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Registered number: 11693738
RENAL HEALTH ORGANISATION UK LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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RENAL HEALTH ORGANISATION UK LIMITED
COMPANY INFORMATION
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32 Threadneedle Street, London
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RENAL HEALTH ORGANISATION UK LIMITED
CONTENTS
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Statement of Profit or Loss and Other Comprehensive Income
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Statement of Financial Position
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Statement of Changes in Equity
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Notes to the Financial Statements
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Detailed Profit and Loss Account and Summaries
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RENAL HEALTH ORGANISATION UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The Director presents the strategic report for the year ended 31st December 2025.
The principal activity of Renal Health Organisation UK Limited (RHO) group during the period is the supply of dialysis equipment and consumables and the provision of dialysis treatments directly to patients in RHO's own centres/units.
RHO's main markets are in the Russian Federation and the Republic of Georgia. Today, RHO Group provides medical care for more than 4,000 patients in the medical chain of more than 70 units, providing more than 500,000 medical procedures per year.
The Company's revenue remained at similar level to prior year with no significant decrease. This reduction is primarily attributed to the depreciation of the Russian Ruble against the British Pound. Given that Company's revenue is generated in Russian Rubles and group reporting currency is the British Pound, changes in the exchange rate have had an impact on revenue figures.
Our mission is to improve our patients' lives by providing high-quality and affordable dialysis procedures.
Our adherence to high standards in medical care contributes to fruitful cooperation with National health insurance services and hospitals to ensure that we obtain the maximum quantity of referrals today and in the future.
The Company disposed off controlling stake in Russian subsidiaries on 19 June 2024; these entities are now the Company's significant associates.
Principal risks and uncertainties
The Russian economy's state, the Russian Rouble's weakening, and volatility in the financial markets will impact the Company's operations.
The Company actively monitors its exposure to currency and market risks, identifying future potential issues and planning ahead. Decisions are implemented after an impact analysis that limits exposure to risks and maximises business opportunities.
In relation to the Company's activities in the supply of dialysis equipment and consumables and the provision of dialysis treatments directly to patients in RHO's own centres/units, the Company is exposed to credit risks arising from long outstanding receivable balances. The risk is mitigated through ongoing review of outstanding balances, taking legal action where necessary and writing off balances not deemed recoverable based on considerations such as the client's financial assessment.
In order to be successful over the long term, we consolidated and improved on what we have already achieved and created new opportunities. We maintain regular contact and dialogue with responsible nephrologists to explore new prospects and closely monitor markets and competitors to identify opportunities. Within the RHO Group,opportunities and synergies can be exploited through continuous communication involving the exchange of information and know-how between RHO subsidiary companies. As part of our strategic and operational budgeting process, we identify and analyse short-, medium- and long-term opportunities and risks.
The Company faces risks from various sources that could materially impact our financial commitments and ability to trade in the future.
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RENAL HEALTH ORGANISATION UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Management has performed a robust assessment of the Companys principal risks. Through this assessment, management has determined the principal risks facing the Company. The set of principal risks should not be considered an exhaustive list of all the risks the Company faces. Certain risk factors are outside the control of management. The principal risks are dynamic, and the management of these risks must be continuous as the risk environment changes.
Our principal risks are set out below.
Market dynamics
The commercial viability of the business we operate may change significantly due to political action, economic factors, societal pressures, regulatory interventions, and changes to participants in the value chain.
Management actions to decrease these risks include the following:
- Growth and expansion in existing markets and by entering new geographic areas.
- Capital investment in new countries by collaborating with external partners for market development.
Legal and regulatory
Complying with laws and regulations and their application. Managing litigation, governmental investigations, sanctions, contractual terms and conditions and adapting to their changes while preserving shareholder value, business integrity and reputation.
Management actions to decrease these risks include the following:
- Continuous assessment of developments in legal and regulatory frameworks and the impact on the Company;
- Continuing to manage complex litigation activity related to the service provided;
- Developing and updating policies and procedures in response to changes in the risks facing the Company, including the protection and security of personal data, compliance with economic sanctions, export controls and trade restrictions;
- Internal communication and training to raise awareness to ensure understanding and build a compliance culture across the Company;
- Engage external counsel for independent specialist advice.
