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Registered number: 11673581










MEDNEO UK LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
MEDNEO UK LIMITED
 
 
COMPANY INFORMATION


Directors
N P Marvell 
S D Webb 
E S Tracey 




Registered number
11673581



Registered office
155-157 Great Portland Street

London

W1W 6QP




Independent auditors
HaysMac LLP

10 Queen Street Place

London

EC4R 1AG





 
MEDNEO UK LIMITED
 

CONTENTS



Page
Group Strategic Report
1 - 4
Directors' Report
5 - 7
Independent Auditors' Report
8 - 12
Consolidated Statement of Comprehensive Income
13
Consolidated Statement of Financial Position
14
Company Statement of Financial Position
15
Consolidated Statement of Changes in Equity
16
Company Statement of Changes in Equity
17
Consolidated Statement of Cash Flows
18
Consolidated Analysis of Net Debt
19
Notes to the Financial Statements
20 - 35


 
MEDNEO UK LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction 

The directors present their strategic report for the year ended 31 December 2024.
During the financial year, there was a change in the ownership structure of the company. On 9 August 2024, medneo Group S.A. transferred its ownership interest in the company to CVC DIF, the infrastructure investment strategy of global private markets manager CVC. This transaction resulted in a full change of shareholding and management control.
The change in ownership was effected through a share purchase agreement, and all legal, regulatory, and statutory requirements were fully satisfied.
CVC DIF brings a strong global platform, complemented by deep local market knowledge and significant investment capability. The new owners are committed to supporting the continued delivery of high-quality services, ensuring operational continuity, and pursuing new strategic growth opportunities.
There were no material disruptions to the company’s operations during or following the transition. The change in ownership has been appropriately reflected in the financial statements and does not have a material impact on the comparability of the current year’s financial performance with that of prior periods.

Principal activities
 
medneo delivers diagnostic imaging services across the UK through a scalable network of static, mobile, and relocatable facilities. Leveraging advanced imaging technology and innovative service models, the group is committed to providing high-quality, patient-focused care. Services are delivered by clinically led, professionally skilled teams and underpinned by a strong culture of operational excellence. Our flexible infrastructure and technology-enabled approach positions us as a trusted partner to both public and private healthcare providers, supporting the evolving demands of the diagnostic imaging sector.

Business review
 
In 2024, the group concentrated on strengthening its business capability and operational infrastructure to fully leverage prior investments in imaging equipment. Although there was no capital investment in new imaging assets during the year, capacity was effectively extended through strategic equipment hire to meet contractual commitments. This approach supports the group's readiness for anticipated growth in both public (NHS) and private healthcare markets.
Revenue increased by 2.7% to £19.65m (2023: £19.14m), reflecting stable service delivery and a growing customer base. However, operating profitability was affected by ongoing investment in business operations and continued cost inflation, resulting in an operating loss of £3.12m and an operating margin of -15.9% (2023: 2.6%). The net loss for the year was £3.78m (2023: £0.28m loss), which includes £3.24m of depreciation charges associated with imaging assets commissioned in previous years.
Cash balances rose to £2.36m (2023: £1.09m), underpinned by strong underlying operating cash flows, disciplined working capital management, and effective cash control processes. Net assets decreased to £9.22m (2023: £12.62m), primarily due to the non-cash impact of depreciation. The group’s continued focus on tight cash and working capital management has ensured a resilient financial position, enabling ongoing support for operations and future strategic initiatives.



 
Page 1

 
MEDNEO UK LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Key Performance Indicators (KPIs)
Management monitors a mix of financial and operational KPIs to assess business performance, including:

Patient experience
Staff engagement and retention
Asset utilisation rates
Revenue and pricing
Gross and operating profit margins

Key financial indicators for the year are shown below:
Metric                                       2024                   2023
Revenue                                  £19,650,475       £19,135,712
Gross profit margin                 48.5%                 50.9%
Operating profit margin          -15.9%                 2.6%
Cash held                                £2,359,343         £1,090,750
Net assets                               £9,215,569         £12,618,346
Future Developments

The group is well-positioned to capitalise on expected growth in demand for diagnostic imaging services across both NHS and private healthcare markets. Looking ahead, medneo will continue to pursue a focused strategy centred on service expansion, operational excellence, and building long-term value through trusted partnerships.

