REGISTERED NUMBER: 10103103 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2024

for

Epic Bristol Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

6

Statement of Comprehensive Income

9

Statement of Financial Position

10

Statement of Changes in Equity

11

Statement of Cash Flows

12

Notes to the Statement of Cash Flows

13

Notes to the Financial Statements

14

DIRECTORS:

Judith R Faulkner

Carl D Dvorak

SECRETARY:

T Toepel

REGISTERED OFFICE:

2 New Bailey

6 Stanley Street

Salford

Greater Manchester

M3 5GS

REGISTERED NUMBER:

10103103 (England and Wales)

The Directors present the strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

Epic Bristol Limited ("Epic Bristol" or "we" or "the Company") operates as a regional service hub for healthcare institutions primarily located in the UK and Europe. It implements, supports, and provides other software-related services with respect to its parent company's ("Epic Systems Corporation" or "Epic") software.

Epic software is developed and maintained by Epic's research and development group at Epic's head office in the United States. Epic's commitment to software innovation from a primary location gives it a strong competitive advantage and has driven Epic's strong global track record of growth through customer success and corresponding word-of-mouth within the healthcare community. Epic software is built upon a single worldwide codebase, enabling its entire customer community to benefit from the full set of new innovations, and helping customers continue to build the future of healthcare delivery. In 2025, the fifteenth consecutive year, Epic has been named the top Overall Health System Suite (previously titled the Overall Software Suite) by KLAS Research, a leading healthcare IT industry research organisation, in their Best in KLAS awards. Additionally, Epic won fourteen other Best in KLAS awards in various market segments.

Epic Bristol shares the same goals as its parent company: to help people get well, help people stay healthy, and help future generations be healthier.

-

Revenue in 2024 was £138.3m (2023: £166.5m), a decrease of £28.2m compared to 2023. Revenue is affected by the timing of customer go-lives.

-

Epic Bristol's staff, including assigned employees, increased during the year to an average of 389, an increase of 7 compared with the 2023 average of 382.

In March 2025 the Company received outline planning approval to develop a site in Long Ashton. We expect construction to commence in 2025 and plan to relocate by mid-2028.

PRINCIPAL RISKS AND UNCERTAINTIES

The Directors have identified the following principal risks and uncertainties affecting Epic Bristol:

Legal and regulatory:

The healthcare industry is highly regulated and is subject to numerous laws, regulations, and industry initiatives. We and Epic continue to monitor ongoing regulatory developments and partner with our customers in this environment.

Cyber security:

If information technology security is compromised we could be subject to increased expenses, exposure to legal claims, and regulatory actions. We and Epic continue to invest in IT security, for example by obtaining ISO 27001:2013 certification for our implementation and support services.

Developing and retaining our talented workforce:

It can be a challenge to find the right people to hire, further educate, and develop in roles requiring clinical expertise and hospital experience. We continue to invest in developing employees in a successful way.

SECTION 172(1) STATEMENT

The Directors acknowledge responsibility under section 172 of the Companies Act 2006.

The Directors of the Company, consistent with Directors of all UK companies, must act in accordance with a set of general duties. These duties are detailed in section 172 of the UK Companies Act 2006. These provisions require a director of a company to act in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its shareholders as a whole and in doing so have regard (amongst other matters) to:

-

the likely consequences of any decisions in the long term ("Business");

-

the interests of the Company's employees ("Employees");

-

the need to foster the Company's business relationships with suppliers, customers and others ("Stakeholder Engagement");

-

the impact of the Company's operations on the community and environment ("Community and Environment"); and

-

the desirability of the Company maintaining a reputation for high standards of business conduct ("Business Conduct").

The following paragraphs summarize how the Directors fulfil their duties:

Business

The Directors receive a monthly report which includes metrics on the performance of the Company. Significant operating decisions, including capital expenditures, require approval of a Director. Business decisions are generally taken with a long-term view to facilitate continued growth.

Employees

The Directors recognize the importance of employee engagement and growth. The Company offers employees numerous opportunities to grow and develop in ways that ultimately benefit both the employee and Epic Bristol as well as Epic Bristol's customers.

Stakeholder Engagement

The Directors drive the Company's strategy to ensure the long-term success of customer relationships through the provision of high-quality products and services.

Community and Environment

The Directors are conscious of the Company's impact on the community and environment. The Company avails itself of opportunities to limit its carbon footprint where practicable.

Business Conduct

The Directors recognise that the Company's conduct and reputation in the industry has and will continue to be closely linked to long-term success.

KEY PERFORMANCE INDICATORS

The measures identified above in the business review constitute the Company’s KPIs.

ENERGY AND CARBON REPORTING

Greenhouse gases ("GHG") have been measured as required under the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018. We use the financial control approach when considering emissions from leased assets.

