Company registration number 09941789 (England and Wales)
KURO HEALTH LIMITED AND SUBSIDIARY UNDERTAKINGS
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
KURO HEALTH LIMITED AND SUBSIDIARY UNDERTAKINGS
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 from Continuing Operations for the year was £43,574,816 (31 December 2023: £43,338,129), The net assets as at 31 December 2024 were £21,196,231 (31 December 2023: £19,949,854).

 

During the prior year the Group made the strategic decision to dispose of the investments it held in Medicals Direct Services Limited and Medicals Direct Screenings Services for consideration of £1,433,878. During the prior year these companies made a loss of £68,410, which have been presented as Discontinued Operations on the Statement of Comprehensive Income. Disposing of these investments allow the management to focus on Continuing Operations where the Group has increased Operating Profit during the year.

 

 

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 Group provides gives long term credit, the increase in interest rates in 2022 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 from Continuing Operations has increased.

 

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

 

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

 

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.

KURO HEALTH LIMITED AND SUBSIDIARY UNDERTAKINGS
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Principal Risks and Uncertainties

Legislative risk

The industry in which the group operates is overseen by the Ministry of Justice. As Premier Medical Group Limited and Mobile Doctors Limited are both accredited High Volume National Medical Reporting Organisations, we adhere to rigorous requirements and audits by MedCo. The Group 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 and present both a risk and an opportunity to future volumes.

 

The Directors continue to review and consider the group'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 group 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 group is actively looking to improve the ratio of short to long term credit.

 

Competitive risk

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

Development and Performance

The industry in which the group operates has changed 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 group. There is currently uncertainty on the effect the portal will have on collection profiles, and this has an impact on group’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 group 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.

Key performance Indicators

Key performance indicators used by the group (including discontinued operations) were as follows:

 

 

 

 

 

 

 

31.12.2024

 

31.12.2023

 

 

 

 

 

Turnover

£'000

43,575

 

47,701

Gross margin

%

26.0

 

22.9

Profit After Tax (PAT)

£'000

1,956

 

796

PAT / Turnover

%

4.5

 

1.7

Net Assets

£'000

21,196

 

19,950

Average employees

No's

245

 

261

Receivable Collection

Days

378

 

440

 

 

 

 

 

KURO HEALTH LIMITED AND SUBSIDIARY UNDERTAKINGS
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

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. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

 

S172 Statement

The directors of Kuro Health Limited are required to act in a way that they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, and in so doing have regard, among other matters to:

To achieve their duties under Section 172 the directors pride themselves in ensuring that the Company is properly financed so that going concern should never be an issue. There is a fair dividend policy that ensures that the shareholders are adequately rewarded and the company retains sufficient profits to maintain a healthy balance sheet.

The directors/shareholders are involved in the day to day running of the business and have a team of managers who report regularly and meet on a monthly basis.

Good supplier relationships are fostered by the directors and managers and the Company ensures that suppliers are paid within their terms.

The Company strives to improve its standards which benefit its customers. The Company continually reviews financial information.

The directors produce three year plans to ensure the succession of the business, taking into account the local environment and communities in which their sites operate.

 

On behalf of the board

Dr H O Brunjes
Director
24 July 2025
KURO HEALTH LIMITED AND SUBSIDIARY UNDERTAKINGS
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

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

Principal activities

The principal activity of the company is to act as the holding company for the group.

 

The group's principal activities are: the facilitation of non-invasive medical services, including patient screening, patient rehabilitation, medical reporting and diagnostic services for the personal injury claims market; and supply of computer consultancy services.

 

Results and dividends

The results for the year are set out on page 12.

Ordinary dividends were paid amounting to £709,800 in the year. The directors do not recommend payment of a final dividend.

Directors

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

Dr H O Brunjes
Mr T Aspinall
Mrs J M Brunjes
Mr B Gray
Mr G J Sampson
Mr J D Warner
(Resigned 31 May 2024 and reappointed 6 December 2024)
Financial instruments

The group’s principal financial instruments comprise cash and cash equivalents, trade creditors 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. There is a bank funding line from Barclays Bank PLC, this provides working capital and is secured against the assets of the group. A CBILS loan was taken out at the start of the pandemic.

 

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.