Key areas of focus for the coming period include:

Expansion of Service Capacity: The group will continue to scale its mobile and relocatable imaging capabilities to meet evolving customer needs and respond to increasing demand. This includes expanding geographical reach across the UK and exploring new contract opportunities across both public and private sectors.
Strengthening Customer Relationships: medneo remains committed to deepening engagement with existing customers and healthcare partners. By aligning services closely with client priorities and adapting delivery models to local needs, the group aims to reinforce its position as a reliable, responsive partner.
Workforce Development: As a clinically led organisation, medneo will invest in recruitment, training, and retention strategies to maintain a skilled, compassionate workforce capable of delivering consistently high standards of patient care.
Sustainability and Operational Resilience: The group is beginning to explore ESG-aligned initiatives, including enhancing energy efficiency across its fleet and facilities, and improving environmental sustainability in line with broader stakeholder expectations.

These initiatives support the group’s ambition to deliver long-term, sustainable growth while maintaining high levels of service quality, customer satisfaction, and financial discipline.
 
Page 2

 
MEDNEO UK LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Principal risks and uncertainties
 
Workforce risk 

A considerable proportion of the group’s operating costs is accounted for by salaries and employment expenses. The group faces industry-wide pressures from wage inflation, exacerbated by a continued period of high inflation and rising living costs. There is an ongoing shortage of skilled healthcare workers, which is impacting the sector broadly. If minimum safe staffing levels cannot be maintained, service delivery and financial performance may be affected. To mitigate this risk, medneo places a high priority on workforce planning, offering competitive compensation, and implementing strategies to improve staff retention and attract new talent.

Counterparty risk 

The group operates with well-established credit management processes and has strong relationships with its customers, actively managing its trade debtor positions. A substantial portion of the customer base is in the public sector, reducing the likelihood of default. However, any significant disruption in public sector funding or policy changes could impact revenue collections. The directors believe that, despite these risks, the overall risk of default remains minimal.
Liquidity & cash management risk

The directors regularly review the cash position and cash flow forecasts to ensure liquidity is maintained. The group has a strong cash position and benefits from the support of its shareholders and lenders. As a result, the directors are confident that the group can meet its financial obligations, and there is no material risk regarding the group’s ability to do so.
Interest rate risk

The group’s existing borrowings are at a fixed interest rate, so there is no immediate exposure to interest rate fluctuations. However, a significant rise in market interest rates could affect future cash flows and financial performance, especially if additional borrowings are required to fund future growth. Management closely monitors the group’s cash balances, borrowings, and interest costs, factoring potential interest rate changes into business planning.
Regulatory risk

The diagnostic imaging sector is subject to a complex regulatory environment, including healthcare regulations, data protection laws, and clinical standards. Any changes in these regulations, or failure to comply, could result in operational disruptions, legal liabilities, or reputational damage. The group closely monitors regulatory changes and engages in proactive compliance measures to mitigate any potential impact.
Competitive risk

The healthcare sector, including diagnostic imaging, is highly competitive, with numerous players offering similar services. This competition could affect medneo’s market share, pricing flexibility, and ability to attract new customers or retain existing ones. The group mitigates this risk by continuously enhancing service quality, leveraging innovative technologies, and deepening customer relationships to maintain a competitive edge.
Operational risk

Operational risks include potential disruptions to the group’s imaging equipment, mobile and relocatable facility operations, and workforce availability. Any breakdowns, delays, or operational inefficiencies could impact service delivery and customer satisfaction. The group actively manages these risks through regular equipment maintenance, contingency planning, and robust operational processes, ensuring continuity of service even in the event of unforeseen circumstances.
 
Page 3

 
MEDNEO UK LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


Reputational risk

As a provider of healthcare services, medneo’s reputation is critical to its success. Any issues relating to patient care, service quality, or operational failures could result in reputational damage, loss of customer trust, and decreased market share. The group mitigates reputational risk by maintaining high standards of patient care, clear communication with stakeholders, and a commitment to quality and compliance across all its operations.



