REGISTERED NUMBER: 12151939 (England and Wales)

Group Strategic Report, Report of the Directors and

Audited Consolidated Financial Statements for the Year Ended 31 December 2024

for

Access Fertility Topco Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Balance Sheet

12

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Cash Flow Statement

16

Notes to the Consolidated Cash Flow Statement

17

Notes to the Consolidated Financial Statements

18

DIRECTORS:

R N Quijano

A C Miller

N M I Robertson

REGISTERED OFFICE:

Carlton House

High Street

Higham Ferrers

Northamptonshire

NN10 8BW

BUSINESS ADDRESS:

Mermaid House

2 Puddle Dock

London

EC4V 3DB

REGISTERED NUMBER:

12151939 (England and Wales)

AUDITORS:

Willsons (Higham Ferrers) Ltd

Chartered Accountants

Statutory Auditors

Carlton House

High Street

Higham Ferrers

Northamptonshire

NN10 8BW

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS

The company is the ultimate holding company of Access Fertility Bidco Limited. Access Fertility Bidco Limited started on 17 October 2019 by acquiring Access Fertility Limited, Access Fertility Building Limited, Access Fertility International Limited and Access Fertility Ireland Limited. Three new companies, Access Fertility Poland Limited, Access Fertility Greece Limited and Access Fertility Spain Limited, have subsequently been added to the group under Access Fertility International Limited. A newly incorporated company Access Fertility Espana SL was formed under Access Fertility Bidco Limited.

The Redia Group was acquired in 2023 also under Access Fertility Bidco Limited.

The company's Key Performance Indicators ('KPI's') were the return on its investment.

The group loss after interest and tax for the period was £4,336,546 (2023 - £4,556,970).

The group it heads continues to be in a net current liability and a net liability position after impairment of the investment and goodwill last year.

The group has undertaken significant long and medium-term investments to try to gain entry into new geographic markets, improving the delivery of services, and the launch of new products. However this level of investment has resulted in forecast short term losses in the main trading subsidiary and also a significant investment of working capital. This trading loss further reduces the ability of the group to reduce the debt burden and therefore increases long term interest and reliance on the support of the senior lender.

The group has taken the decision to reduce some of the trading costs focussed on new geographic markets to improve its core trading results.

The group still has a positive bank balance and the underlying group trading business is forecast to return to profitability and through the continued support of the senior lender, stronger clinic partnerships and improvement to patient programme offerings, the patient enrolments continue to grow year on year enabling the core trading results to continue to improve. Further, following the new financing agreement which converts significant debt to equity and substantially reduces the overall debt burden, the senior lender has agreed that interest charges on the remaining facilities will not be called in for payment for at least 12 months, (this is further discussed in the going concern section of this report).

The group made the decision last year end to sell the freehold office building as these were not being utilised and this sale was completed in July 2024.

PRINCIPAL RISKS AND UNCERTAINTIES

The parent has entered into a intra group loan agreements with a group entity. The group entities have loan agreements with lenders. A principal risk is the sub group not receiving sufficient dividends from the underlying trading group in order to make interest payments to the lender and also for the recovery of the company's own intra group loan. Therefore, the groups and company's main concerns are attributable to the sound operation of the underlying trading group, ensuring that profit and cash flows are maintained to meet the terms of the lending agreements.

Therefore the group has exposure to liquidity and cash flow risks due to the demands placed on it to meet group interest repayments. Increase in the rates of applicable interest could therefore adversely impact the cash flows of the group and also the recovery of its intra-group loan assets.

As with any group there is a risk of general or specific adverse trading conditions, including the risk to the business that the market does not grow in line with our projections, competition and that economic growth is below expectations.

We aim to minimise those risks by continuing to improve our differentiated offerings via quality and value of service and innovation. The belief in the future is strong and strengthen by the success of our recent product launches.

The group and company regularly reviews its trading results and updates its forecast to ensure it has sufficient headroom within its secured facilities to accommodate reasonable fluctuations in results.

ON BEHALF OF THE BOARD:

A C Miller - Director

18 December 2025

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of the arrangement of fertility treatment.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

The total paid dividends for the year ended 31 December 2024 were £Nil (2023: £Nil).

