REGISTERED NUMBER: 12287905 (England and Wales)

ST JOSEPH'S INDEPENDENT HOSPITAL LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2024

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

15

DIRECTORS:

S M Hammond

A Lewis

REGISTERED OFFICE:

Harding Avenue

Malpas

Newport

NP20 6ZE

REGISTERED NUMBER:

12287905 (England and Wales)

AUDITORS:

Bevan Buckland LLP (Statutory Auditors)

Ground Floor Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

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

REVIEW OF BUSINESS

The Company operates as a private hospital in South Wales and the principal activity is the provision of elective surgery and other medical services to private and NHS patients.

The Company delivered another strong year of trading, achieving a profit after tax of £1,710,481.

The companies KPI's from the fourth year of trading are as follows;

2024

2023

2022

Outpatients

39,577

35,909

43,179

Admissions

5,795

5,718

8,324

Patient Day Equivalents

6,889

7,073

9,883

Imaging

13,164

13,004

14,754

Physiotherapy

15,262

14,107

13,345

The directors are pleased with this performance. Private admissions continued to grow, increasing by 2.4% compared to 2023. Notably, for the first time, growth was driven more by the PMI (Private Medical Insurance) market than the Self-Pay market, reflecting a broader trend across the UK.

Private patient admissions remained the primary source of activity, with only 4% of patients treated under NHS contracts.

Overall revenue grew by 12%, with private patient revenue increasing by 9%.

The hospital's purpose is to make a positive difference to patients' lives through exceptional, personalised care-this principle underpins all strategic decisions. In line with this commitment, the hospital continued to invest significantly in equipment and infrastructure during 2024, including:

-

Installation of a state-of-the-art Aquillon One Insight CT Scanner

-

Upgrade of the Nursecall System

-

Replacement of the Ward Passenger Lift

PRINCIPAL RISKS AND UNCERTAINTIES

Financial Risks

The company uses various financial instruments which include cash and other items such as trade creditors that arise directly from its operations. The main risks arising from the company's financial instruments are liquidity risk and credit risk. The directors review and agree policies for managing each of these risks and these are summarised below.

Liquidity risk

The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. The company has built up its cash reserves to the point where borrowings such as overdraft facilities are not relied upon for short-term flexibility.

The company does finance some of its investments in tangible fixed assets through hire purchase contracts. The maturity of these obligations is set out in the notes to the financial statements.

Interest rate risk

The company manages its exposure to interest rate fluctuation on its hire purchase agreements by entering into fixed rate agreements. The company manages the liquidity risk by ensuring there are sufficient funds to meet the payments.

Pricing risk

The company manages its exposure to consumable price fluctuations by entering into fixed rate agreements with suppliers on key items.

Trading Risks

Health & Safety

The company has in place a rigorous and far-reaching health & safety policy and is committed to adhering to all legislation requirements imposed on it through enforcing authorities.

Information Governance & Security

The Company is required to maintain a sizeable range of both physical and digital data assets relating to patients, staff and commercial interests. All personal data has to be managed in compliance with the Data Protection Act 2018 and the General Data Protection Regulations (GDPR).

The level of risk to the company IT environment and systems continues to grow as cyber security threats continue to become more sophisticated. It is anticipated that healthcare organisations will continue to be at high risk of cyber attacks.

Workforce Planning

The healthcare sector continues to face a long-term shortage of clinical and medical staff in the UK. The company remains focussed on recruitment and retention in a competitive market place.

ON BEHALF OF THE BOARD:

S M Hammond - Director

29 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.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

S M Hammond

A Lewis

Other changes in directors holding office are as follows:

S Hussain - resigned 8 April 2024

J Shore - appointed 8 April 2024

Miss J A Butler , Mrs T J Green and J Shore ceased to be directors after 31 December 2024 but prior to the date of this report.

POLITICAL DONATIONS AND EXPENDITURE

During the year the company made charitable donations totalling £5,034 (2023: £8,701).

DISABLED PERSONS

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled every effort is made to ensure that their employment within the Company continues and that appropriate training is arranged. It is the policy of the Company that the training, career development and promotion of disabled people should, as far as possible, be identical to that of other employees.

EMPLOYEE INVOLVEMENT

The company attaches paramount importance to the well-being of its workforce and is committed to their support development and motivation. The company is an equal pay employer, provides equal opportunities and is committed to the principle of equality regardless of race, national origin, religious belief, political opinion or affiliation, gender, marital status, sexual orientation, gender reassignment, age or disability.

We apply employment policies that are fair, equitable and consistent with the skills and abilities of our employees and the needs of the business. We implement these policies to ensure all employees are accorded equal opportunity for recruitment, training and promotion and, in all jobs of like work, on equal terms of employment. All of our employment policies are monitored to ensure compliance with current legislation and best practice.

