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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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MEDNEO UK LIMITED
COMPANY INFORMATION
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MEDNEO UK LIMITED
CONTENTS
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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.
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.
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.
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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.
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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.
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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.
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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.
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.
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 2006. They 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.
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).
The directors who served during the year were:
Future developments are disclosed in the strategic report in accordance with CA.2006 s414c (11).
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MEDNEO UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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MEDNEO UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
On 18 November 2024, the Company's and the Group'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 UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MEDNEO UK LIMITED
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 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 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.
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.
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MEDNEO UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MEDNEO 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 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.
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.
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MEDNEO UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MEDNEO UK LIMITED (CONTINUED)
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MEDNEO UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MEDNEO 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 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.
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MEDNEO UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MEDNEO UK LIMITED (CONTINUED)
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 2006. Our 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.
for and on behalf of
Statutory Auditors
10 Queen Street Place
EC4R 1AG
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MEDNEO UK LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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MEDNEO UK LIMITED
REGISTERED NUMBER: 11673581
CONSOLIDATED 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 20 to 35 form part of these financial statements.
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MEDNEO UK LIMITED
REGISTERED NUMBER: 11673581
COMPANY 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 20 to 35 form part of these financial statements.
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MEDNEO UK LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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MEDNEO UK LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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MEDNEO UK LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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MEDNEO UK LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024
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MEDNEO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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
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:
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.
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.
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MEDNEO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (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.
Functional and presentation currency
Transactions and balances
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MEDNEO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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:
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MEDNEO 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 the consolidated statement of comprehensive income.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
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.
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MEDNEO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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MEDNEO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 25
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MEDNEO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 26
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MEDNEO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
12.Taxation (continued)
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.
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MEDNEO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 28
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MEDNEO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 29
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MEDNEO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
14.Tangible fixed assets (continued)
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MEDNEO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 31
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MEDNEO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 32
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MEDNEO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 33
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MEDNEO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
Share premium account
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.
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MEDNEO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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