Registered number: 05125119
Meridian Healthcomms Limited
Annual Report and Financial Statements
For the Year Ended 30 September 2024
|
Meridian Healthcomms Limited
Company Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tytherington Business Park
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chartered Accountants & Statutory Auditor
|
|
|
|
|
|
|
|
|
|
|
|
Meridian Healthcomms Limited
Contents
|
|
|
|
|
|
Independent Auditor's Report
|
|
Statement of Income and Retained Earnings
|
|
|
|
Notes to the Financial Statements
|
|
|
Meridian Healthcomms Limited
Strategic Report
For the Year Ended 30 September 2024
This strategic report aims to provide shareholders with a holistic and meaningful picture of Meridian Healthcomms Limited’s business model, strategy, development, performance, position and future prospects. The report aims to be clear and concise and provide a fair, balanced and understandable picture of Meridian Healthcomms Limited (the “Company”). The purpose of the strategic report is to provide information for shareholders and help you to assess how the directors have performed their duty, under section 172 of the Companies Act 2006, to promote the success of the Company.
The directors are pleased with the performance of the Company in the year. The Company’s key services offer specialist
scientific, strategic and communications support to pharmaceutical companies. During 2023/24 the number one priority for
the Company was the safety and wellbeing of its colleagues. The performance of the Company is directly related to the
commitment and performance of its colleagues who demonstrated they are the Company’s greatest asset. The ability for the Company to move swiftly and respond to customer demands was due to the attitude willingness and support of its
colleagues. Recruitment in the year remained high as a result of continued growth. Reported Company turnover for the year
was £8.1m; this was a 8% decrease on the previous period. Operating profit was £0.5m; this was a £0.1m increase compared to previous period. The Company’s full financial results can be seen in the income statement and associated notes. Overhead costs were reviewed during the year to ensure that the costs and investment were aligned to the business environment.
Principal risks and uncertainties
|
The pharmaceutical services market continues to grow strongly with demand for services increasing. The directors expect that this growth will continue. This is driven by clinical outsourcing from large pharmaceutical companies, which has steadily increased over the last 10 years, and the increased funding of biotech companies, who operate a model dependent on service partners.
A key limiting factor across the pharmaceutical services sector is the limited pool of qualified employees. The Company continues to invest in its colleague benefits and packages, wellbeing initiatives and training in order to attract and retain colleagues in line with future growth.
The Company considers that it has some exposure to foreign exchange risk as the Company’s main cost base is in the UK paid in £ sterling and invoices its clients in a combination of US dollars, £ sterling, and Euros. The Company monitors and mitigates this exposure carefully.
In the modern operating environment, our IT system is under constant low-level attack. Being a good custodian of our customers’ data and data about our colleagues, suppliers and other stakeholders is vital to the Company. One of our key risks is unauthorised access of these data and the Company has implemented comprehensive information security systems and processes. The directors are satisfied that the systems and processes we have in place are appropriate to mitigate this risk and to identify and mitigate new risks as they emerge.
The notes to the accounts also contain statement concerning judgements in applying accounting policies and key sources of estimation uncertainty.
|
Meridian Healthcomms Limited
Strategic Report (continued)
For the Year Ended 30 September 2024
Financial key performance indicators
|
The Company’s financial KPI’s continue to be fee revenue, gross profit and margin and recurring EBITDA (earnings before interest, taxes, depreciation, and amortization), which remain the major areas in shaping the future success of the business. Performance in this period against KPIs is summarised below:
2024 2023
£ £
Revenue 8,138,423 8,846,960
Gross profit 1,180,685 1,484,659
Gross profit margin 14.5% 16.8%
EBITDA 570,376 434,130
Other key performance indicators
|
Non-financial KPI’s are numerous but as in previous years they continue to focus on utilisation of colleagues, Health and Safety, compliance and new business visibility.
