FOR THE YEAR ENDED 30 JUNE 2025
WESTFIELD MEDICAL LIMITED
COMPANY INFORMATION
WESTFIELD MEDICAL LIMITED
CONTENTS
WESTFIELD MEDICAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2025
The directors present their strategic report on the company for the 12 months ended 30th June 2025.
Westfield Medical is a leading manufacturer and supplier of single-use sterilisation barrier materials to hospitals and the healthcare industry. Since December 2021 it has been part of the Sterimed Group, a leading global provider of medical packaging.
The company recorded a drop in sales versus the previous record year predominantly owing to a reduction in export sales to two customers that were overstocked and reduced sales to its UK sister company, Granton Medical, which closed and transferred its activities at the end of the year. Underlying business remains strong and cash generative with an improvement in margins due to a better customer mix and selling price increases.
Towards the end of the year, Westfield Medical absorbed a large part of the business activities of its sister company, Granton Medical, and in so doing acquired significant new fixed assets which will enhance its competitiveness in MDM markets.
The company recorded a drop in sales versus the previous record year predominantly owing to a reduction in export sales to two customers that were overstocked and reduced sales to its UK sister company, Granton Medical, which closed and transferred its activities at the end of the year. Underlying business remains strong and cash generative with an improvement in margins due to a better customer mix and selling price increases.
Towards the end of the year, Westfield Medical absorbed a large part of the business activities of its sister company, Granton Medical, and in so doing acquired significant new fixed assets which will enhance its competitiveness in MDM markets.
Whilst sales fell, gross profit % increased from 35.1% to 38.4%. Consequently, the profit after tax was in line with the previous year once exceptional items are excluded. The exceptional items were related to two special, non-recurring employee bonuses which cost £1,037k. These were the consequence of shareholder changes at Group level with the Group ethos being to share value gains with all employees.
Being part of an ambitious and well resourced Group continues to present new opportunities from product development and innovation and a global sales network. It is expected that leveraging this resource will further help the company grow. The next financial year will include investments to expand manufacturing capacity and reduce the carbon footprint. Product innovation will focus on improving sustainability features of the product range as well as addressing other market requirements. Further major capital expenditure has also been approved to continue the growth in competitiveness and capacity in key product groups.
This report was approved by the board on 2 December 2025 and signed on its behalf.
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WESTFIELD MEDICAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2025
The directors present their report and the financial statements for the year ended 30 June 2025.
The profit for the year, after taxation, amounted to £975 thousand (2024: £2,011 thousand).
The directors who served during the year were:
The company aims to enhance the employee experience and create a positive workplace in keeping with Sterimed’s core values. During the year, two special bonuses were paid to employees reflecting the value created in the Group following a change of shareholder at top level.
The company plans regular employee surveys and aims to be in the Top 25% of employers.
The company plans regular employee surveys and aims to be in the Top 25% of employers.
The company remains focused on enhancing customer engagement and loyalty by regularly seeking feedback and acting swiftly to identify changing needs and priorities. Engagement with key suppliers is viewed in a strategic, long term manner as successful partnerships garner loyalty and stability and enable collaborative arrangements to address changing market needs.
SUSTAINABILITY
As a packaging business, the company is committed to sustainability and is committed to becoming net zero by 2050 via reductions in Scope 1,2 and 3 GHG emissions.
At Westfield Medical, we are committed to minimising our environmental impact through responsible waste management. None of our waste goes to landfill—instead, it is either recycled or directed to Energy-from-Waste (EfW) facilities, supporting a circular economy and reducing greenhouse gas emissions.
We have partnered with a waste solutions provider to maximise recycling efficiency and secure valuable rebates for cardboard and plastic, reinforcing our commitment to resource recovery. Waste performance is monitored at the highest level of the organisation, including industrial waste streams, internal rejects, and waste rates per manufacturing run, ensuring transparency and continuous improvement.
Compliance with the UK’s Simpler Recycling regulations is a cornerstone of our approach, and we are actively preparing for future enhancements. Looking ahead, we plan to invest heavily in waste reduction initiatives, further segregate materials, and align with the waste hierarchy to ensure that as much waste as possible is recycled.
Together, these actions reflect our dedication to sustainability and our responsibility to stakeholders, communities, and the planet.
SUSTAINABILITY
As a packaging business, the company is committed to sustainability and is committed to becoming net zero by 2050 via reductions in Scope 1,2 and 3 GHG emissions.
At Westfield Medical, we are committed to minimising our environmental impact through responsible waste management. None of our waste goes to landfill—instead, it is either recycled or directed to Energy-from-Waste (EfW) facilities, supporting a circular economy and reducing greenhouse gas emissions.
We have partnered with a waste solutions provider to maximise recycling efficiency and secure valuable rebates for cardboard and plastic, reinforcing our commitment to resource recovery. Waste performance is monitored at the highest level of the organisation, including industrial waste streams, internal rejects, and waste rates per manufacturing run, ensuring transparency and continuous improvement.
Compliance with the UK’s Simpler Recycling regulations is a cornerstone of our approach, and we are actively preparing for future enhancements. Looking ahead, we plan to invest heavily in waste reduction initiatives, further segregate materials, and align with the waste hierarchy to ensure that as much waste as possible is recycled.
Together, these actions reflect our dedication to sustainability and our responsibility to stakeholders, communities, and the planet.
The Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 requires a Strategic report
to be prepared. Where mandatory disclosures in the Directors' report are considered by the directors to be of
strategic importance, these have been included in the Strategic report rather than the Directors' report.
to be prepared. Where mandatory disclosures in the Directors' report are considered by the directors to be of
strategic importance, these have been included in the Strategic report rather than the Directors' report.
