Schoen Clinic London Ltd 09982537 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is On 1 March 2023, Schoen Clinic London Ltd. entered into an agreement to sell the orthopaedic hospital business to Fortius Group Limited. This followed the strategic decision to focus the Schoen Clinic UK Group on growth and expansion in the Mental Health services sector. The sale completed on 26 May 2023. Since this time, the company has not conducted any trade. Digita Accounts Production Advanced 6.30.9574.0 true true true true 09982537 2024-01-01 2024-12-31 09982537 2024-12-31 09982537 bus:OrdinaryShareClass1 2024-12-31 09982537 bus:Consolidated 2024-12-31 09982537 core:RetainedEarningsAccumulatedLosses 2024-12-31 09982537 core:ShareCapital 2024-12-31 09982537 core:SharePremium 2024-12-31 09982537 core:CurrentFinancialInstruments 2024-12-31 09982537 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 09982537 core:Non-currentFinancialInstruments 2024-12-31 09982537 bus:FRS102 2024-01-01 2024-12-31 09982537 bus:Audited 2024-01-01 2024-12-31 09982537 bus:FullAccounts 2024-01-01 2024-12-31 09982537 bus:RegisteredOffice 2024-01-01 2024-12-31 09982537 bus:CompanySecretary1 2024-01-01 2024-12-31 09982537 bus:Director2 2024-01-01 2024-12-31 09982537 bus:Director3 2024-01-01 2024-12-31 09982537 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 09982537 bus:Consolidated 2024-01-01 2024-12-31 09982537 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 09982537 core:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 09982537 core:ShareCapital 2024-01-01 2024-12-31 09982537 core:SharePremium 2024-01-01 2024-12-31 09982537 core:LandBuildingsUnderOperatingLeases 2024-01-01 2024-12-31 09982537 core:UKTax 2024-01-01 2024-12-31 09982537 countries:EnglandWales 2024-01-01 2024-12-31 09982537 2023-12-31 09982537 core:RetainedEarningsAccumulatedLosses 2023-12-31 09982537 core:ShareCapital 2023-12-31 09982537 core:SharePremium 2023-12-31 09982537 2023-01-01 2023-12-31 09982537 2023-12-31 09982537 bus:OrdinaryShareClass1 2023-12-31 09982537 core:RetainedEarningsAccumulatedLosses 2023-12-31 09982537 core:ShareCapital 2023-12-31 09982537 core:SharePremium 2023-12-31 09982537 core:CurrentFinancialInstruments 2023-12-31 09982537 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 09982537 core:Non-currentFinancialInstruments 2023-12-31 09982537 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 09982537 core:ShareCapital 2023-01-01 2023-12-31 09982537 core:SharePremium 2023-01-01 2023-12-31 09982537 core:LandBuildingsUnderOperatingLeases 2023-01-01 2023-12-31 09982537 core:UKTax 2023-01-01 2023-12-31 09982537 2022-12-31 09982537 core:RetainedEarningsAccumulatedLosses 2022-12-31 09982537 core:ShareCapital 2022-12-31 09982537 core:SharePremium 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 09982537

Schoen Clinic London Ltd
Annual Report and Financial Statements
for the Year Ended 31 December 2024

Schoen Clinic London Ltd

Contents

Company Information | 1
Strategic Report | 2
Directors' Report | 3
Statement of Directors' Responsibilities | 4
Independent Auditor's Report | 5 to 7
Profit and Loss Account | 8
Balance Sheet | 9
Statement of Changes in Equity | 10
Notes to the Financial Statements | 11 to 16

Schoen Clinic London Ltd

Company Information

Directors | A G Davey J C Nel

Company secretary | S Findlay

Registered office | 147 Chester Road Streetly Sutton Coldfield B74 3NE

Auditors | Hazlewoods LLP Windsor House Bayshill Road Cheltenham GL50 3AT

Schoen Clinic London Ltd

Strategic Report for the Year Ended 31 December 2024

The directors present their Strategic Report and the financial statements for the year ended 31 December 2024.

Principal activity

On 1 March 2023, Schoen Clinic London Ltd. entered into an agreement to sell the orthopaedic hospital business to Fortius Group Limited. This followed the strategic decision to focus the Schoen Clinic UK Group on growth and expansion in the Mental Health services sector. The sale completed on 26 May 2023. Since this time, the company has not conducted any trade.

Business review

The company has not traded during the period. Expenses were mainly incurred for personnel costs and administrative expenses.

Key performance indicators

The company measures its performance mainly by using the following KPIs:

Financial KPIs | Unit | 2024 | 2023
Turnover | £ | - | 11,559,553
EBITDA** | £ | 434,486 | (10,253,894)
Loss for the financial year | £ | (3,005,416) | (5,587,569)

**EBITDA is earnings before exceptional items, interest, taxation, depreciation and amortisation.

Principal risks and uncertainties, financial instruments and exposure to risk

The company currently does not trade and has no expected cash in flows or liabilities beyond those included within these financial statements. Therefore, the directors are of the opinion that there are no risks or uncertainties to operations beyond the recoverability of assets and support provided by the group.