The directors recommend that no final dividend be paid on these shares.

FUTURE DEVELOPMENTS

As a leading independent provider of IVF programmes, the Group works hard to maintain its position at the forefront of offering its patients the most appropriate programmes and the best chance of success. Teams within the Group continue to form strategic relationships with key suppliers.

See Going Concern note.

DIRECTORS

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

R N Quijano

A C Miller

N M I Robertson

GOING CONCERN

The group's business activities, together with the factors likely to affect its future development, performance and position are set out in the Business Review and Principal Risks and Uncertainties in the Strategic Report.

Whilst the directors have instituted long term measures to grow patient enrolment numbers, the significant investments discussed in the Strategic Report reduced trading results and cash flows during 2024.

Post year-end, in early 2025, the group took positive action to reduce trading costs in order to improve its core trading results.

The directors also made the decision to sell a freehold property that was not being utilised since the pandemic to provide additional financial headroom during this time of investment and the sale of this property was completed in July 2024.

In addition, subsequent to the year-end, a new financing agreement was signed with Beechbrook Capital LLP (the controlling shareholder) which converts a significant level of debt to equity and greatly reduces the interest burden on the business. This agreement demonstrates Beechbrook's continued commitment to supporting the group's growth strategy.

The group has a significant positive bank balance, and the underlying trading business has continued to strengthen post year-end (fuelled by growth in enrolments). Through the continued support of the senior lender, strong clinic partnerships and improvement to patient programme offerings, the patient enrolment numbers continue to grow, enabling the core trading results to improve.

The directors, having assessed the responses of the senior lender to the directors enquiries relating to the covenants, the level of debt in the business, and the senior lenders ongoing support (which is based on their continuing positive expectation of a profitable future for the business), have no reason to believe that a material uncertainty exists that may cast significant doubt about the ability of the group to continue as a going concern.

The group and trading company's forecasts and projections taking account of possible fluctuations in trading performance show that the group will be able to operate within the level of its current resources, notwithstanding the net liabilities.

On the basis of their assessment of the group's financial position, enquiries made of the senior lender and future financial plans, the company's directors expect that the group will be able to continue in operational existence for at least 12 months from the approval of these financial statements. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

DISCLOSURE IN THE STRATEGIC REPORT

The Review of Business and Principal Risks and Uncertainties have been disclosed in the strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

AUDITORS

The auditors, Willsons (Higham Ferrers) Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A C Miller - Director

18 December 2025

Opinion

We have audited the financial statements of Access Fertility Topco Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 December 2024 and of the group's loss 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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 group's and the parent 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 group or the parent 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:

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.

We obtained an understanding of the legal and regulatory framework that the Company operates in, and identified the key laws and regulations.

We considered the key laws and regulations that have a direct impact on the financial statements are the reporting framework, the relevant tax legislation and Companies Act 2006.

We also considered the laws and regulations that have an indirect impact on the financial statement where the consequences of non-compliance could have a material effect on amounts or disclosures due to the imposition of fines.

Audit procedure performed by the engagement team included:

- Enquiry of management, those charged with governance around actual and potential litigation and claims;

- Enquiry of management in compliance functions to identify any instances of non-compliance with laws and regulations;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

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 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.

Craig Baird FCA (Senior Statutory Auditor)

for and on behalf of Willsons (Higham Ferrers) Ltd

Chartered Accountants

Statutory Auditors

Carlton House

High Street

Higham Ferrers

Northamptonshire

NN10 8BW

19 December 2025

TURNOVER

23,640,720

20,778,134

Cost of sales

19,438,652

17,418,714

GROSS PROFIT

4,202,068

3,359,420

Administrative expenses

5,811,866

5,246,368

OPERATING LOSS

5

(1,609,798

)

(1,886,948

)

Profit/loss on sale of invest

6

2

-

(1,609,800

)

(1,886,948

)

Interest receivable and similar income

144,349

148,473

(1,465,451

)

(1,738,475

)

Amounts written off investments

7

(2

)

-

(1,465,449

)

(1,738,475

)

