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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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MEDNEO DIAGNOSTICS UK LIMITED
COMPANY INFORMATION
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MEDNEO DIAGNOSTICS UK LIMITED
CONTENTS
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MEDNEO DIAGNOSTICS UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their strategic report for the year ended 31 December 2024.
Principal activities
medneo delivers diagnostic imaging services across the UK from static, mobile, and relocatable facilities. 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.
In 2024, the company focused on strengthening its business capabilities and operational infrastructure to better respond to market dynamics, including changing demand patterns and NHS contracting cycles. Demand for services increased during the year, and additional equipment hires were sourced at intervals to meet customer requirements and timelines.
Revenue rose by 3.5% to £19.65m (2023: £18.99m), driven by stable service delivery, increased demand, and expansion of the customer base. However, operating profitability was impacted by ongoing investment in staffing and business processes, as well as continued cost inflation. This resulted in an operating loss of £2.23m and an operating margin of -11.4% (2023: -5.1%). The net loss for the year was £2.28m (2023: £0.98m loss), which includes £9.24m of charges from group companies for the use of imaging facilities and head office services - an increase of £0.68m over the prior year. Cash balances increased to £0.46m* (2023: £0.34m), which are sufficient to meet the working capital needs of the business, with additional support from group companies available if required. Prudent cash management has supported operational continuity and investment during this loss-making year. Net liabilities rose to £2.07m (2023: £0.49m), reflecting the year’s losses, though the company expects to reduce this over the medium term as it targets sustained revenue growth and to achieve profitability.
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 £18,985,712 Gross profit margin 50.8% 52.7% Operating proft margin -11.4% -5.1% Cash held £462,704* £340,533 Net liabilities (£2,073,945) (£490,301) * The cash balance of the company at year end is held under a pooling arrangement with Medneo UK Limited.
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MEDNEO DIAGNOSTICS UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Future developments
The company 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 medneo 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 company 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 company 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 company’s ambition to deliver long-term, sustainable growth while maintaining high levels of service quality, customer satisfaction, and financial discipline.
Workforce risk
A considerable proportion of the company’s operating costs is accounted for by salaries and employment expenses. The company 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 company 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 company has a stable cash position and benefits from the support of group companies. As a result, the directors are confident that the company can meet its financial obligations, and there is no material risk
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MEDNEO DIAGNOSTICS UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
regarding the company’s ability to do so.
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 company 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 company 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 imaging equipment, mobile and relocatable facility operations, and workforce availability. Any breakdowns, delays, or operational inefficiencies could impact service delivery and customer satisfaction. The company 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.
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 company 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 on 30 June 2025 and signed on its behalf.
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MEDNEO DIAGNOSTICS 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.
Results for the year and distributions
The results of the Company are set out in the statement of comprehensive income. The total comprehensive loss for the year 2024 was £2.28m (2023: £0.98m loss). On 21 June 2024, 1 Ordinary share of £0.01 was alloted for a total consideration of £700,000. There was no dividend proposed by the directors (2023: Nil). The Company made no political donations in 2024 (2023: Nil).
The directors who served during the year were:
Post balance sheet events Refer to Note 19 to the financial statements for post balance sheet events. Going concern At 31 December 2024, the Company had net current liabilities of £2,079,989 (2023: £502,538) and net liabilities of £2,073,945 (2023: £490,301). 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 DIAGNOSTICS UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
On 18 November 2024, the Company's auditors changed their name from Haysmacintyre LLP to HaysMac LLP.
The auditors, HaysMac LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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MEDNEO DIAGNOSTICS UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MEDNEO DIAGNOSTICS UK LIMITED
We have audited the financial statements of Medneo Diagnostics UK Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 Company 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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. 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.
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MEDNEO DIAGNOSTICS UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MEDNEO DIAGNOSTICS UK LIMITED (CONTINUED)
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 Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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MEDNEO DIAGNOSTICS UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MEDNEO DIAGNOSTICS UK LIMITED (CONTINUED)
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 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, as well as potential monetary implications arising from non-compliance with CQC regulations. 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 that share key risk characteristics; and v) Challenging significant assumptions and judgements made by management in their critical accounting estimates.
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.
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MEDNEO DIAGNOSTICS UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MEDNEO DIAGNOSTICS UK LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an 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 Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditors
10 Queen Street Place
EC4R 1AG
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MEDNEO DIAGNOSTICS UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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MEDNEO DIAGNOSTICS UK LIMITED
REGISTERED NUMBER: 11851997
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 22 form part of these financial statements.
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MEDNEO DIAGNOSTICS UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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MEDNEO DIAGNOSTICS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Medneo Diagnostics UK Limited is a private company, limited by shares, incorporated in England and Wales, company number 11851997. The company's registered office address is 155-157 Great Portland Street, London, England, W1W 6QP. The principal activity of the company is the provision of diagnostic imaging services.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Medneo UK Limited as at 31 December 2024 and these financial statements may be obtained from 10 Queen Street Place, London, EC4R 1AG.
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MEDNEO DIAGNOSTICS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
At 31 December 2024, the Company had net current liabilities of £2,079,989 (2023: £502,538) and net liabilities of £2,073,945 (2023: £490,301). 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 DIAGNOSTICS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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MEDNEO DIAGNOSTICS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (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:
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.
The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from group entities.
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MEDNEO DIAGNOSTICS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Tangible fixed assets are recognised at cost, less accumulated depreciation and any impairments. Depreciation takes place over the estimated useful life, down to the assessed residual value. The carrying amount of the company’s fixed assets is tested as soon as changed conditions show that a need for impairment has arisen. The recoverability of trade debtors and associated provisioning is considered on a regular basis. When calculating the debtor provision, the directors consider the age of the debts and the financial position of its customers.
Analysis of turnover by country of destination:
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MEDNEO DIAGNOSTICS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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MEDNEO DIAGNOSTICS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
There were no factors that may affect future tax charges.
Losses carried forward from prior years
As at 31 December 2024 the Company had unutilised losses of £8,744,425 (2023: £6,543,737). 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.
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MEDNEO DIAGNOSTICS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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MEDNEO DIAGNOSTICS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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MEDNEO DIAGNOSTICS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Share premium account
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £375,205 (2023: £254,385). Contributions totalling £Nil (2023: £43,873) were payable to the fund at the reporting date and are included in creditors.
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.
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