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees, through, staff councils, at meetings and online platforms, matters likely to affect employees' interests. Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

KURO HEALTH LIMITED AND SUBSIDIARY UNDERTAKINGS
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
Business relationships

An important part of the company's long term success is considered to be the need to regularly engage with all customers, potential customers and suppliers trying to match the needs of the customers and improving the service offered to them. This is achieved by seeking innovative ideas to improve service and to heed the request from suppliers for alternative methods to fulfil their contracts. During the pandemic the video assessment protocols have benefited all in the industry in the short term.

Future developments

The group's mid term strategy is to consolidate it's position as a leading supplier of medical reports and related services by continually improving the solutions and services offered to customers.

Auditor

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

Energy and carbon report

Greenhouse Gas Emissions Data

In line with the Greenhouse Gas Protocol (GHG) Corporate Accounting and Reporting Standard, and as reported in our previous submissions, Kuro Health Limited continues to be engaged in a process aimed at reducing our energy and greenhouse gas emissions.

 

Kuro Health maintains scopes one (1), two (2) and three (3) emissions, which include electricity and natural gas. Kuro Health also maintains transport emissions inclusive of employee owned and operated vehicles (whereby mileage is claimed as a company expense).

 

Kuro Health previously devised a strategy to reduce overall carbon footprint significantly including the following initiatives:

 

- Encouraging employees to purchase renewable technology cars i.e., hybrid vehicles,

- Purchasing energy efficient equipment in our offices,

- Replacing HVAC systems with energy-efficient equipment where possible,

- Adopting behavioural change measures where possible.

 

This commitment has resulted in an improvement in our emissions position. Calculated carbon footprint for the current financial year is 46.23 tCO2e, whilst energy consumption was 219,962.09 kWh (219.96 MWh).

 

The intensity metric is based on a total square meterage of 1,586.23 (17,074 square feet). Emissions have decreased by 35.28% since our previous reporting period.

2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
219,962
338,355
KURO HEALTH LIMITED AND SUBSIDIARY UNDERTAKINGS
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
19.18
24.84
- Fuel consumed for owned transport
-
-
19.18
24.84
Scope 2 - indirect emissions
- Electricity purchased
10.55
31.97
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the
16.49
14.61
Total gross emissions
46.22
71.42
Intensity ratio
Tonnes C02e per metre squared
0.0291
0.0490
Quantification and reporting methodology

Kuro Health have reported all of emission sources under the Companies Act 2006 (Strategic Report and Director’s Reports) Regulations 2013 as required. Reporting of calculated emissions is in line with the GHG Protocol Corporate Accounting and Reporting Standard and emission factors from the UK Government's GHG Conversion Factors for Company Reporting 2024.

 

The reporting period is the financial year 2024, the same as that covered by the Annual Report and Financial Statements. The boundaries of the GHG inventory are defined using the operational control approach. In general, the emissions reported are the same as those which would be reported based on a financial control boundary.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per metre squared, the recommended ratio for the sector.

Measures taken to improve energy efficiency

Kuro has been actively engaged in measures to reduce its energy throughout the reporting period as follows:

 

  1. Closure of Borehamwood office in 2023, moving to hybrid working model around a serviced office with reduced footprint

  2. Closure of Dorking office in 2023, transferring work to another site

  3. Closure of dedicated Ludlow office in 2024, moving staff to a serviced office and increasing utilisation of home working model

  4. Continue to utilise hybrid working therefore reducing commuting to office

  5. Continue to minimise business travel, and utilise technology solutions such as digital meetings

  6. Electric car policy for all staff

  7. Working on ways to reduce outbound postage replacing with digital pathways

Note that we do not maintain any direct energy responsibility, but we are keen to show our commitment to reducing energy and emissions.

 

KURO HEALTH LIMITED AND SUBSIDIARY UNDERTAKINGS
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
Objectives

Update on objectives for prior year

In order to achieve the objectives set last year, the Group has substantially reduced its office footprint which has resulted in reducing our energy usage especially in relation to lighting. Reducing the office footprint has also reduced the volume of office equipment required. The Group has also submitted Energy Saving Opportunity Scheme (ESOS) Phase 3 compliance submission.

 

Objectives for 2025

Kuro Health has initiated several objectives for the forthcoming fiscal year (to be reported on in the next set of accounts) as follows

 

  1. Continual review of existing office footprints, including review of equipment and company policies

  2. Reviewing supply contracts to determine feasibility of renewable energy

  3. Continue to review business model to utilise digital pathways that reduce physical movement of documents and people

 

Kuro Health will report on progress within the next set of financial accounts.

