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Medical Equipment Solutions Limited

Registered number: 05018140
Annual Report
For the year ended 31 December 2024

 
MEDICAL EQUIPMENT SOLUTIONS LIMITED
 
 
COMPANY INFORMATION


Directors
G Shetty
S H Carré
A E B Nelson 
S B Burns 




Registered number
05018140



Registered office
42-43 Queen Square
London

England

WC1N 3AJ




Independent auditors
Forvis Mazars LLP
Chartered Accountants & Statutory Auditor

30 Old Bailey

London

EC4M 7AU





 
MEDICAL EQUIPMENT SOLUTIONS LIMITED
 

CONTENTS



Page
Directors' Report
 
1 - 3
Independent Auditors' Report
 
4 - 7
Statement of Comprehensive Income
 
8
Statement of Financial Position
 
9
Statement of Changes in Equity
 
10
Notes to the Financial Statements
 
11 - 21


 
MEDICAL EQUIPMENT SOLUTIONS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The Directors present their Annual Report and the audited financial statements of Medical Equipment Solutions Limited (the 'Company') for the year ended 31 December 2024.

Principal activity

The principal activities of the Company are as an investor in specialised healthcare operations and the financial structuring of sophisticated healthcare projects both directly to the NHS and through private sector contracts. The Group operates two specialised intracranial stereotactic radiosurgery Centres in London and Sheffield through its subsidiary undertakings, QSRC Ltd and The Thornbury Radiosurgery Centre Ltd, for NHS and private patients. The Centres are the top two leading Stereotactic Radiosurgery Centres in the UK supporting some of the UK's leading Neurosurgeons and Neuroradiologists to diagnose and treat previously inoperable brain lesions to extend and improve patient quality of life.

Results and dividends

The loss for the year after taxation amounted to £2,576,936 (2023: loss of £1,065,679).

The Directors do not recommend the payment of a dividend for the year (2023: £nil).
The subsidiary companies, QSRC Ltd and Thornbury Radiosurgery Centre, delivered strong trading performance throughout the year. However, as part of the Group’s strategic growth plans, additional costs were incurred related to staff expansion and acquisition activities. These investments, while essential for long-term growth, resulted in an increase in reported losses for the year.

Directors

The Directors who served during the year and up to the date of this report were:

S A Doroszkowski (resigned 31 October 2024)
G Shetty (appointed 4 March 2024)
S H Carré (appointed 29 November 2024)
A E B Nelson (appointed 29 November 2024)
S B Burns (appointed 19 March 2025)
 
Page 1

 
MEDICAL EQUIPMENT SOLUTIONS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Directors' responsibilities statement

The Directors are responsible for preparing the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

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


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Going concern

The financial statements are prepared on a going concern basis. At the year end, the Company had net current liabilities of £6,866,220 (2023: net current liabilities of £3,619,639). The Company remains assured of the financial support by the parent company. The Directors have received confirmation that the parent company will make available sufficient funds to the Company to enable the Company to continue as a going concern for at least twelve months from the date of signature of the audit report. On this basis, the Directors consider it appropriate to prepare the financial statements on a going concern basis.
 

Qualifying third party indemnity provisions

The Company has made qualifying third party indemnity provisions for the benefit of its Directors which were made during the year and remain in force at the date of this report. No claim or notice of claim in respect of these indemnities has been received in the year. 

Provision of information to the auditor

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Directors are aware, there is no relevant audit information of which the Company's auditors are unaware; and

the Directors have taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 2

 
MEDICAL EQUIPMENT SOLUTIONS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Post balance sheet events

On 22 April 2025, the Amethyst Group extended an existing loan facility with Ares Management Limited and borrowed 30 million Euros under committed facilities in order to finance the acquisition of the Centre de Radiotherapie et D'Oncologie de Moyenne Garibbe by Amethyst France in a transaction that was completed on 28 February 2025. The charge includes fixed charges, floating charges, negative pledge clauses and is held over the assets of the Company.
Furthermore, in an agreement that was signed on 25 April 2025, the shareholders of the Company's parent, Amethyst Top BV, agreed to sell 100% of the equity in the Group to funds controlled by Fremmen Capital. The sale was completed on 7 August 2025.

