Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-31falsefalse2024-01-01Renting and leasing of machinery and other equipment34falsetrue 11852067 2024-01-01 2024-12-31 11852067 2023-01-01 2023-12-31 11852067 2024-12-31 11852067 2023-12-31 11852067 2023-01-01 11852067 c:Director4 2024-01-01 2024-12-31 11852067 d:Buildings d:LongLeaseholdAssets 2024-01-01 2024-12-31 11852067 d:Buildings d:LongLeaseholdAssets 2024-12-31 11852067 d:Buildings d:LongLeaseholdAssets 2023-12-31 11852067 d:PlantMachinery 2024-01-01 2024-12-31 11852067 d:PlantMachinery 2024-12-31 11852067 d:PlantMachinery 2023-12-31 11852067 d:PlantMachinery d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 11852067 d:OfficeEquipment 2024-01-01 2024-12-31 11852067 d:OfficeEquipment 2024-12-31 11852067 d:OfficeEquipment 2023-12-31 11852067 d:OfficeEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 11852067 d:ComputerEquipment 2024-01-01 2024-12-31 11852067 d:ComputerEquipment 2024-12-31 11852067 d:ComputerEquipment 2023-12-31 11852067 d:ComputerEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 11852067 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 11852067 d:CurrentFinancialInstruments 2024-12-31 11852067 d:CurrentFinancialInstruments 2023-12-31 11852067 d:Non-currentFinancialInstruments 2024-12-31 11852067 d:Non-currentFinancialInstruments 2023-12-31 11852067 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 11852067 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 11852067 d:Non-currentFinancialInstruments d:AfterOneYear 2024-12-31 11852067 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 11852067 d:ShareCapital 2024-01-01 2024-12-31 11852067 d:ShareCapital 2024-12-31 11852067 d:ShareCapital 2023-12-31 11852067 d:ShareCapital 2023-01-01 11852067 d:SharePremium 2024-01-01 2024-12-31 11852067 d:SharePremium 2024-12-31 11852067 d:SharePremium 2023-12-31 11852067 d:SharePremium 2023-01-01 11852067 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 11852067 d:RetainedEarningsAccumulatedLosses 2024-12-31 11852067 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 11852067 d:RetainedEarningsAccumulatedLosses 2023-12-31 11852067 d:RetainedEarningsAccumulatedLosses 2023-01-01 11852067 c:OrdinaryShareClass1 2024-01-01 2024-12-31 11852067 c:OrdinaryShareClass1 2024-12-31 11852067 c:OrdinaryShareClass1 2023-12-31 11852067 c:FRS102 2024-01-01 2024-12-31 11852067 c:Audited 2024-01-01 2024-12-31 11852067 c:FullAccounts 2024-01-01 2024-12-31 11852067 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 11852067 d:HirePurchaseContracts d:WithinOneYear 2024-12-31 11852067 d:HirePurchaseContracts d:WithinOneYear 2023-12-31 11852067 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-12-31 11852067 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-12-31 11852067 d:HirePurchaseContracts d:MoreThanFiveYears 2024-12-31 11852067 d:HirePurchaseContracts d:MoreThanFiveYears 2023-12-31 11852067 c:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 11852067 2 2024-01-01 2024-12-31 11852067 e:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 11852067










MEDNEO LOGISTICS UK LIMITED










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
MEDNEO LOGISTICS UK LIMITED
REGISTERED NUMBER: 11852067

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
17,471,438
20,288,837

Current assets
  

Debtors: amounts falling due after more than one year
 6 
150,000
150,000

Debtors: amounts falling due within one year
 6 
2,102,660
5,172,763

Cash at bank and in hand
  
12,147
632,814

  
2,264,807
5,955,577

Creditors: amounts falling due within one year
 7 
(3,167,084)
(3,201,659)

Net current (liabilities)/assets
  
 
 
(902,277)
 
 
2,753,918

Total assets less current liabilities
  
16,569,161
23,042,755

Creditors: amounts falling due after more than one year
 8 
(8,092,580)
(10,615,756)

  

Net assets
  
8,476,581
12,426,999


Capital and reserves
  

Called up share capital 
 10 
1
1

Share premium account
  
6,350,000
10,500,000

Profit and loss account
  
2,126,580
1,926,998

  
8,476,581
12,426,999


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 June 2025.




S D Webb
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 1

 
MEDNEO LOGISTICS UK LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2023
1
10,500,000
1,342,762
11,842,763



Profit for the year
-
-
584,236
584,236



At 1 January 2024
1
10,500,000
1,926,998
12,426,999



Profit for the year
-
-
199,582
199,582

Share premium cancellation
-
(4,150,000)
-
(4,150,000)


At 31 December 2024
1
6,350,000
2,126,580
8,476,581


The notes on pages 3 to 10 form part of these financial statements.

On 3 July 2024, the company cancelled £4,150,000 standing to the credit of the share premium account in settlement of a loan owed to it by the Company's shareholder Medneo UK Limited.

Page 2

 
MEDNEO LOGISTICS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Medneo Logistics UK Limited is a private company, limited by shares, incorporated in England and Wales, company number 11852067. The company's registered office address is 155-157 Great Portland Street, London, W1W 6QP. The principal activity of the company is the provision of facilities and diagnostic imaging equipment.