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 / she is obliged to take as a director in order to make himself / herself 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. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

On behalf of the board
Dr H O Brunjes
Director
24 July 2025
KURO HEALTH LIMITED AND SUBSIDIARY UNDERTAKINGS
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -

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 group and company, and of the profit or loss of the group 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 group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

KURO HEALTH LIMITED AND SUBSIDIARY UNDERTAKINGS
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF KURO HEALTH LIMITED AND SUBSIDIARY UNDERTAKINGS
- 9 -
Opinion

We have audited the financial statements of Kuro Health Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2022, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated and Company Balance Sheets, the Consolidated and Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows 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).

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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Directors are responsible for the other information contained within the Annual 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.

KURO HEALTH LIMITED AND SUBSIDIARY UNDERTAKINGS
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF KURO HEALTH LIMITED AND SUBSIDIARY UNDERTAKINGS
- 10 -

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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.

 

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

 

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 Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.

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 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:

We gained an understanding of the legal and regulatory framework applicable to the group and the industries in which it operates and considered the risk of the group and 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 Medco status of various members of the group, employment law and health & safety. The risks were discussed with the audit team and we remained alert to any indications of non-compliance throughout the audit.

KURO HEALTH LIMITED AND SUBSIDIARY UNDERTAKINGS
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF KURO HEALTH LIMITED AND SUBSIDIARY UNDERTAKINGS
- 11 -

The risks were discussed with the audit team and we remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified. As follows:

 

To address the risk of management override of controls, we reviewed systems and procedures to identify potential areas of management override risk. In particular, we carried out testing 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.

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.

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

Darren Amott (Senior Statutory Auditor)
For and on behalf of Price Bailey LLP
25 July 2025
Chartered Accountants
3rd Floor, 24 Old Bond Street
Statutory Auditors
London
W1S 4AP
KURO HEALTH LIMITED AND SUBSIDIARY UNDERTAKINGS
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Continuing
Discontinued
31 December
Continuing
Discontinued
31 December
operations
operations
2024
operations
operations
2023
Notes
£
£
£
£
£
£
Turnover
3
43,574,816
-
43,574,816
43,338,129
4,362,856
47,700,985
Cost of sales
(32,255,442)
-
(32,255,442)
(33,260,970)
(3,538,500)
(36,799,470)
Gross profit
11,319,374
-
11,319,374
10,077,159
824,356
10,901,515
Administrative expenses
(7,491,451)
-
(7,491,451)
(7,571,091)
(892,766)
(8,463,857)
Operating profit
4
3,827,923
-
3,827,923
2,506,068
(68,410)
2,437,658
Interest receivable and similar income
8
33
-
33
490
-
490
Interest payable and similar expenses
9
(1,115,446)
-
(1,115,446)
(1,325,754)
-
(1,325,754)
Amounts written off investments
10
(11,523)
-
(11,523)
73,646
-
73,646
Profit before taxation
2,700,987
-
2,700,987
1,254,450
(68,410)
1,186,040
Tax on profit
11
(744,810)
-
(744,810)
(390,132)
-
(390,132)
Profit for the financial year
1,956,177
-
1,956,177
864,318
(68,410)
795,908
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
KURO HEALTH LIMITED AND SUBSIDIARY UNDERTAKINGS
CONSOLIDATED BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
15
528,970
631,029
Other intangible assets
15
995
132,131
Total intangible assets
529,965
763,160
Tangible assets
16
389,267
342,223
919,232
1,105,383
Current assets
Debtors
19
57,537,200
60,676,261
Cash at bank and in hand
2,013,954
489,785
59,551,154
61,166,046
Creditors: amounts falling due within one year
20
(39,195,466)
(40,111,495)
Net current assets
20,355,688
21,054,551
Total assets less current liabilities
21,274,920
22,159,934
Creditors: amounts falling due after more than one year
21
-
(2,063,080)
Provisions for liabilities
24
(78,689)
(147,000)
Net assets
21,196,231
19,949,854
Capital and reserves
Called up share capital
27
2,037
2,037
Capital redemption reserve
463
463
Profit and loss reserves
21,193,731
19,947,354
Total equity
21,196,231
19,949,854
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:
24 July 2025
Dr H O Brunjes
Director
Company Registration No. 09941789
KURO HEALTH LIMITED AND SUBSIDIARY UNDERTAKINGS
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 14 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
15
-
0
86,223
Tangible assets
16
134,765
1,317
Investments
17
4,638,132
3,638,132
4,772,897
3,725,672
Current assets
Debtors
19
6,047,457
11,522,599
Cash at bank and in hand
1,378,390
28,261
7,425,847
11,550,860
Creditors: amounts falling due within one year
20
(1,801,555)
(3,168,104)
Net current assets
5,624,292
8,382,756
Total assets less current liabilities
10,397,189
12,108,428
Creditors: amounts falling due after more than one year
21
-
(1,175,000)
Provisions for liabilities
Deferred tax liability
25
33,691
329
(33,691)
(329)
Net assets
10,363,498
10,933,099
Capital and reserves
Called up share capital
27
2,037
2,037
Capital redemption reserve
463
463
Profit and loss reserves
10,360,998
10,930,599
Total equity
10,363,498
10,933,099