Interest payable and similar expenses

8

2,866,372

2,755,830

LOSS BEFORE TAXATION

(4,331,821

)

(4,494,305

)

Tax on loss

9

4,725

62,665

LOSS FOR THE FINANCIAL YEAR

(4,336,546

)

(4,556,970

)

Loss attributable to:

Owners of the parent

(4,336,546

)

(4,556,970

)

LOSS FOR THE YEAR

(4,336,546

)

(4,556,970

)

OTHER COMPREHENSIVE INCOME

Currency translation differences

25,201

(2,014

)

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

25,201

(2,014

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(4,311,345

)

(4,558,984

)

Total comprehensive income attributable to:

Owners of the parent

(4,311,345

)

(4,558,984

)

FIXED ASSETS

Intangible assets

11

12,063,568

12,875,282

Tangible assets

12

29,844

2,134,151

Investments

13

Interest in associate

-

2

Other investments

110,593

-

12,204,005

15,009,435

CURRENT ASSETS

Debtors

14

6,883,404

2,744,144

Cash at bank

3,981,351

6,109,578

10,864,755

8,853,722

CREDITORS

Amounts falling due within one year

15

19,039,025

16,744,935

NET CURRENT LIABILITIES

(8,174,270

)

(7,891,213

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,029,735

7,118,222

CREDITORS

Amounts falling due after more than one year

16

(19,119,426

)

(17,928,728

)

PROVISIONS FOR LIABILITIES

20

(1,019,999

)

(987,839

)

NET LIABILITIES

(16,109,690

)

(11,798,345

)

CAPITAL AND RESERVES

Called up share capital

21

139,280

139,280

Share premium

22

6,711,264

6,711,264

Retained earnings

22

(22,960,234

)

(18,648,889

)

SHAREHOLDERS' FUNDS

(16,109,690

)

(11,798,345

)

The financial statements were approved by the Board of Directors and authorised for issue on 18 December 2025 and were signed on its behalf by:

A C Miller - Director

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

-

-

Investments

13

110,594

3

110,594

3

CURRENT ASSETS

Debtors

14

6,846,119

6,931,712

CREDITORS

Amounts falling due within one year

15

511,575

470,142

NET CURRENT ASSETS

6,334,544

6,461,570

TOTAL ASSETS LESS CURRENT LIABILITIES

6,445,138

6,461,573

CAPITAL AND RESERVES

Called up share capital

21

139,280

139,280

Share premium

22

6,711,264

6,711,264

Retained earnings

22

(405,406

)

(388,971

)

SHAREHOLDERS' FUNDS

6,445,138

6,461,573

Company's loss for the financial year

(16,435

)

(104,514

)

The financial statements were approved by the Board of Directors and authorised for issue on 18 December 2025 and were signed on its behalf by:

A C Miller - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 January 2023

139,161

(14,089,905

)

6,711,264

(7,239,480

)

Changes in equity

Issue of share capital

119

-

-

119

Total comprehensive income

-

(4,558,984

)

-

(4,558,984

)

Balance at 31 December 2023

139,280

(18,648,889

)

6,711,264

(11,798,345

)

Changes in equity

Total comprehensive income

-

(4,311,345

)

-

(4,311,345

)

Balance at 31 December 2024

139,280

(22,960,234

)

6,711,264

(16,109,690

)

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 January 2023

139,161

(284,457

)

6,711,264

6,565,968

Changes in equity

Issue of share capital

119

-

-

119

Total comprehensive income

-

(104,514

)

-

(104,514

)

Balance at 31 December 2023

139,280

(388,971

)

6,711,264

6,461,573

Changes in equity

Total comprehensive income

-

(16,435

)

-

(16,435

)

Balance at 31 December 2024

139,280

(405,406

)

6,711,264

6,445,138

Cash flows from operating activities

Cash generated from operations

1

(1,351,462

)

(1,955,318

)

Interest paid

(2,101,516

)

(1,989,492

)

Tax refunded / (paid)

(422,401

)

393,716

Net cash from operating activities

(3,875,379

)

(3,551,094

)

Cash flows from investing activities

Purchase of tangible fixed assets

(14,932

)