This report was approved by the board and signed on its behalf.



S D Webb
Director

Date: 30 June 2025

Page 4

 
MEDNEO UK LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group'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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The Group's loss for the year, after taxation, amounted to £3,778,052 (2023 - loss £283,711).

The Company made no political donations in 2024 (2023: £Nil).
There was no dividend proposed by the directors (2023: £Nil).

Directors

The directors who served during the year were:

N P Marvell (appointed 9 August 2024)
B R Cole (resigned 9 August 2024)
A M Spellman (resigned 1 March 2025)
S D Webb 

Future developments

Future developments are disclosed in the strategic report in accordance with CA.2006 s414c (11).

Page 5

 
MEDNEO UK LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


Disclosure of information to auditors

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 and the Group's auditors are 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 and the Group's auditors are aware of that information.

Post balance sheet events

Refer to Note 28 to the financial statements for post balance sheet events.
Going Concern

At 31 December 2024, the group had net current liabilities of £584,634 (2023: net current assets £2,914,994). Notwithstanding this, thThese financial statements have been prepared on a going concern basis as the . The Directors have assessed the ggroup’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 ggroup 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 asset financing. The group maintains strong relationships with its lenders and operates with robust working capital controls and cash management processes.
The Directors remain confident in the underlying demand for the group’s services, supported by structural growth in diagnostic imaging requirements across both NHS and private markets. The group’s existing asset base and recent investments in imaging infrastructure provide a strong platform for continued customer growth and capacity expansion.
A detailed cash flow forecast for the 12-month period from the date of signing has been prepared, incorporating reasonable assumptions regarding trading conditions, cost pressures, and capital expenditure requirements. 
In addition, while not contractually committed, the group 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 6

 
MEDNEO UK LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


Auditors

On 18 November 2024, the Company's and the Group's auditors changed their name from Haysmacintyre LLP to HaysMac LLP.

The auditorsHaysMac LLPwill 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.
 





S D Webb
Director

Date: 30 June 2025

Page 7

 
MEDNEO UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MEDNEO UK LIMITED
 

Opinion


We have audited the financial statements of Medneo UK Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows, the Consolidated Analysis of Net Debt and the related notes, including a summary of significant accounting policiesThe 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 Group's and of the parent Company's affairs as at 31 December 2024 and of the Group's loss 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.


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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 or the 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. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the Company’s ability to continue as a going concern.


Page 8

 
MEDNEO UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MEDNEO UK LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 5, 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 Group's and 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.

Page 9

 
MEDNEO UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MEDNEO UK LIMITED (CONTINUED)



Page 10

 
MEDNEO UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MEDNEO UK LIMITED (CONTINUED)


Auditors' 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 Auditors' 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Based on our understanding of the company and industry in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to company law applicable in England and Wales, as well as the regulatory requirements for the health and diagnostic imaging sector. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, payroll and sales tax. 
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:
i) Inspecting correspondence with tax authorities;
ii) Discussions with management including consideration of known or suspected instances of noncompliance with laws and regulation and fraud;
iii) Evaluating management’s controls designed to prevent and detect irregularities;
iv) Identifying and testing journals, in particular journal entries which shared key risk characteristics; and
v) Challenging assumptions and judgements made by management in their critical accounting estimates, particularly relating to impairment of investments. 


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' Report.


Page 11

 
MEDNEO UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MEDNEO UK LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the parent Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the parent Company's members those matters we are required to state to them in an Auditors' 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 parent Company and the parent Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Christopher Cork (Senior Statutory Auditor)
for and on behalf of
HaysMac LLP
Statutory Auditors
10 Queen Street Place
London
EC4R 1AG

30 June 2025
Page 12

 
MEDNEO UK LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

  

Turnover
 4 
19,650,475
19,135,712

Cost of sales
  
(10,110,810)
(9,391,610)

Gross profit
  
9,539,665
9,744,102

Administrative expenses
  
(12,662,044)
(9,327,204)

Other operating income
 5 
918
78,127

Operating (loss)/profit
 6 
(3,121,461)
495,025

Interest receivable and similar income
 10 
164,096
110,866

Interest payable and similar expenses
 11 
(820,687)
(889,602)

Loss before tax
  
(3,778,052)
(283,711)

Tax on loss
 12 
-
-

Loss for the financial year
  
(3,778,052)
(283,711)

There was no other comprehensive income for 2024 (2023:£NIL).