 

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:
24 July 2025
Dr H O Brunjes
Director
Company registration number 09941789 (England and Wales)
KURO HEALTH LIMITED AND SUBSIDIARY UNDERTAKINGS
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
2,037
463
19,151,446
19,153,946
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
795,908
795,908
Balance at 31 December 2023
2,037
463
19,947,354
19,949,854
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
1,956,177
1,956,177
Dividends
13
-
-
(709,800)
(709,800)
Balance at 31 December 2024
2,037
463
21,193,731
21,196,231
KURO HEALTH LIMITED AND SUBSIDIARY UNDERTAKINGS
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
2,037
463
13,434,285
13,436,785
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
(2,503,686)
(2,503,686)
Balance at 31 December 2023
2,037
463
10,930,599
10,933,099
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
140,199
140,199
Dividends
13
-
-
(709,800)
(709,800)
Balance at 31 December 2024
2,037
463
10,360,998
10,363,498
KURO HEALTH LIMITED AND SUBSIDIARY UNDERTAKINGS
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
3,674,445
3,748,383
Income taxes paid
(401,911)
(345,075)
Net cash inflow from operating activities
3,272,534
3,403,308
Investing activities
Purchase of intangible assets
(53,344)
(93,342)
Purchase of tangible fixed assets
(36,247)
(7,853)
Proceeds from disposal of tangible fixed assets
-
7,244
Proceeds from disposal of subsidiaries, net of cash disposed
552,800
1,433,878
Interest received
33
490
Net cash generated from investing activities
463,242
1,340,417
Financing activities
Repayment of preference shares
(1,175,000)
-
New loan
-
130,700
Repayment of bank loans
(1,460,337)
(438,100)
Payment of finance leases obligations
(92,412)
(39,727)
Interest paid
(1,115,446)
(1,325,754)
Dividends paid to equity shareholders
(709,800)
-
0
Net cash used in financing activities
(4,552,995)
(1,672,881)
Net (decrease)/increase in cash and cash equivalents
(817,219)
3,070,844
Cash and cash equivalents at beginning of year
(11,595,225)
(14,666,069)
Cash and cash equivalents at end of year
(12,412,444)
(11,595,225)
Relating to:
Cash at bank and in hand
2,013,954
489,785
Bank overdrafts included in creditors payable within one year
(14,426,398)
(12,085,010)
KURO HEALTH LIMITED AND SUBSIDIARY UNDERTAKINGS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
1
Accounting policies
Company information

Kuro Health Limited ("the company") is a private limited company domiciled and incorporated in England and Wales and limited by shares. The registered office is 4th Floor, Park Gate, 161-163 Preston Road, Brighton, East Sussex, BN1 6AF.

 

The group consists of Kuro Health Limited and all of its subsidiaries.

 

The group's consolidated and the company's financial statements have been prepared in compliance with FRS102 as it applies to the financial statements for the year ended 31 December 2024.

1.1
Basis of preparation

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 £.

Basis of preparation for the company

The 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 consolidated financial statements of the group include the results of the company. Consequently, as permitted by s408 of the Companies Act 2006, no individual company income statement is presented in these financial statements for Kuro Health Limited.

The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries are accounted for at cost less impairment.

KURO HEALTH LIMITED AND SUBSIDIARY UNDERTAKINGS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -

The consolidated financial statements incorporate those of Kuro Health Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the period are consolidated using the purchase method. Their results are incorporated from the date that control passes.

 

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.3
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. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

1.4
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 group provides services in the medical legal sector and the IT software 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.

IT software services are contracted for delivery over an agreed period. 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.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.

1.6
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.