The company engages closely with all of the workforce, believing strongly in inclusive leadership and empowerment of staff to make the best decisions for our patients. Engagement occurs regularly in the form of daily multidisciplinary meetings at which all departments are represented, monthly departmental meetings attended by the executive team at which staff are encouraged to ask questions, challenge and have input into the management and strategy of the organisation. The hospital also undertakes anonymous staff surveys in order to in order to monitor its performance in relation to employee engagement and communication.

EMPLOYMENT OF DISABLED PERSONS

The company's policy is to recruit disabled workers for those vacancies that they are able to fill. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged.

ENGAGEMENT WITH EMPLOYEES

Our employees contribute to a positive working culture and the company recognises that employee involvement is fundamental to its success. We work hard to ensure employees feel welcome and are valued and recognised for their hard work. The directors attach high importance to the wellbeing of the workforce and are committed to their support, development and motivation.

The company places considerable value on the involvement of its employees and has continued to keep them informed on matters affecting them as employees and the factors affecting performance of the company. This is achieved through formal and informal communications to employees.

The company attach importance to its approach to pay and benefits. The company is an equal opportunities employer and is committed to the principal of equality.

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;

-	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 he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Bevan Buckland LLP (Statutory Auditors), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

S M Hammond - Director

29 September 2025

Opinion

We have audited the financial statements of St Joseph's Independent Hospital Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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:

-

enquiring of management, including obtaining and reviewing support documentation, concerning the company's policies and procedures relating to:

-

identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;

-

detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

-

internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;

-

discussing among the engagement team how and where fraud might occur in the Financial Statements and any potential indicators of fraud.

-

obtaining an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that had a direct effect on the Financial Statements or that had a fundamental effect on the operations of the company, The key laws and regulations we considered in this context included the UK Companies Act and relevant tax legislation.

In addition to the above, our procedures to respond to risks identified included the following:

-

reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations;

-

enquiring of management concerning actual and potential litigation and claims; performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

-

reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC;

-

In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments;

-

assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and

-

evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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.

Alison Vickers (Senior Statutory Auditor)

for and on behalf of Bevan Buckland LLP (Statutory Auditors)

Ground Floor Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

29 September 2025

TURNOVER

3

26,980,670

24,137,439

Cost of sales

14,928,893

13,193,949

GROSS PROFIT

12,051,777

10,943,490

Administrative expenses

9,809,986

9,250,560

OPERATING PROFIT

5

2,241,791

1,692,930

Interest payable and similar expenses

6

12,923

31,190

PROFIT BEFORE TAXATION

2,228,868

1,661,740

Tax on profit

7

518,387

423,322

PROFIT FOR THE FINANCIAL YEAR

1,710,481

1,238,418

PROFIT FOR THE YEAR

1,710,481

1,238,418

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,710,481

1,238,418

FIXED ASSETS

Intangible assets

8

410

490

Tangible assets

9

13,480,489

13,214,625

13,480,899

13,215,115

CURRENT ASSETS

Stocks

10

645,991

618,487

Debtors

11

2,558,166

1,574,696

Cash at bank and in hand

2,594,050

1,470,490

5,798,207

3,663,673

CREDITORS

Amounts falling due within one year

12

3,135,862

3,227,658

NET CURRENT ASSETS

2,662,345

436,015

TOTAL ASSETS LESS CURRENT LIABILITIES

16,143,244

13,651,130

CREDITORS

Amounts falling due after more than one year

13

-

(102,356

)

PROVISIONS FOR LIABILITIES

15

(2,078,096

)

(1,194,107

)

NET ASSETS

14,065,148

12,354,667

CAPITAL AND RESERVES

Called up share capital

16

4,605

4,605

Share premium

17

1,084,525

1,084,525

Capital redemption reserve

17

2,000

2,000

Retained earnings

17

12,974,018

11,263,537

SHAREHOLDERS' FUNDS

14,065,148

12,354,667

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

S M Hammond - Director

A Lewis - Director

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 January 2023

4,605

10,025,119

1,084,525

2,000

11,116,249

Changes in equity

Total comprehensive income

-

1,238,418

-

-

1,238,418

Balance at 31 December 2023

4,605

11,263,537

1,084,525

2,000

12,354,667

Changes in equity

Total comprehensive income

-

1,710,481

-

-

1,710,481

Balance at 31 December 2024

4,605

12,974,018

1,084,525

2,000

14,065,148

Cash flows from operating activities

Cash generated from operations

1

4,034,085

2,664,021

Interest paid

(12,923

)

(32,377

)

Tax paid

(579,452

)

(561,165

)

Net cash from operating activities

3,441,710

2,070,479

Cash flows from investing activities

Purchase of tangible fixed assets

(1,739,249

)

(1,349,769

)

Sale of tangible fixed assets

24,614

39,741

Net cash from investing activities

(1,714,635

)

(1,310,028

)

Cash flows from financing activities

Loan repayments in year

(603,515

)

(585,699

)

Capital repayments in year

-

(20,392

)