We have used the GHG Protocol Corporate Accounting and Reporting Standards (revised edition) and data gathered to satisfy the requirements under the Carbon Reduction Commitment ("CRC") Energy Efficiency scheme to calculate the disclosures.

Our energy consumption is driven by the electricity required to support our employee offices and hosting datacenters. Consequently, total tonnes of carbon dioxide equivalent ('tCO2e") relative to headcount is an appropriate intensity metric.

In 2024 our location-based total energy consumption was 1,087,609 kWh (2023: 937,706 kWh). The main area this relates to is our consumption of purchased electricity. GHG emissions in 2024 expressed as tCO2e were 225.2 tonnes (2023: 194.2 tonnes).

In 2024 purchased office electricity constitutes 103.3 tCO2e (2023: 87.9 tCO2e), resulting in a per-employee intensity metric of 0.26 tCO2e (2023: 0.23 tCO2e).

The datacentre operator connected with our hosting business procures 100% REGO (Renewable Energy Guarantees of Origin) certificate-backed renewable energy. Consequently, hosting datacentre market-based emissions are nil for 2024 and 2023.

ON BEHALF OF THE BOARD:

Judith R Faulkner - Director

23 September 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024 (2023: £Nil).

DIRECTORS

Judith R Faulkner has held office during the whole of the period from 1 January 2024 to the date of this report.

Other changes in directors holding office are as follows:

Carl D Dvorak - appointed 16 December 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 then apply them consistently;

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

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that ought to have been taken as a director to become aware of any relevant audit information and to establish that the company's auditors are aware of that information

ON BEHALF OF THE BOARD:

Judith R Faulkner - Director

23 September 2025

Opinion

We have audited the financial statements of Epic Bristol Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 profit 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 Auditors' 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 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 in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the 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 Strategic Report or the Report of the Directors.

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 Statement of Directors' Responsibilities set out on page five, 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 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.

Auditors' 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 a Report of the Auditors 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:

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery, employment law and company legislation, and we

considered the extent to which non-compliance might have a material effect on the financial statements of the Company. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and taxation legislation.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the audit engagement team included:

-

Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;

-

Understanding of management's internal controls designed to prevent and detect irregularities, and fraud;

-

Reviewing the Company's legal costs to check for non-compliance with laws and regulations and fraud;

-

Reviewing Board of Directors minutes;

-

Review of tax compliance with the involvement of our tax specialists in the audit;

-

Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing of expenses;

-

Testing transactions entered into outside of the normal course of the Company's business; and

-

Identifying and testing journal entries.

There are inherent limitations in the audit procedures described above 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 would become aware of it. Also, 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 or intentional misrepresentations, or through collusion.

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 Report of the Auditors.

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 a Report of the Auditors 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.

Martin Longmore (Senior Statutory Auditor)

for and on behalf of Sumer Auditco Limited

Statutory Auditor

Chartered Accountants

Lennox House

3 Pierrepont Street

Bath

Somerset

BA1 1LB

26 September 2025

REVENUE

4

138,305,527

166,544,391

Cost of sales

39,960,078

81,954,644

GROSS PROFIT

98,345,449

84,589,747

Administrative expenses

90,312,118

76,924,965

OPERATING PROFIT

6

8,033,331

7,664,782

Interest receivable and similar income

3,823,548

2,403,901

11,856,879

10,068,683

Interest payable and similar expenses

7

267,484

244,394

PROFIT BEFORE TAXATION

11,589,395

9,824,289

Tax on profit

8

2,904,663

2,269,548

PROFIT FOR THE FINANCIAL YEAR

8,684,732

7,554,741

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

8,684,732

7,554,741

FIXED ASSETS

Intangible assets

9

56,559

99,760

Property and equipment

10

58,416,288

16,739,971

58,472,847

16,839,731

CURRENT ASSETS

Debtors

11

57,415,993

98,113,069

Cash at bank and in hand

10,722,269

18,865,463

68,138,262

116,978,532

CREDITORS

Amounts falling due within one year

12

87,855,371

107,224,575

NET CURRENT (LIABILITIES)/ASSETS

(19,717,109

)

9,753,957

TOTAL ASSETS LESS CURRENT LIABILITIES

38,755,738

26,593,688

CREDITORS

Amounts falling due after more than one year

13

(4,648,742

)

(1,224,459

)

PROVISIONS FOR LIABILITIES

16

(1,378,899

)

(1,325,864

)

NET ASSETS

32,728,097

24,043,365

CAPITAL AND RESERVES

Called up share capital

17

1

1

Other reserves

18

-

3,640

Retained earnings

18

32,728,096

24,039,724

SHAREHOLDERS' FUNDS

32,728,097

24,043,365

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2025 and were signed on its behalf by:

Judith R Faulkner - Director

Called up

share

Retained

Other

Total

capital

earnings

reserves

equity

£

£

£

£

Balance at 1 January 2023

1

16,484,983

3,640

16,488,624

Changes in equity

Total comprehensive income

-

7,554,741

-

7,554,741

Balance at 31 December 2023

1

24,039,724

3,640

24,043,365

Changes in equity

Transfer between reserves

-

3,640

(3,640

)

-

Total comprehensive income

-

8,684,732

-

8,684,732

Balance at 31 December 2024

1

32,728,096

-

32,728,097

Cash flows from operating activities

Cash generated from operations

1

32,559,809

4,166,611

Tax paid

(2,673,001

)

(2,309,000

)

Net cash from operating activities

29,886,808

1,857,611

Cash flows from investing activities

Purchase of intangible fixed assets

-

(111,121

)

Purchase of property and equipment

(39,556,375

)

(10,918,587

)

Interest received

3,823,548

2,403,901

Net cash from investing activities

(35,732,827

)

(8,625,807

)

Cash flows from financing activities

Repayment of lease liability

(2,240,890

)

-

Finance costs paid

(56,285

)

(244,394

)

Net cash from financing activities

(2,297,175

)

(244,394

)

Decrease in cash and cash equivalents

(8,143,194

)

(7,012,590

)

Cash and cash equivalents at beginning of year

2

18,865,463

25,878,053

Cash and cash equivalents at end of year

2

10,722,269

18,865,463

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

Profit before taxation

11,589,395

9,824,289

Depreciation charges

4,270,568

2,332,951

Loss on disposal of fixed assets

38,888

-

Increase in provisions

53,035

244,394

Revaluation of right-of-use liability

412,290

-

Finance costs

267,484

244,394

Finance income

(3,823,548

)

(2,403,901

)

12,808,112

10,242,127

Decrease/(increase) in trade and other debtors

40,734,411

(32,794,552

)

(Decrease)/increase in trade and other creditors

(20,982,714

)

26,719,036

Cash generated from operations

32,559,809

4,166,611

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

10,722,269

18,865,463

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

18,865,463

25,878,053

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

18,865,463

(8,143,194

)

10,722,269

18,865,463

(8,143,194

)

10,722,269

Total

18,865,463

(8,143,194

)

10,722,269

1.	STATUTORY INFORMATION

Epic Bristol Limited (the 'Company') is a private company, limited by shares, registered in England and Wales. The Company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Early adoption of amendments to FRS 102

On 10 September 2024 the Financial Reporting Council (FRC) published amendments to FRS 102 as part of a second periodic review of the standard. The primary changes to the standard include a new model of revenue recognition and amendments to lease accounting requirements. The effective date of these amendments is for periods beginning on or after 1 January 2026. As is permitted by the standard the Company has chosen to early adopt the amendments from 1 January 2024. The impact of early adoption on the Company's financial statements has been limited to the changes made to Section 20 'Leases' of FRS 102. As is required by Section 20 'Leases' the company has recognised a lease liability on the balance sheet reflecting the present value of future rental payments due under the Company's lease agreements and a corresponding right-of-use asset (ROU) within non-current assets on the balance sheet reflecting the exclusive use of the asset over the lease term. As the standard permits values calculated for the purposes of the Company's group reporting have been used on transition. The impact on equity at 1 January 2024 was not material; accordingly, no adjustment to opening retained earnings was recorded and comparative information has not been restated.

Related party exemption

The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

In the application of the Company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:

Trade and other receivables - The allowance for doubtful debts involves significant management judgement and review of individual receivables based on individual customer creditworthiness, current economic trends and analysis of historical bad debts on a portfolio basis.

Revenue

Revenue from Customers

Revenue is recognized when a good or service is transferred to a customer. A good or service is transferred when, or as, the customer obtains control of the good or service. Revenue is based on the consideration the Company expects to receive in connection with the promise to deliver goods and services to customers and excludes discounts, rebates, value added tax and other sales taxes.

The Company recognizes contract liabilities for consideration received in respect of unsatisfied performance obligations and reports these amounts as customer deposits within its balance sheet. Similarly, if the Company satisfies a performance obligation before it receives the consideration that is contractually due, the Company recognizes an accrued receivable in its balance sheet.

The Company generally sells its software and related services through arrangements where the customer is provided with (1) software licenses, (2) implementation, and (3) ongoing maintenance.

The Company's software license and related implementation activities are considered one performance obligation (the "LI Performance Obligation"), given their significant interdependence, and are not capable of being distinct. This LI Performance Obligation is recognized over time based on the actual implementation costs incurred compared to the overall expected implementation costs.

