing services
71,278
81,383
Medigold Health Consultancy Limited
Notes to the group financial statements (continued)
For the year ended 30 September 2024
32
5
Contracts with customers
2024
2023
£'000
£'000
Contracts in progress
Contract receivables included in trade and other receivables
6,984
6,394
Contract liabilities included in trade and other payables
(891)
(1,117)

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:

Analysis of contract assets
2024
2023
£'000
£'000
Brought forward
6,394
3,259
Acquired
-
2,349
Provided
74,456
61,946
Released
(73,866)
(61,160)
Total
6,984
6,394

The significant movements in contract liabilities in the periods ended 30 September 2024 and 30 September 2023 are detailed below:

Analysis of contract liabilities
2024
2023
£'000
£'000
Brought forward
(1,117)
(899)
Acquired
-
(429)
Provided
(3,629)
(3,990)
Released
3,855
4,201
Total
(891)
(1,117)
Medigold Health Consultancy Limited
Notes to the group financial statements (continued)
For the year ended 30 September 2024
33
6
Exceptional items
2024
2023
£'000
£'000
Expenditure
Acquisition-related costs
-
760
Refinancing costs
109
-
Impairment of investments in associates
-
20
Impairment of goodwill
-
350
109
1,130

Details of the assessment prompting the impairment of goodwill noted above are shown in note 13.

 

7
Operating profit
2024
2023
Operating loss for the year is stated after charging:
£'000
£'000
Depreciation of property, plant and equipment
1,463
1,738
Loss on disposal of property, plant and equipment
99
223
Amortisation of intangible assets
1,206
1,344
Loss on disposal of intangible assets
2
196
Exceptional items
109
1,130
8
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
120
170
9
Employees

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

2024
2023
Number
Number
Operational
978
967
Support
104
80
Total
1,082
1,047
Medigold Health Consultancy Limited
Notes to the group financial statements (continued)
For the year ended 30 September 2024
9
Employees (continued)
34

Their aggregate remuneration comprised:

2024
2023
£'000
£'000
Wages and salaries
33,975
39,245
Social security costs
3,494
3,833
Pension costs
1,145
1,271
38,614
44,349
10
Directors' remuneration
2024
2023
£'000
£'000
Remuneration for qualifying services
1,077
1,277
Company pension contributions to defined contribution schemes
31
45
1,108
1,322

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 6 (2023 - 6).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£'000
£'000
Remuneration for qualifying services
290
437
Company pension contributions to defined contribution schemes
5
8
11
Finance costs
2024
2023
£'000
£'000
Interest on loan notes
4,767
2,332
Interest on bank facilities
897
1,845
Interest on lease liabilities
318
416
Other finance costs
420
108
Total interest expense
6,402
4,701
Medigold Health Consultancy Limited
Notes to the group financial statements (continued)
For the year ended 30 September 2024
35
12
Income tax expense
2024
2023
£'000
£'000
Current tax
UK corporation tax on profits for the current period
-
0
30
Adjustments in respect of prior periods
(261)
(186)
Total UK current tax
(261)
(156)
Deferred tax
Origination and reversal of temporary differences
-
0
13
Total tax (credit)
(261)
(143)

The charge for the year can be reconciled to the profit per the income statement as follows:

2024
2023
£'000
£'000
Loss before taxation
(7,310)
(6,613)
Expected tax credit based on a corporation tax rate of 25.00% (2023: 21.25%)
(1,828)
(1,405)
Effect of expenses not deductible in determining taxable profit
1,102
391
Utilisation of tax losses not previously recognised
(755)
-
Unutilised tax losses carried forward
1,549
707
Adjustment in respect of prior years
(261)
(180)
Permanent capital allowances in excess of depreciation
(84)
-
Depreciation on assets not qualifying for tax allowances
16
-
Other non-reversing timing differences
-
83
Other permanent differences
-
261
Taxation credit for the year
(261)
(143)

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.

Medigold Health Consultancy Limited
Notes to the group financial statements (continued)
For the year ended 30 September 2024
36
13
Intangible assets
Goodwill
Development costs
Other intangibles
Total
£'000
£'000
£'000
£'000
Cost
At 1 April 2022
4,282
2,748
36
7,066
Additions
15,293
2,530
-
17,823
Disposals
-
-
(36)
(36)
At 30 September 2023
19,575
5,278
-
0
24,853
Additions - purchased
283
2,095
-
0
2,378
Disposals
-
0
(1,408)
-
0
(1,408)
At 30 September 2024
19,858
5,965
-
0
25,823
Amortisation and impairment
At 1 April 2022
2,914
1,145
22
4,081
Charge for the year
-
0
1,330
14
1,344
Impairment loss
350
-
0
-
350
Eliminated on revaluation
-
0
-
0
(36)
(36)
At 30 September 2023
3,264
2,475
-
5,739
Charge for the year
-
0
1,206
-
1,206
Eliminated on disposals
-
0
(1,366)
-
(1,366)
At 30 September 2024
3,264
2,315
-
5,579
Carrying amount
At 30 September 2024
16,594
3,650
-
20,244
At 30 September 2023
16,311
2,803
-
19,114
At 31 March 2022
1,368
1,601
14
2,983

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.