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WESTFIELD MEDICAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
There have been no significant events affecting the Company since the year end.
The auditors, Bishop Fleming Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 2 December 2025 and signed on its behalf.
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WESTFIELD MEDICAL LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2025
The directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;
∙make judgments 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 to 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.
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WESTFIELD MEDICAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WESTFIELD MEDICAL LIMITED
We have audited the financial statements of Westfield Medical Limited (the 'Company') for the year ended 30 June 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, 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).
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 United Kingdom, including the Financial Reporting Council'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.
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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
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WESTFIELD MEDICAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WESTFIELD MEDICAL LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 Directors' Report.
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WESTFIELD MEDICAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WESTFIELD MEDICAL LIMITED (CONTINUED)
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 an Auditors' Report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Identifying and assessing potential risks related to irregularities:
∙We have considered the nature of the industry and sector, control environment and business performance.
∙We have considered the results of our enquiries of management including the Finance Director and Chief Executive Officer about their own identification and assessment of the risk of irregularities.
∙For any matters identified we have obtained and reviewed the Company’s documentation of their policies and procedures relating to:
°Identifying, evaluating, and complying with laws and regulations whether they were aware of any instances of non-compliance;
°Detecting and responding to the risk of fraud and whether they have knowledge of actual, suspected, or alleged fraud; and
°The internal controls established to mitigate the risks of fraud or non-compliance with laws and regulations.
∙We have considered the matters discussed among the audit engagement team including internal tax specialists regarding how and where fraud might occur in the financial statements and potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud is through the following areas:
∙Revenue recognition cut off; and
∙Management Override
We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or to avoid a material penalty. These included data protection regulations, health and safety regulations, employment legislation and quality management systems.
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WESTFIELD MEDICAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WESTFIELD MEDICAL LIMITED (CONTINUED)
Audit response to risks identified
We identified revenue recognition cut off and valuation of stock as key audit matters related to the potential risk of fraud, our procedures to respond to risks identified included the following:
We identified revenue recognition cut off and valuation of stock as key audit matters related to the potential risk of fraud, our procedures to respond to risks identified included the following:
∙Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
∙Enquiring of management concerning actual and potential litigation claims;
∙Performing various substantive tests of detail related to the recognition of revenue;
∙Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement or fraud;
∙Reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and
∙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.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditors' 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 an Auditors' Report 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
10 Temple Back
BS1 6FL
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WESTFIELD MEDICAL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2025
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WESTFIELD MEDICAL LIMITED
REGISTERED NUMBER:02769324
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 31 form part of these financial statements.
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WESTFIELD MEDICAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
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WESTFIELD MEDICAL LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
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WESTFIELD MEDICAL LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
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WESTFIELD MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
Westfield Medical Limited is a private limited company limited by shares, registered in England and Wales. The address of its registered office is Second Avenue, Wesfield Industrial Estate, Midsomer Norton, Radstock, BA3 4DP.
2.ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis which the directors consider to be appropriate.
The company has net current assets of £1,248k (2024: £2,763k) and net assets of £1,747k (2024: £5,099k). The parent company continues to support the company, and has confirmed it will not seek repayment of the debt unless the company has sufficient working capital to do so without jeopardising the company position.
The directors have prepared cash flow forecasts which indicate that the company and the group will have sufficient funds to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements.
The company has net current assets of £1,248k (2024: £2,763k) and net assets of £1,747k (2024: £5,099k). The parent company continues to support the company, and has confirmed it will not seek repayment of the debt unless the company has sufficient working capital to do so without jeopardising the company position.
The directors have prepared cash flow forecasts which indicate that the company and the group will have sufficient funds to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements.
Functional and presentation currency
Transactions and balances
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WESTFIELD MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
2.ACCOUNTING POLICIES (CONTINUED)
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WESTFIELD MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
2.ACCOUNTING POLICIES (CONTINUED)
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.
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WESTFIELD MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
2.ACCOUNTING POLICIES (CONTINUED)
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WESTFIELD MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
2.ACCOUNTING POLICIES (CONTINUED)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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.
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WESTFIELD MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
2.ACCOUNTING POLICIES (CONTINUED)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
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WESTFIELD MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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 critical judgments made by management that have a significant effect on the amounts recognised in the financial statements are described below.
Critical judgments
Lease Commitments:
Determine whether leases entered into by the company either as a lessor or lessee are operating leases or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.
Depreciation rates:
Tangible fixed assets are depreciated over their useful lives, taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
Sources of estimation uncertainty
Valuation of stocks:
The company reviews the net realisable value of, and demand for, its stock on a regular basis to provide assurance that recorded inventory is stated at the lower of cost or net realisable value. The company will make provision for those individual stock balances where the recoverable value is judged to be lower than the carring amount.
Valuation of trade debtors:
The company reviews the valuation of the trade debtor balances outstanding on a regular basis to provide assurance that the carrying value is not higher than the recoverable amount. The company will make provision for those individual trade debtor balances where the recoverable value is judged to be lower than the carring amount.
The whole of the turnover is attributable to the company's principal activity.
The directors have not included an analysis of turnover by geographical market as they consider it would be prejudicial to the interests of the Company.
The directors have not included an analysis of turnover by geographical market as they consider it would be prejudicial to the interests of the Company.
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WESTFIELD MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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WESTFIELD MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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WESTFIELD MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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WESTFIELD MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
11.TAXATION (CONTINUED)
There were no factors that may affect future tax charges.
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