Net cash from financing activities

(603,515

)

(606,091

)

Increase in cash and cash equivalents

1,123,560

154,360

Cash and cash equivalents at beginning of year

2

1,470,490

1,316,130

Cash and cash equivalents at end of year

2

2,594,050

1,470,490

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

2024

2023

£

£

Profit before taxation

2,228,868

1,661,740

Depreciation charges

1,404,850

1,312,658

Loss on disposal of fixed assets

44,002

1,951

Finance costs

12,923

31,190

3,690,643

3,007,539

Increase in stocks

(27,504

)

(13,052

)

(Increase)/decrease in trade and other debtors

(218,991

)

338,054

Increase/(decrease) in trade and other creditors

589,937

(668,520

)

Cash generated from operations

4,034,085

2,664,021

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

2,594,050

1,470,490

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

1,470,490

1,316,130

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

1,470,490

1,123,560

2,594,050

1,470,490

1,123,560

2,594,050

Total

1,470,490

1,123,560

2,594,050

1.	STATUTORY INFORMATION

St Joseph's Independent Hospital Limited 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results in the future may differ from these estimates.

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 and in any future periods affected.

Significant management judgements

The following are management judgements in applying the accounting policies of the company that have the most significant effect on the amounts recognised in the financial statements.

Useful life of assets

Tangible fixed assets, other than investment properties, are depreciated over their useful economic lives based on various internal and external factors. The actual lives of the assets are re-assessed on a periodic basis and may vary depending on the standard of the asset. The board periodically review the major classes of assets to ensure that the periods over which they are depreciated is appropriate.

Provisions and accruals

Management bases its judgements on the circumstances relating to each specific event and upon currently available information. However, given the inherent difficulties in the estimation of liabilities in these areas, it cannot be guaranteed that additional costs will not be incurred beyond the amounts accrued.

Turnover

Revenue represents the amounts derived from the provision of private healthcare and diagnostic services in the UK after deducting any trade discounts, rebate, value added tax and other sales taxes and is measured at the fair value of the consideration received or receivable.

Revenue is recognised in the period to which the hospital has entitlement to the income, the income can be measured reliably, and it is probable the income will be received.

Revenue is recognised when invoiced on completion of the services to which it relates. Revenue in respect of patients invoiced in advance for procedures is deferred until the treatment has been completed.

Included in other income is income which is generated through the sales of food and drink in the on site cafe, as well as income from consultant room rent and other miscellaneous ad-hoc income.

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.

Tangible fixed assets

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

Freehold property

-

2% on cost

Plant and Machinery

-

Straight line over 5 years and Straight line over 7 years

Fixtures and fittings

-

Straight line over 5 years

Motor vehicles

-

20% on cost

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Financial instruments

The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other receivables and payables, amounts due to and from participating interests.

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.

Debt instruments like loans and other receivables and payables are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying value and the present value of estimated cash flows discounted at the assets original effective interest rate. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount recognised in the balance sheet when there is an 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. At each reporting date non-financial assets not carried at fair value, such as property, plant and equipment are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less costs to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 or loss in the period to which they relate.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recongised as part of the cost of stock or fixed assets.

Trade Debtors

Short term trade debtors are measured at transaction price, less any impairment. A provision for impairment of trade debtors is established when there is objective evidence that the company will not

be able to collect all amounts due.

Creditors

Short term creditors are measured at the transaction price.

Provisions for liabilities

Provisions are recognised when the company has a present obligation (legal or constructive) from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

Assets under construction

Assets under construction are tangible assets that are in the process of being constructed, developed, or otherwise prepared for use, and are not yet available for their intended purpose. These assets may include buildings, machinery, equipment, or other property.

Assets under construction are initially measured at cost, which includes all directly attributable costs necessary to bring the asset to the condition necessary for it to be capable of operating in the manner intended by management. These costs may include direct labour, materials, and overheads, as well as borrowing costs that are directly attributable to the construction of the asset.

3.

TURNOVER

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

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

2024

2023

£

£

Treatment of patients

25,708,131

23,136,293

Wholesale Pharmacy

203,155

147,386

Other Income

1,069,384

853,760

26,980,670

24,137,439

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

8,779,863

8,522,724

Social security costs

826,302

799,647

Other pension costs

321,325

316,759

9,927,490

9,639,130

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

2024

2023

Clinical

174

168

Non Clinical

116

118

290

286

2024

2023

£

£

Directors' remuneration

392,206

413,115

Information regarding the highest paid director is as follows:

2024

2023

£

£

Emoluments etc

147,772

146,734

5.	OPERATING PROFIT

The operating profit is stated after charging:

2024

2023

£

£

Hire of plant and machinery

78,197

77,662

Other operating leases

1,205

11,431

Depreciation - owned assets

1,404,769

1,314,138

Loss on disposal of fixed assets

44,002

1,951

Goodwill amortisation

80

81

Auditors' remuneration

36,580

46,725