Impairment tests for cash generating units

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.

Medigold Health Consultancy Limited
Notes to the group financial statements (continued)
For the year ended 30 September 2024
13
Intangible assets (continued)
37
Goodwill above comprises the following CGUs:
2024
2023
£'000
£'000
Trade hived up from Industrial, Medical and Safety Services Limited (IMASS)
460
460
Trade hived up from Hampton Knight Limited (HKL)
561
561
Matrix Diagnostics Limited (MDL)
5,714
5,714
Medigold HML Holdings Limited and its subsidiaries (HML)
9,576
9,576
16,311
16,311
The assumptions used in calculating discounted cash flow projections are as follows:
2025
2026
2027
2028
thereafter
IMASS
Revenue growth
0%
0%
0%
0%
0%
EBITDA
5.5%
10.6%
12.3%
12.3%
0%
HKL
Revenue growth
0%
0%
0%
0%
0%
EBITDA
27.6%
10.0%
14.0%
18.0%
0%
MDL
Revenue growth
0%
0%
0%
0%
0%
EBITDA
21.1%
10.0%
14.0%
18.0%
0%
HML
Revenue growth
0%
0%
0%
0%
0%
EBITDA
20.7%
20.0%
20.0%
20.0%
0%
The financial budgets noted above are determined by management, based on past performance and current knowledge of future plans. As the group stabilises following recent acquisitions, revenue is forecast to remain level with a reduction in the proportion of administrative costs. The budget is prudent and the directors believe that a reasonable, possible change in the assumptions included in that budget would not cause the aggregate carrying amount to exceed the aggregate recoverable amount and therefore no impairment would be required.

Cash flows were discounted at a rate of 10% for all subsidiaries based on a weighted average of the borrowing rates applicable to the group's funding.
Medigold Health Consultancy Limited
Notes to the group financial statements (continued)
For the year ended 30 September 2024
38
14
Property, plant and equipment
Right of use assets
Leasehold property improvements
Office & computer equipment
Motor vehicles
Other assets
Total
£'000
£'000
£'000
£'000
£'000
£'000
Cost
At 1 April 2022
2,975
438
487
1,014
507
5,421
Additions
1,002
138
2,523
1,580
-
0
5,243
Disposals
(370)
-
0
(1,846)
-
0
-
0
(2,216)
At 30 September 2023
3,607
576
1,164
2,594
507
8,448
Additions
1,804
43
130
9
-
0
1,986
Disposals
(277)
-
0
-
0
(1,439)
(507)
(2,223)
Acquired on hive up
-
0
-
0
211
105
-
0
316
At 30 September 2024
5,134
619
1,505
1,269
-
0
8,527
Accumulated depreciation and impairment
At 1 April 2022
564
228
299
711
507
2,309
Charge for the year
1,238
115
2,364
1,375
-
0
5,092
Eliminated on disposal
(249)
-
0
(1,846)
-
0
-
0
(2,095)
At 30 September 2023
1,553
343
817
2,086
507
5,306
Charge for the year
1,066
70
219
108
-
0
1,463
Eliminated on disposal
(262)
-
0
-
0
(1,230)
(507)
(1,999)
Acquired on hive up
-
0
-
0
211
105
-
0
316
At 30 September 2024
2,357
413
1,247
1,069
-
0
5,086
Carrying amount
At 30 September 2024
2,777
206
258
200
-
3,441
At 30 September 2023
2,054
233
347
508
-
3,142
Medigold Health Consultancy Limited
Notes to the group financial statements (continued)
For the year ended 30 September 2024
14
Property, plant and equipment (continued)
39

Property, plant and equipment includes right-of-use assets, as follows:

Right-of-use assets
2024
2023
£'000
£'000
Net values at the year end
Property
2,550
1,827
Office & computer equipment
30
30
Motor vehicles
197
197
2,777
2,054
Depreciation charge for the year
Property
1,066
948
Office & computer equipment
-
43
Motor vehicles
-
247
1,066
1,238
15
Subsidiaries

Details of the company's subsidiaries at 30 September 2024 are as follows:

Name of undertaking
Principal activities
% Held
Direct
Indirect
Medigold Limited
Dormant
100.00
-
Medigold Occupational Health Limited
Dormant
100.00
-
Hampton Knight Limited
Dormant
100.00
-
Industrial Medical and Safety Services Limited
Dormant
100.00
-
Matrix Diagnostics Limited*
Health testing services
100.00
-
Medigold HML Holdings Limited
Holding company
100.00
-
Health Management Limited*
Occupational health services
-
100.00
Health Management (UK) Limited
Dormant
-
100.00
Health Management City Limited
Dormant
-
100.00

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.

Medigold Health Consultancy Limited
Notes to the group financial statements (continued)
For the year ended 30 September 2024
40
16
Inventories
2024
2023
£'000
£'000
Vaccines and medical consumables
876
1,207
17
Trade and other receivables
2024
2023
£'000
£'000
Trade receivables
10,670
11,661
Provision for bad and doubtful debts
(77)
(75)
10,593
11,586
Other receivables
267
284
Prepayments and accrued income
8,812
8,524
19,672
20,394
Medigold Health Consultancy Limited
Notes to the group financial statements (continued)
For the year ended 30 September 2024
41
18
Credit risk

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.

