Company registration number 10126139 (England and Wales)
PREMIER MEDICAL GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PREMIER MEDICAL GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Review of the Business

The statement of financial position shows the company's financial position at the year end. The company's turnover for the year was £19,312,354 (2023: £19,590,234), The net assets as at 31 December 2024 were £5,862,220 (2023: £4,722,097).

The introduction of the Official Injury Claim Portal in May 2021 has resulted in the total number of cases in the market reducing, however this has not had a significant negative impact on the performance of the company. The company has been impacted by the change in collection profiles, however the Directors believe that any change in collection profile in the short term will reverse in the long term, as the services provided support access to justice for individual claimants.

As the Company provides long term credit, the increase in interest rates has impacted the profitability of some sources of work. To mitigate this the Directors conducted a full review of all revenue streams and credit terms and where contracts could not be renegotiated with customers, the Group ceased taking new instructions. Whilst this resulted in a decrease in turnover, Gross Margin increased from 27.3% to 33.1%.

The above mean the results are not easily comparable to preceding years.

During the year the Group and Company refinanced from Barclays Bank Plc to RBS Invoice Discounting Limited, which increased the credit facility available.

 

Given some of the challenges that have been faced over the last three years, the directors are satisfied with the performance of the company for the year ended 31 December 2024 and with its balance sheet position at this date.

 

Key performance indicators are disclosed below.

Principal risks and uncertainties

Legislative risk

The industry in which the group operates is overseen by the Ministry of Justice. The company operates as an accredited High Volume National Medical Reporting Organisations, adhering to rigorous requirements and audits by MedCo. The company keeps up to date with revisions to the system and the qualifying criteria.

 

The introduction of the Official Injury Claim portal, by the Ministry of Justice, in May 2021, present both a risk and an opportunity to future volumes.

 

The Directors continue to review and consider the company's options and strategies to mitigate any potential negative impact and seek growth in other areas unaffected by the reforms.

 

Credit and cashflow risk

The company gives long credit terms to many of its customers. This is abrogated by reconciling regularly and issuing any credit notes promptly. The company monitors its short and middle term cash requirements and makes sure it has adequate funds to pay liabilities as they fall due. To offset the problems caused by the delays in cases within the Official Injury Claims Portal the company is actively looking to improve the ratio of short to long term credit.

 

Competitive risk

The industry in which the company operates is subject to strong competition from other providers. The company remains focused in providing the industry best service at a competitive price. Customer contracts are generally extend past three years; both relationships and commercials are regularly reviewed to ensure contracts are the best value in the market.

PREMIER MEDICAL GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Development and Performance

The industry in which the company operates continues to change following the introduction of the Official Injury Claims Portal. There has been a reduction in the total number of cases following implementation of the portal, although this has not had a significant negative impact on the performance of the company. There is currently uncertainty on the impact the portal will have on collection profiles, and this has an impact on company’s cash flows. The Directors remain of the opinion that any change in collection profile in the short term will reverse in the long term as the services provided support access to justice for individual claimants.

 

The company intends to consolidate its position in core markets to successfully manage any uncertainty caused by the reforms discussed, whilst exploring growth opportunities in adjacent markets.

Other performance indicators

Key performance indicators used by the company were as follows:

 

 

 

31.12.2024

31.12.2023

 

Turnover

£19,312,354

£19,590,234

 

Gross margin

33.1%

27.3%

 

Profit/​(Loss) before tax

£1,522,400

(£92,052)

 

PBT /​ Revenue

7.9%

-0.5%

 

Average employee Nos

93

110

 

Debtor days

480

520

 

Net assets

£5,862,220

£4,722,097

 

Other information and explanations

Going Concern

After considering the company's forecast for the next 12 months, the directors have a reasonable expectation that the company has adequate cash and resources to meet all requirements to continue in operational existence for the foreseeable future. The directors have also received confirmation that the parent company will continue to provide support where necessary.  Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

On behalf of the board

Mrs J Russell
Director
24 July 2025
PREMIER MEDICAL GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

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

Principal activities

The company is a wholly owned subsidiary of Kuro Health Limited.