Competition risks
We have intense numerous competitors in both our healthcare services business, some of which may possess substantial financial, marketing or research and development resources. Competition from new and existing competitors could materially adversely affect the future volume of services provided and as a result, affect future turnover and the Company's financial position. Our dialysis clinics are dependent on patients selecting them for their medical treatment. To a large extent, patients rely on the recommendation of their attending physician. Physicians make their recommendations based on various factors, including the quality of the medical treatment and the competence of the hospital staff, as well as the distance to the hospital and the availability of appointments for treatment. Physicians may recommend fewer or no patients to our clinics if we cannot meet these criteria. These factors could result in lower sales and adversely affect our business, financial position, and operational results.
To ensure our permanent competitiveness, we work closely together with physicians. We secure our competitiveness through ongoing analyses of our market environment and the regulatory framework. The market activity, especially our competitors’ products and newly launched dialysis-related products, are thoroughly monitored, and talented medical staff and doctors hired also ensure our competitiveness, which is finally further enhanced by our consequent conduction of programs devoted to cost saving and efficiency increase.
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RENAL HEALTH ORGANISATION UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Inflation risks
As the Company trades internationally, it is exposed to varying inflation rates, price developments and exchange differences. Inflation-related cost increases could have an adverse effect on our business, particularly if tariffs for our services remain unchanged or cannot be adjusted sufficiently to reflect increased costs.
Payment default risks
As a rule, we evaluate the financial stability of our medical centers to determine the likelihood of their failure to pay debts. This process includes continuous reassessments and adjustments to their credit facilities. In 2024, we actively managed the status of our accounts receivable through strategies like negotiations and setting aside provisions as a cautious measure when necessary.
Development and performance
Our strategic focus is that we continuously develop our business and strive to increase our position in the dialysis care markets where we operate now and to extend our business into new regions and new countries.
For the next three years, RHO is focused on increasing sales in different territories, acting responsibly and fostering intra-group cooperation to leverage synergies.
As a result, RHO’s strategy for 2026-2027 is based on people and talent, high-quality services and medical equipment and consumables and market growth expansion.
This report was approved by the board on 26 May 2026 and signed on its behalf.
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RENAL HEALTH ORGANISATION UK LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The director presents his report and the financial statements for the year ended 31 December 2025.
The Company's principal activity continued to be that of supply of dialysis equipment and consumables and the provision of dialysis treatments directly to patients in RHO's own centres/units.
The loss for the year, after taxation, amounted to £173,443 (2024 - loss £4,066,969).
No interim dividends were paid. The directors do not recommend payment of a final dividend.
The director who served during the year was:
These financial statements are prepared on a going concern basis. The Director has a reasonable expectation that the Company will continue in operational existence for the foreseeable future. As of 31st December 2024, the Company's total net liabilities were £8,994,976 (2024: £8,821,533). The Company also reported loss of £173,442 before taxes for the year 2025 (2024: £4,066,969). The company's negative equity position is attributed to the significant losses that accumulated in previous periods, particularly during the business downturn caused by the COVID-19 pandemic and also impairment of loans advanced to significant associates and subsidiairies. The above factors create a material uncertainty as to the ability of the Company to repay its debts as they fall due. This risk is mitigated by the fact that the majority of the Company's debts are long term shareholder's loans whose maturity can be easily extended.
The Director has considered the economic impact that has ensured following the Coronavirus pandemic that has continued during the previous financial years and the effect of the military conflict in Ukraine, which has affected the global economic situation. The Company has reviewed its forecasts and cash flow to assess these events' impacts. The Company's revenue and profit base is diversified as its dependant and directly co-related to its related group entities and these different entities can be impacted in a different manner by the changes in the economic climate, and these changes may affect the results of companies of the group and therefor the Company itself. Management continues to monitor the situation actively and undertakes all possible actions to ensure that all companies of the group are able to continue its operating activities and meet their performance expectations so as to maximise revenue and profits for the Company.
Having considered the above and post-year-end performance, the Director has a reasonable expectation that the Company will have adequate resources to continue in operational existence and meet its liabilities as they fall due for a period of at least twelve months from the date these financial statements were approved. Accordingly, they consider the going concern basis to be appropriate in preparing the financial statements.
The Company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense whilst ensuring the Company has sufficient liquid resources to meet the operating needs of the business.
The Company’s principal foreign currency exposures arise from trading with overseas companies. The Company policy permits but does not demand that these exposures be hedged to fix the sterling cost. Hedging activity involves the use of foreign exchange forward contracts, which the Company does not have.