Page 13

 
MEDNEO UK LIMITED
REGISTERED NUMBER: 11673581

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
406,630
8,334

Tangible assets
 14 
17,486,153
20,310,774

  
17,892,783
20,319,108

Current assets
  

Debtors due within 1 year
 16 
1,916,600
6,491,400

Debtors due after more than 1 year
 16 
150,000
150,000

Bank and cash balances
 17 
2,359,343
1,090,750

  
4,425,943
7,732,150

Creditors: amounts falling due within one year
 18 
(5,010,577)
(4,817,156)

Net current (liabilities)/assets
  
 
 
(584,634)
 
 
2,914,994

Total assets less current liabilities
  
17,308,149
23,234,102

Creditors: amounts falling due after more than one year
 19 
(8,092,580)
(10,615,756)

  

Net assets
  
9,215,569
12,618,346


Capital and reserves
  

Called up share capital 
 21 
4,454,378
10

Share premium account
 22 
12,845,108
16,924,201

Profit and loss account
 22 
(8,083,917)
(4,305,865)

  
9,215,569
12,618,346


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


S D Webb
Director

Date: 30 June 2025

The notes on pages 20 to 35 form part of these financial statements.

Page 14

 
MEDNEO UK LIMITED
REGISTERED NUMBER: 11673581

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
406,630
8,334

Tangible assets
 14 
8,671
9,701

Investments
 15 
13,200,002
16,650,002

  
13,615,303
16,668,037

Current assets
  

Debtors
 16 
1,941,842
4,874,328

Cash at bank and in hand
 17 
2,347,196
117,403

  
4,289,038
4,991,731

Creditors: amounts falling due within one year
 18 
(1,891,403)
(4,328,116)

Net current assets
  
 
 
2,397,635
 
 
663,615

Total assets less current liabilities
  
16,012,938
17,331,652

  

  

Net assets
  
16,012,938
17,331,652


Capital and reserves
  

Called up share capital 
 21 
4,454,378
10

Share premium account
 22 
12,845,108
16,924,201

Profit and loss account brought forward
  
407,441
299,895

(Profit)/loss for the year
  
(1,693,989)
107,546

Profit and loss account carried forward
  
(1,286,548)
407,441

  
16,012,938
17,331,652


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


S D Webb
Director

Date: 30 June 2025

The notes on pages 20 to 35 form part of these financial statements.

Page 15

 
MEDNEO UK LIMITED
 

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


Called up share capital
Share premium account
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£


At 1 January 2023
10
16,924,201
(4,022,154)
12,902,057
12,902,057



Loss for the year
-
-
(283,711)
(283,711)
(283,711)



At 1 January 2024
10
16,924,201
(4,305,865)
12,618,346
12,618,346



Loss for the year
-
-
(3,778,052)
(3,778,052)
(3,778,052)

Shares issued during the year
4,454,368
-
-
4,454,368
4,454,368

Capital reduction*
-
(4,079,093)
-
(4,079,093)
(4,079,093)


At 31 December 2024
4,454,378
12,845,108
(8,083,917)
9,215,569
9,215,569


* Pursuant to a written resolution on the 3 July 2024, the parent Company resolved that an amount of £4,079,093 standing to the credit of the share premium account be cancelled in settlement of intercompany loan and other receivables owed to the parent Company by its previous sole shareholder.
The notes on pages 20 to 35 form part of these financial statements.