 

The principal activity of the company is the facilitation of non-invasive medical services.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mrs J Russell
Mr R Goodall
Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Financial instruments

The group’s principal financial instruments comprise cash and cash equivalents, trade creditors, debenture and trade debtors. The main purpose of these instruments is to raise funds for the group’s operations. Due to the nature of these funds there is no exposure to price risk. Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding and overdue. Trade creditors risk is managed by ensuring sufficient funds are available to meet amounts due.

Auditor

The auditor, Price Bailey LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information, being information needed by the auditor on connection with preparing its report, of which the auditor is unaware. Having made enquiries of fellow directors and the group's auditor, each director has taken all the steps that he is obliged to take as a director in order to make himself aware of any relevant audit information, and to establish that the auditor is aware of that information.

Going concern

After considering the company's forecast for the next 12 months, the directors have a reasonable expectation that the company has adequate cash and resources to meet all requirements to continue in operational existence for the foreseeable future. The directors have also received confirmation that the parent company will continue to provide support where necessary.  Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

On behalf of the board
Mrs J Russell
Director
24 July 2025
PREMIER MEDICAL GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

The directors are responsible for preparing the annual report and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

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 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.

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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 of the profit or loss of the company for that period.

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

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 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.

PREMIER MEDICAL GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF PREMIER MEDICAL GROUP LIMITED
- 5 -
Opinion

We have audited the financial statements of Premier Medical Group Limited (the ‘company’) for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and related notes to the financial statements, including 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).

In our opinion the financial statements:

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 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.

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 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.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s 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.

PREMIER MEDICAL GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF PREMIER MEDICAL GROUP LIMITED
- 6 -

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

 

Matters on which we are required to report by exception

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 and 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:

 

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement, 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 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 Company or to cease operations, or have no realistic alternative but to do so.

 

 

 

Auditor's 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 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:

We gained an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates and considered the risk of the Company not complying with the applicable laws and regulations including fraud in particular those that could have a material impact on the financial statements. This included those regulations directly related to the financial statements, including financial reporting, tax legislation and distributable profits. In relation to the industry, this included consideration of the Company’s Medco status. The risks were discussed with the audit team and we remained alert to any indications of non-compliance throughout the audit.

PREMIER MEDICAL GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF PREMIER MEDICAL GROUP LIMITED
- 7 -

We carried out specific procedures to address the risks identified. These included the following:

 

To address the risk of management override of controls, we carried out a review of journal entries and other adjustments for appropriateness. We reviewed systems and procedures to identify potential areas of management override risk. In particular, we carried out a review of journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions to identify large or unusual transactions. We reviewed key authorisation procedures and decision-making processes for any unusual or one-off transactions. We also assessed management bias in relation to the accounting policies adopted and in determining significant accounting estimates.

Due to 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.

Use of our report

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 auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume any responsibility to anyone other than the Company and the Company’s members, as a body, for our audit work, for this report, or the opinions we have formed.

Darren Amott (Senior Statutory Auditor)
For and on behalf of Price Bailey LLP
25 July 2025
Chartered Accountants
Statutory Auditors
3rd Floor, 24 Old Bond Street
London
W1S 4AP
PREMIER MEDICAL GROUP LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
19,312,354
19,590,234
Cost of sales
(12,929,107)
(14,247,992)
Gross profit
6,383,247
5,342,242
Administrative expenses
(4,110,267)
(4,467,741)
Operating profit
4
2,272,980
874,501
Interest receivable and similar income
7
33
490
Interest payable and similar expenses
8
(750,613)
(967,043)
Profit/(loss) before taxation
1,522,400
(92,052)
Tax on profit/(loss)
9
(382,277)
(18,837)
Profit/(loss) for the financial year
1,140,123
(110,889)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