 

 

Medigold Health Consultancy Limited
Notes to the group financial statements (continued)
For the year ended 30 September 2024
42
19
Trade receivables - credit risk
Fair value of trade receivables

The directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.

Expected credit loss assessment
2024
2023
Balance
Rate
Loss allowance
Balance
Rate
Loss allowance
Trade receivables
£'000
%
£'000
£'000
%
£'000
Under three months
9,308
0.3
28
10,261
0.3
26
Three to six months
945
1.8
17
813
1.5
12
Six to twelve months
178
5.0
9
428
5.0
21
More than twelve months
239
10.0
23
159
10.0
16
10,670
77
11,661
75
Impaired trade receivables
Movement in the allowances for doubtful debts
2024
2023
£'000
£'000
Balance at 1 October 2023
75
120
Additional allowance recognised
77
75
Allowance reversed
(75)
(120)
Balance at 30 September 2024
77
75
Medigold Health Consultancy Limited
Notes to the group financial statements (continued)
For the year ended 30 September 2024
43
20
Liquidity risk
Liquidity risk management
Cash balances and borrowings are managed so as to maximise interest earned and minimise interest paid, while maintaining the liquidity requirements of the business. When seeking borrowings, the directors' consider the commercial terms available and, in consultation with their advisers, consider whether such terms should be fixed or variable and are appropriate to the business.

The group would normally expect that sufficient cash is generated in the operating cycle to meet the contractual cash flows through effective cash management.

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.

Less than 1 year
1 - 2 years
2 - 5 years
5+ years
Total
£'000
£'000
£'000
£'000
£'000
At 30 September 2023
Trade and other payables
10,662
-
-
-
10,662
Lease liabilities
698
769
972
99
2,538
11,360
769
972
99
13,200
At 30 September 2024
Trade and other payables
10,532
-
-
-
10,532
Lease liabilities
1,013
844
1,227
83
3,167
11,545
844
1,227
83
13,699
Medigold Health Consultancy Limited
Notes to the group financial statements (continued)
For the year ended 30 September 2024
44
21
Borrowings
Current
Non-current
2024
2023
2024
2023
£'000
£'000
£'000
£'000
Borrowings held at amortised cost:
Bank loans
10,741
13,962
24,062
13,662
2024
2023
Par value
£'000
£'000
Bank loans
10,741
11,550
Unsecured loan notes
2017 BGF
£4.0m
5,895
4,643
2023 BGF
£9.0m
13,063
10,271
2023 collective
£1.0m
1,468
1,160
2024 BGF
£2.0m
1,992
-
2024 collective
£1.4m
1,644
-
34,803
27,624
Borrowings are classified as current and non-current based on their scheduled repayment dates and not their maturity dates.
Loans
On 5 July 2022 the company completed a corporate refinancing arrangement with HSBC UK Bank Plc, obtaining a facility of £9.6m. On the same date, the company simultaneously repaid its existing £4m facility (and associated interest costs) with Thincats. On 6 March 2023 HSBC UK Bank Plc revised its facility arrangement with the company and increased its lending commitment by a further £3m.
The facility was split into two loans:
-
a £6.6m capital and interest repayment loan, with an aggregate rate of interest of 3.5% plus base rate per annum, repayable in full 48 months from the date of drawdown
-
a revolving credit facility capped at £6m, with an aggregate rate of interest of 3.5% plus base rate per annum, available to drawdown and repay over interest periods of 1, 3 or 6 months. The facility is available until 5 September 2024 and is to be repaid in full by that date.
The facility is secured by way of a group guarantee and debenture of fixed and floating charges over the assets of Medigold Health Consultancy Limited, Hampton Knight Limited, Industrial, Medical and Safety Services Limited and Matrix Diagnostics Limited.
As at 30 September 2024 the revolving credit facility was fully drawn down.
Events after the reporting date
On 17 October 2024 the company completed a further refinancing agreement with HSBC UK Bank Plc, extending the above facility and amending slightly as follows:
-
aggregate interest on the £6.6m capital and interest repayment loan is now at 4.0% plus base rate per annum, repayable in full by 30 September 2027
-
aggregate interest on the revolving credit facility is now at 4.0% plus base rate per annum payable as each drawdown rolls over or is repaid, and it is available until 30 September 2027 at which point it is to be repaid in full.
Medigold Health Consultancy Limited
Notes to the group financial statements (continued)
For the year ended 30 September 2024
21
Borrowings (continued)
45
The borrowings owed to HSBC have several linked financial covenants, some of which were not met during the 2024 financial year due to the disruption caused by the HML integration. As part of a post balance sheet date refinancing event that completed in October 2024, all previous covenant breaches were waived, and the covenant suite was simplified and reset. The business is required to hold minimum liquidity of £1.5m at each month end and maintain a minimum level of ‘EBITDA less capex' which is tested at each calendar quarter end. While the minimum liquidity requirement has been met month on month to date, the ‘minimum EBITDA less capex' requirement was not met in December 2024 and March 2025 due to a poor month of trading in December 2024 which impacted EBITDA build up. The EBITDA less capex covenant was therefore reset by HSBC in June 2025 and the Board believes it will meet the revised covenant requirement at each test date for the foreseeable future.
Loan notes
On 19 October 2017 the company issued unsecured fixed rate loan notes to the value of £4m to BGF Nominees Limited, an investing entity belonging to the 'Business Growth Fund' ("BGF"). The fixed interest rate on the loan notes was 10%, payable quarterly in arrears until 31 March 2023. There was then a holding period whereby the quarterly interest payments would not resume again until June 2024. The loan notes were redeemable at par in five equal tranches over a two year period commencing 30 September 2024 with the final repayment due on 30 September 2026.
On 6 March 2023 the company issued unsecured fixed rate loan notes to the value of £10m split as follows:
-
£9m to BGF
-
£1m to a collective of existing shareholders and associated family members
The fixed interest rate on the loan notes is 10%, with interest on the loan notes to be rolled up and compounded until July 2024 and thereafter paid quarterly in arrears for the duration of the loan notes' term. The loan notes are redeemable at par in one bullet instalment on 30 September 2026 and were subject to a minimum principal repayment return multiplier of 2.
On the same date, terms on the 2017 loan notes were amended to be subject to a minimum principal repayment return multiplier of 2, payable 30 September 2027.
On 27 February 2024 the company issued unsecured fixed rate loan notes to the value of £1.4m to a syndicate comprising existing shareholders, family members and friends, with no interest but subject to a minimum principal repayment return multiplier of 2 on redemption on 30 September 2026.
On 19 August 2024 the company issued unsecured fixed rate loan notes to the value of £2m to BGF, with a fixed interest rate of 12% and with interest on the loan notes to be rolled up until redemption. The loan notes were redeemable at par in October 2024, along with a minimum principal repayment return multiplier of 2.
Events after the reporting date
On 17 October 2024 the company agreed revised terms on the above loan notes, removing the minimum principal repayment return multipler on the 2017 loan notes and amending the 2024 loan notes as follows:
-
the minimum principal repayment return multiplier was reduced to 1.5;
-
interest from 19 August 2024 to 17 October 2024 was waived;
-
the redemption date was amended to 30 September 2027; and
-
a further £4m unsecured fixed rate loan notes were issued under the same terms.
In addition, loan note interest is rolled up but no longer compounds.
All loan notes are secured by way of a group guarantee and debenture of fixed and floating charges over the assets of Medigold Health Consultancy Limited, Hampton Knight Limited, Industrial, Medical and Safety Services Limited and Matrix Diagnostics Limited.
Medigold Health Consultancy Limited
Notes to the group financial statements (continued)
For the year ended 30 September 2024
46
22
Trade and other payables
Current
Non-current
2024
2023
2024
2023
£'000
£'000
£'000
£'000
Trade payables
5,135
3,957
-
0
-
0
Contract liabilities (note 5)
891
1,117
-
-
Accruals
2,002
1,438
-
0
-
0
Deferred consideration (note 26)
852
1,823
4,069
4,638
Social security and other taxation
2,433
3,353
-
0
-
0
Other payables
380
797
-
0
-
0
11,693
12,485
4,069
4,638
23
Lease liabilities
2024
2023
Maturity analysis
£'000
£'000
Within one year
1,013
698
In two to five years
2,070
1,741
In over five years
83
99
Total undiscounted liabilities
3,166
2,538