KURO HEALTH LIMITED AND SUBSIDIARY UNDERTAKINGS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -

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 basis:

Software
5 years straight line
Customer contracts
5 years straight line
Licences
Indefinite useful life
1.7
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 external improvements
20%    straight line
Leasehold internal improvements
33.3% straight line
Fixtures & fittings
20%    straight line
Computer equipment
20%    straight line

Assets in the course of construction are not depreciated.

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 recognised in the profit and loss account.

1.8
Fixed asset investments

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

KURO HEALTH LIMITED AND SUBSIDIARY UNDERTAKINGS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -

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.

1.10
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.

1.11
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

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.

KURO HEALTH LIMITED AND SUBSIDIARY UNDERTAKINGS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 22 -
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 group 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 group 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group 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 group.

1.13
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 period. 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 group’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 if, and only if, there is 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.

KURO HEALTH LIMITED AND SUBSIDIARY UNDERTAKINGS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 23 -
1.14
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group 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.

1.15
Employee 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.

 

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

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

The group 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.

1.17
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 leased asset are consumed.

1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

KURO HEALTH LIMITED AND SUBSIDIARY UNDERTAKINGS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

KURO HEALTH LIMITED AND SUBSIDIARY UNDERTAKINGS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 25 -
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.

Credit note provision

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 £401,063 (2023: £405,120).  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.

Investment Cost

Investment in subsidiaries are recognised in accordance with the policy set out at 1.8 on the expectation that costs are contractually payable. However, there are instances where costs payable are deferred and payable based on future contract performance.

Consequently, an element of judgement is required to account for potential fluctuations in cost of investments.  The provision is calculated based on historical experience, current trends, industry knowledge and other relevant factors.  A change in those judgements and future performance could have an impact on the accounts.  Therefore, the balance sheet of the company is sensitive to movements in this provision if assumptions and future performance.

 

The senior management team have adequate controls and KPIs in place to monitor and assess the suitability of the assessment to ensure income and investment cost are fairly stated in the financial statements.

 

 

 

 

 

 

 

KURO HEALTH LIMITED AND SUBSIDIARY UNDERTAKINGS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
3
Turnover and other revenue

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

2024
2023
£
£
Turnover analysed by class of business
Medical reporting services
41,097,289
45,585,107
Computer consultancy
2,477,527
2,115,878
43,574,816
47,700,985
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
43,574,816
47,205,777
Europe
-
488,458
Rest of World
-
6,750
43,574,816
47,700,985
2024
2023
£
£
Other revenue
Interest income
33
490
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Exchange (gains)/losses
-
1,491
Depreciation of owned tangible fixed assets
127,256
146,547
Impairment of owned tangible fixed assets
-
53,118
Loss on disposal of tangible fixed assets
6,460
281
Amortisation of intangible assets
143,901
436,395
Loss on disposal of intangible assets
2,172
-
0
Operating lease charges
213,802
353,255
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
22,938
22,062
Audit of the financial statements of the company's subsidiaries
127,950
182,237
150,888
204,299
KURO HEALTH LIMITED AND SUBSIDIARY UNDERTAKINGS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Developer
5
-
-
-
Administration
27
35
6
7
Operations
207
220
-
-
Sales
6
6
-
-
Total
245
261
6
7

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
8,702,966
9,521,986
747,440
770,808
Social security costs
821,929
903,595
86,902
93,816
Pension costs
408,606
459,631
24,896
24,807
9,933,501
10,885,212
859,238
889,431

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

KURO HEALTH LIMITED AND SUBSIDIARY UNDERTAKINGS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
745,066
754,500
Company pension contributions to defined contribution schemes
24,894
23,916
769,960
778,416
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
304,232
280,102
Company pension contributions to defined contribution schemes
14,510
13,656

The number of directors the company pension contributions relates to in the period under review is 2

(2023: 2).

 

Directors of the business are deemed to be key management and have been remunerated accordingly.

