Company registration number 10745990 (England and Wales)
VP MED GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
VP MED GROUP LIMITED
COMPANY INFORMATION
Directors
Mr A D Brown
Mr S G Carroll
Mr K Inukai
Company number
10745990
Registered office
35 Westgate
Huddersfield
West Yorkshire
HD1 1PA
Auditor
Wheawill & Sudworth Limited
Chartered Accountants
35 Westgate
Huddersfield
West Yorkshire
VP MED GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Independent auditor's report
4 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 25
VP MED GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -

The directors present the strategic report for the year ended 30 September 2024.

Principal activities

The principal activity of the group during the year was the distribution of medical equipment and consumables and provision of associated marketing, educational and training services.

Review of the business

 

A Year of Purposeful Growth and Innovation in MedTech Distribution:

VP MED Group has continued to redefine the role of the medical technology distributor, transforming traditional boundaries through its unique approach built around the company’s core MED principles: Marketing, Education, and Distribution. Our mission is to ensure that every innovation we bring to market is understood, supported, and adopted through a well-structured system of clinical education, thought leadership, and market intelligence.

 

Learning from the Frontlines:

Our success is driven by a commitment to listen and learn—from our sales teams, who are embedded at the clinical front line, and from our education teams, who work hand-in-hand with healthcare professionals to build trusted learning pathways. This continuous feedback loop ensures that our strategies remain agile, relevant, and impactful, adapting to the real-world needs of clinicians and patients alike.

 

The Power of the MED Principles:

At the core of our success lies our MED principles – Marketing, Education, and Distribution. These pillars are not just operational strategies but an ethos that shapes every decision we make. By combining best-in-class market research, robust educational initiatives, and agile distribution channels, we create an ecosystem that accelerates the adoption of medical innovation to advance patient care.

 

 

 

 

Accelerating Innovation through Partnership:

In 2025, VP MED Group expanded its strategic reach to work more closely with early-stage MedTech companies and MedTech investors. Establishing VP

MED Ventures. Our goal is to fast-track go-to-market strategies —through early KOL engagements using VP

MED’s Fuel + Friction workshops to provide deep learning, clinical insights, educational gaps, regulatory understanding, and strategic market entry needs and support. 

By aligning with investors and innovators early in the product lifecycle, we ensure every device is launched with the necessary ecosystem to thrive—education, advocacy, and commercial strategy all integrated from day one. 

 

Shaping the Future of Medical Technology:

Our long-term vision is rooted in sustainable innovation. We believe every new technology needs a new technique and every new technique needs educating, not just sold. Our role is to ensure clinicians not only have access to the tools of the future, but also the confidence and competence to use them.

 

As we look ahead, VP MED Group will continue to expand our educational platforms, invest in data-driven marketing, and deepen our strategic collaborations, work with key opinion leaders on fuel and friction —making sure that every innovation we support is positioned to make a real difference in patient care. 

VP MED GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -

Conclusion

VP MED Group is not just a distributor—we are an enabler of creative innovation. Guided by our MED principles, and powered by a culture of learning, education and collaboration, we are now focusing on how we maximise all that we have learned to expand our portfolio of technologies, education of techniques and apply to new territories - we will always remain committed to accelerating MedTech adoption to advance patient care. 

On behalf of the board

Mr A D Brown
Director
21 July 2025
VP MED GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 30 September 2024.

Results and dividends

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

Ordinary dividends were paid amounting to £320,982. The directors do not recommend payment of a further dividend.

Directors

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

Mr A D Brown
Mr S G Carroll
Mr K Inukai
Statement of directors' responsibilities

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.

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 of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr A D Brown
Director
21 July 2025
VP MED GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF VP MED GROUP LIMITED
- 4 -
Opinion

We have audited the financial statements of VP Med Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 and 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 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.

Opinions on other matters prescribed by the Companies Act 2006

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

VP MED GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF VP MED GROUP LIMITED
- 5 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the 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 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 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 auditor's 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.

VP MED GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF VP MED GROUP LIMITED
- 6 -

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:

 

Obtained an understanding of the legal and regulatory framework applicable to the entity and how the entity is complying with that framework;

 

Assessment of the susceptibility of the entity’s financial statements to material misstatement, including how fraud might occur;

 

Ensured whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations;

 

Gained clear understanding of the entity’s current activities, the scope of its authorisation and confirmed the effectiveness of its control environment where the entity is a regulated entity;

 

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

 

·Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

 

·Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.

 

·Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

 

·Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.