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:

2024
2023
£'000
£'000
Current liabilities
1,013
698
Non-current liabilities
2,153
1,840
3,166
2,538
2024
2023
Amounts recognised in profit or loss include the following:
£'000
£'000
Interest on lease liabilities
318
416
Medigold Health Consultancy Limited
Notes to the group financial statements (continued)
For the year ended 30 September 2024
47
24
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and movements thereon during the current and prior reporting period.

Accelerated capital allowances
£'000
Liability at 1 April 2022
(13)
Deferred tax movements in prior year
Charge/(credit) to profit or loss
(13)
Additions on acquisition of subsidiaries
206
Asset at 1 October 2023 and 30 September 2024
180
25
Provisions for liabilities
2024
2023
£'000
£'000
Dilapidations
845
773
All provisions are expected to be settled after more than 12 months from the reporting date.
Movements on provisions:
Dilapidations
£'000
At 1 October 2023
773
Additional provisions in the year
72
At 30 September 2024
845

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.

Medigold Health Consultancy Limited
Notes to the group financial statements (continued)
For the year ended 30 September 2024
48
26
Deferred consideration
Matrix Diagnostics Limited
Health Management
Limited
Total
£'000
£'000
£'000
At 1 October 2023
450
6,011
6,461
Arising on acquistions in the period
-
-
-
Paid in the period
(300)
(1,523)
(1,823)
Revaluation of deferred consideration in the period
-
283
283
At 30 September 2024
150
4,771
4,921
Current
150
702
852
Non-current
-
4,069
4,069
150
4,771
4,921
Matrix Diagnostics Limited
Health Management
Limited
Total
£'000
£'000
£'000
At 1 April 2022
-
-
-
Arising on acquistions in the period
2,050
6,515
8,565
Paid in the period
(219)
(504)
(723)
Revaluation of deferred consideration in the period
(1,381)
-
(1,381)
At 1 October 2023
450
6,011
6,461
Current
300
1,523
1,823
Non-current
150
4,488
4,638
450
6,011
6,461
27
Retirement benefit schemes
2024
2023
Defined contribution schemes
£'000
£'000
Charge to profit or loss in respect of defined contribution schemes
1,145
1,271

