Inomed Neurocare Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 11102850 (England and Wales)

Audited Financial Statements

for the Year Ended

31 December 2024

for

Inomed Neurocare Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

M S Gruchala

REGISTERED OFFICE:

3.11 3rd Floor

One Lyric Square

London

W6 0NB

REGISTERED NUMBER:

11102850 (England and Wales)

AUDITORS:

Price Bailey LLP

Chartered Accountants & Statutory Auditors

3rd Floor

24 Old Bond Street

London

W1S 4AP

FIXED ASSETS

Tangible assets

5

634,599

300,744

CURRENT ASSETS

Stocks

6

1,273,380

2,026,405

Debtors

7

1,525,785

1,009,432

Cash at bank

893,782

868,990

3,692,947

3,904,827

CREDITORS

Amounts falling due within one year

8

1,614,694

1,337,664

NET CURRENT ASSETS

2,078,253

2,567,163

TOTAL ASSETS LESS CURRENT LIABILITIES

2,712,852

2,867,907

PROVISIONS FOR LIABILITIES

10

-

75,186

NET ASSETS

2,712,852

2,792,721

CAPITAL AND RESERVES

Called up share capital

11

1,400

Retained earnings

2,711,452

2,791,321

SHAREHOLDERS' FUNDS

2,712,852

2,792,721

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 December 2025 and were signed by:

M S Gruchala - Director

1.	STATUTORY INFORMATION

Inomed Neurocare 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 presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover represents net value of medical devices and related services sold during the period. Turnover is measured at the fair value of the consideration receivable net of value added tax and any customer rebates and discounts. Income is recognised when the amounts can be reliably measured and it is probable that future economic benefits will flow.

Tangible fixed assets

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

Fixtures, fittings & equipment

-

50% on cost and 33.33% on cost

Stocks

Stocks are stated at the lower of cost and estimated selling price. Cost includes all costs of purchase and any other costs incurred in bringing the stock to its present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Financial instruments

The company only enters into basic financial instruments 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 and loans to and from related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Going concern

The company meets its day-to-day working capital requirements through careful management of its working capital positions. After making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 51 (2023 - 41 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures,

fittings

& equipment

£

COST

At 1 January 2024

420,665

Additions

1,443,944

Disposals

(1,188

)

At 31 December 2024

1,863,421

DEPRECIATION

At 1 January 2024

119,921

Charge for year

1,108,921

Eliminated on disposal

(20

)

At 31 December 2024

1,228,822

NET BOOK VALUE

At 31 December 2024

634,599

At 31 December 2023

300,744

Additions above includes additions of £535K in relation to prior years and depreciation charge for the year above includes depreciation of £434K in relation to prior years.

During the year, the company changed the method of depreciating its tangible fixed assets from 20% on cost in the previous years to 50% on cost and 33.33% on cost as these revised rates reflects the company's consumption of the fixed assets over their useful lives and is consistent with the company's replacement cycle.

6.

STOCKS

31/12/24

31/12/23

(Unaudited)

£

Stocks

1,273,380

2,026,405

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/24

31/12/23

(Unaudited)

£

Trade debtors

952,924

999,794

Other debtors

572,861

9,638

1,525,785

1,009,432

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/24

31/12/23

(Unaudited)

£

Trade creditors

41,335

63,487

Amounts owed to group undertakings

811,228

278,846

Taxation and social security

531,209

974,561

Other creditors

230,922

20,770

1,614,694

1,337,664

Amounts owed to group undertakings have been reclassified as a separate balance above and comparatives have been re-stated accordingly. Previously, these balances were included within Trade Creditors or Trade Debtors as applicable.

9.	LEASING AGREEMENTS

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

31/12/24

31/12/23

(Unaudited)

£

Within one year

16,532

3,750

Between one and five years

25,565

-

42,097

3,750

10.	PROVISIONS FOR LIABILITIES

31/12/23

(Unaudited)

£

Deferred tax

75,186

Deferred

tax

£

Balance at 1 January 2024

75,186

Provided during year

(250,028

)

Balance at 31 December 2024

(174,842

)

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/12/24

31/12/23

value:

£

1,400

Ordinary

£1

1,400

12.	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

During the year, the company has reclassified brought forward stock items to fixed assets totalling £535k. The reclassification relates to prior periods and therefore should have been adjusted within those respective periods, impacting the opening balances brought forward at 1 January 2024. As the depreciation rate applied to such assets is 50% straight line, depreciation should have also been applied in previous periods, as required by FRS102.

This approach would have reduced stock by £535k, reduced retained earnings by £434k and increased fixed assets by £101k at 1 January 2024. Depreciation has been applied in 2024 to bring fixed assets in line with expectations as at 31 December 2024, meaning that depreciation charge within the profit and loss for the year ended 31 December 2024 is materially overstated by £434k.

We were not appointed as auditor of the company until after 31 December 2023 and therefore did not observe the counting of physical stocks at the end of that period. We were unable to satisfy ourselves by alternative means concerning the stock quantity of £2,026k and the condition of the stock held at 1 January 2024, by using other audit procedures. Consequently, we were unable to determine whether any further adjustment to the opening balance of stock, including provisions for obsolete stock and retained earnings were necessary, or whether there was any consequential effect on the cost of sales, profit before tax, corporation tax and retained earnings for the year ended 31 December 2024. This stock balance would also be impacted by the reclassification to fixed assets noted above (£535k).

Matters on which we are required to report by exception

Arising solely from the limitation on the scope of our work relating to Stock, and disagreement on the prior year adjustments to Stock and Fixed assets referred to above:

- we have not obtained all the information and explanations that we consider necessary for the purpose of our audit; and

- we were unable to determine whether adequate accounting records have not been kept; and

- the financial statements are not in agreement with the accounting records and returns.

Mark Roach ACA

Senior Statutory Auditor

for and on behalf of Price Bailey LLP

Dated: 29 December 2025

13.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned entities within the group.

14.	PARENT COMPANY

The company is a wholly owned subsidiary of Inomed Medizintechnik GmbH, a company incorporated in Germany and whose registered office is at Im Hausgrün 29, 79312 Emmendingen, Germany.