Page 16

 
MEDNEO UK LIMITED
 

COMPANY 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
10
16,924,201
299,895
17,224,106



Profit for the year
-
-
107,546
107,546



At 1 January 2024
10
16,924,201
407,441
17,331,652



Loss for the year
-
-
(1,693,989)
(1,693,989)

Shares issued during the year
4,454,368
-
-
4,454,368

Capital reduction*
-
(4,079,093)
-
(4,079,093)


At 31 December 2024
4,454,378
12,845,108
(1,286,548)
16,012,938


* Pursuant to a written resolution on the 3 July 2024, the parent Company resolved that an amount of £4,079,093 standing to the credit of the share premium account be cancelled in settlement of intercompany loan and other receivables owed to the parent Company by its previous sole shareholder.
The notes on pages 20 to 35 form part of these financial statements.

Page 17

 
MEDNEO UK LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Loss for the financial year
(3,778,052)
(283,711)

Adjustments for:

Amortisation of intangible assets
25,031
8,751

Depreciation of tangible assets
3,236,921
3,272,918

Interest paid
820,687
889,602

Interest received
(159,875)
(110,866)

Decrease/(increase) in debtors
644,721
(278,164)

Increase in amounts owed by participating interests
(149,014)
(5,290,335)

Increase in creditors
52,199
396,023

Net cash generated from/(used in) operating activities

692,618
(1,395,782)


Cash flows from investing activities

Purchase of intangible fixed assets
(423,327)
-

Purchase of tangible fixed assets
(412,300)
(141,375)

Interest received
159,875
110,866

Net cash used in investing activities

(675,752)
(30,509)

Cash flows from financing activities

Issue of ordinary shares
4,454,368
-

Capital repayments
(2,699,287)
(2,044,032)

Interest paid
(820,687)
(889,602)

Financing receipts
317,333
2,992,475

Net cash generated from financing activities
1,251,727
58,841

Net increase/(decrease) in cash and cash equivalents
1,268,593
(1,367,450)

Cash and cash equivalents at beginning of year
1,090,750
2,458,200

Cash and cash equivalents at the end of year
2,359,343
1,090,750


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,359,343
1,090,750

2,359,343
1,090,750


The notes on pages 20 to 35 form part of these financial statements.

Page 18

 
MEDNEO UK LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

1,090,750

1,268,593

2,359,343

Finance leases and hire purchase agreements

(12,854,123)

2,381,459

(10,472,664)


(11,763,373)
3,650,052
(8,113,321)

The notes on pages 20 to 35 form part of these financial statements.

Page 19

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

1.


General information

Medneo UK Limited is a private company, limited by shares, incorporated in England and Wales, company number 11673581. The company's registered office address is 155-157 Great Portland Street, London W1W 6QP. The principal activity of the company is providing head office services and to act as a holding company for the UK businesses. 

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 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 Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

  
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

 
2.3

Going concern

At 31 December 2024, the group had net current liabilities of £584,634 (2023: net current assets £2,914,994). Notwithstanding this, thThese financial statements have been prepared on a going concern basis as the . The Directors have assessed the ggroup’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 ggroup 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 asset financing. The group maintains strong relationships with its lenders and operates with robust working capital controls and cash management processes.
The Directors remain confident in the underlying demand for the group’s services, supported by structural growth in diagnostic imaging requirements across both NHS and private markets. The group’s existing asset base and recent investments in imaging infrastructure provide a strong platform for continued customer growth and capacity expansion.
A detailed cash flow forecast for the 12-month period from the date of signing has been prepared, incorporating reasonable assumptions regarding trading conditions, cost pressures, and capital expenditure requirements. 

 
Page 20

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

2.Accounting policies (continued)


2.3
Going concern (continued)

In addition, while not contractually committed, the group 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.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group 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.

 
2.5

Foreign currency translation

Functional and presentation currency

The Group'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 the consolidated statement of comprehensive income except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 21

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

2.Accounting policies (continued)

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to the consolidated statement of comprehensive income on a straight-line basis over the lease term.

 
2.7

Interest income

Interest income is recognised in the consolidated statement of comprehensive income using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to the consolidated statement of comprehensive income 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

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in the consolidated statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.10

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.

 Amortisation is provided on the following bases:

Trademarks
-
    10%
Straight-line
Other intangible fixed assets
-
    33%
Straight-line

 
2.11

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 22

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

2.Accounting policies (continued)


2.11
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.