The group operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

Medigold Health Consultancy Limited
Notes to the group financial statements (continued)
For the year ended 30 September 2024
49
28
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£'000
£'000
Issued and fully paid
Ordinary shares of £1 each
6,131
6,131
6
6
A ordinary shares of £1 each
5,812
5,812
6
6
A1 ordinary shares of £1 each
5,700
5,700
6
6
B ordinary shares of 1p each
7,500
7,500
-
-
C ordinary shares of £1 each
10,500
10,500
10
10
35,643
35,643
28
28

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.

 

29
Other leasing information
Lessee

Amounts recognised in profit or loss as an expense during the period in respect of lease arrangements are as follows:

2024
2023
£'000
£'000
Expense relating to short-term leases
321
512
Expense relating to leases of low-value assets
109
54
Information relating to lease liabilities is included in note 23.
30
Events after the reporting date

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. In addition, BGF invested an additional £6m into the business to support both working capital and Medigold’s continued growth. Further information on the group's funding is shown in note 21.

Medigold Health Consultancy Limited
Notes to the group financial statements (continued)
For the year ended 30 September 2024
50
31
Related party transactions
Remuneration of key management personnel

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.

2024
2023
£'000
£'000
Short-term employee benefits
1,751
2,177
Post-employment benefits
48
64
1,799
2,241
Other information

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.

32
Directors' transactions

As at 30 September 2024 the Company was owed £153,000 by a former director, loaned at market rate (2023: £103,000). Amounts advanced during the year totalled £50,000 (2023: £103,000).

33
Controlling party
At the reporting date there was no ultimate controlling party.
34
Cash generated from operations
2024
2023
£'000
£'000
Loss for the year before income tax
(7,310)
(6,613)
Adjustments for:
Finance costs
6,402
4,701
Amortisation and impairment of intangible assets
1,206
1,694
Depreciation and impairment of property, plant and equipment
1,463
1,734
Increase in provisions
73
147
Movements in working capital:
Decrease/(increase) in inventories
331
(623)
Decrease/(increase) in trade and other receivables
722
(2,775)
Increase in trade and other payables
570
1,917
Cash generated from operations
3,457
182
Medigold Health Consultancy Limited
Company statement of financial position
As at 30 September 2024
30 September 2024
51
2024
2023
Notes
£'000
£'000
£'000
£'000
Non-current assets
Intangible assets - goodwill
37
456
456
Other intangible assets
37
3,651
2,584
Property, plant and equipment
38
3,116
2,561
Investments
39
23,520
23,237
30,743
28,838
Current assets
Inventories
40
75
302
Trade and other receivables
42
12,736
10,878
Cash and cash equivalents
209
280
13,020
11,460
Current liabilities
43
(33,473)
(28,976)
Net current liabilities
(20,453)
(17,516)
Total assets less current liabilities
10,290
11,322
Non-current liabilities
43
(30,054)
(19,923)
Provisions for liabilities
48
(483)
(453)
Net liabilities
(20,247)
(9,054)
Equity
Called up share capital
49
28
28
Other reserves
(438)
(438)
Retained earnings
(19,837)
(8,644)
Total equity
(20,247)
(9,054)

 

As permitted by trues408 Companies Act 2006, the company has not presented its own income statement and related notes. The company’s loss for the year was £11,193k (2023 - £11,463k loss).

The financial statements were approved by the board of directors and authorised for issue on 25 June 2025 and are signed on its behalf by:
25 June 2025
Alexander Goldsmith
Director
Company registration number 03507491 (England and Wales)
Medigold Health Consultancy Limited
Company statement of changes in equity
For the year ended 30 September 2024
52
Share capital
Merger reserve
Retained earnings
Total
£'000
£'000
£'000
£'000
Balance at 1 April 2022
28
(438)
2,819
2,409
Period ended 30 September 2023:
Loss and total comprehensive income
-
-
(11,463)
(11,463)
Balance at 30 September 2023
28
(438)
(8,644)
(9,054)
Year ended 30 September 2024:
Loss and total comprehensive income
-
-
(11,193)
(11,193)
Balance at 30 September 2024
28
(438)
(19,837)
(20,247)

 

Medigold Health Consultancy Limited
Notes to the company financial statements
For the year ended 30 September 2024
53
35
Accounting policies
Company information

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. .

35.1
Accounting convention

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:

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.

35.2
Going concern

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.