 

·Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the parent company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the parent company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

VP MED GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF VP MED GROUP LIMITED
- 7 -
David Butterworth (Senior Statutory Auditor)
For and on behalf of Wheawill & Sudworth Limited, Statutory Auditor
Chartered Accountants
35 Westgate
Huddersfield
West Yorkshire
HD1 1PA
21 July 2025
VP MED GROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
15,839,945
14,952,850
Cost of sales
(8,902,824)
(8,475,009)
Gross profit
6,937,121
6,477,841
Administrative expenses
(4,947,656)
(4,130,658)
Other operating income
160,000
-
Operating profit
4
2,149,465
2,347,183
Interest receivable and similar income
6
258,566
108,726
Profit before taxation
2,408,031
2,455,909
Tax on profit
7
(632,343)
(562,887)
Profit for the financial year
20
1,775,688
1,893,022
Profit for the financial year is all attributable to the owners of the parent company.
VP MED GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
2024
2023
£
£
Profit for the year
1,775,688
1,893,022
Other comprehensive income
-
0
-
0
Total comprehensive income for the year
1,775,688
1,893,022
Total comprehensive income for the year is all attributable to the owners of the parent company.
VP MED GROUP LIMITED
GROUP BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
9
212,281
318,419
Other intangible assets
9
38,602
64,476
Total intangible assets
250,883
382,895
Tangible assets
10
1,585,011
1,450,607
Investments
11
64,400
-
0
1,900,294
1,833,502
Current assets
Stocks
13
1,454,721
2,502,477
Debtors
14
2,999,130
1,523,181
Cash at bank and in hand
7,722,952
7,034,322
12,176,803
11,059,980
Creditors: amounts falling due within one year
15
(1,135,724)
(1,416,946)
Net current assets
11,041,079
9,643,034
Total assets less current liabilities
12,941,373
11,476,536
Provisions for liabilities
Deferred tax liability
16
92,283
82,152
(92,283)
(82,152)
Net assets
12,849,090
11,394,384
Capital and reserves
Called up share capital
18
2
2
Share premium account
19
583,998
583,998
Profit and loss reserves
20
12,265,090
10,810,384
Total equity
12,849,090
11,394,384

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

The financial statements were approved by the board of directors and authorised for issue on 21 July 2025 and are signed on its behalf by:
21 July 2025
Mr A D Brown
Director
Company registration number 10745990 (England and Wales)
VP MED GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
1,153,882
1,180,039
Investments
11
4,875,220
4,875,120
6,029,102
6,055,159
Current assets
Cash at bank and in hand
7,000,000
5,000,000
Creditors: amounts falling due within one year
15
(10,720)
(7,000)
Net current assets
6,989,280
4,993,000
Net assets
13,018,382
11,048,159
Capital and reserves
Called up share capital
18
2
2
Share premium account
19
583,998
583,998
Profit and loss reserves
20
12,434,382
10,464,159
Total equity
13,018,382
11,048,159

As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £2,291,205 (2023 - £4,097,253 profit).

The financial statements were approved by the board of directors and authorised for issue on 21 July 2025 and are signed on its behalf by:
21 July 2025
Mr A D Brown
Director
Company registration number 10745990 (England and Wales)
VP MED GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2022
2
583,998
9,154,558
9,738,558
Year ended 30 September 2023:
Profit and total comprehensive income
-
-
1,893,022
1,893,022
Dividends
8
-
-
(237,196)
(237,196)
Balance at 30 September 2023
2
583,998
10,810,384
11,394,384
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
1,775,688
1,775,688
Dividends
8
-
-
(320,982)
(320,982)
Balance at 30 September 2024
2
583,998
12,265,090
12,849,090
VP MED GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2022
2
583,998
6,604,102
7,188,102
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
-
4,097,253
4,097,253
Dividends
8
-
-
(237,196)
(237,196)
Balance at 30 September 2023
2
583,998
10,464,159
11,048,159
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
2,291,205
2,291,205
Dividends
8
-
-
(320,982)
(320,982)
Balance at 30 September 2024
2
583,998
12,434,382
13,018,382
VP MED GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
2,310,622
2,271,424
Income taxes paid
(336,802)
(480,000)
Net cash inflow from operating activities
1,973,820
1,791,424
Investing activities
Purchase of intangible assets
-
(12,210)
Purchase of tangible fixed assets
(246,474)
(171,844)
Provision of loans
(976,300)
-
Interest received
258,566
108,726
Net cash used in investing activities
(964,208)
(75,328)
Financing activities
Dividends paid to equity shareholders
(320,982)
(237,196)
Net cash used in financing activities
(320,982)
(237,196)
Net increase in cash and cash equivalents
688,630
1,478,900
Cash and cash equivalents at beginning of year
7,034,322
5,555,422
Cash and cash equivalents at end of year
7,722,952
7,034,322
VP MED GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 15 -
1
Accounting policies
Company information

VP Med Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 35 Westgate, Huddersfield, West Yorkshire, HD1 1PA.