This report was approved by the board and signed on its behalf
|
Meridian Healthcomms Limited
Directors' Report
For the Year Ended 30 September 2024
The directors present their report and the financial statements of Meridian Healthcomms Limited (the “Company”) for the year ended 30 September 2024.
Directors' responsibilities statement
|
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to 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.
The profit for the year, after taxation, amounted to £480,585 (2023: £410,112).
No dividends were paid during the year (2023: £Nil). The directors do not recommend payment of any dividend.
The directors who served during the year were:
D M A Andrews (resigned 19 April 2024)
|
A Medley (resigned 19 April 2024)
|
G Silver (appointed 15 February 2024)
|
J Maxwell (appointed 15 February 2024)
|
|
Meridian Healthcomms Limited
Directors' Report (continued)
For the Year Ended 30 September 2024
The financial statements have been prepared on a going concern basis. The following paragraphs set out the basis of which
the directors have reached their conclusion.
The Company has net current assets of £4,970,431 (2023: £4,418,886) and net assets of £4,978,588 (2023: £4,498,003)
at 30 September 2024.
Therefore, the directors believe it is appropriate to prepare the accounts to 30 September 2024 on a going concern basis
and there will be no adverse effect on solvency for more than 12 months after the date of approval of the financial
statements.
The Company grew its revenue in 2023/24 through increased sales to existing customers and winning new customers. We
envisage continuing to grow our revenue in this way in the future, and through referrals from other Group companies.
Disclosure of information to auditor
|
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
The auditor, Forvis Mazars LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
|
Meridian Healthcomms Limited
Independent Auditor's Report to the Members of Meridian Healthcomms Limited
We have audited the financial statements of Meridian Healthcomms Limited (the 'Company') for the year ended 30 September 2024, which comprise the Statement of Income and Retained Earnings, the Balance Sheet and the related notes, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
∙give a true and fair view of the state of the Company's affairs as at 30 September 2024 and of its profit for the year then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the "Auditor's responsibilities for the audit of the financial statements" section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
|
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
|
Meridian Healthcomms Limited
Independent Auditor's Report to the Members of Meridian Healthcomms Limited (continued)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
|
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
|
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of directors' remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
|
As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
|
Meridian Healthcomms Limited
Independent Auditor's Report to the Members of Meridian Healthcomms Limited (continued)
Auditor's responsibilities for the audit of the financial statements
|
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
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.
Based on our understanding of the company and its industry, we considered that non-compliance with the following laws
and regulations might have a material effect on the financial statements: employment regulation, health and safety
regulation and anti-money laundering regulation.
To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks
of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
• Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in
compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
• Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
• Communicating identified laws and regulations to the engagement team and remaining alert to any indications of
non-compliance throughout our audit; and
• Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.
We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such
as: tax legislation, pension legislation and the Companies Act 2006.
In addition, we evaluated the directors’ and management’s incentives and opportunities for fraudulent manipulation of the
financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, revenue recognition (which we pinpointed to the cut-off assertion) and significant one-off or unusual transactions.
Our audit procedures in relation to fraud included but were not limited to:
• Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
• Gaining an understanding of the internal controls established to mitigate risks related to fraud;
• Discussing amongst the engagement team the risks of fraud; and
• Addressing the risks of fraud through management override of controls by performing journal entry testing.
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and
detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection
of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of
internal controls.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting
Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
|
Meridian Healthcomms Limited
Independent Auditor's Report to the Members of Meridian Healthcomms Limited (continued)
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.