Approved by the Board on 14 April 2025 and signed on its behalf by:

A G Davey
Director

J C Nel
Director

Schoen Clinic London Ltd

Directors' Report for the Year Ended 31 December 2024

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

Directors of the company

The directors who held office during the year were as follows:

A G Davey

J C Nel

Disclosure of information to the auditors

Each director has taken the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Going concern

Following the sale of the hospital on 26th May 2023, the intention of the directors is to maintain the Company and continue trading by way of future acquisitions and the directors consider this to be the most probable outcome for its operations. Until such point as the Company completes acquisitions, the directors are confident that the Company can continue to meet its financial obligations as they fall due by way of support from Schoen Klinik SE, its ultimate parent company.
On the basis of continued financial support from its parent and as a result of the intention to continue trading, the directors consider the application of the going concern basis of accounting to be appropriate and these financial statements have been prepared accordingly.

Reappointment of auditors

Hazlewoods LLP have expressed their willingness to continue in office.

Approved by the Board on 14 April 2025 and signed on its behalf by:

A G Davey
Director

J C Nel
Director

Schoen Clinic London Ltd

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Strategic Report, 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

• | select suitable accounting policies and apply them consistently;

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

• | 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Schoen Clinic London Ltd

Independent Auditor's Report to the Members of Schoen Clinic London Ltd

Opinion

We have audited the financial statements of Schoen Clinic London Ltd (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, Balance Sheet, 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 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:

• | 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 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 original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Schoen Clinic London Ltd

Independent Auditor's Report to the Members of Schoen Clinic London Ltd

Opinion on other matter 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where 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.

Responsibilities of directors

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

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

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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.

Extent to which the audit was capable of detecting irregularities, including fraud
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 considered the nature of the company’s industry and its control environment and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.
We obtained an understanding of the legal and regulatory framework that the company operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

Schoen Clinic London Ltd

Independent Auditor's Report to the Members of Schoen Clinic London Ltd

In common with all audits conducted in accordance with ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:

• | reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

• | performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud;

• | enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and

• | reading minutes of meetings of those charged with governance.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council's website at 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 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.

James Morter (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

14 April 2025

Schoen Clinic London Ltd

Profit and Loss Account for the Year Ended 31 December 2024

| Note | 2024 £ | 2023 £
Turnover | 3 | - | 11,559,553
Cost of sales |  | 137,474 | (11,019,209)
Gross profit |  | 137,474 | 540,344
Administrative expenses |  | 251,210 | (10,508,071)
Exceptional items | 4 | - | 7,340,590
Other operating income | 5 | 45,802 | 99,344
Operating profit/(loss) | 6 | 434,486 | (2,527,793)
Interest payable and similar charges | 7 | (3,439,902) | (3,059,776)
Loss before tax |  | (3,005,416) | (5,587,569)
Taxation | 10 | - | -
Loss for the financial year |  | (3,005,416) | (5,587,569)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

Schoen Clinic London Ltd

(Registration number: 09982537)
Balance Sheet as at 31 December 2024

| Note | 2024 £ | 2023 £
Current assets |  |  |
Debtors: Amounts falling due within one year | 11 | 54,959 | 1,317,015
Debtors: Amounts falling due after more than one year | 11 | 3,780,000 | 3,780,000
Cash at bank and in hand |  | - | 33,653
|  | 3,834,959 | 5,130,668
Creditors: Amounts falling due within one year | 12 | (34,978,026) | (32,838,031)
Net current liabilities |  | (31,143,067) | (27,707,363)
Total assets less current liabilities |  | (31,143,067) | (27,707,363)
Provisions |  | - | (430,288)
Net liabilities |  | (31,143,067) | (28,137,651)
Capital and reserves |  |  |
Called up share capital | 13 | 3 | 3
Share premium reserve |  | 88,340,029 | 88,340,029
Profit and loss account |  | (119,483,099) | (116,477,683)
Total equity |  | (31,143,067) | (28,137,651)

Approved and authorised by the Board on 14 April 2025 and signed on its behalf by:

A G Davey
Director

J C Nel
Director

Schoen Clinic London Ltd

Statement of Changes in Equity for the Year Ended 31 December 2024

| Share capital £ | Share premium £ | Profit and loss account £ | Total £
At 1 January 2024 | 3 | 88,340,029 | (116,477,683) | (28,137,651)
Loss for the year | - | - | (3,005,416) | (3,005,416)
At 31 December 2024 | 3 | 88,340,029 | (119,483,099) | (31,143,067)

| Share capital £ | Share premium £ | Profit and loss account £ | Total £
At 1 January 2023 | 3 | 88,340,029 | (110,890,114) | (22,550,082)
Loss for the year | - | - | (5,587,569) | (5,587,569)
At 31 December 2023 | 3 | 88,340,029 | (116,477,683) | (28,137,651)

Schoen Clinic London Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

| 1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

| 2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Summary of disclosure exemptions

The company has not presented a cash flow statement on the grounds that the company is a wholly owned subsidiary and a group cash flow statement is included in the financial statements of the ultimate parent company.