(28,699

)

Sale of tangible fixed assets

1,807,264

-

Purchase of subsidiaries

(48,252

)

(70,292

)

Cash acquired on acquisition

-

169,456

Interest received

124,287

148,473

Net cash from investing activities

1,868,367

218,938

Cash flows from financing activities

Loan repayments in year

(21,815

)

(17,310

)

Loan provided to associate

(25,000

)

(85,593

)

Vendor loan repayment

(74,400

)

(150,000

)

Net cash from financing activities

(121,215

)

(252,903

)

Decrease in cash and cash equivalents

(2,128,227

)

(3,585,059

)

Cash and cash equivalents at beginning of year

2

6,109,578

9,694,637

Cash and cash equivalents at end of year

2

3,981,351

6,109,578

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

31.12.24

31.12.23

£

£

Loss before taxation

(4,331,821

)

(4,494,305

)

Depreciation charges

848,932

863,573

Loss on disposal of fixed assets

274,799

-

Increase in loss reserves provision

32,160

134,648

Finance costs

2,866,372

2,755,830

Finance income

(144,349

)

(148,473

)

(453,907

)

(888,727

)

Increase in trade and other debtors

(3,799,417

)

(1,976,602

)

Increase in trade and other creditors

2,901,862

910,011

Cash generated from operations

(1,351,462

)

(1,955,318

)

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

3,981,351

6,109,578

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

6,109,578

9,694,637

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank

6,109,578

(2,128,227

)

3,981,351

6,109,578

(2,128,227

)

3,981,351

Debt

Debts falling due within 1 year

(132,474

)

31,614

(100,860

)

Debts falling due after 1 year

(17,783,978

)

(686,232

)

(18,470,210

)

(17,916,452

)

(654,618

)

(18,571,070

)

Total

(11,806,874

)

(2,782,845

)

(14,589,719

)

1.	STATUTORY INFORMATION

Access Fertility Topco 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 General 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.

Basis of consolidation

The consolidated financial statements incorporate the financial statements of the company and its subsidiaries, Access Fertility Bidco Limited, Access Fertility Limited, Access Fertility Building Limited, Access Fertility International Limited, Access Fertility Ireland Limited, Access Fertility Poland Limited, Access Fertility Greece Limited, Access Fertility Spain Limited, Redia Limited, Redia IVF Limited, Redia FIV SL and Access Fertility Espana SL.

Your Fertility Ltd have been excluded as dormant. Redia Greece and Redia India entities have been excluded as both dormant and in the process of being liquidated.

All intra-group transactions, balances, income and expenses are eliminated in full on consolidation.

Turnover

Turnover is measured at the fair value of the consideration received. The policies adopted for the recognition of turnover are based on the various stages of a patient's treatment.

When the outcome of a transaction can be estimated reliably, turnover from the service provided to the patient is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to the programmes types available; 'Multicycle' and 'Refund'.

The Multicycle programme allows the patient two cycles of treatment and income is recognised on each cycle at an appropriate percentage depending on the outcome of the treatment at each stage.

The Refund programme offices three cycles to patients and if unsuccessful at the end of the third cycle, a refund of the proportion of the programme fee is given. Income is recognised at an appropriate percentage depending on the outcome of the treatment at each stage.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Programme refunds and partial withdrawals are netted off the associated programme turnover.

Buy now pay later patient credit has no stated interest rate and are receivable within one year, and are recorded in full, at the programme transaction price, in trade debtors, with the deferred turnover being recognised once the stage of completion has been reached as per the relevant programme policy above.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of the business in Access Fertility Limited in 2019 and the acquisition of business in Redia Ltd Group in 2023, is being amortised evenly over its estimated useful life of twenty years.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly.

When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the assets and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

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 on building

Improvements to property

-

2% on cost

Plant and machinery

-

Straight line over 3 years

Fixtures and fittings

-

Straight line over 3 years and Straight line over 3 years

Office equipment

-

Straight line over 3 years and Straight line over 3 years

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investments in associates

Investments in subsidiaries are recognised at cost less impairment in the individual financial statements.