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RENAL HEALTH ORGANISATION UK LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Investments of cash surpluses, borrowings are made through banks and companies, which must fulfil credit rating criteria approved by the Board of Director.
Financial risk management
Credit risk
Credit risk is the risk of suffering financial loss, should any of the Company's customers fail to fulfil their contractual obligations to the Company.
The main credit risk to RHO and its subsidiary companies is non-payment for services provided to our customers, principally provincial governments in our countries. Our primary mitigations for this risk are carefully constructed, including clearly structured contracts with customers and strict adherence to contractual terms and conditions on our part to ensure no breaches. We also have a strong in-house legal team with a successful track record in pursuing any non-payment through the appropriate legal channels.
Market risk management
The Company does not take on direct exposure to market risks, which is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices.
Interest rate risk
Cash flow interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company does not take direct exposure to interest rate risks.
Equity price risk
The Company is not exposed to equity securities price risk because it has no external investments at fair value.
Foreign exchange risk
The Company is exposed to fluctuations in the prevailing foreign currency exchange rates on its position and cash flows. The exchange rate Rouble/Sterling/Euro has remained volatile. To minimise the foreign exchange risk, the Company actively manages the business expenditure. The Company also has an opportunity to change suppliers to reduce its dependence on the Euro payable exposure.
Liquidity risk
Liquidity risk is the risk that the Company is unable to meet its obligations when they fall due. Cash flow forecasting is performed for the Company's operating entities. Each operating entity monitors rolling forecasts of the Company’s liquidity requirements to ensure it has sufficient cash to meet operational needs. In order to reduce this risk, the Company keeps sufficient cash reserves to cover any foreseeable shortfalls.
Capital risk management
Capital includes issued and fully paid ordinary share capital of £1,000. The Company is not subject to any externally imposed capital requirements.
Post-reporting date events
The ongoing military discord in Ukraine persisted into 2024. At this time, it remains challenging to measure the future impact of these events on the Company precisely. The Company's management team is diligently evaluating its ongoing effects and is committed to implementing all feasible measures to alleviate the repercussions on the business.
The Company’s principal risks and uncertainties and future developments have been included in the strategic report.
Qualifying third-party indemnity provisions
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RENAL HEALTH ORGANISATION UK LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The Company has made qualifying third-party indemnity provisions for the benefit of its Director during the year 2024. These provisions remain in force at the reporting date.
Engagement with employees
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The Company's policy is to consult and discuss with employees, through unions, staff councils and at meetings matters likely to affect employees' interests.
Information on matters of concern to employees is given through bulletins and reports, which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.
There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the Company's performance.
Greenhouse gas emissions, energy consumption and energy efficiency action
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As the Company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low-energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. If staff members become disabled, every effort is made to ensure that their employment within the company's continues and that the appropriate training is arranged. The company's policy is that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
Small companies' exemption note
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In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board on 26 May 2026 and signed on its behalf.
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RENAL HEALTH ORGANISATION UK LIMITED
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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Total comprehensive income
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The notes on pages 13 to 36 form part of these financial statements.
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RENAL HEALTH ORGANISATION UK LIMITED
REGISTERED NUMBER: 11693738
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
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Property, plant and equipment
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Other non-current investments
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Trade and other receivables
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Cash and cash equivalents
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Trade and other liabilities
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Trade and other liabilities
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Issued capital and reserves
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For the year ending 31 December 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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RENAL HEALTH ORGANISATION UK LIMITED
REGISTERED NUMBER: 11693738
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2025
The members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The Company's financial statements have been prepared in accordance with the provisions applicable to the companies subject to the small companies regime.
The financial statements on pages 7 to 36 were approved and authorised for issue by the board of director on 26 May 2026 and were signed on its behalf by:
The notes on pages 13 to 36 form part of these financial statements.
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RENAL HEALTH ORGANISATION UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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Comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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The notes on pages 13 to 36 form part of these financial statements.
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RENAL HEALTH ORGANISATION UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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Comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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The notes on pages 13 to 36 form part of these financial statements.