8
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
33
490
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
956,875
1,165,639
Dividends on redeemable preference shares not classified as equity
137,918
141,000
Other interest
20,653
19,115
Total finance costs
1,115,446
1,325,754
10
Amounts written off investments
2024
2023
£
£
(Loss)/gain on disposal of investments (note 16)
(551,721)
73,646
Amounts written back to financial assets held at cost
540,198
-
(11,523)
73,646
KURO HEALTH LIMITED AND SUBSIDIARY UNDERTAKINGS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
723,801
401,911
Adjustments in respect of prior periods
(20,195)
922
Total current tax
703,606
402,833
Deferred tax
Origination and reversal of timing differences
41,204
(12,701)
Total tax charge
744,810
390,132

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

2024
2023
£
£
Profit before taxation
2,700,987
1,186,040
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
675,247
296,510
Tax effect of expenses that are not deductible in determining taxable profit
68,193
41,931
Losses on discontinued operations not recognised
833
17,103
Adjustments in respect of prior years
(20,195)
922
Effect of change in corporation tax rate
-
(9,900)
Group relief
-
0
(15,381)
Permanent capital allowances in excess of depreciation
13,229
76,935
Movement in deferred tax asset
41,201
(12,702)
Utilisation of provisions
(10,406)
-
0
Effect of Profit/(Loss) on fixed asset disposal
(23,292)
(18,566)
Impairment losses
-
13,280
Taxation charge
744,810
390,132
12
Discontinued operations
South East Specialist Medical Reports Limited

The company disposed of the investments it held in South East Specialist Medical Reports Limited on 29 March 2024.

 

During the period to 29 March 2024, the company made a loss of £3,330.

KURO HEALTH LIMITED AND SUBSIDIARY UNDERTAKINGS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
13
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
709,800
-
14
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2024
2023
Notes
£
£
In respect of:
Intangible assets
15
-
1,766,818
Property, plant and equipment
16
-
53,118
Recognised in:
Administrative expenses
-
53,118
Impairment adjustments
-
1,596,419

The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.

15
Intangible fixed assets
Group
Goodwill
Software
Customer contracts
Licences
Total
£
£
£
£
£
Cost
At 1 January 2024
1,057,022
1,701,622
508,304
995
3,267,943
Additions
-
0
53,344
-
0
-
0
53,344
Disposals
4,048
(530,845)
-
0
-
0
(526,797)
Transfers to tangible fixed assets
-
0
(146,686)
-
0
-
0
(146,686)
At 31 December 2024
1,061,070
1,077,435
508,304
995
2,647,804
Amortisation and impairment
At 1 January 2024
425,993
1,608,280
470,510
-
0
2,504,783
Amortisation charged for the year
106,107
-
0
37,794
-
0
143,901
Disposals
-
0
(530,845)
-
0
-
0
(530,845)
At 31 December 2024
532,100
1,077,435
508,304
-
0
2,117,839
KURO HEALTH LIMITED AND SUBSIDIARY UNDERTAKINGS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
15
Intangible fixed assets
(Continued)
- 31 -
Carrying amount
At 31 December 2024
528,970
-
0
-
0
995
529,965
At 31 December 2023
631,029
93,342
37,794
995
763,160
Company
Software
£
Cost
At 1 January 2024
86,223
Additions
53,344
Transfers to Tangible fixed assets
(139,567)
At 31 December 2024
-
0
Amortisation and impairment
At 1 January 2024 and 31 December 2024
-
0
Carrying amount
At 31 December 2024
-
0
At 31 December 2023
86,223

 

KURO HEALTH LIMITED AND SUBSIDIARY UNDERTAKINGS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 32 -
16
Tangible fixed assets
Group
Leasehold internal improvements
Fixtures & fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 January 2024
111,800
100,944
452,985
665,729
Additions
-
0
-
0
36,247
36,247
Disposals
(108,552)
(48,904)
(186,016)
(343,472)
Transfers from intangible fixed assets
-
0
-
0
146,686
146,686
At 31 December 2024
3,248
52,040
449,902
505,190
Depreciation and impairment
At 1 January 2024
107,256
59,120
157,130
323,506
Depreciation charged in the year
1,946
6,260
119,050
127,256
Eliminated in respect of disposals
(108,552)
(48,144)
(178,143)
(334,839)
At 31 December 2024
650
17,236
98,037
115,923
Carrying amount
At 31 December 2024
2,598
34,804
351,865
389,267
At 31 December 2023
4,544
41,824
295,855
342,223
Company
Computer equipment
£
Cost
At 1 January 2024
1,549
Additions
1,832
Transfers from intangible fixed assets
146,686
At 31 December 2024
150,067
Depreciation and impairment
At 1 January 2024
232
Depreciation charged in the year
15,070
At 31 December 2024
15,302
Carrying amount
At 31 December 2024
134,765
At 31 December 2023
1,317

More information on impairment movements in the year is given in note 14.

 

KURO HEALTH LIMITED AND SUBSIDIARY UNDERTAKINGS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 33 -
17
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
18
-
0
-
0
4,638,132
3,638,132

The Company disposed of the investments it held in South East Specialist Medical Reports Limited on 29 March 2024.

Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024
3,638,132
Additions
1,000,000
At 31 December 2024
4,638,132
Impairment losses
(540,198)
Disposals
540,198
At 31 December 2024
4,638,132
Carrying amount
At 31 December 2024
4,638,132
At 31 December 2023
3,638,132

 

 

 

 

 

 

 

 

 

 

KURO HEALTH LIMITED AND SUBSIDIARY UNDERTAKINGS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 34 -
18
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Reg
Nature of business
Class of
% Held
office
shares
Direct
Indirect
Insurance Medical Reporting Services Limited
A
Dormant
Ordinary
100.00
0
Kuro Rehabilitation Services Limited
A
Dormant
Ordinary
100.00
0
Rehab-Link Limited
B
Medical Rehabilitation Services
Ordinary
100.00
0
Premier Medical Group Limited
B
Medical Reporting Services
Ordinary
100.00
0
Kuro Health Services Limited
A
Medical Services
Ordinary
100.00
0
WARP Technologies Limited
A
Software Consultancy
Ordinary
100.00
0
Mobile Doctors Limited
C
Medical Services
Ordinary
100.00
0
Mobile Doctors Group Limited
C
Dormant
Ordinary
100.00
0

Registered office:

A - 4th Floor, Park Gate, 161-163 Preston Road, Brighton, East Sussex, England. BN1 6AF
B - Palatine House, Belmont Business Park, Durham, England. DH1 1TW

C - Unit 1-3, Suite A, The Courtyard, Calvin Street, Bolton, England. BL1 8PB

 

 

WARP Medical Reporting Limited was struck from the Company Register on 18 June 2024.

 

The shares held in South East Specialist Medical Reports Limited were sold on 29 March 2024, and consequently Kuro Health Limited also lost indirect interest in its subsidiaries from this date (Medchi Limited and Medical Specialist Reporting Group Limited).

19
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
54,217,576
57,419,611
-
0
-
0
Corporation tax recoverable
20,195
-
0
-
0
-
0
Amounts owed by group undertakings
-
-
6,009,828
11,482,493
Other debtors
355,368
123,476
-
0
-
0
Prepayments and accrued income
2,944,061
3,105,658
37,629
40,106
57,537,200
60,648,745
6,047,457
11,522,599
Amounts falling due after more than one year:
Deferred tax asset (note 25)
-
0
27,516
-
0
-
0
Total debtors
57,537,200
60,676,261
6,047,457
11,522,599
KURO HEALTH LIMITED AND SUBSIDIARY UNDERTAKINGS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 35 -
20
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
22
14,426,398
12,669,145
-
0
-
0
Obligations under finance leases
23
7,321
87,855
-
0
-
0
Trade creditors
10,414,398
10,567,074
276,273
79,242
Amounts owed to group undertakings
-
0
-
0
1,410,699
2,223,990
Corporation tax payable
723,801
401,912
-
0
51,912
Other taxation and social security
9,136,174
9,873,404
54,425
75,650
Deferred income
40,363
33,757
-
0
-
0
Other creditors
61,039
989,393
3,897
679,425
Accruals and deferred income
4,385,972
5,488,955
56,261
57,885
39,195,466
40,111,495
1,801,555
3,168,104
21
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
22
-
0
876,202
-
0
-
0
Obligations under finance leases
23
-
0
11,878
-
0
-
0
Other borrowings
22
-
0
1,175,000
-
0
1,175,000
-
2,063,080
-
1,175,000
22
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
-
0
1,460,337
-
0
-
0
Bank overdrafts
14,426,398
12,085,010
-
0
-
0
Preference shares
-
0
1,175,000
-
0
1,175,000
14,426,398
14,720,347
-
1,175,000
Payable within one year
14,426,398
12,669,145
-
0
-
0
Payable after one year
-
0
2,051,202
-
0
1,175,000
KURO HEALTH LIMITED AND SUBSIDIARY UNDERTAKINGS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
22
Loans and overdrafts
(Continued)
- 36 -

During the year, the Group'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 (2023: £14,025,000), and a CBILS loan. As at 31 December 2024 the outstanding balance due to RBS Invoice Finance Limited in respect of the invoice discount facility was £14,497,443 (2023 owed to Barclays Bank Plc: £13,545,347).

 

The facility is secured by a fixed and floating charge over current and future assets of various subsidiary companies.