 

The group consists of VP Med Group Limited and all of its subsidiaries.

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 £.

The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

Disclosure exemptions

 

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:

 

(a) Disclosures in respect of each class of share capital have not been presented.

(b) No cash flow statement has been presented for the company.

(c) Disclosures in respect of financial instruments have not been presented.

(d) No disclosure has been given for the aggregate remuneration of key management personnel.

 

1.2
Business combinations

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, joint ventures and associates are accounted for at cost less impairment.

1.3
Basis of consolidation

The financial statements consolidate the financial statements of VP Med Group Limited and all its subsidiary undertakings.

 

The results of the subsidiaries acquired or disposed of during the year are included from or to the date that control passes.

 

The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

VP MED GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 16 -

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
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 10 years.

1.7
Intangible fixed assets other than goodwill

Intangible assets are initially recorded at cost, and are subsequently measured at cost less accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of the revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

 

Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

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:

 

Web applications
20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

1.8
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.

 

Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss.

 

A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Freehold property
2% straight line
Fixtures and fittings
25% reducing balance

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.

VP MED GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.9
Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

1.12
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 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.

1.13
Retirement benefits

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

 

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

VP MED GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 18 -
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.

3
Turnover and other revenue

The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.

2024
2023
£
£
Turnover analysed by class of business
Sale of goods
15,839,945
14,952,850
2024
2023
£
£
Other revenue
Interest income
258,566
108,726
Agency compensation
160,000
-
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Fees payable to the group's auditor for the audit of the group's financial statements
13,500
12,500
Depreciation of owned tangible fixed assets
112,070
116,813
Amortisation of intangible assets
132,012
132,012
5
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
28
27
0
0
VP MED GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
5
Employees
(Continued)
- 19 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,031,108
1,763,013
-
0
-
0
Social security costs
226,139
211,534
-
-
Pension costs
200,838
190,243
-
0
-
0
2,458,085
2,164,790
-
0
-
0
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
245,489
108,726
Other interest income
13,077
-
Total income
258,566
108,726
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
245,489
108,726
7
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
624,950
547,448
Adjustments in respect of prior periods
(2,738)
-
0
Total current tax
622,212
547,448
Deferred tax
Origination and reversal of timing differences
10,131
15,439
Total tax charge
632,343
562,887
VP MED GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
7
Taxation
(Continued)
- 20 -

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
2,408,031
2,455,909
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.00%)
602,008
540,300
Tax effect of expenses that are not deductible in determining taxable profit
-
0
150
Adjustments in respect of prior years
(2,739)
-
0
R&D expenditure relief
-
0
(8,598)
Effect of different UK rates on some earnings
-
0
31,315
Effect of capital allowances and depreciation
33,074
(280)
Taxation charge
632,343
562,887
8
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
320,982
237,196
9
Intangible fixed assets
Group
Goodwill
Web applications
Total
£
£
£
Cost
At 1 October 2023 and 30 September 2024
1,061,385
129,370
1,190,755
Amortisation and impairment
At 1 October 2023
742,966
64,894
807,860
Amortisation charged for the year
106,138
25,874
132,012
At 30 September 2024
849,104
90,768
939,872
Carrying amount
At 30 September 2024
212,281
38,602
250,883
At 30 September 2023
318,419
64,476
382,895
The company had no intangible fixed assets at 30 September 2024 or 30 September 2023.
VP MED GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 21 -
10
Tangible fixed assets
Group
Freehold property
Fixtures and fittings
Total
£
£
£
Cost
At 1 October 2023
1,237,603
548,385
1,785,988
Additions
-
0
246,474
246,474
At 30 September 2024
1,237,603
794,859
2,032,462
Depreciation and impairment
At 1 October 2023
63,189
272,192
335,381
Depreciation charged in the year
24,751
87,319
112,070
At 30 September 2024
87,940
359,511
447,451
Carrying amount
At 30 September 2024
1,149,663
435,348
1,585,011
At 30 September 2023
1,174,414
276,193
1,450,607
Company
Freehold property
Fixtures and fittings
Total
£
£
£
Cost
At 1 October 2023 and 30 September 2024
1,237,603
10,345
1,247,948
Depreciation and impairment
At 1 October 2023
63,189
4,720
67,909
Depreciation charged in the year
24,751
1,406
26,157
At 30 September 2024
87,940
6,126
94,066
Carrying amount
At 30 September 2024
1,149,663
4,219
1,153,882
At 30 September 2023
1,174,414
5,625
1,180,039
11
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
4,875,220
4,875,120
Loans
64,400
-
0
-
0
-
0
64,400
-
0
4,875,220
4,875,120
VP MED GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
11
Fixed asset investments
(Continued)
- 22 -
Movements in fixed asset investments
Group
Loans
£
Cost or valuation
At 1 October 2023
-
Additions
64,400
At 30 September 2024
64,400
Carrying amount
At 30 September 2024
64,400
At 30 September 2023
-
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023
4,875,120
Additions
100
At 30 September 2024
4,875,220
Carrying amount
At 30 September 2024
4,875,220
At 30 September 2023
4,875,120
12
Subsidiaries