2.Accounting policies

 
2.1

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

At 31 December 2024, the Company had net current liabilities of £902,277 (2023: net current assets £2,753,918). Notwithstanding this, the financial statements have been prepared on a going concern basis as the Directors have assessed the Company’s ability to continue in operational existence for a period of at least 12 months from the date of approval of these financial statements and have a reasonable expectation that the Company has adequate resources to meet its obligations as they fall due.
In forming this view, the Directors have considered post–balance sheet trading performance, forecast cash flows, available working capital facilities, and access to borrowing. The company maintains strong relationships with its shareholder and operates with robust working capital controls and cash management processes.
The Directors remain confident in the underlying demand for the Company’s services, supported by structural growth in diagnostic imaging requirements across both NHS and private markets. The existing asset base and imaging infrastructure provide a strong platform for continued customer growth.
A detailed cash flow forecast for the 12-month period from the date of approval of these financial statements has been prepared, incorporating reasonable assumptions regarding trading conditions and cost pressures. In addition, while not contractually committed, the company has a track record of support from its shareholders, who have indicated a willingness to continue to support the business if required.
Based on these factors, the Directors consider it appropriate to adopt the going concern basis of accounting in preparing these financial statements.

Page 3

 
MEDNEO LOGISTICS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Revenue

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.

 
2.4

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 Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 
MEDNEO LOGISTICS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.5

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.

 
2.6

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

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.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

Tangible fixed assets

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.

Page 5

 
MEDNEO LOGISTICS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Leasehold improvements
-
9
years (over the life of the lease)
Plant and machinery
-
8
years (unless limited by the term of the lease)
Office equipment
-
3
years
Computer equipment
-
3
years

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.

 
2.11

Debtors

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.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

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.

 
2.14

Financial instruments

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, hire purchase contracts and loans from group entites.

Page 6

 
MEDNEO LOGISTICS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Property, plant and equipment (PPE)
The estimated useful economic lives of PPE and the estimated residual value of assets are based on management's judgement and experience. When management identifies that actual useful economic lives differ materially from the estimates used to calculate depreciation, that charge is adjusted prospectively. Due to the significance of PPE investment to the Company, variations between actual and estimated useful economic lives and residual values of assets could impact operating results both positively and negatively.
The Company is required to formally evaluate the carrying values of PPE for impairment whenever circumstances indicate, in management's judgement, that the carrying value of such assets may not be recoverable. An impairment review requires management to make subjective judgements concerning the cash flows, growth rates and discount rates of the cash generating units under review.


4.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2023 - £Nil).



5.


Tangible fixed assets





Leasehold Improvements
Plant and machinery
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2024
1,376,825
27,054,637
19,071
195,968
28,646,501


Additions
5,179
392,187
5,613
2,260
405,239



At 31 December 2024

1,382,004
27,446,824
24,684
198,228
29,051,740



Depreciation


At 1 January 2024
586,044
7,596,474
16,638
158,508
8,357,664


Charge for the year
154,048
3,043,914
2,846
21,830
3,222,638



At 31 December 2024

740,092
10,640,388
19,484
180,338
11,580,302



Net book value



At 31 December 2024
641,912
16,806,436
5,200
17,890
17,471,438



At 31 December 2023
790,781
19,458,163
2,433
37,460
20,288,837

Page 7

 
MEDNEO LOGISTICS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Debtors

2024
2023
£
£

Due after more than one year

Rental deposits
150,000
150,000


2024
2023
£
£

Due within one year

Amounts owed by group undertakings
1,769,692
4,853,581

Prepayments
332,968
319,182

2,102,660
5,172,763


Included in the amounts owed by group undertakings is a trading balance of £614,655 (2023: £762,913) owed by Medneo Diagnostics UK Limited and cash balance of the Company at year end amounting to £1,155,038 (2023: £Nil) held under a pooling arrangement with Medneo UK Limited.


7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
184,994
140,457

Amounts owed to group undertakings
38,872
117,742

Other taxation and social security
92,624
169,129

Obligations under finance lease and hire purchase contracts
2,504,755
2,381,459

Other creditors
121,046
124,382

Accruals
224,793
268,490

3,167,084
3,201,659


Included in the amounts owed to group undertakings is a trading balance of £38,872 (2023: £117,742) owed to Medneo UK Limited. No security or charges were in place in respect of this balance.
 
Obligations under finance leases and hire purchase contracts are secured on the relevant asset subject to each agreement.

Page 8

 
MEDNEO LOGISTICS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
7,967,909
10,472,664

Other creditors
124,671
143,092

8,092,580
10,615,756



9.


Finance leases

The present value of future minimum payments under finance lease and hire purchase agreements fall due as follows:


2024
2023
£
£


Within one year
2,504,755
2,381,459

Between 1-5 years
7,785,339
9,318,168

Over 5 years
182,570
1,154,496

10,472,664
12,854,123

10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



121 (2023 - 121) Ordinary shares of £0.01 each
1
1

On 3 July 2024, the company cancelled £4,150,000 standing to the credit of the share premium account in settlement of a loan owed to it by the Company's shareholder Medneo UK Limited.



11.


Capital commitments


At 31 December 2024 the Company had capital commitments as follows:

2024
2023
£
£


Plant and machinery
4,930,504
-

Page 9

 
MEDNEO LOGISTICS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Related party transactions

As permitted by FRS102 paragraphs 1.12e and 33.1a, the company has taken advantage of the exemption from disclosing the transactions entered into between two or more members of a group as all subsidiary undertakings are wholly-owned by a member of that group.


13.


Controlling party

The immediate parent undertaking is Medneo UK Limited, a company registered in England and Wales and the Company is included in the consolidated financial statements of this entity.
The ultimate controlling party in the UK is Morley UK Holdco Limited with registered office address at C/O D&M Financial Services Anumerate 2.05 Clockwise, Old Town Hall, 30 Tweedy Road, Bromley, England, United Kingdom, BR1 3FE.


14.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 30 June 2025 by Christopher Cork (Senior Statutory Auditor) on behalf of HaysMac LLP.

Page 10