23
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
7,321
87,855
-
0
-
0
In two to five years
-
0
11,878
-
0
-
0
7,321
99,733
-
-

 

24
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
Dilapidations
65,000
147,000
-
-
Movements on provisions:
Dilapidations
Group
£
At 1 January 2024
147,000
Utilisation of provision
(82,000)
At 31 December 2024
65,000

The provisions for dilapidations are in respect of leases on properties occupied by the group. The group has two leases of varying lengths and optional break clauses. The senior management team assess the provisions with advice from qualified professionals where appropriate.

KURO HEALTH LIMITED AND SUBSIDIARY UNDERTAKINGS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 37 -
25
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
29,939
-
-
(9,234)
Provisions
(16,250)
-
-
36,750
13,689
-
-
27,516
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Accelerated capital allowances
33,691
329
-
-
Group
Company
2024
2024
Movements in the year:
£
£
Liability/(Asset) at 1 January 2024
(27,516)
329
Charge to profit or loss
20,705
33,362
Other
20,500
-
Liability at 31 December 2024
13,689
33,691
26
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
408,606
459,631
KURO HEALTH LIMITED AND SUBSIDIARY UNDERTAKINGS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 38 -
27
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
B ordinary of £1 each
741
741
741
741
C ordinary of £1 each
40
40
40
40
D ordinary of £1 each
20
20
20
20
E ordinary of £1 each
826
826
826
826
F ordinary of £1 each
410
410
410
410
2,037
2,037
2,037
2,037
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Redeemable preference shares of £1 each
-
1,175,000
-
1,175,000
Preference shares classified as liabilities
-
1,175,000

The preference shares were fully redeemed on 23 December 2024, therefore the dividend paid, of 12% of the subscription price, was pro-rated to this date.

28
Operating lease commitments
Lessee

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
94,414
91,507
-
-
Between two and five years
596
17,287
-
-
95,010
108,794
-
-

The lease commitments are in respect of rental agreements for properties. In the prior year the group calculated its commitment excluding any contractual break clauses. Two break clauses have been enacted which represents the movement shown above.

 

 

 

 

 

 

KURO HEALTH LIMITED AND SUBSIDIARY UNDERTAKINGS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 39 -
29
Related party transactions

During the year the company made payments for consultancy and professional fees totalling £370,604 (31 December 2023: £481,922) to companies controlled or associated to the directors.

 

At the balance sheet date, a company associated to a director had an outstanding balance owed to it of £551.

 

At the balance sheet date, a company within the Group was owed £220,871 by a company associated to two directors (2023: £13,387 was owed by the company).

 

Folkington Finance Limited is a company controlled or associated to the directors, was owed £nil as at 31 December 2024 (31 December 2023: £675,774). During the year, it advanced £nil (2023: £nil) and received a preference dividend of £137,918 (2023: £141,000) from the company. The preference shares held by Folkington Finance Limited were fully redeemed on 23 December 2024, see note 27 for further details.

 

During the year the company received a payment of £1,350,000 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 transactions with subsidiaries that are 100% owned as the exemption for such companies is being claimed.

 

 

30
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
1,956,177
795,908
Adjustments for:
Taxation charged
744,810
390,132
Finance costs
1,115,446
1,325,754
Investment income
(33)
(490)
Loss on disposal of tangible fixed assets
6,460
281
Loss on disposal of intangible assets
2,172
-
0
Amortisation and impairment of intangible assets
143,901
436,395
Depreciation and impairment of tangible fixed assets
127,256
199,665
Other gains and losses
11,523
(73,646)
Decrease in provisions
(82,000)
(31,500)
Movements in working capital:
Decrease in debtors
2,314,900
619,284
(Decrease)/increase in creditors
(2,672,773)
96,209
Increase/(decrease) in deferred income
6,606
(9,609)
Cash generated from operations
3,674,445
3,748,383
KURO HEALTH LIMITED AND SUBSIDIARY UNDERTAKINGS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 40 -
31
Analysis of changes in net debt - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
489,785
1,524,169
2,013,954
Bank overdrafts
(12,085,010)
(2,341,388)
(14,426,398)
(11,595,225)
(817,219)
(12,412,444)
Borrowings excluding overdrafts
(2,635,337)
2,635,337
-
Obligations under finance leases
(99,733)
92,412
(7,321)
Other loan
(620,274)
620,274
-
(14,950,569)
2,530,804
(12,419,765)
32
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).

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