PREMIER MEDICAL GROUP LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
10
-
0
7,119
Tangible assets
11
110,825
145,921
110,825
153,040
Current assets
Debtors falling due after more than one year
12
21,609
29,576
Debtors falling due within one year
12
31,525,132
34,625,949
Cash at bank and in hand
164,392
162,694
31,711,133
34,818,219
Creditors: amounts falling due within one year
13
(25,919,738)
(29,281,082)
Net current assets
5,791,395
5,537,137
Total assets less current liabilities
5,902,220
5,690,177
Creditors: amounts falling due after more than one year
14
-
0
(888,080)
Provisions for liabilities
Provisions
16
40,000
80,000
(40,000)
(80,000)
Net assets
5,862,220
4,722,097
Capital and reserves
Called up share capital
19
1,000
1,000
Profit and loss reserves
5,861,220
4,721,097
Total equity
5,862,220
4,722,097

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 24 July 2025 and are signed on its behalf by:
Mrs J Russell
Director
Company registration number 10126139 (England and Wales)
PREMIER MEDICAL GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
1,000
4,831,986
4,832,986
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
(110,889)
(110,889)
Balance at 31 December 2023
1,000
4,721,097
4,722,097
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
1,140,123
1,140,123
Balance at 31 December 2024
1,000
5,861,220
5,862,220
PREMIER MEDICAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
1
Accounting policies
Company information

Premier Medical Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Palatine House, Belmont Business Park, Durham, England, DH1 1TW.

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.

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, and in accordance with applicable accounting standards.The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

 

 

The financial statements of the company are consolidated in the financial statements of Kuro Health Limited. These consolidated financial statements are available from its registered office, 4th Floor, Park Gate, 161-163 Preston Road, Brighton, East Sussex, BN1 6AF.

1.2
Going concern

After considering the company's forecast for the next 12 months, the directors have a reasonable expectation that the company has adequate cash and resources to meet all requirements to continue in operational existence for the foreseeable future. The directors have also received confirmation that the parent company will continue to provide support where necessary.  Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.true

1.3
Turnover

Turnover is recorded at the fair value of the consideration receivable in the normal course of business, net of VAT, other sales related taxes and discounts.

The company provides services in the medical legal sector. Medical work is contracted for delivery over an agreed period, typically ending at the settlement of the legal medical claim. Requests for payments are issued at predetermined points in the process according to contract and are recorded as turnover. At the balance sheet date, the company accrues for turnover in respect of services performed but un-invoiced, accrued income is included within other debtors. Any associated expected costs of services provided are accrued and included in other creditors. At the point of the invoice the company provides for likely credit notes.

PREMIER MEDICAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
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:

Software
20% 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.

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:

Leasehold improvements
20% straight line
Fixtures and fittings
20% straight line
Computers
20% 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.

PREMIER MEDICAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.7
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.

1.8
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.

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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

PREMIER MEDICAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
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.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

PREMIER MEDICAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
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.

1.11
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.12
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

1.13
Retirement benefits

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Payments to the defined contribution scheme are charged as an expense as they fall due.

1.14
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

PREMIER MEDICAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
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.

Credit note provisions

Revenue from services is recognised in accordance with the policy set out at 1.3. While cases typically complete within two years, there are instances where cases are unsuccessful, and fees are not recoverable. As a consequence, significant judgment is required to account for potential unsuccessful cases.

A prudent provision for credit notes is made, as noted in 1.3, to estimate the potential impact of case profiles and the respective incomes. The provision is calculated based on extensive historical experience, up-to-date information on current market trends, utilising industry knowledge, and other relevant factors. Any such assumptions are by their nature subjective, and if actual outcomes differ from these assumptions, it could give rise to a materially different financial outcome.