Medigold Health Consultancy Limited
Notes to the company financial statements (continued)
For the year ended 30 September 2024
54
36
Employees

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

2024
2023
Number
Number
Operational
775
682
Support
104
-
Total
879
682

Their aggregate remuneration comprised:

2024
2023
£'000
£'000
Wages and salaries
32,967
31,468
Social security costs
2,736
3,036
Pension costs
851
987
36,554
35,491
Medigold Health Consultancy Limited
Notes to the company financial statements (continued)
For the year ended 30 September 2024
55
37
Intangible assets
Goodwill
Development costs
Other intangibles
Total
£'000
£'000
£'000
£'000
Cost
At 1 April 2022
2,184
2,748
36
4,968
Additions
-
1,872
-
1,872
Revaluation
-
-
(36)
(36)
At 30 September 2023
2,184
4,620
-
0
6,804
Additions
-
0
2,095
-
0
2,095
Disposals
-
0
(749)
-
0
(749)
At 30 September 2024
2,184
5,966
-
0
8,150
Amortisation and impairment
At 1 April 2022
1,405
1,146
22
2,573
Charge for the year
-
0
890
14
904
Impairment loss
323
-
0
-
323
Eliminated on revaluation
-
0
-
0
(36)
(36)
At 30 September 2023
1,728
2,036
-
3,764
Charge for the year
-
0
986
-
986
Eliminated on disposals
-
0
(707)
-
(707)
At 30 September 2024
1,728
2,315
-
4,043
Carrying amount
At 30 September 2024
456
3,651
-
4,107
At 30 September 2023
456
2,584
-
3,040
Medigold Health Consultancy Limited
Notes to the company financial statements (continued)
For the year ended 30 September 2024
56
38
Property, plant and equipment
Right of use assets
Leasehold property improvements
Office & computer equipment
Motor vehicles
Other assets
Total
£'000
£'000
£'000
£'000
£'000
£'000
Cost
At 1 October 2023
3,039
482
849
1,143
507
6,020
Additions
1,639
43
143
9
-
0
1,834
Disposals
(277)
-
0
-
0
-
0
(507)
(784)
At 30 September 2024
4,401
525
992
1,152
-
0
7,070
Accumulated depreciation and impairment
At 1 October 2023
1,287
278
543
844
507
3,459
Charge for the year
917
65
174
108
-
0
1,264
Eliminated on disposal
(262)
-
0
-
0
-
0
(507)
(769)
At 30 September 2024
1,942
343
717
952
-
0
3,954
Carrying amount
At 30 September 2024
2,459
182
275
200
-
3,116
At 30 September 2023
1,752
204
306
299
-
2,561
Medigold Health Consultancy Limited
Notes to the company financial statements (continued)
For the year ended 30 September 2024
57
39
Investments
Current
Non-current
2024
2023
2024
2023
£'000
£'000
£'000
£'000
Investments in subsidiaries
-
0
-
0
23,520
23,237
Fair value of financial assets carried at amortised cost

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.

Investment in subsidiary undertakings

Details of the company's principal operating subsidiaries are included in note 15.

Movements in non-current investments
Shares in subsidiaries
£'000
Cost or valuation
At 1 October 2023
23,237
Additions
283
At 30 September 2024
23,520
Carrying amount
At 30 September 2024
23,520
At 30 September 2023
23,237
40
Inventories
2024
2023
£'000
£'000
Vaccines and medical consumables
75
302
41
Contracts with customers
2024
2023
2023
Period end
Period end
Period start
£'000
£'000
£'000
Contracts in progress
Contract liabilities
(808)
(839)
-
Medigold Health Consultancy Limited
Notes to the company financial statements (continued)
For the year ended 30 September 2024
58
42
Trade and other receivables
2024
2023
£'000
£'000
Trade receivables
7,102
5,592
Provision for bad and doubtful debts
(9)
(7)
7,093
5,585
Corporation tax recoverable
261
-
0
Other receivables
183
173
Prepayments and accrued income
5,199
5,120
12,736
10,878
43
Liabilities
Current
Non-current
2024
2023
2024
2023
Notes
£'000
£'000
£'000
£'000
Borrowings
44
10,741
13,962
24,062
13,662
Trade and other payables
45
20,261
13,369
4,069
4,638
Taxation and social security
1,561
1,079
-
-
Lease liabilities
46
910
566
1,923
1,623
33,473
28,976
30,054
19,923
44
Borrowings
Refer to note 21 of the group financial statements.
45
Trade and other payables
Current
Non-current
2024
2023
2024
2023
£'000
£'000
£'000
£'000
Trade payables
4,654
3,081
-
0
-
0
Contract liabilities (note 41)
808
839
-
-
Amounts owed to subsidiary undertakings
11,836
6,208
-
0
-
0
Accruals
1,768
863
-
0
-
0
Deferred consideration
852
1,823
4,069
4,638
Social security and other taxation
1,561
1,079
-
-
Other payables
343
555
-
0
-
0
21,822
14,448
4,069
4,638
Medigold Health Consultancy Limited
Notes to the company financial statements (continued)
For the year ended 30 September 2024
59
46
Lease liabilities
2024
2023
Maturity analysis
£'000
£'000
Within one year
910
566
In two to five years
1,879
1,524
In over five years
44
99
Total undiscounted liabilities
2,833
2,189
2024
2023
£'000
£'000
Current liabilities
910
566
Non-current liabilities
1,923
1,623
2,833
2,189
47
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

Accelerated capital allowances
£'000
Liability at 1 April 2022
18
Deferred tax movements in prior year
Charge to profit or loss
7
Liability at 1 October 2023 and 30 September 2024
25

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.                            