Details of the company's subsidiaries at 30 September 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Vascular Perspectives Holdings Limited
United Kingdom
Ordinary
100.00
Vascular Perspectives Limited
United Kingdom
Ordinary
100.00
VP Med Ventures Limited
United Kingdom
Ordinary
100.00
13
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Goods for resale
1,454,721
2,502,477
-
-
VP MED GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 23 -
14
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,730,568
1,419,798
-
0
-
0
Unpaid share capital
100
100
-
0
-
0
Other debtors
1,140,775
27,500
-
0
-
0
Prepayments and accrued income
127,687
75,783
-
0
-
0
2,999,130
1,523,181
-
-

Certain other debtors may be recoverable more than one year after the balance sheet date.

15
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
237,831
736,068
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
100
-
0
Corporation tax payable
531,677
246,267
-
0
-
0
Other taxation and social security
229,626
266,169
-
-
Accruals and deferred income
136,590
168,442
10,620
7,000
1,135,724
1,416,946
10,720
7,000
16
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
92,283
82,152
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 October 2023
82,152
-
Charge to profit or loss
10,131
-
Liability at 30 September 2024
92,283
-
VP MED GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
16
Deferred taxation
(Continued)
- 24 -

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period

17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
200,838
190,243
18
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £0.002 each
600
600
1
1
B Ordinary shares of £0.002 each
480
480
1
1
D Ordinary shares of £0.002 each
120
120
-
-
1,200
1,200
2
2
19
Share premium account
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning and end of the year
583,998
583,998
583,998
583,998
20
Profit and loss reserves
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
10,810,384
9,154,558
10,464,159
6,604,102
Profit for the year
1,775,688
1,893,022
2,291,205
4,097,253
Dividends
(320,982)
(237,196)
(320,982)
(237,196)
At the end of the year
12,265,090
10,810,384
12,434,382
10,464,159
21
Related party transactions

Included in debtors is a loan to a director of £661,900 (2023: £nil). This is unsecured, repayable on demand and bears interest at a commercial rate.

22
Controlling party

The company is controlled by A D Brown & B A Brown.

VP MED GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 25 -
23
Cash generated from group operations
2024
2023
£
£
Profit after taxation
1,775,688
1,893,022
Adjustments for:
Taxation charged
632,343
562,887
Investment income
(258,566)
(108,726)
Amortisation and impairment of intangible assets
132,012
132,012
Depreciation and impairment of tangible fixed assets
112,070
116,813
Movements in working capital:
Decrease/(increase) in stocks
1,047,756
(65,524)
Increase in debtors
(564,049)
(26,868)
Decrease in creditors
(566,632)
(232,192)
Cash generated from operations
2,310,622
2,271,424
24
Cash generated from/(absorbed by) operations - company
2024
2023
£
£
Profit after taxation
2,291,205
4,097,253
Adjustments for:
Finance costs
245,489
108,726
Investment income
(2,562,851)
(4,232,605)
Depreciation and impairment of tangible fixed assets
26,157
26,626
Movements in working capital:
Increase/(decrease) in creditors
3,720
(1,886,683)
Cash generated from/(absorbed by) operations
3,720
(1,886,683)
25
Analysis of changes in net funds - group
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
7,034,322
688,630
7,722,952
26
Analysis of changes in net funds - company
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
5,000,000
2,000,000
7,000,000
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