The provision is calculated as a percentage of invoiced revenue in a calendar year. Therefore, should the provision be over or understated by 1%, the impact in the financial statements based on 2024 turnover would be £193,057 (2023: £204,327).  Given the long credit offer to customers (see KPIs), the percentages applied in prior years are reviewed annually, and estimates are adjusted accordingly in line with actual trading performance until all invoices raised have been collected. As some cases settle over a longer period, the impact of a 1% change in provision could be compounded by the number of years taken for cases to settle, meaning the cumulative impact of changes in underlying trends on this provision could be significant over time.

Therefore, the financial results of the company are sensitive to movements in this provision if underlying trends change. However, the senior management team believes they have adequate and robust controls and key performance indicators (KPIs) in place to continually monitor and assess the suitability of the provision, and that it is fairly stated in the financial statements based on all available evidence at the year-end. The directors are confident that the credit note provision reflects a reasonable and prudent estimate given the inherent uncertainty.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PREMIER MEDICAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
19,312,354
19,590,234
2024
2023
£
£
Other revenue
Interest income
33
490

Turnover is derived from the companies main trading activity, the provision of medical services.

 

 

 

 

 

4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
53,950
89,800
Depreciation of owned tangible fixed assets
47,738
46,518
Loss on disposal of intangible assets
2,172
-
0
Operating lease charges
71,739
119,574
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Admin
6
6
Operations
86
93
Sales
1
1
Total
93
100
PREMIER MEDICAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
5
Employees
(Continued)
- 18 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
2,402,541
2,401,928
Social security costs
209,809
199,282
Pension costs
112,905
110,316
2,725,255
2,711,526
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
109,719
97,781
Company pension contributions to defined contribution schemes
5,236
4,979
114,955
102,760

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).

7
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
33
490
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
749,894
952,169
Other interest
719
14,874
750,613
967,043
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
287,374
-
0
Group tax relief
86,936
-
0
Total current tax
374,310
-
0
PREMIER MEDICAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Taxation
2024
2023
£
£
(Continued)
- 19 -
Deferred tax
Origination and reversal of timing differences
7,967
18,837
Total tax charge
382,277
18,837

The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit/(loss) before taxation
1,522,400
(92,052)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
380,600
(23,013)
Tax effect of expenses that are not deductible in determining taxable profit
2,220
1,258
Group relief
-
0
48,093
Permanent capital allowances in excess of depreciation
1,490
(26,338)
Movement in deferred tax asset
7,967
18,837
Movement on provisions
(10,000)
-
0
Taxation charge for the year
382,277
18,837
10
Intangible fixed assets
Software
£
Cost
At 1 January 2024
1,084,554
Transfers
(7,119)
At 31 December 2024
1,077,435
Amortisation and impairment
At 1 January 2024 and 31 December 2024
1,077,435
Carrying amount
At 31 December 2024
-
0
At 31 December 2023
7,119

 

PREMIER MEDICAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
11
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2024
111,800
15,400
278,486
405,686
Additions
-
0
-
0
14,814
14,814
Disposals
(108,552)
(2,707)
(50,287)
(161,546)
At 31 December 2024
3,248
12,693
243,013
258,954
Depreciation and impairment
At 1 January 2024
107,256
13,559
138,950
259,765
Depreciation charged in the year
1,946
542
45,250
47,738
Eliminated in respect of disposals
(108,552)
(2,707)
(48,115)
(159,374)
At 31 December 2024
650
11,394
136,085
148,129
Carrying amount
At 31 December 2024
2,598
1,299
106,928
110,825
At 31 December 2023
4,544
1,841
139,536
145,921
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
30,519,510
33,498,586
Other debtors
114,098
100,000
Prepayments and accrued income
891,524
1,027,363
31,525,132
34,625,949
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 17)
21,609
29,576
Total debtors
31,546,741
34,655,525
PREMIER MEDICAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
13
Creditors: amounts falling due within one year
as restated
2024
2023
Notes
£
£
Bank loans and overdrafts
15
10,526,306
10,243,495
Obligations under finance leases
7,321
87,855
Trade creditors
5,824,678
5,882,247
Amounts owed to group undertakings
265,560
2,684,172
Corporation tax
287,374
-
0
Other taxation and social security
6,611,797
7,357,921
Other creditors
17,192
236,737
Accruals and deferred income
2,379,510
2,788,655
25,919,738
29,281,082

Included in creditors due within one year are amounts owed to group undertakings. The loans are interest free and repayable on demand.