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RENAL HEALTH ORGANISATION UK LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
Cash flows from operating activities
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Depreciation of property, plant and equipment
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Loss on sale of property, plant and equipment
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Net foreign exchange loss
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Movements in working capital:
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Decrease in trade and other receivables
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Increase in trade and other payables
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Net cash from operating activities
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Cash flows from investing activities
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Purchases of property, plant and equipment
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Net cash used in investing activities
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Cash flows from financing activities
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Net cash used in financing activities
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Net decrease in cash and cash equivalents
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Cash and cash equivalents at the beginning of year
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Exchange loss on cash and cash equivalents
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Cash and cash equivalents at the end of the year
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The notes on pages 13 to 36 form part of these financial statements.
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RENAL HEALTH ORGANISATION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Renal Health Organisation UK Limited (the 'Company') is a limited company incorporated in the United Kingdom. The Company's registered office is at 3-8 Bolsover Street, London, W1W 6AB. The Company's principal activity is supply of dialysis equipment and consumables and the provision of dialysis treatments directly to patients in RHO's own centres/units.
2.Accounting policies
The financial statements have been prepared in accordance with International Financial Reporting Standards, International Accounting Standards and Interpretations as adopted by the UK (collectively IFRSs). They were authorised for issue by the Company's board of directors on 24 April 2025.
Details of the Company's accounting policies, including changes during the year, are included below.
Going Concern
These financial statements are prepared on a going concern basis. The Director has a reasonable expectation that the Company will continue in operational existence for the foreseeable future. As of 31st December 2024, the Company's total net liabilities were £8,821,533,(2023: £4,754,564). The Company also reported loss of £4,066,969 before taxes for the year 2024 (2023: £1,549,072). The company's negative equity position is attributed to the significant losses that accumulated in previous periods, particularly during the business downturn caused by the COVID-19 pandemic and also impairment of loans advanced to significant associates and subsidiairies. The above factors create a material uncertainty as to the ability of the Company to repay its debts as they fall due. This risk is mitigated by the fact that the majority of the Company's debts are long term shareholder's loans whose maturity can be easily extended.
The Director has considered the economic impact that has ensured following the Coronavirus pandemic that has continued during the previous financial years and the effect of the military conflict in Ukraine, which has affected the global economic situation. The Company has reviewed its forecasts and cash flow to assess these events' impacts. The Company's revenue and profit base is diversified as its dependant and directly co-related to its related group entities and these different entities can be impacted in a different manner by the changes in the economic climate, and these changes may affect the results of companies of the group and therefor the Company itself. Management continues to monitor the situation actively and undertakes all possible actions to ensure that all companies of the group are able to continue its operating activities and meet their performance expectations so as to maximise revenue and profits for the Company.
Having considered the above and post-year-end performance, the Director has a reasonable expectation that the Company will have adequate resources to continue in operational existence and meet its liabilities as they fall due for a period of at least twelve months from the date these financial statements were approved. Accordingly, they consider the going concern basis to be appropriate in preparing the financial statements.
In preparing these financial statements, management has made judgments, estimates and assumptions that affect the application of the Company accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.
The areas where judgments and estimates have been made in preparing the financial statements and their effects are disclosed in note 3.
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RENAL HEALTH ORGANISATION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Functional and presentation currency
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These financial statements are presented in pound sterling, which is the Company's functional currency. All amounts have been rounded to the nearest pound, unless otherwise indicated.
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New standards, interpretations and amendments adopted from 1 January 2024
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Some accounting pronouncements which have become effective from 1 January 2024 and have therefore been adopted do not have a significant impact on the Company’s financial results or position:
- IAS 8.28 requires an entity to disclose detailed information on certain Standards that have been applied for the first time in the current period.
- Classification of Liabilities as Current or Non-current (Amendments to IAS 1)
- Lease Liability in a Sale and Leaseback (Amendments to IFRS 16)
- Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7)
- Non-current Liabilities with Covenants (Amendments to IAS 1)
These amendments do not have a significant impact on the Company's financial Statements and therefore the disclosures have not been made.
Standards, amendments and Interpretations to existing Standards that are not yet effective and have not been adopted early by the Company:
• Lack of Exchangeability (Amendments to IAS 21)
• Amendments to the Classification and Measurement of Financial Instruments (Amendments
to IFRS 9 and 7)
• IFRS 18 ‘Presentation and Disclosure in Financial Statements’
• IFRS 19 ‘Subsidiaries without Public Accountability: Disclosures’
These amendments are not expected to have a significant impact on the Company's financial statements in the period of initial application and therefore no disclosures have been made.