The ongoing maintenance performance obligation is considered distinct and is recognized ratably over the contracted maintenance period.

Revenue is allocated to each performance obligation based on the Company's estimate of stand-alone selling price.

In certain instances the Company licenses components of its software on a subscription basis. These subscription software items are recognized as revenue at the point in time when the underlying software is utilized.

The amount the Company charges for its software license is typically volume based. If a customer subsequently increases the volumes upon which its software license fees were originally calculated the Company will recognize incremental license fee revenue at the point in time the customer's volumes increased.

The Company also provides hosting services that are contracted separately from the Company's software and other related services. Hosting revenue is recognized over the hosting service period.

In situations where a customer is not currently implementing a product they have licensed the Company defers revenue until implementation of the product begins or the Company determines the customer is unlikely to implement the product.

Intercompany Revenue

The Company recognizes intercompany revenue based on the time spent on services provided to other group entities in accordance with an intercompany agreement.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful

life.

Land

-

Not depreciated

Right-of-use assets

-

The shorter of the lease period and useful economic life of the asset

General building in progress

-

Not depreciated

Improvements to property

-

Straight line over 5 years

Fixtures and fittings

-

Straight line over 7 years

Computer equipment

-

Straight line over 5 years

Financial instruments

The Company has chosen to adopt Sections 11 and 12 of Financial Reporting Standard 102 in respect of financial instruments.

Debtors and creditors are initially recognised at fair value and subsequently measured at amortised cost and discounted as appropriate.

At the end of each reporting period, financial assets are assessed for impairment. Impairments and reversals of impairments are recognised in profit and loss.

Offsetting

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into Pound Sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into Pound Sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

The Company assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

The Company applies a single recognition and measurement approach for all contracts that are, or contain, a lease, except for short-term leases (i.e. for leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option) and leases of low-value assets (e.g. tablet and personal computers, small items of office equipment and telephones). For these exempted leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed.

Right-of-use (ROU) leased assets

Leases are recognised at commencement as a right-of-use asset with a corresponding lease liability.

Leases are capitalised at commencement at the present value of lease payments, discounted at the company's incremental borrowing rate. Incremental direct costs are included; lease incentives reduce the ROU asset and the lease liability.

Assets are depreciated on a straight-line basis over the lease term and assessed for impairment at each reporting date.

The lease liability is recognised on inception. Interest is recognised using the effective-interest method. Lease payments reduce principal.

Pension costs and other post-retirement benefits

The Company operates a defined contribution pension scheme. Contributions payable to the Company's pension scheme are charged to profit and loss in the period to which they relate.

4.

REVENUE

The revenue and profit before taxation are attributable to the one principal activity of the company.

An analysis of revenue by class of business is given below:

2024

2023

£

£

Rendering of enterprise healthcare IT services

138,305,527

166,544,391

138,305,527

166,544,391

An analysis of revenue by geographical market is given below:

2024

2023

£

£

United Kingdom

94,299,848

138,295,027

United States of America

44,005,679

28,249,364

138,305,527

166,544,391

5.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

13,872,483

8,502,404

Social security costs

1,745,377

1,023,067

Other pension costs

421,897

217,066

16,039,757

9,742,537

The average number of employees during the year was as follows:

2024

2023

Directors

1

1

Implementation and support staff

94

76

95

77

2024

2023

£

£

Directors' remuneration

-

-

Other than as disclosed above, all staff retained by the Company are employed by other group entities and appropriate recharges are made to the Company to cover their employment costs. These recharges total £57,816,715 (2023: £56,735,809) and include £2,070,789 (2023: £2,892,535) in respect of the cost of the relevant employees' participation in a share-based payment scheme operated by the parent company.

The average number of such staff employed by other group companies, but engaged in providing the Company's activities during 2024 was 294 (2023: 305).

Key management remuneration

The Directors did not waive or receive any remuneration in respect of their services to the Company. The Directors were remunerated by the parent company and no amounts will be recharged to the Company.

In the Directors' view there are no other key management employed directly by the Company, or whose cost is recharged to the Company.

6.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024

2023

£

£

Office service charges

1,681,051

2,669,555

Depreciation and amortisation

4,227,367

2,306,105

Loss on disposal of fixed assets

38,888

-

Computer software amortisation

43,201

28,846

Auditors' remuneration

42,500

39,530

Auditors' remuneration for non audit work

1,650

2,800

Foreign exchange differences

1,506,217

(1,133,936

)

The 2023 office service charges value also includes office operating lease payments. In 2024 the office service charges does not include lease right-of-use payments such as 'depreciation and amortisation', and 'right-of-use interest expense'.

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Other interest

56,285

244,394

Right-of-use interest expense

211,199

-

267,484

244,394