Depreciation is provided on the following basis:

Leasehold improvements
-
Over the life of the lease
Plant and machinery
-
8 years
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 the consolidated statement of comprehensive income.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

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.

  
2.14

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.

 
2.15

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.

 
2.16

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, loans to and from group undertakings.

Page 23

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

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Investments in subsidiary companies
Investments in subsidiaries are measured at cost less accumulated impairment. Where considered appropriate in the context of assessing the recoverable value of fixed asset investments, the Directors consider whether the higher of their fair value or value in use exceeds their carrying values, so as to determine whether or not any impairment charge should be recognised. Such assessments require the application of judgement and estimation by the Directors.
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.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Provision of diagnostic imaging services
19,650,475
19,135,712


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Other operating income
918
78,127


Page 24

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

6.


Operating (loss)/profit

The operating (loss)/profit is stated after charging:

2024
2023
£
£

Exchange differences
(726)
(858)

Other operating lease rentals
257,895
252,153


7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
47,490
50,100

Fees payable to the Company's auditors in respect of:

Taxation compliance services
9,225
7,750

Other non-audit services not included above
8,100
7,557


8.


Employees

Staff costs were as follows:


Group
Group
2024
2023
£
£


Wages and salaries
10,823,624
8,527,175

Social security costs
1,293,906
985,993

Cost of defined contribution scheme
422,803
299,401

12,540,333
9,812,569


The average monthly number of employees, including directors, during the year was 160 (2023: 152).

Page 25

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

9.


Directors' remuneration

2024
2023
£
£



Directors' remuneration
2,038,105
518,222

2,038,105
518,222

The highest paid director received remuneration of £1,088,704 (2023 - £259,145).


10.


Interest receivable

2024
2023
£
£


Interest receivable from related undertakings
152,959
105,079

Other interest receivable
11,137
5,787

164,096
110,866


11.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
812,412
884,700

Other interest payable
8,275
4,902

820,687
889,602


12.


Taxation


2024
2023
£
£



Total current tax
-
-

Deferred tax

Total deferred tax
-
-


Tax on loss
-
-
Page 26

 
MEDNEO UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 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 - 23.52%). The differences are explained below:

2024
2023
£
£


Loss on ordinary activities before tax
(3,778,052)
(283,711)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
(944,512)
(66,731)

Effects of:


Expenses not deductible for tax purposes
59,693
482

Capital allowances for year in excess of depreciation
13,797
13,337

Movement in deferred tax not recognised
871,022
56,240

Remeasurement of deferred tax for changes in tax rates
-
(3,328)

Total tax charge for the year
-
-


Factors that may affect future tax charges

Losses carried forward from prior years
As at 31 December 2024 the Group had unutilised losses of £27,116,318 (2023: £25,703,320). No deferred tax asset has been recognised in relation to these losses on the basis that there is not considered to be a sufficient degree of certainty around their utilisation. The value of unutilised tax losses is considered to exceed any fixed asset timing differences and therefore no deferred tax liability has been recognised.

Page 27

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

13.


Intangible assets

Group and Company





Trademark
Computer software
Total

£
£
£



Cost


At 1 January 2024
-
29,225
29,225


Additions
423,327
-
423,327



At 31 December 2024

423,327
29,225
452,552



Amortisation


At 1 January 2024
-
20,891
20,891


Charge for the year
16,697
8,334
25,031



At 31 December 2024

16,697
29,225
45,922



Net book value



At 31 December 2024
406,630
-
406,630



At 31 December 2023
-
8,334
8,334

The trademark relates to an assignment agreed with Medneo Intelligence SARL for the use of certain registered trademarks.



Page 28

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

14.