At the date of authorisation of these financial statements, several new, but not yet effective, Standards and amendments to existing Standards, and Interpretations have been published by the IASB or IFRIC.
None of these Standards or amendments to existing Standards have been adopted early by the Company and no Interpretations have been issued that are applicable and need to be taken into consideration by the Company at either reporting date.
Management anticipates that all relevant pronouncements will be adopted for the first period beginning on or after the effective date of the pronouncement. New Standards, amendments and Interpretations not adopted in the current year have not been disclosed as they are not expected to have a material impact on the Company's financial statements.
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RENAL HEALTH ORGANISATION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Company revenue represents the provision of dialysis equipment and consumables directly to its subsidiaries.
Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The group recognises revenue when it transfers control of a product or service to a customer.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
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.
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Investments in associates and joint ventures
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An associate is an entity over which the Company has significant influence. Significant influence is the
power to participate in the financial and operating policy decisions of the investee but is not control or joint
control over those policies.
The results and assets and liabilities of associates or joint ventures are incorporated in these consolidated financial statements using the equity method of accounting, except when the investment, or a portion thereof, is classified as held for sale, in which case it is accounted for in accordance with IFRS 5. Under the equity method, an investment in an associate or a joint venture is initially recognised in the consolidated statement of financial position at cost and adjusted thereafter to recognise the Company's share of the profit or loss and other comprehensive income of the associate or joint venture. When the Company's share of losses of an associate or a joint venture exceeds the Company's interest in that associate or joint venture (which includes any long-term interests that, in substance, form part of the Company's net investment in the associate or joint venture), the Company discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Company has incurred legal or constructive obligations or made payments on behalf of the associate or joint venture.
An investment in an associate or a joint venture is accounted for using the equity method from the date on which the investee becomes an associate or a joint venture. On acquisition of the investment in an associate or a joint venture, any excess of the cost of the investment over the Company's share of the net fair value of the identifiable assets and liabilities of the investee is recognised as goodwill, which is included within the carrying amount of the investment. Any excess of the Company's share of the net fair value of the identifiable assets and liabilities over the cost of the investment, after reassessment, is recognised immediately in profit or loss in the period in which the investment is acquired.
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RENAL HEALTH ORGANISATION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Investments in associates and joint ventures (continued)
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The requirements of IAS 39 are applied to determine whether it is necessary to recognise any impairment loss with respect to the Company's investment in an associate or joint venture. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with IAS 36 Impairment of Assets as a single asset by comparing its recoverable amount (higher of value in use and fair value less costs of disposal) with its carrying amount. Any impairment loss recognised forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognised in accordance with IAS 36 to the extent that the recoverable amount of the investment subsequently increases.
The Company discontinues the use of the equity method from the date when the investment ceases to be an associate or joint venture, or when the investment is classified as held for sale. When the Company retains an interest in the former associate or joint venture and the retained interest is a financial asset, the Company measures the retained interest at fair value at that date and the fair value is regarded as its fair value on initial recognition in accordance with IAS 39. The difference between the carrying amount of the associate or joint venture at the date the equity method was discontinued, and the fair value of any retained interest and any proceeds from disposing of a part interest in the associate or joint venture is included in the determination of the gain or loss on disposal of the associate or joint venture. In addition, the Company accounts for all amounts previously recognised in other comprehensive income in relation to that associate or joint venture on the same basis as would be required if that associate or joint venture had directly disposed of the related assets or liabilities. Therefore, if a gain or loss previously recognised in other comprehensive income by that associate or joint venture would be reclassified to profit or loss on the disposal of the related assets or liabilities, the Company reclassified the gain or loss from equity to profit or loss (as a reclassification adjustment) when the equity method is discontinued.
When the Company reduces its ownership interest in an associate or a joint venture but the Company continues to use the equity method, the Company reclassifies to profit or loss the proportion of the gain or loss that had previously been recognised in the other comprehensive income relating to that reduction in ownership interest if that gain or loss would be reclassified to profit or loss on the disposal of the related assets or liabilities.
When an entity transacts with an associate or a joint venture of the Company, profits and losses resulting from the transactions with the associate or joint ventures are recognised in the Company's consolidated financial statements only to the extent of interests in the associate or joint venture that are not related to the Company.
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RENAL HEALTH ORGANISATION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Property, plant and equipment
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Items of property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses.
