Company Registration No. 07782982 (England and Wales)
THE LONDON EGG BANK LIMITED
ANNUAL REPORT AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
THE LONDON EGG BANK LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
THE LONDON EGG BANK LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
374,529
422,708
Tangible assets
5
79,794
64,880
454,323
487,588
Current assets
Stocks
4,594,096
2,725,002
Debtors
6
46,912
23,670
Cash at bank and in hand
198,796
250,965
4,839,804
2,999,637
Creditors: amounts falling due within one year
7
(2,914,631)
(1,229,372)
Net current assets
1,925,173
1,770,265
Total assets less current liabilities
2,379,496
2,257,853
Creditors: amounts falling due after more than one year
8
(2,000,000)
(2,000,000)
Provisions for liabilities
(15,242)
(11,673)
Net assets
364,254
246,180
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
364,253
246,179
Total equity
364,254
246,180
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 4 July 2025 and are signed on its behalf by:
D Williams
Director
Company registration number 07782982 (England and Wales)
THE LONDON EGG BANK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 November 2022
1
265,409
265,410
Year ended 31 October 2023:
Profit and total comprehensive income
-
46,179
46,179
Dividends
-
(65,409)
(65,409)
Balance at 31 October 2023
1
246,179
246,180
Year ended 31 October 2024:
Profit and total comprehensive income
-
118,074
118,074
Balance at 31 October 2024
1
364,253
364,254
THE LONDON EGG BANK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
1
Accounting policies
Company information
The London Egg Bank Limited is a private company limited by shares incorporated in England and Wales. The registered office is 113-115 Harley Street, London, W1G 6AP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on completion of the order), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website and software
3 years straight line
Development Costs
10 years straight line
Brand
5 years straight line
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
THE LONDON EGG BANK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
Over the length of the lease
Plant and machinery
10 years straight line
Fixtures, fittings & equipment
10 years straight line
Computer equipment
3 straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Stocks
Stock at the year end comprises donated eggs and is stated at the lower of cost and estimated selling price less costs to sell. Stock cost is based on the absorption of relevant costs for a donation, including drugs and lab tests, direct labour costs of collection of eggs and those overheads that have been incurred in bringing the stocks to their present location and condition.
In the current year, there has been a change in process for donations, with donated stock requiring quarantining and clearance before sale, albeit since the year end the company has sought advice from HFEA, the regulatory body, to remove this restriction.
Stock is held at the lower of cost and net realisable value.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
THE LONDON EGG BANK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 5 -
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
THE LONDON EGG BANK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 6 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Egg stock is held net of provisions based on the age of stock. The previous legislation in such regard set a maximum of ten years storage of gametes without a medical reason, and provisions were calculated in accordance with this.
The Health and Care Act 2022 extends storage to 55 years for gametes, in ten year tranches of consent by the donor, however the Board has made a judgement that these provisions are still valid, as these are based on current donor consents for storage which are for ten years maximum.
THE LONDON EGG BANK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 7 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Stock value
The value of stock that is acquired via a donor is based on an absorption of relevant costs, including direct materials, direct labour costs and those overheads that have been incurred in bringing the stock to its present location and condition.
In calculating the relevant costs the directors estimate the allocation of these costs on the average number of eggs collected in each donation. This estimation is reviewed every year comparing to the average number of eggs collected in that year and where material adjustments are made in the calculation.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
Intangible fixed assets
Other
Brand
Total
£
£
£
Cost
At 1 November 2023
533,586
161,592
695,178
Additions
15,982
15,982
At 31 October 2024
549,568
161,592
711,160
Amortisation and impairment
At 1 November 2023
110,878
161,592
272,470
Amortisation charged for the year
64,161
64,161
At 31 October 2024
175,039
161,592
336,631
Carrying amount
At 31 October 2024
374,529
374,529
At 31 October 2023
422,708
422,708
THE LONDON EGG BANK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 8 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 November 2023
3,593
101,140
104,733
Additions
5,437
27,343
32,780
Disposals
(1,803)
(1,803)
At 31 October 2024
9,030
126,680
135,710
Depreciation and impairment
At 1 November 2023
528
39,325
39,853
Depreciation charged in the year
2,407
14,498
16,905
Eliminated in respect of disposals
(842)
(842)
At 31 October 2024
2,935
52,981
55,916
Carrying amount
At 31 October 2024
6,095
73,699
79,794
At 31 October 2023
3,065
61,815
64,880
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
46,912
23,670
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
193,775
261,866
Amounts owed to group undertakings
2,497,970
813,698
Other creditors
222,886
153,808
2,914,631
1,229,372
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
2,000,000
2,000,000
THE LONDON EGG BANK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
8
Creditors: amounts falling due after more than one year
(Continued)
- 9 -
Included in creditors due in over one year is an amount of £2million (2023:£2million) due to its parent company. This loan is interest bearing at the Bank of England base rate, and is due for repayment in 4 years from the balance sheet date. The lender reserves the right to waive the interest.
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Carol Cheesman
Statutory Auditor:
Cheesmans
Date of audit report:
4 July 2025
10
Financial commitments, guarantees and contingent liabilities
There is a fixed and floating charge between the companies of the J D Healthcare Group under the terms of which amounts due to HSBC Bank Plc are secured on the assets of all group companies. There have been no instances in the year or to date whereby the obligations under this debenture have been breached and therefore this debenture is not currently enforceable.
The company participates in a cross guarantee with other companies in the group and associated companies. There is a composite company unlimited multilateral guarantee between J D Healthcare Limited, The Bridge Centre Limited and HSBC Bank Plc whereby amounts due to and from HSBC Bank Plc can be offset.
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
456,000
360,000
12
Related party transactions
Transactions with related parties
The company has taken advantage of the exemptions available whereby it has not disclosed transactions with the parent company, the ultimate parent company, or any wholly owned subsidiary undertakings of the group.
13
Parent company
The parent company of The London Egg Bank Limited is London Women's Hospital Limited. The registered office is 113-115 Harley Street, London, W1G 6AP.
The ultimate parent company of The London Egg Bank Limited is J D Healthcare Limited. The registered office is 113-115 Harley Street, London, W1G 6AP.
2024-10-312023-11-01falsefalsefalse04 July 2025CCH SoftwareCCH Accounts Production 2025.100The company continued to trade as an egg bank during the year with its principal activity remaining as the provision and sale of eggs for fertility treatments.
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