14
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
15
-
0
876,202
Obligations under finance leases
-
0
11,878
-
0
888,080
15
Loans and overdrafts
2024
2023
£
£
Bank loans
-
0
1,460,337
Invoice Discounting
10,526,306
9,659,360
10,526,306
11,119,697
Payable within one year
10,526,306
10,243,495
Payable after one year
-
0
876,202
PREMIER MEDICAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
15
Loans and overdrafts
(Continued)
- 22 -

During the year the company's finance facilities were refinanced from Barclays Bank Plc to RBS Invoice Finance Limited            

 

The group has access to an invoice discount facility of £20,000,000 of which £11,000,000 is assigned to the company. As at 31 December 2024 the outstanding balance due to RBS Invoice Finance Limited in respect of the invoice discount facility was £10,526,306 (2023 owed to Barclays Bank Plc: £9,659,360). This balance is included in creditors due within one year.

 

As at the 31 December 2024 the group was utilising £14,426,614 of the £20,000,000 credit facility, see note 21.

 

The company had a CBILS loan of £5 million. As part of the refinance with RBS Invoice Finance Limited, the CBILS loan was repaid. As at 31 December 2024 the outstanding balance due to Barclays Bank PLC in respect of the facility was £nil (2023: £1,460,337).

 

The facilities are secured by a fixed and floating charges over current and future assets of the company.

16
Provisions for liabilities
2024
2023
£
£
Dilapidations
40,000
80,000
Movements on provisions:
Dilapidations
£
At 1 January 2024
80,000
Additional provisions in the year
40,000
Utilisation of provision
(80,000)
At 31 December 2024
40,000

The provision for dilapidations are in respect of leases on properties occupied by the company.

17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets
Assets
2024
2023
Balances:
£
£
Decelerated capital allowances
11,609
9,576
Provisions
10,000
20,000
21,609
29,576
PREMIER MEDICAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
17
Deferred taxation
(Continued)
- 23 -
2024
Movements in the year:
£
Asset at 1 January 2024
29,576
Credit to profit or loss
(7,967)
Asset at 31 December 2024
21,609

The deferred tax asset above in respect of provisions is not expected to reverse within the next 12 months.

18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
112,905
110,316

 

19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
20
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
73,312
43,940
Between two and five years
596
-
73,908
43,940

The lease commitments are in respect of rental agreements for properties.

PREMIER MEDICAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
21
Cross guarantee

The previous cross guarantee was given by the company in favour of Barclays Bank PLC, this was replaced in November 2024 with a cross guarantee in favour of RBS Invoice Finance Limited . The cross guarantee is in support of the finance facilities provided to the Kuro Health group of entities. The cross guarantee includes the following group companies: Premier Medical Group Limited, Rehab-Link Limited and Mobile Doctors Limited. The balance owed to RBS Invoice Finance Ltd at 31 December 2024 was £14,426,614 (31 December 2023 to Barclays Bank PLC: £13,513,570).

 

 

22
Related party transactions

The company made payments for medical legal services of £nil (2023: £25,750) to companies controlled or associated to the directors.

 

As at the year end, £nil (2023: £3,120) was owed to companies controlled or associated to the directors.

 

During the year the company received a payment of £890,931 from Folkington Finance Limited relating to the purchase of trade debtors net of associated VAT and credit note provisions.  This transferred the risks and rewards of these trade debtors to the buyer.