Tangible fixed assets

Group






Long-term leasehold property
Plant and machinery
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2024
1,376,825
27,054,637
19,071
245,205
28,695,738


Additions
5,179
392,187
5,613
9,321
412,300



At 31 December 2024

1,382,004
27,446,824
24,684
254,526
29,108,038



Depreciation


At 1 January 2024
586,044
7,596,474
16,638
185,808
8,384,964


Charge for the year
154,048
3,043,914
2,846
36,113
3,236,921



At 31 December 2024

740,092
10,640,388
19,484
221,921
11,621,885



Net book value



At 31 December 2024
641,912
16,806,436
5,200
32,605
17,486,153



At 31 December 2023
790,781
19,458,163
2,433
59,397
20,310,774




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Long leasehold
641,912
790,781


Page 29

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

           14.Tangible fixed assets (continued)


Company






Computer equipment

£

Cost or valuation


At 1 January 2024
20,794


Additions
5,739



At 31 December 2024

26,533



Depreciation


At 1 January 2024
11,093


Charge for the year
6,769



At 31 December 2024

17,862



Net book value



At 31 December 2024
8,671



At 31 December 2023
9,701






Page 30

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

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
16,650,002


Additions
700,000


Disposals
(4,150,000)



At 31 December 2024
13,200,002




On 20 June 2024, the company capitalised outstanding debt due from Medneo Diagnostics UK Limited amounting to £700,000. 
On 3 July 2024, Medneo Logistics UK Limited cancelled an amount of £4,150,000 standing to the credit of its share premium account by crediting the amount due to it by Medneo UK Limited thereby reducing Medneo UK's investment in Medneo Logistics UK Limited.


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Medneo Diagnostics UK Limited
155-157 Great Portland Street, London, England, W1W 6QP
Ordinary
100%
Medneo Logistics UK Limited
155-157 Great Portland Street, London, England, W1W 6QP
Ordinary
100%

Page 31

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

16.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due after more than one year

Other debtors
150,000
150,000
-
-

Due within one year

Trade debtors
1,330,165
2,013,477
-
-

Amounts owed by group undertakings
-
-
1,894,362
917,490

Amounts owed by joint ventures and associated undertakings
-
3,930,079
-
3,930,079

Other debtors
1,442
-
628
-

Prepayments and accrued income
584,993
547,844
46,852
26,759

2,066,600
6,641,400
1,941,842
4,874,328



17.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
2,359,343
1,090,750
2,347,196
117,403


Page 32

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

18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Trade creditors
461,230
371,291
116,967
66,091

Amounts owed to group undertakings
-
-
1,617,743
4,090,668

Other taxation and social security
684,883
968,962
24,356
83,173

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

Other creditors
226,409
211,590
14,200
15,487

Accruals and deferred income
1,133,300
883,854
118,137
72,697

5,010,577
4,817,156
1,891,403
4,328,116


Obligations under finance leases and hire purchase contracts are secured on the relevant asset subject to each agreement.


19.


Creditors: Amounts falling due after more than one year

Group
2024
Group
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



20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
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

Page 33

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

21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



445,437,829 (2023 - 1,029) Ordinary shares of £0.01 each
4,454,378
10


On 9 August 2024, a total of 424,936,800 shares were alloted for a nominal value of £0.01 per share. Price paid per share amounted to £0.01 not giving rise to any share premium. 
On 21 November 2024, a total of 20,500,000 shares were alloted for a nominal value of £0.01 per share. Price paid per share amounted to £0.01 not giving rise to any share premium. 


22.


Reserves

Share premium account

The share premium account includes any premiums received by the company on issue of the shares. Any transaction costs associated with the issuing of the shares are deducted from the share premium.


23.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £422,803 (2023 - £299,401). Contributions totalling £3,831 (2023 - £50,739) were payable to the fund at the reporting date and are included in creditors. The Group makes fixed contributions to the Directors' personal pension plan. Once the contributions have been paid the Company has no further payment obligations. 


24.


Commitments under operating leases

At 31 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
250,000
250,000

Later than 1 year and not later than 5 years
726,389
976,389

976,389
1,226,389
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MEDNEO UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

25.


Capital commitments




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


Group
Group
2024
2023
£
£

Plant and machinery
4,930,504
-


26.


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.


27.


Controlling party

The immediate parent undertaking is Morley UK Bidco Limited, a company registered in United Kingdom.
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.


28.


Post balance sheet events

Subsequent to the year end, Medneo UK Limited on 16 April 2025 has issued 100,000,000 ordinary shares with nominal value and paid up value of £0.01 per share.

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