If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment. Any gain or loss on disposal of an item of property, plant and equipment is recognised in profit or loss. Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to the Company.
Depreciation is provided on all other items of property, plant and equipment so as to write off their carrying value over their expected useful economic lives. It is provided at the following rates:
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|
|
Long-term leasehold property
|
|
Over the term of the lease
|
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Impairment of tangible and intangible assets
|
At each reporting end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
|
|
RENAL HEALTH ORGANISATION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date, and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity over which the parent company exercises control. Control refers to the capacity to direct the financial and operating policies of the entity in order to gain benefits from its operations.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.
Inventories held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
|
|
|
Cash and cash equivalents
|
Cash is represented by cash in hand, 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.
Financial assets are recognised in the group's statement of financial position when the Company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.
At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.
Financial assets at fair value through profit or loss
When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognised initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.
|
|
RENAL HEALTH ORGANISATION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Financial assets held at amortised cost
Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (e.g. trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.
Financial assets at fair value through other comprehensive income
Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the Company’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.
The parent company has made an irrevocable election to recognise changes in fair value of investments in equity instruments through other comprehensive income, not through profit or loss. A gain or loss from fair value changes will be shown in other comprehensive income and will not be reclassified subsequently to profit or loss. Equity instruments measured at fair value through other comprehensive income are recognised initially at fair value plus transaction cost directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to retained earnings when the equity instrument is derecognised or its fair value substantially decreased. Dividends are recognised as finance income in profit or loss.
Impairment of financial assets
Financial assets carried at amortised cost and FVOCI are assessed for indicators of impairment at each reporting end date.
The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.
|
|
RENAL HEALTH ORGANISATION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The group recognises financial debt when the Company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.
Other financial liabilities
Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the Company’s obligations are discharged, cancelled, or they expire.
Equity instruments issued by the parent company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer payable at the discretion of the company.
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|
RENAL HEALTH ORGANISATION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
At inception, the Company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the Company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.
The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.
The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other property, plant and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the group's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the group is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.
The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the group's estimate of the amount expected to be payable under a residual value guarantee; or the group's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.
The gr has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the year are included in profit or loss.
|
|
RENAL HEALTH ORGANISATION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
|
|
Key accounting estimates and judgments
|
Bad debt provision
At each reporting date, the Company reviews the receivables to assess whether an impairment loss should be recorded in the statement of comprehensive income.
Impairment of receivables is assessed individually for each receivable. Impairment is calculated on an individual basis depending on delinquencies and case specific analysis. When assessing the requirement for such a provision, management consider factors including the current credit rating of the customer, the ageing profile of the debt and previous experience.
Useful lives of property, plant and equipment
The accounting for plant and equipment and intangible assets involves the use of estimates of their estimated useful lives and residual values, which are based on judgements made by the Company's management.
Impairment of tangible assets
At each reporting end date, the Company reviews the carrying amounts of its tangible to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Stock provision
The Company writes down stock to the net realisable value based on an estimate of the realisable value of the stock. Written down stock is recorded where events or changes in circumstances indicate that balances may not be realised. The identification of write-downs require use of judgements and estimates. Where the expectation is different from the original estimate or judgement, such difference will impact the carrying value of stock and write-downs of stocks in the periods in which such estimates or judgements have been changed.
|
|
RENAL HEALTH ORGANISATION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
|
|
|
|
|
The following is an analysis of the Company's revenue for the year from continuing operations:
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|
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Sale of medical consumables and spare parts
|
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|
|
Analysis of revenue by country of destination:
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|
|
|
|
|
|
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|
|
|
Loss on disposal of property, plant and equipment
|
|
|
|
|
Depreciaton of property plant and equipment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory recognised as expense
|
|
|
|
|
RENAL HEALTH ORGANISATION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
|
|
Employee benefit expenses
|
|
|
|
|
|
|
|
|
|
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|
|
Employee benefit expenses (including director) comprise:
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|
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|
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|
|
|
|
Defined contribution pension cost
|
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|
|
|
|
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|
|
The monthly average number of persons, including the director, employed by the Company during the year was as follows:
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|
|
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|
|
|
|
|
|
|
|
Average number of employees
|
|
|
|
|
|
|
|
|
|
RENAL HEALTH ORGANISATION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
|
|
Finance income and expense
|
|
|
Recognised in profit or loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
Other interest receivable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net finance income recognised in profit or loss
|
|
|
|
|
Interest receivable comprises of £144,609 (2024: £163,912) on bank deposits and accrued interest of £57,963 (2024: £48,987) on loan receivables.