Auditors

The auditorsForvis Mazars LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the Directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf by:
 





G Shetty
Director

Date: 20 August 2025

Page 3

 
MEDICAL EQUIPMENT SOLUTIONS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MEDICAL EQUIPMENT SOLUTIONS LIMITED
 

Opinion

We have audited the financial statements of Medical Equipment Solutions Limited (the ‘Company’) for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and notes to the financial statements, 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 FRS 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:

give a true and fair view of the state of the Company’s affairs as at 31 December 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

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 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 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 Director 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.
Page 4

 
MEDICAL EQUIPMENT SOLUTIONS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MEDICAL EQUIPMENT SOLUTIONS LIMITED
 

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 the audit:
 
the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
the Directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemption in preparing the Directors' Report and from the requirement to prepare a Strategic Report.
Page 5

 
MEDICAL EQUIPMENT SOLUTIONS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MEDICAL EQUIPMENT SOLUTIONS LIMITED
 

Responsibilities of Directors

As explained more fully in the Directors' responsibilities statement set out on page 2, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors were either to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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.
 
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
 
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. 

Based on our understanding of the Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
Inquiring of management and, where appropriate, those charged with governance, as to whether the Company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
Considering the risk of acts by the Company which were contrary to applicable laws and regulations, including fraud.  

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006. 
Page 6

 
MEDICAL EQUIPMENT SOLUTIONS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MEDICAL EQUIPMENT SOLUTIONS LIMITED
 

In addition, we evaluated the Directors' and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, significant one-off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:
Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
Gaining an understanding of the internal controls established to mitigate risks related to fraud;
Discussing amongst the engagement team the risks of fraud; and
Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

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 auditor’s report.

Use of the audit report

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




Sameena Fonseca
for and on behalf of Forvis Mazars LLP
Chartered Accountants and Statutory Auditor 
30 Old Bailey
London
EC4M 7AU

20 August 2025
Page 7

 
MEDICAL EQUIPMENT SOLUTIONS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Administrative expenses
(2,519,322)
(1,224,811)

Other operating income (note 3)
-
177,448

Operating loss
(2,519,322)
(1,047,363)

Interest payable and similar expenses
(57,614)
(18,316)

Loss before tax
(2,576,936)
(1,065,679)

Tax on loss
-
-

Loss for the financial year
(2,576,936)
(1,065,679)

Other comprehensive income
-
-

Total comprehensive loss for the year
(2,576,936)
(1,065,679)

The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.
The notes on pages 11 to 21 form part of these financial statements.

Page 8

 
MEDICAL EQUIPMENT SOLUTIONS LIMITED
REGISTERED NUMBER: 05018140

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
Restated 2023
Note
£
£

Fixed assets
  

Intangible assets
 6 
19,823
36,336

Tangible assets
 7 
1,104,926
418,768

Investments in subsidiaries
 8 
1,851,793
1,851,793

  
2,976,542
2,306,897

Current assets
  

Debtors: Amounts falling due within one year
 9 
625,221
956,565

Cash and cash equivalents
  
51,586
31,139

  
676,807
987,704

Creditors: Amounts falling due within one year
 10 
(7,543,027)
(4,607,343)

Net current liabilities
  
 
 
(6,866,220)
 
 
(3,619,639)

Total assets less current liabilities
  
(3,889,678)
(1,312,742)

Net liabilities
  
(3,889,678)
(1,312,742)


Capital and reserves
  

Called up share capital 
 11 
1,736
1,736

Share premium account
  
689,878
689,878

Profit and loss account
  
(4,581,292)
(2,004,356)

Total equity
  
(3,889,678)
(1,312,742)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




G Shetty
Director

Date: 20 August 2025

The notes on pages 11 to 21 form part of these financial statements.

Page 9

 
MEDICAL EQUIPMENT SOLUTIONS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2023
1,736
689,878
(938,677)
(247,063)


Comprehensive loss for the year

Loss for the year
-
-
(1,065,679)
(1,065,679)
Total comprehensive loss for the year
-
-
(1,065,679)
(1,065,679)



At 1 January 2024
1,736
689,878
(2,004,356)
(1,312,742)


Comprehensive loss for the year

Loss for the year
-
-
(2,576,936)
(2,576,936)
Total comprehensive loss for the year
-
-
(2,576,936)
(2,576,936)


At 31 December 2024
1,736
689,878
(4,581,292)
(3,889,678)


The notes on pages 11 to 21 form part of these financial statements.