Christopher Martin (Senior Statutory Auditor)
for and on behalf of Forvis Mazars LLP
Chartered Accountants & Statutory Auditor
One St Peter's Square
Manchester
M2 3DE
Date: 27 June 2025
|
Meridian Healthcomms Limited
Statement of Income and Retained Earnings
For the Year Ended 30 September 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest receivable and similar income
|
|
|
|
Interest payable and similar expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retained earnings at the beginning of the year
|
|
|
|
|
|
|
|
|
|
|
|
Retained earnings at the end of the year
|
|
|
|
The notes on pages 11 to 23 form part of these financial statements.
|
|
Meridian Healthcomms Limited
Registered number: 05125119
Balance Sheet
As at 30 September 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
Provisions for liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 11 to 23 form part of these financial statements.
|
Meridian Healthcomms Limited
Notes to the Financial Statements
For the Year Ended 30 September 2024
Meridian Healthcomms Limited is a private company limited by share capital. The Company is incorporated in England, company number 05125119. The address of the registered office and principal place of business is Suite A, Greenway House, Larkwood Way, Tytherington Business Park, Macclesfield, United Kingdom, SK10 2XR.
2.Accounting policies
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
|
|
Financial reporting standard 102 - reduced disclosure exemptions
|
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Bioscript Holdings Limited as at 30 September 2024 and these financial statements may be obtained from Suite A, Greenway House, Larkwood Way, Tytherington Business Park, Macclesfield, United Kingdom, SK10 2XR.
|
|
Exemption from preparing consolidated financial statements
|
The Company is a parent Company that is also a subsidiary included in the consolidated financial statements
of its immediate parent undertaking established under the law of an EEA state and is therefore exempt from
the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
The Company is included in the consolidation of Bioscript Holdings Limited and the consolidated financial
statements of Bioscript Holdings Limited may be obtained from Suite A, Greenway House, Larkwood Way, Tytherington Business Park, Macclesfield, United Kingdom, SK10 2XR.
|
Meridian Healthcomms Limited
Notes to the Financial Statements
For the Year Ended 30 September 2024
2.Accounting policies (continued)
The financial statements have been prepared on a going concern basis. The following paragraphs set out the basis of which the directors have reached their conclusion.
The Company has net current assets of £4,970,431 (2023: £4,418,886) and net assets of £4,978,588 (2023: £4,498,003) at 30 September 2024.
Therefore, the directors believe it is appropriate to prepare the accounts to 30 September 2024 on a going
concern basis and there will be no adverse effect on solvency for more than 12 months after the date of
approval of the financial statements.
|
|
Foreign currency translation
|
Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
|
Meridian Healthcomms Limited
Notes to the Financial Statements
For the Year Ended 30 September 2024
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
|
|
Operating leases: the Company as lessee
|
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
|
Meridian Healthcomms Limited
Notes to the Financial Statements
For the Year Ended 30 September 2024
2.Accounting policies (continued)
|
|
Current and deferred taxation
|
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if
appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are
recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
|
Meridian Healthcomms Limited
Notes to the Financial Statements
For the Year Ended 30 September 2024
2.Accounting policies (continued)
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
|
|
Provisions for liabilities
|
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation
that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the
amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the
obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle
the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
The Company only enters into basic financial instrument transactions that result in the recognition of financial
assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
|
Judgements in applying accounting policies and key sources of estimation uncertainty
|
The preparation of the financial statements requires management to make significant judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements have had the most significant effect on the amounts recognised in the financial statements.
Revenue recognition in relation to amounts recoverable on contracts
In assessing the correct amount of revenue to be recognised and the value of contract balances, the directors make the best estimate of progress towards the project deliverables in order to assess the percentage complete in each case.
|
Meridian Healthcomms Limited
Notes to the Financial Statements
For the Year Ended 30 September 2024
|
|
|
An analysis of turnover by class of business is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medical communication fees
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of turnover by country of destination:
|
|
|
The operating profit is stated after charging:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Defined contribution pension costs
|
|
|
|
|
|
|
|
Operating leases expenses
|
|
|
|
Depreciation of tangible fixed assets
|
|
|
|
Meridian Healthcomms Limited
Notes to the Financial Statements
For the Year Ended 30 September 2024
|
Auditor's remuneration of £24,068 (2023: £23,596) relating to the Company was borne by a group company, Bioscript Limited.
|
|
|
|
|
|
Staff costs, including directors' remuneration, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of defined contribution scheme
|
|
|
|
|
|
|
|
|
|
|
|
The average monthly number of employees, including the directors, during the year was as follows:
|
|
|
|
|
|
Company contributions to defined contribution pension schemes
|
|
|
|
|
|
|
|
|
|
|
|
The highest paid director received total remuneration including pension contributions of £67,182 in the year
(2023: £109,904).
