REGISTERED NUMBER: 04328849 (England and Wales)

AUDERE MEDICAL SERVICES LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

8

DIRECTORS:

R J Norton

S N I Morton

REGISTERED OFFICE:

Oak Suite

Llancayo Court

Usk

NP151HY

REGISTERED NUMBER:

04328849 (England and Wales)

AUDITORS:

MHA

Statutory Auditor

Victoria Court, 17-21 Ashford Road

Maidstone

Kent

United Kingdom

ME14 5DA

FIXED ASSETS

Tangible assets

4

27,228

30,003

CURRENT ASSETS

Stocks

103,297

172,200

Debtors

5

414,697

232,053

Cash at bank

282,516

172,850

800,510

577,103

CREDITORS

Amounts falling due within one year

6

552,848

450,422

NET CURRENT ASSETS

247,662

126,681

TOTAL ASSETS LESS CURRENT LIABILITIES

274,890

156,684

PROVISIONS FOR LIABILITIES

8

5,090

5,599

NET ASSETS

269,800

151,085

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

269,700

150,985

SHAREHOLDERS' FUNDS

269,800

151,085

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30th September 2025 and were signed on its behalf by:

S N I Morton - Director

1.	STATUTORY INFORMATION

Audere Medical Services 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.

The functional presentation currency of the financial statements is the Pound Sterling (£). The accounts are rounded to the nearest pound (£).

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

Preparation of the financial statements requires management to make significant judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the statement of financial position date and the amounts reported for revenues and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those estimates.

Recoverability of debtors

Estimation is involved in the assessment of the recoverability of debtors and the calculation of the associated bad debt provision. Factors such as the age of the debt, prior experience and recoverability statistics are included in management's assessment.

Useful economic lives of tangible fixed assets

Tangible fixed assets are depreciated over their useful economic lives taking into account residual values, where appropriate. Management regularly reviews the assets' useful economic lives. Changes in assets' useful economic lives can have a significant impact on depreciation for the period. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Provision for impairments

Tangible fixed assets are reviewed for signs of impairment each year and written down accordingly. All tangible fixed assets are reviewed by management in conjunction with market data and other relevant information. Changes in any of the factors considered for impairments can affect the value reported in the financial statements.

Going concern

On 15 May 2025 the Board of Fresenius SE & Co. KGaA, being the controlling parent undertaking, resolved upon their intention to transfer the trade of the company to another group undertaking and subsequently to dissolve the company within the next 12 months. These financial statements are therefore not prepared under the going concern basis.

There have been no adjustments made to the financial statements as a result of the application of the non-going concern basis of accounting.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Plant and machinery

-

20% on cost and 10% on cost

Fixtures and fittings

-

10% on cost

Computer equipment

-

33% on cost

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.

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.

Stocks

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

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Financial instruments

The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from banks. Debt instruments (other than those wholly repayable or receivable within one year), including loans and account receivables and payables, are initially measured at the transaction price (adjusted for transaction cost) and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangement constitutes a financing transaction, such as a trade debtor or creditor on extended credit terms, initial measurement is at the present value of future cash flows discounted at a market rate of interest. Subsequent measurement is at amortised cost.

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 such evidence is identified, an impairment loss is recognised in the statement of comprehensive income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between carrying amount and the present value of estimated cash flows discounted at the original effective interest rate. If the financial instrument has a variable interest rate the

currently effective rate under the contract is used.

A financial asset is derecognised only when the contractual rights to the cash flows from the financial asset expire or are settled or, substantially all of the risks and rewards of ownership of the financial asset have been transferred to another party or when despite having retained some, but not substantially all, risks and rewards of ownership, control of the asset has been transferred to another party and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer. In this case, the company derecognises the asset and recognises separately any rights and obligations retained or created in the transfer. A financial liability is derecognised when the contract that gives rise to it is settled, sold, cancelled, or expires. Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such as an exchange or modification, this is treated as a derecognition of the original liability, such that the difference in the respective carrying amounts together with any costs or fees incurred are recognised 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

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.

Debtors

Debtors include trade debtors and certain other financial instruments, prepayments, accrued income and deferred tax assets. Prepayments are payments made for goods or services that will be received in the future. Accrued income corresponds to the revenue earned during the period but not yet billed to or collected from the customer.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, and bank overdrafts.

Creditors

Creditors include trade creditors, deferred income and certain other short and long-term financial instruments. Deferred income corresponds to revenue received from the customer in advance for services not yet performed.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2023 - 23 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1st January 2024

16,923

2,142

31,969

51,034

Additions

6,137

796

-

6,933

At 31st December 2024

23,060

2,938

31,969

57,967

DEPRECIATION

At 1st January 2024

3,421

2,142

15,468

21,031

Charge for year

2,159

80

7,469

9,708

At 31st December 2024

5,580

2,222

22,937

30,739

NET BOOK VALUE

At 31st December 2024

17,480

716

9,032

27,228

At 31st December 2023

13,502

-

16,501

30,003

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

102,304

161,370

Other debtors

4,786

5,200

Intercompany debtor

190,335

974

Directors' current accounts

-

186

s455 debtor

7,104

-

Prepayments

8,645

9,483

Accrued income

101,523

54,840

414,697

232,053

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

59,633

61,409

Tax

16,268

-

s455 creditor

7,104

7,104

Social security and other taxes

29,269

28,259

VAT

44,089

5,664

Inter company creditor

250,531

185,583

Accrued expenses

87,744

54,792

Deferred income

58,210

107,611

552,848

450,422

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

90,568

34,951

Between one and five years

153,548

25,316

244,116

60,267

8.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

Accelerated capital allowances

5,090

5,599

Deferred

tax

£

Balance at 1st January 2024

5,599

Provided during year

(509

)

Balance at 31st December 2024

5,090

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion

We were not appointed as auditor of the Company until after 31 December 2022 and thus did not observe the counting of physical stock at the end of that year. We were unable to satisfy ourselves by alternative means in concerning the stock quantities of £205,821 held at 31 December 2022 by using other audit procedures. Consequently, we were unable to determine whether any adjustment to this amount at 31 December 2022 was necessary or whether there was any consequential effect on the cost of sales for the year ended 31 December 2023.

In the previous financial period, we were unable to obtain sufficient appropriate audit evidence concerning the valuation of stock of £172,200 held at 31 December 2023. Consequently, we were unable to determine whether any adjustment to this amount at 31 December 2023 or cost of sales for the year ended 31 December 2024 was necessary.

In the current financial period, we were unable to obtain sufficient appropriate audit evidence concerning the valuation of stock of £103,296 held at 31 December 2024. Consequently, we were unable to determine whether any adjustment to this amount at 31 December 2024 was necessary.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our ethical responsibilities in accordance with those requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Matters required to report by exception

Duncan Cochrane-Dyet BSc BFP FCA (Senior Statutory Auditor)

for and on behalf of MHA

MHA is the trading name of MHA Audit Services LLP a limited liability

partnership in England and Wales (registered number OC455542)

10.	POST BALANCE SHEET EVENTS

Events after the reporting date.

The company is preparing under a basis other than that of a going concern due to its planned liquidation after the year end. This is due to the re-organisation of the companies within the UK group. After the reporting date, the operating business will be transferred and integrated into another member of the UK group.

11.	PARENT UNDERTAKING

VAMED AG heads the smallest group in which the results of this Company are consolidated. The consolidated financial statements of VAMED AG are available at their registered office, Sterngasse 5, 1230 Vienna, Austria.