Page 10

 
MEDICAL EQUIPMENT SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Medical Equipment Solutions Limited (the 'Company') is a private company limited by shares incorporated in England and Wales. The Company's registered number is 05018140. Its registered office is 42-43 Queen Square, London, England, WC1N 3AJ.
The principal activities of the Company are as an investor in specialised healthcare operations and the financial structuring of sophisticated healthcare projects both directly to the NHS and through private sector contracts. The Group operates two specialised intracranial stereotactic radiosurgery Centres in London and Sheffield through its subsidiary undertakings, QSRC Ltd and The Thornbury Radiosurgery Centre Ltd, for NHS and private patients. The Centres are the top two leading Stereotactic Radiosurgery Centres in the UK supporting some of the UK's leading Neurosurgeons and Neuroradiologists to diagnose and treat previously inoperable brain lesions to extend and improve patient quality of life.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the Company operates and is rounded to the nearest pound.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of a state other than the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.

 
2.3

Going concern

The financial statements are prepared on a going concern basis. At the year end, the Company had net current liabilities of £6,866,220 (2023: net current liabilities of £3,619,639). The Company remains assured of the financial support by the parent company. The Directors have received confirmation that the parent company will make available sufficient funds to the Company to enable the Company to continue as a going concern for at least twelve months from the date of signature of the audit report. On this basis, the Directors consider it appropriate to prepare the financial statements on a going concern basis.

 
2.4

Interest payable and similar expenses

Interest payable and similar expenses are charged to the profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 11

 
MEDICAL EQUIPMENT SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in other creditors as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 Amortisation is provided on the following basis:

Computer software
-
3 years

Amortisation is charged to 'administrative expenses' in the Statement of Comprehensive Income. 

 
2.7

Tangible assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 12

 
MEDICAL EQUIPMENT SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.7
Tangible assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements
-
50 years
Medical equipment
-
7 years
Fixtures and fittings
-
3 years
Computer equipment
-
2-5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
Depreciation is charged to 'administrative expenses' in the Statement of Comprehensive Income.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

Debtors: Amounts falling due within one year

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors: Amounts falling due within one year

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 13

 
MEDICAL EQUIPMENT SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.12

Financial instruments

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial assets have been negatively impacted, leading to a reduction in the asset's value. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the assets original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the Statement of Comprehensive Income.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Page 14

 
MEDICAL EQUIPMENT SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.12
Financial instruments (continued)

Financial liabilities (continued)
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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

  
2.13

Prior year restatement

Following the identification of an error in the prior year financial statements, it was discovered other taxation and social security and the amounts owed by group undertakings were understated. The results for the year ended 31 December 2023 are therefore restated to reflect a correction of the material error representing a movement totalling £140,022 increase in other taxation and social security and an increase in amounts owed by group undertakings of £140,022. This has a net effect of £nil on the net liabilities position at the end of the previous year.

Page 15

 
MEDICAL EQUIPMENT SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In applying the Company’s accounting policies, the Directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The Directors’ judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.
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, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.
3.1 Critical judgements in applying the Company’s accounting policies
The Directors do not consider there to be any critical judgements made in the process of applying the Company’s accounting policies.
 
3.2 Key sources of estimation uncertainty
The Directors do not consider there to be any key sources of estimation uncertainty.
 


4.


Other operating income

2024
2023
£
£

Other operating income
-
177,448


Other operating income of £nil (2023: £177,148) relates to income from a related group entity, by virtue of being a fellow subsidiary company, R.T.T Radiotherapy (based in Cyprus) for recharges of marketing costs.


5.


Employees

The average monthly number of employees, including the Directors, during the year was 7 (2023: 5).

Page 16

 
MEDICAL EQUIPMENT SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Intangible assets




Computer software

£



Cost


At 1 January 2024
59,025


Additions
4,550



At 31 December 2024

63,575



Accumulated amortisation 


At 1 January 2024
22,689


Charge for the year
21,063



At 31 December 2024

43,752



Net book value



At 31 December 2024
19,823



At 31 December 2023
36,336



Page 17

 
MEDICAL EQUIPMENT SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Tangible assets





Leasehold improvements
Medical Equipment
Furniture
Computer equipment
Assets under construction
Total

£
£
£
£
£
£



Cost


At 1 January 2024
107,245
-
18,126
73,644
244,408
443,423


Additions
-
662,045
1,843
5,046
134,733
803,667



At 31 December 2024

107,245
662,045
19,969
78,690
379,141
1,247,090



Accumulated depreciation


At 1 January 2024
536
-
1,688
22,431
-
24,655


Charge for the year
2,145
88,273
5,929
21,162
-
117,509



At 31 December 2024

2,681
88,273
7,617
43,593
-
142,164



Net book value



At 31 December 2024
104,564
573,772
12,352
35,097
379,141
1,104,926



At 31 December 2023
106,709
-
16,438
51,213
244,408
418,768

Assets under construction relates to costs incurred in relation to the conversion of the current short term lease of the Queen Square property. 
Medical Equipment Solutions Limited has recognised £379,141 of assets under construction, in May 2025 the decision was made to revise some of these projects and an impairment of £348,697 is expected in 2025.

