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Registered number: 15358341
INTEGRATED CLINICAL ONCOLOGY NETWORK UK LTD
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE PERIOD ENDED 30 JUNE 2024
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INTEGRATED CLINICAL ONCOLOGY NETWORK UK LTD
REGISTERED NUMBER: 15358341
BALANCE SHEET
AS AT 30 JUNE 2024
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current (liabilities)
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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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 have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 2 to 10 form part of these financial statements.
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INTEGRATED CLINICAL ONCOLOGY NETWORK UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
Integrated Clinical Oncology Network Limited (the Company) is a company incorporated in the United Kingdom under the Companies Act.
The Company is a private company limited by shares and is registered in England and Wales. The address of the Company's registered office is 3 Corsham Science Park, Park Lane, Corsham, SN13 9FU.
The principal activity of the Company is that of a holding entity. The principal place of business is Swiatek Suite, The Old Town Hall, Wimbledon, SW19 8YB.
The Company was incorporated on 18 December 2023 and commenced trading on 18 December 2023. The accounting period has been shortened to 30 June 2024 to align with that of the Company's parent. These financial statements therefore report the period from 18 December 2023 to 30 June 2024.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The directors have received confirmation of continued financial support for the foreseeable future from its ultimate parent company, APOG TopCo Pty Ltd, thus the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and continue to adopt the going concern basis of accounting in preparing the annual financial statements.
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INTEGRATED CLINICAL ONCOLOGY NETWORK UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP, rounded to the nearest whole GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
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.
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:
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Assets under construction
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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 profit or loss.
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.
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INTEGRATED CLINICAL ONCOLOGY NETWORK UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
2.Accounting policies (continued)
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Cash and cash equivalents
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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.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Short term employee leave obligations
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A liability is recognised to the extent of any unused annual leave entitlement which is accrued at the balance sheet date and carried forward to future periods. This is expected to be settled wholly within 12 months and is measured at the undiscounted salary cost of the future holiday entitlement at the balance sheet date.
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Long term employee leave obligations
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Long service leave is offered to certain employees as part of the terms of their employment. Entitlement accrues over a period of 10 years. Where the liability for long service leave is not expected to be settled wholly within 12 months, the liability is measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using market yields at the end of the reporting period of corporate bonds with terms and currencies that match, as closely as possible, the estimated future cash outflows. The obligations are presented as current liabilities in the balance sheet if the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting date, regardless of when the actual settlement is expected to occur.
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INTEGRATED CLINICAL ONCOLOGY NETWORK UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) 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 profit or loss.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments 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.
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INTEGRATED CLINICAL ONCOLOGY NETWORK UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
2.Accounting policies (continued)
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Financial instruments (continued)
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Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
(i) Fair value measurements and valuation processes
Some of the entity’s assets and liabilities are measured at fair value for financial reporting purposes. Management determines the appropriate valuation techniques and inputs for fair value measurements and reports these to the Board of Directors.
In estimating the fair value of an asset or liability, the Group uses market observable data to the extent it is available. Where reliable inputs are not available, the Group engages third party qualified valuers to perform the valuation. Management works closely with the qualified external valuers to establish the appropriate valuation techniques and inputs to the model.
Iii) Financial instruments
Amounts owed by joint ventures and associated undertakings comprise an off market loan to Cancer Centre London LLP which is linked to a call option to acquire a controlling interest in the LLP. On initial recognition the value of option was calculated by discounting the expected future cash flows of the off-market loan with reference to the relevant credit margin. At year end the management have estimated the fair value of the option using the Black-Scholes model.
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The average monthly number of employees, including executive directors, during the period was 3.
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INTEGRATED CLINICAL ONCOLOGY NETWORK UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
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Assets under Construction
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Due after more than one year
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Amounts owed by joint ventures and associated undertakings
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Amounts owed by joint ventures and associated undertakings
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Prepayments and accrued income
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Amounts owed by joint ventures and associated undertakings due within and due in more than one year represent an interest free loan to Cancer Centre London LLP due for repayment in annual installments ending on 1 November 2028.
On 9 December 2024 the Company acquired a significant controlling interest in Cancer Centre London LLP and as part of this agreement the loan was settled.
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INTEGRATED CLINICAL ONCOLOGY NETWORK UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Amounts due to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
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Creditors: Amounts falling due after more than one year
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INTEGRATED CLINICAL ONCOLOGY NETWORK UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
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Financial assets measured at fair value through profit or loss
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Financial assets measured at fair value through profit or loss comprise a call option to acquire a controlling interest in Cancer Centre London LLP. This option was exercised subsequent to the balance sheet date with the acquisition completing on 9 December 2024.
The fair value of the call option was determined using the Black-Scholes model. The assumptions used in the model as as follows:
Strike price is equal to market value
Remaining life - 0.417 years
Risk-free interest rate - 4.18%
Volatility - 30%
During the period a gain of £616,310 was recognised in profit and loss.
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At 30 June 2024 the Company had capital commitments as follows:
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Contracted for but not provided in these financial statements
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The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £615. Contributions totalling £547 were payable to the fund at the balance sheet date.
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INTEGRATED CLINICAL ONCOLOGY NETWORK UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
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Commitments under operating leases
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At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Post balance sheet events
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On 8 November 2024, Integrated Clinical Oncology Network UK (ICON UK) Ltd incorporated a wholly owned UK subsidiary, ICON Holding Services UK Limited.
On 9 December 2024, Integrated Clinical Oncology Network UK acquired a significant controlling interest in Cancer Centre London LLP. The acquisition was funded by ICON UK's parent company, Integrated Clinical Oncology Network Pty Ltd.
On 31 January 2025, Integrated Clinical Oncology Network UK acquired a significant controlling interest in Parkside Scanning Services LLP. The acquisition was funded by ICON UK's parent company, Integrated Clinical Oncology Network Pty Ltd.
The immediate parent Company is Integrated Clinical Oncology Network Pty Ltd, a company incorporated in Australia and the ultimate parent is APOG TopCo Pty Ltd, the largest company for which consolidated accounts are prepared.
The largest group undertakings for which group accounts have been prepared is that headed by APOG TopCo Pty Ltd. Incorporated in L1 22 Cordelia St, South Brisbane, Queensland, 4101, Australia.
The auditor's report on the financial statements for the period ended 30 June 2024 was unqualified.
The audit report was signed on 26 September 2025 by Karen Cairns (Senior Statutory Auditor) on behalf of Nortons Assurance Limited.
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