Name of parent of group

These financial statements are consolidated in the financial statements of Schoen Klinik SE.

The financial statements of Schoen Klinik SE may be obtained from Seestraese 5A, 83209 Prien Am Chiemsee, Germany.

Going concern

Following the sale of the hospital on 26th May 2023, the intention of the directors is to maintain the Company and continue trading by way of future acquisitions and the directors consider this to be the most probable outcome for its operations. Until such point as the Company completes acquisitions, the directors are confident that the Company can continue to meet its financial obligations as they fall due by way of support from Schoen Klinik SE, its ultimate parent company.
The Company has received a letter of support from its ultimate parent and on the basis of this continued financial support and as a result of the intention to continue trading, the directors consider the application of the going concern basis of accounting to be appropriate and these financial statements have been prepared accordingly.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 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.

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty other than those involving estimations listed below.

Schoen Clinic London Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company. The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Functional and presentation currency

The company's functional and presentational currency is GBP.
Transactions and balances
Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Schoen Clinic London Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Schoen Clinic London Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

| 3 | Turnover

The analysis of the company's turnover for the year from continuing operations is as follows:

| 2024 £ | 2023 £
Medical services | - | 11,559,553

The total turnover of the company has been derived from its principal activity wholly undertaken in the United Kingdom.

| 4 | Exceptional items

| 2024 £ | 2023 £
Exceptional items | - | (7,340,590)

Exceptional expenses in the prior year related to the release of a deferred rent accrual which following the disposal of the hospital during the year.

| 5 | Other operating income

The analysis of the company's other operating income for the year is as follows:

| 2024 £ | 2023 £
Other operating income | 45,802 | 99,344

| 6 | Operating profit/(loss)

Arrived at after charging/(crediting)

| 2024 £ | 2023 £
Depreciation expense | - | 1,252,045
Amortisation expense | - | 11,022
Foreign exchange losses | 12,074 | 61,698
Operating lease expense - property | - | 2,274,165
Profit on disposal of trade and assets | - | (1,648,578)

| 7 | Interest payable and similar expenses

| 2024 £ | 2023 £
Interest expense on amounts due to group undertakings | 3,439,902 | 3,059,776

Schoen Clinic London Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

| 8 | Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

| 2024 £ | 2023 £
Wages and salaries | - | 5,307,013
Social security costs | - | 624,331
Pension costs, defined contribution scheme | - | 90,786
| - | 6,022,130

The average monthly number of employees, including the directors, during the year was as follows:

| 2024 No. | 2023 No.
Average employees | 2 | 86

| 9 | Auditors' remuneration

| 2024 £ | 2023 £
Audit of the financial statements | 7,500 | 19,000

| 10 | Taxation

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of 25% (2023 - 23.52%).
The differences are reconciled below:

| 2024 £ | 2023 £
Loss before tax | (3,005,416) | (5,587,569)
Corporation tax at standard rate | (751,354) | (1,314,196)
Effect of expense not deductible in determining taxable profit (tax loss) | 630,108 | 315,980
Deferred tax expense relating to changes in tax rates or laws | - | 110,263
Increase/(decrease) from tax losses for which no deferred tax asset was recognised | 121,246 | (2,709,575)
Tax increase from effect of capital allowances and depreciation | - | 3,597,528
Total tax charge/(credit) | - | -

Schoen Clinic London Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

| 11 | Debtors

| 2024 £ | 2023 £
Trade debtors | - | 1,046,381
Other debtors | 3,834,959 | 4,050,634
| 3,834,959 | 5,097,015
Less non-current portion | (3,780,000) | (3,780,000)
Total current trade and other debtors | 54,959 | 1,317,015

Details of non-current trade and other debtors

£3,780,000 (2023 - £3,780,000) of other debtors is classified as non current.

| 12 | Creditors

| 2024 £ | 2023 £
Due within one year |  |
Trade creditors | 5,716 | 203,181
Amounts due to group undertakings | 34,888,310 | 31,779,016
Social security and other taxes | - | 10,668
Other creditors | - | 192,784
Accrued expenses | 84,000 | 652,382
Provisions | - | 430,288
| 34,978,026 | 33,268,319

| 13 | Share capital

Allotted, called up and fully paid shares

| 2024 | 2023
| No. | £ | No. | £
Ordinary shares of £1 each | 3 | 3 | 3 | 3

| 14 | Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £Nil (2023 - £90,786).

| 15 | Parent and ultimate parent undertaking

The company's immediate parent is Schoen Clinic UK Ltd, incorporated in England and Wales.The ultimate parent is Schöen Klinik SE, incorporated in Germany.