Medigold Health Consultancy Limited
Notes to the company financial statements (continued)
For the year ended 30 September 2024
60
48
Provisions for liabilities
2024
2023
£'000
£'000
Dilapidations
458
428
All provisions are expected to be settled within 12 months from the reporting date.
Movements on provisions:
£'000
At 1 October 2023
428
Additional provisions in the year
30
At 30 September 2024
458
49
Share capital
Refer to note 28 of the group financial statements.
2024-09-302023-10-01falseCCH SoftwareCCH Accounts Production 2024.210Alexander GoldsmithFiona GibsonAndrew LeeserJames SyrotiukAndrew KirbyRichard SmithScot SmithMark JacksonEliot CaultonAmanda GoldsmithDr Michael GoldsmithJoanne PackerSebastian Goldsmithfalse03507491bus:Consolidated2023-10-012024-09-3003507491bus:Director12023-10-012024-09-3003507491bus:Director22023-10-012024-09-3003507491bus:Director32023-10-012024-09-3003507491bus:Director42023-10-012024-09-3003507491bus:Director52023-10-012024-09-3003507491bus:Director62023-10-012024-09-3003507491bus:Director72023-10-012024-09-3003507491bus:Director82023-10-012024-09-3003507491bus:Director92023-10-012024-09-3003507491bus:Director102023-10-012024-09-3003507491bus:Director112023-10-012024-09-3003507491bus:Director122023-10-012024-09-3003507491bus:CompanySecretary12023-10-012024-09-30035074912023-10-012024-09-3003507491bus:Consolidated2024-09-30035074912024-09-3003507491core:ContinuingOperationsbus:Consolidated2023-10-012024-09-3003507491bus:Consolidated2022-04-012023-09-3003507491core:ContinuingOperationsbus:Consolidated2022-04-012023-09-30035074912022-04-012023-09-3003507491core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-10-012024-09-3003507491core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-04-012023-09-3003507491core:RetainedEarningsAccumulatedLosses2022-04-012023-09-3003507491core:RetainedEarningsAccumulatedLosses2023-10-012024-09-3003507491core:Goodwillbus:Consolidated2024-09-3003507491core:Goodwillbus:Consolidated2023-09-3003507491core:IntangibleAssetsOtherThanGoodwillbus:Consolidated2024-09-3003507491core:IntangibleAssetsOtherThanGoodwillbus:Consolidated2023-09-3003507491core:Goodwill2024-09-3003507491core:Goodwill2023-09-3003507491bus:Consolidated2023-09-30035074912023-09-3003507491bus:Consolidated2023-09-3003507491core:CurrentFinancialInstrumentsbus:Consolidated2024-09-3003507491core:CurrentFinancialInstruments2024-09-3003507491core:Non-currentFinancialInstrumentsbus:Consolidated2024-09-3003507491core:Non-currentFinancialInstrumentsbus:Consolidated2023-09-3003507491core:Non-currentFinancialInstruments2024-09-3003507491core:Non-currentFinancialInstruments2023-09-3003507491core:ShareCapitalbus:Consolidated2024-09-3003507491core:ShareCapitalbus:Consolidated2023-09-3003507491core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-09-3003507491core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-09-3003507491core:ShareCapitalbus:Consolidated2022-03-3103507491core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-03-3103507491core:ShareCapitalOrdinaryShares2024-09-3003507491core:ShareCapitalOrdinaryShares2023-09-3003507491core:ShareCapital2024-09-3003507491core:ShareCapital2023-09-3003507491core:OtherReservesSubtotal2024-09-3003507491core:OtherReservesSubtotal2023-09-3003507491core:RetainedEarningsAccumulatedLosses2024-09-3003507491core:RetainedEarningsAccumulatedLosses2023-09-3003507491core:ShareCapital2022-03-31035074912022-03-3103507491core:Goodwillbus:Consolidated2023-10-012024-09-3003507491core:IntangibleAssetsOtherThanGoodwillbus:Consolidated2023-10-012024-09-3003507491core:UKTaxbus:Consolidated2023-10-012024-09-3003507491core:UKTaxbus:Consolidated2022-04-012023-09-3003507491core:Goodwillbus:Consolidated2022-03-3103507491core:DevelopmentCostsCapitalisedDevelopmentExpenditurebus:Consolidated2022-03-3103507491core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2022-03-3103507491bus:Consolidated2022-03-3103507491core:DevelopmentCostsCapitalisedDevelopmentExpenditurebus:Consolidated2023-09-3003507491core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2023-09-3003507491core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2024-09-3003507491core:Goodwill2022-03-3103507491core:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-03-3103507491core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-03-3103507491core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-09-3003507491core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-09-3003507491core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2024-09-3003507491core:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-04-012023-09-3003507491core:DevelopmentCostsCapitalisedDevelopmentExpenditurebus:Consolidated2023-10-012024-09-3003507491core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2023-10-012024-09-3003507491core:Goodwill2023-10-012024-09-3003507491core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-10-012024-09-3003507491core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-10-012024-09-3003