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Registered number: 02520520 108 MEDICAL LIMITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 30 JUNE 2025
108 MEDICAL LIMITED REGISTERED NUMBER: 02520520 BALANCE SHEET AS AT 30 JUNE 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 282,633 |  | 373,012
|  |  | 282,633 |  | 373,012
Current assets |  |  |  |  |
Debtors: amounts falling due after more than one year | 5 | 151,705 |  | 149,811 |
Debtors: amounts falling due within one year | 5 | 454,381 |  | 398,737 |
Cash at bank and in hand | 6 | 261,038 |  | 355,499 |
|  | 867,124 |  | 904,047 |
Creditors: amounts falling due within one year | 7 | (487,944) |  | (477,683) |
Net current assets |  |  | 379,180 |  | 426,364
Total assets less current liabilities |  |  | 661,813 |  | 799,376
Creditors: Amounts Falling Due After More Than One Year | 8 |  | (101,500) |  | (159,500)
Provisions for liabilities |  |  |  |  |
Deferred tax | 10 | (13,699) |  | (59,452) |
|  |  | (13,699) |  | (59,452)
Net assets |  |  | 546,614 |  | 580,424
Capital and reserves |  |  |  |  |
Called up share capital | 11 |  | 100 |  | 100
Profit and loss account |  |  | 546,514 |  | 580,324
|  |  | 546,614 |  | 580,424
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 statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. Page 1
108 MEDICAL LIMITED REGISTERED NUMBER: 02520520 BALANCE SHEET (CONTINUED) AS AT 30 JUNE 2025 The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
A D Chancellor-Weale
Director
Date: 21 November 2025
The notes on pages 3 to 9 form part of these financial statements. Page 2
108 MEDICAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
1. | General information
108 Medical Limited is a private company limited by share capital and incorporated in England and Wales. Its registered office and principal place of business is 108 Harley Street, London, England, W1G 7ET. The principal activity of the company continues to be the provision of medical services and care to patients. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
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. The accounts are presented in pound sterling and rounded to the nearest pound. The following principal accounting policies have been applied:
| 2.2 | Turnover
Turnover represents the value in respect of medical services provided to patients and is recognised when treatment is undertaken by the company.
| 2.3 | Tangible fixed assets
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, on a mix of straight line and reducing balance bases. The estimated useful lives range as follows:
|  |  |  | Medical equipment | - | 25%-50% reducing balance or straight line
|  |  |  | Fixtures and fittings | - | 15% reducing balance or straight line
|  |  |  | Computer equipment | - | 33.3% reducing balance or straight line
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.
| 2.4 | Debtors
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. Page 3
108 MEDICAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.5 | Cash and cash equivalents
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.
| 2.6 | Financial intruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
| 2.7 | Creditors
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.
| 2.8 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.9 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.10 | Leased assets: the Company as lessee
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
| 2.11 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds. Page 4
108 MEDICAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.12 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.13 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.14 | Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
3. | Employees
| The average monthly number of employees, including directors, during the year was 25 (2024 - 28).
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108 MEDICAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
4. | Tangible fixed assets
|  | Medical Equipment | Fixtures and fittings | Other fixed assets | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 July 2024 | 1,421,497 | 171,733 | 85,122 | 1,678,352
| Additions | 6,636 | - | 2,007 | 8,643
| Disposals | (10,899) | - | - | (10,899)
| At 30 June 2025 | 1,417,234 | 171,733 | 87,129 | 1,676,096
| Depreciation |  |  |  |
| At 1 July 2024 | 1,115,963 | 114,475 | 74,902 | 1,305,340
| Charge for the year | 81,695 | 8,589 | 6,872 | 97,156
| Disposals | (9,033) | - | - | (9,033)
| At 30 June 2025 | 1,188,625 | 123,064 | 81,774 | 1,393,463
| Net book value |  |  |  |
| At 30 June 2025 | 228,609 | 48,669 | 5,355 | 282,633
| At 30 June 2024 | 305,534 | 57,258 | 10,220 | 373,012
5. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due after more than one year |  |
| Other debtors | 151,705 | 149,811
|  | 151,705 | 149,811
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due within one year |  |
| Trade debtors | 240,738 | 182,446
| Other debtors | 70,492 | 48,344
| Prepayments and accrued income | 143,151 | 163,859
| Tax recoverable | - | 4,088
|  | 454,381 | 398,737
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108 MEDICAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
6. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 261,038 | 355,499
|  | 261,038 | 355,499
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 383,284 | 389,657
| Obligations under finance lease and hire purchase contracts | 58,000 | 58,000
| Other creditors | 9,525 | 13,000
| Accruals and deferred income | 37,135 | 17,026
|  | 487,944 | 477,683
8. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Net obligations under finance leases and hire purchase contracts | 101,500 | 159,500
|  | 101,500 | 159,500
9. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Within one year | 58,000 | 58,000
| Between 1-5 years | 101,500 | 159,500
|  | 159,500 | 217,500
| Hire purchase contracts are secured against the assets they relate to.
Page 7
108 MEDICAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
10. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (59,452)
| Charged to profit or loss | 45,753
| At end of year | (13,699)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fixed asset timing differences | (23,613) | (34,456)
| Short term timing differences | 5,073 | (24,996)
| Losses and other deductions | 4,841 | -
|  | (13,699) | (59,452)
11. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1,000 (2023 -1,000) Ordinary shares of £0.10 each | 100 | 100
12. | Pension commitments
The Company operates a defined contribution 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 £14,611 (2024: £13,926). Pension payable at the reporting date amounted to £3,292 (2024: £Nil). Page 8
108 MEDICAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
13. | Commitments under operating leases
| At 30 June 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 312,000 | 312,000
| Later than 1 year and not later than 5 years | 1,248,000 | 1,248,000
| Later than 5 years | 1,196,000 | 1,508,000
|  | 2,756,000 | 3,068,000
14. | Related party transactions
| During the year ended 30 June 2025, More Surgical Services Limited, a company under common control, charged 108 Medical Limited rent of £312,000 (2024: £245,000). The annual rental charge is in line with market rates. At 30 June 2025, the company owed More Surgical Services Limited £Nil (2024: £Nil). More Surgical Services Limited owed 108 Medical Limited £Nil at year end (2024: £379).
15. | Controlling party
The directors consider that there is currently no single ultimate controlling party.
16. | Auditors' information
The auditors' report on the financial statements for the year ended 30 June 2025 was unqualified. The audit report was signed on 2 December 2025 by Darren O'Connor BSc (Hons) ACA FCCA (Senior Statutory Auditor) on behalf of James Cowper Kreston Audit.
Page 9