|
|
|
RENAL HEALTH ORGANISATION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
|
|
Property, plant and equipment
|
|
|
|
|
|
|
|
|
Long-term leasehold property
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
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|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term leasehold property
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated depreciation and impairment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge owned for the year
|
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|
|
|
|
|
|
|
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|
|
|
|
|
|
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|
|
|
|
|
Charge owned for the year
|
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|
|
|
|
|
|
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|
|
|
|
|
|
|
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|
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|
|
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|
|
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|
|
|
|
|
|
RENAL HEALTH ORGANISATION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
9.Property, plant and equipment (continued)
|
|
Management believes that recoverable values approximate net book values.
|
|
|
|
|
|
Details of the Company's material subsidiaries at the end of the reporting period are as follows:
|
|
|
|
|
|
Place of incorporation and operation
|
Proportion of ownership interest and voting power held by the Company (%)
|
|
|
|
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|
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|
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|
|
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|
|
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|
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|
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|
|
2) Nationwide Health Organisation LLC
|
Supporting and providing dialysis facilities and construction of hospitals
|
|
|
|
|
|
|
Aggregate of capital and reserves
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2) Nationwide Health Organisation LLC
|
|
|
|
|
RENAL HEALTH ORGANISATION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
|
|
|
|
|
The following entities have been included in the financial statements using the equity method:
|
|
|
|
|
Country of incorporation principal place of business
|
Relationship to the entity
|
Proportion of ownership interest held as at (%)
|
|
|
|
|
|
|
|
|
|
|
|
1) Agidel Medical Centre LLC
|
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|
|
|
|
|
2) Baikal Medical Company LLC
|
|
|
|
|
|
|
3) Dalnevostochnaya Medical Centre LLC
|
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|
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|
|
7) Nephrology & Dialysis Centre LLC
|
|
|
|
|
|
|
On 17 June 2024,the Company sold the controlling stake in the above entities to a related entity. The sale consideration was £175,382 which reflected net assets value of these entities.
|
|
|
(i) Summarised financial information (material associates)
Dalnevostochnaya Medical Centre LLC
|
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|
|
|
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|
|
|
|
|
|
|
Period ended 31 December 2025
|
|
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|
|
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|
|
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|
|
|
Profit from continuing operations
|
|
|
|
|
Total comprehensive income
|
|
|
|
|
|
|
|
|
|
RENAL HEALTH ORGANISATION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
|
|
Baikal Medical Company LLC
|
|
|
|
|
|
|
|
|
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|
|
Period ended 31 December 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit from continuing operations
|
|
|
|
|
Total comprehensive income
|
|
|
|
|
|
|
|
|
|
Agidel Medical Centre LLC
|
|
|
|
|
|
|
|
|
|
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|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period ended 31 December 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit from continuing operations
|
|
|
|
|
Total comprehensive income
|
|
|
|
|
|
|
|
|
|
RENAL HEALTH ORGANISATION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
|
|
Nephrology & Dialysis Centre LLC
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
Period ended 31 December 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit from continuing operations
|
|
|
|
|
Total comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period ended 31 December 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit/(loss) from continuing operations
|
|
|
|
|
Total comprehensive income
|
|
|
|
|
|
|
|
|
|
RENAL HEALTH ORGANISATION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period ended 31 December 2025
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
Profit from continuing operations
|
|
|
|
|
Total comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
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|
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|
|
Period ended 31 December 2025
|
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|
|
|
|
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|
|
|
|
|
|
|
|
Profit from continuing operations
|
|
|
|
|
Total comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finished goods and goods for resale
|
|
|
|
|
|
|
|
|
|
The amount of inventories recognised as an expense during 2025 was £619,542 (2024 - £1,029,462).Finished goods are measured at the lower of cost and net realisable value. There was no impairment recognised as of 31st December 2025 and 31st December 2024.
|
|
|
RENAL HEALTH ORGANISATION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
|
|
|
|
Trade and other receivables
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade receivable with related parties - note 20
|
|
|
|
|
Loan receivable from related parties - note 20
|
|
|
|
|
Total financial assets other than cash and cash equivalents classified as loans and receivables
|
|
|
|
|
Prepayments and accrued income
|
|
|
|
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Total current trade and other receivables
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Trade receivables are stated net of bad debt provision of £3,642,488 (2024: £3,725,182).
