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Registered number: 11852067
MEDNEO LOGISTICS UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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MEDNEO LOGISTICS UK LIMITED
REGISTERED NUMBER: 11852067
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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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.
The notes on pages 3 to 10 form part of these financial statements.
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MEDNEO LOGISTICS UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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Share premium cancellation
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The notes on pages 3 to 10 form part of these financial statements.
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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.
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MEDNEO LOGISTICS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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
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Basis of preparation of financial statements
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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:
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.
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MEDNEO LOGISTICS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 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.
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Foreign currency translation
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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'.
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MEDNEO LOGISTICS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Operating leases: the Company as lessee
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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.
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Leased assets: the Company as lessee
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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.
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.
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.
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.
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MEDNEO LOGISTICS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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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:
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years (over the life of the lease)
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years (unless limited by the term of the lease)
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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.
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.
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Cash and cash equivalents
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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.
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.
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.
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MEDNEO LOGISTICS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Judgments in applying accounting policies and key sources of estimation uncertainty
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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.
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The Company has no employees other than the directors, who did not receive any remuneration (2023 - £Nil).
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MEDNEO LOGISTICS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Due after more than one year
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Amounts owed by group undertakings
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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.
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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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.
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MEDNEO LOGISTICS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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The present value of future minimum payments under finance lease and hire purchase agreements fall due as follows:
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Allotted, called up and fully paid
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121 (2023 - 121) Ordinary shares of £0.01 each
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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.
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At 31 December 2024 the Company had capital commitments as follows:
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MEDNEO LOGISTICS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Related party transactions
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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.
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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.
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.
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