Page 18

 
MEDICAL EQUIPMENT SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Investments in subsidiaries





Investments in subsidiary companies

£



Cost


At 1 January 2024
1,851,793



At 31 December 2024
1,851,793



Net book value



At 31 December 2024
1,851,793



At 31 December 2023
1,851,793




Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

The Thornbury Radiosurgery Centre Limited
42-43 Queen Square, London, England, WC1N 3AJ
Radiosurgical treatments
Ordinary
100%
QSRC Limited
42-43 Queen Square, London, England, WC1N 3AJ
Radiosurgical treatments
Ordinary
100%

Page 19

 
MEDICAL EQUIPMENT SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Debtors: Amounts falling due within one year

2024
Restated 2023
£
£

Trade debtors
-
453

Amounts owed by group undertakings
557,757
863,303

Other debtors
-
9,175

Prepayments
67,464
83,634

625,221
956,565


Amounts owed by group undertakings are unsecured, interest free and payable on demand.
Included within other debtors is a loan of £nil (2023: £9,175) to one of the Directors.


10.


Creditors: Amounts falling due within one year

2024
Restated 2023
£
£

Trade creditors
84,169
304,723

Amounts owed to group companies
7,284,391
4,064,509

Other taxation and social security
43,186
163,471

Other creditors
7,454
5,667

Accruals
123,827
68,973

7,543,027
4,607,343


Included within amounts owed to group companies is a loan from Amethyst UK MES Limited of £2,431,891 (2023: £213,378) which is unsecured and accrues interest at a rate of 4%+LIBOR.
Remaining amounts owed to group undertakings are unsecured, interest free and repayable on demand. 


11.


Called up share capital

2024
2023
£
£
Allotted, called up and fully paid



1,736 (2023: 1,736) ordinary shares of £1 each
1,736
1,736

The Company has one class of ordinary shares; each share carries one voting right per share but no right to fixed income.


Page 20

 
MEDICAL EQUIPMENT SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Capital commitments

On 29 April 2024 a charge was registered by Ares Management Limited over the Company. The charge included fixed charges, floating charges, negative pledge clauses and was held over the assets of the Company.


13.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions totaling £7,285 (2023: £5,509) were payable to the fund at the reporting date and included in other creditors.


14.


Related party transactions

The Company has taken advantage of the exemption under paragraph 33.1A of Financial Reporting Standard 102 not to disclose transactions with other wholly owned members of the Group.


15.


Post balance sheet events

On 22 April 2025, the Amethyst Group extended an existing loan facility with Ares Management Limited and borrowed 30 million Euros under committed facilities in order to finance the acquisition of the Centre de Radiotherapie et D'Oncologie de Moyenne Garibbe by Amethyst France in a transaction that was completed on 28 February 2025. The charge includes fixed charges, floating charges, negative pledge clauses and is held over the assets of the Company.
Furthermore, in an agreement that was signed on 25 April 2025, the shareholders of the Company's parent, Amethyst Top BV, agreed to sell 100% of the equity in the Group to funds controlled by Fremmen Capital. The sale was completed on 7 August 2025.


16.


Controlling party

Amethyst UK MES Limited, a company registered in England and Wales, is the immediate parent company. The registered address of the immediate company is 42-43 Queen Square, London, England, WC1N 3AJ. 
Amethyst Top B.V. (a company registered in the Netherlands) is the ultimate parent company. The registered address of the ultimate parent undertaking is Spicalaan 39, 2132 JG Hoofddorp, the Netherlands.
The smallest and largest group into which the entity is consolidated is Amethyst Top B.V., a company registered in the Netherlands. Copies of the accounts for Amethyst Top B.V. are available to the public and may be obtained from Spicalaan 39, 2132 JG Hoofddorp, the Netherlands.

Page 21