507491core:Goodwillbus:Consolidated2023-09-3003507491core:DevelopmentCostsCapitalisedDevelopmentExpenditurebus:Consolidated2023-09-3003507491core:Goodwill2023-09-3003507491core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-09-30035074912023-09-3003507491core:Goodwillbus:Consolidated2022-04-012023-09-3003507491core:DevelopmentCostsCapitalisedDevelopmentExpenditurebus:Consolidated2022-04-012023-09-3003507491core:Goodwill2022-04-012023-09-3003507491core:CurrentFinancialInstrumentsbus:Consolidated2023-09-3003507491core:CurrentFinancialInstrumentscore:AllowanceForImpairmentLossbus:Consolidated2024-09-3003507491core:CurrentFinancialInstrumentscore:AllowanceForImpairmentLossbus:Consolidated2023-09-3003507491core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2022-03-3103507491core:LeaseholdImprovementscore:LeasedAssetsHeldAsLesseebus:Consolidated2022-03-3103507491core:FurnitureFittingsbus:Consolidated2022-03-3103507491core:MotorVehiclesbus:Consolidated2022-03-3103507491core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipmentbus:Consolidated2022-03-3103507491core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-09-3003507491core:LeaseholdImprovementscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-09-3003507491core:FurnitureFittingsbus:Consolidated2023-09-3003507491core:MotorVehiclesbus:Consolidated2023-09-3003507491core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipmentbus:Consolidated2023-09-3003507491core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2024-09-3003507491core:LeaseholdImprovementscore:LeasedAssetsHeldAsLesseebus:Consolidated2024-09-3003507491core:FurnitureFittingsbus:Consolidated2024-09-3003507491core:MotorVehiclesbus:Consolidated2024-09-3003507491core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipmentbus:Consolidated2024-09-3003507491core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-09-3003507491core:LeaseholdImprovementscore:LeasedAssetsHeldAsLessee2023-09-3003507491core:FurnitureFittings2023-09-3003507491core:MotorVehicles2023-09-3003507491core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-09-3003507491core:LandBuildingscore:LeasedAssetsHeldAsLessee2024-09-3003507491core:LeaseholdImprovementscore:LeasedAssetsHeldAsLessee2024-09-3003507491core:FurnitureFittings2024-09-3003507491core:MotorVehicles2024-09-3003507491core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2024-09-3003507491core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2022-04-012023-09-3003507491core:LeaseholdImprovementscore:LeasedAssetsHeldAsLesseebus:Consolidated2022-04-012023-09-3003507491core:FurnitureFittingsbus:Consolidated2022-04-012023-09-3003507491core:MotorVehiclesbus:Consolidated2022-04-012023-09-3003507491core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipmentbus:Consolidated2022-04-012023-09-3003507491core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-10-012024-09-3003507491core:LeaseholdImprovementscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-10-012024-09-3003507491core:FurnitureFittingsbus:Consolidated2023-10-012024-09-3003507491core:MotorVehiclesbus:Consolidated2023-10-012024-09-3003507491core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipmentbus:Consolidated2023-10-012024-09-3003507491core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-10-012024-09-3003507491core:LeaseholdImprovementscore:LeasedAssetsHeldAsLessee2023-10-012024-09-3003507491core:FurnitureFittings2023-10-012024-09-3003507491core:MotorVehicles2023-10-012024-09-3003507491core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-10-012024-09-3003507491core:LandBuildingscore:Right-of-useAssetsbus:Consolidated2023-09-3003507491core:LandBuildingscore:Right-of-useAssets2023-09-3003507491core:LandBuildingscore:Right-of-useAssetsbus:Consolidated2023-10-012024-09-3003507491core:LandBuildingscore:Right-of-useAssets2023-10-012024-09-3003507491core:Subsidiary1bus:Consolidated2023-10-012024-09-3003507491core:Subsidiary2bus:Consolidated2023-10-012024-09-3003507491core:Subsidiary3bus:Consolidated2023-10-012024-09-3003507491core:Subsidiary4bus:Consolidated2023-10-012024-09-3003507491core:Subsidiary5bus:Consolidated2023-10-012024-09-3003507491core:Subsidiary6bus:Consolidated2023-10-012024-09-3003507491core:Subsidiary9bus:Consolidated2023-10-012024-09-3003507491core:Subsidiary7bus:Consolidated2023-10-012024-09-3003507491core:Subsidiary8bus:Consolidated2023-10-012024-09-3003507491core:CurrentFinancialInstruments2023-09-3003507491core:CurrentFinancialInstrumentscore:AllowanceForImpairmentLoss2024-09-3003507491core:CurrentFinancialInstrumentscore:AllowanceForImpairmentLoss2023-09-3003507491bus:Consolidated12023-10-012024-09-3003507491core:AcceleratedTaxDepreciationDeferredTaxbus:Consolidated2024-09-3003507491bus:CompanyLimitedByGuarantee2023-10-012024-09-3003507491bus:Audited2023-10-012024-09-3003507491bus:FullIFRSbus:Consolidated2023-10-012024-09-3003507491bus:FullAccounts2023-10-012024-09-3003507491bus:ConsolidatedGroupCompanyAccounts2023-10-012024-09-30xbrli:purexbrli:sharesiso4217:GBP