 

No details are included for the subsidiaries that are 100% owned as the exemption for such companies is being claimed.

23
Ultimate controlling party

The company's ultimate parent company is Kuro Health Limited, a company incorporated in England and Wales. The financial statements of Kuro Health Limited are available on request from the registered office at 4th Floor, Park Gate, 161-163 Preston Road, Brighton, East Sussex, BN1 6AF.

2024-12-312024-01-01falsefalsefalseCCH SoftwareCCH Accounts Production 2025.200Mrs J RussellMr R Goodall101261392024-01-012024-12-3110126139bus:Director12024-01-012024-12-3110126139bus:Director22024-01-012024-12-31101261392024-12-31101261392023-01-012023-12-3110126139core:RetainedEarningsAccumulatedLosses2023-01-012023-12-3110126139core:RetainedEarningsAccumulatedLosses2024-01-012024-12-3110126139core:OtherResidualIntangibleAssets2024-12-3110126139core:OtherResidualIntangibleAssets2023-12-3110126139core:ComputerSoftware2024-12-3110126139core:ComputerSoftware2023-12-31101261392023-12-3110126139core:LeaseholdImprovements2024-12-3110126139core:FurnitureFittings2024-12-3110126139core:ComputerEquipment2024-12-3110126139core:LeaseholdImprovements2023-12-3110126139core:FurnitureFittings2023-12-3110126139core:ComputerEquipment2023-12-3110126139core:Non-currentFinancialInstrumentscore:AfterOneYear2024-12-3110126139core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3110126139core:CurrentFinancialInstrumentscore:WithinOneYear2024-12-3110126139core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3110126139core:CurrentFinancialInstruments2024-12-3110126139core:CurrentFinancialInstruments2023-12-3110126139core:Non-currentFinancialInstruments2024-12-3110126139core:Non-currentFinancialInstruments2023-12-3110126139core:ShareCapital2024-12-3110126139core:ShareCapital2023-12-3110126139core:RetainedEarningsAccumulatedLosses2024-12-3110126139core:RetainedEarningsAccumulatedLosses2023-12-3110126139core:ShareCapital2022-12-3110126139core:RetainedEarningsAccumulatedLosses2022-12-31101261392022-12-3110126139core:ShareCapitalOrdinaryShareClass12024-12-3110126139core:ShareCapitalOrdinaryShareClass12023-12-3110126139core:IntangibleAssetsOtherThanGoodwill2024-01-012024-12-3110126139core:ComputerSoftware2024-01-012024-12-3110126139core:LeaseholdImprovements2024-01-012024-12-3110126139core:FurnitureFittings2024-01-012024-12-3110126139core:ComputerEquipment2024-01-012024-12-3110126139core:OwnedAssets2024-01-012024-12-3110126139core:OwnedAssets2023-01-012023-12-311012613912024-01-012024-12-311012613912023-01-012023-12-3110126139core:UKTax2024-01-012024-12-3110126139core:UKTax2023-01-012023-12-311012613922024-01-012024-12-311012613922023-01-012023-12-3110126139core:ComputerSoftware2023-12-3110126139core:LeaseholdImprovements2023-12-3110126139core:FurnitureFittings2023-12-3110126139core:ComputerEquipment2023-12-31101261392023-12-3110126139bus:OrdinaryShareClass12024-01-012024-12-3110126139bus:OrdinaryShareClass12024-12-3110126139bus:OrdinaryShareClass12023-12-3110126139core:WithinOneYear2024-12-3110126139core:BetweenTwoFiveYears2024-12-3110126139bus:PrivateLimitedCompanyLtd2024-01-012024-12-3110126139bus:FRS1022024-01-012024-12-3110126139bus:Audited2024-01-012024-12-3110126139bus:FullAccounts2024-01-012024-12-31xbrli:purexbrli:sharesiso4217:GBP