The value of the Company’s contributions paid to a defined contribution pension scheme in respect of the highest
paid director amounted to £3,163 (2023: £7,930).
|
|
Meridian Healthcomms Limited
Notes to the Financial Statements
For the Year Ended 30 September 2024
|
Interest receivable and similar income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other interest receivable
|
|
|
|
Interest payable and similar expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax charge on R&D tax credit
|
|
|
|
|
|
|
|
|
|
|
|
Origination and reversal of timing differences
|
|
|
|
|
|
|
|
|
|
|
|
Taxation on profit on ordinary activities
|
|
|
|
Meridian Healthcomms Limited
Notes to the Financial Statements
For the Year Ended 30 September 2024
12.Taxation (continued)
|
Factors affecting tax charge for the year
|
|
The tax assessed for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 25% (2023:25%). The differences are explained below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit on ordinary activities before tax
|
|
|
|
Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023:25%)
|
|
|
|
|
|
|
|
Expenses not deductible for tax purposes
|
|
|
|
|
|
|
|
Tax charge on R&D tax credit
|
|
|
|
Other differences leading to a decrease in the tax charge
|
|
|
|
|
|
|
|
Total tax credit for the year
|
|
|
|
Meridian Healthcomms Limited
Notes to the Financial Statements
For the Year Ended 30 September 2024
|
Meridian Healthcomms Limited
Notes to the Financial Statements
For the Year Ended 30 September 2024
|
|
Investments in subsidiary companies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following was a subsidiary undertaking of the Company:
|
|
|
|
|
|
|
Portland Medical
Communications Limited
|
Suite A, Greenway House Larkwood Way, Tytherington Business Park, Macclesfield, United Kingdom, SK10 2XR
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed by group undertakings
|
|
|
|
|
|
|
|
Corporation tax recoverable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Meridian Healthcomms Limited
Notes to the Financial Statements
For the Year Ended 30 September 2024
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
|
Other taxation and social security
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Group has given a guarantee in respect of a loan advance to a Group subsidiary. The maximum potential
liability to the Company as at 30 September 2024 amounted to £26,964,466 (2023: £23,279,243).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credited to profit or loss
|
|
|
|
|
|
|
|
The provision for deferred taxation is made up as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed asset timing differences
|
|
|
|
Short term timing differences - trading
|
|
|
|
|
|
|
|
|
Allotted, called up and fully paid
|
|
|
|
|
|
|
|
|
|
100 (2023: 100) Ordinary shares of £1.00 each
|
|
|
|
Meridian Healthcomms Limited
Notes to the Financial Statements
For the Year Ended 30 September 2024
Profit and loss account
The profit and loss account includes all current and prior period retained profits and losses.
The Company operates a defined contribution scheme. The assets of the scheme are held separately from those of the Company in independently administered funds.
The pension cost charge represents contributions payable by the Company to the fund and amounted to £190,897 (2023: £265,972). Contributions totalling £29,040 (2023: £33,765) were payable to the funds at the balance sheet date and are included in other creditors.
|
Related party transactions
|
|
The directors have chosen not to disclose transactions entered with other companies wholly owned within group as
permitted under FRS102 paragraph 33.1A.
|
The immediate parent company is Meridian Healthcomms Holdings Limited, a company registered in England and
Wales, company number 11350918, which owns 100% of the called up share capital.
The ultimate parent company is Bioscript Holdings Limited, a company registered in England and Wales, company
number 13203898.
|