Loan receivables from related parties are stated net of bad debt provision of £3,647,578 (2024: £3,626,929).
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The carrying value of trade and other receivables classified as loans and receivables approximates fair value.
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Bad debt provision brought forward
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Changes to bad debt provision
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Bad debt provision carried forward
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RENAL HEALTH ORGANISATION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Shareholders' loans at amortised cost
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Payables to related parties - note 20
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Other payables - tax and social security payments
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Total current trade and other payables
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Other payables due after more than one year comprise of shareholders' loans. On the balance sheet date of 31st December 2025, an unsecured, non-interest-bearing shareholders' loan balance of £16,514,875 (2024: £17,042,166) stands outstanding. This figure siginicantly represents the members' equity and reserves that were reallocated from Metaco LLP to Renal Health Organisation UK Limited during the business transition that took place on 30th September 2019. The shareholders’ loan does not have a maturity date.
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Ordinary shares of £1.00 each
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Ordinary shares of £1.00 each
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At 1 January and 31 December
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RENAL HEALTH ORGANISATION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Retained earnings
Retained earnings comprise of accumulated losses.
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Related party transactions
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Details of transactions between the Company and its related parties are disclosed below.
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18.1 Loans and debts owed by related parties
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Loan balances receivable from related parties
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Loans receivable from fully owned subsidiaries
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Loans receivable from associates
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Veleiro Escarlate Importação e Distribuição de Materiais Aparelhos de Hemodiálise e Correlatos LTDA
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Veleiro Escarlate Consultoria e Apoio Emprl LTDA
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Baltic Medical Company LLC
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The above entities are controlled by S Larkin, the director and shareholder of Renal Health Organisaton (UK) Limited.
Loans receivable (except for the loan balance due from associates and loan balance with Veleiro Escarlate Consultoria e Apoio Emprl LTDA) are payable by 31 December 2029 or later. They are unsecured. Loan balances with Progress Belgium SPRL and Veleiro Escarlate Importação e Distribuição de Materiais Aparelhos de Hemodiálise e Correlatos LTDA carries an interest rate between 3% - 4%. Loan balances with fully owned subsidiaries and Baltic Medical Company LLC are interest-free.
Loan balance with Veleiro Escarlate Consultoria e Apoio Emprl LTDA is due by 30 June 2025 and comprises of amounts due on sale of controlling stake in associates. The loan balance is unsecured and interest free.
Loans due from associates are repayable on demand subject to the associate having sufficient cash to repay the loan balance. The loans carry an average interest rate of 3% and are unsecured.
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RENAL HEALTH ORGANISATION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
18.Related party transactions (continued)
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18.2 Loans from related parties
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18.3 Other related party transactions
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Other related party transactions are as follows:
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Related party relationship
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Associates (susbidiaries in prior years)
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Associates (subsidiaries in prior year)
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Ultimate Controlling Party
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The ultimate controlling party is the Director of the Company, Sergey Larkin.
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RENAL HEALTH ORGANISATION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Financial Risk Management
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Credit risk
Credit risk is the risk of suffering financial loss, should any of the group’s customers fail to fulfil their contractual obligations to the group. The main credit risk to RHO UK Ltd is non-payment for services provided to our customers, who are principally provincial governments in the countries where its associates and subsidiaries operate. Our primary mitigations for this risk are carefully constructed, clear contracts with customers and strict adherence to contractual terms and conditions on our part to ensure no breaches. When necessary, our secondary mitigation is our strong in-house legal team, which has a successful track record in pursuing any non-payment through the appropriate legal channels.
The following table breaks down the Company's credit exposure at their carrying amounts, as categorised by geographical region. For this table, the Company has allocated exposures to regions based on the country of domicile of its counterparties.
Assets as 31st December 2025
Russian Georgia Brazil Other Total
Federation £ £ £ £ £
Trade and loan receivables 2,703,110 943,311 1,858,073 529,865 6,034,359
Foreign exchange risk
The Company takes on exposure to the effects of fluctuations in the prevailing foreign currency exchange rates on its position and cash flows. The exchange rate Roubles/Sterling/Euro remained volatile. In order to minimise the foreign exchange risk, the Company is continually reducing/optimising the expenditure of the business.
The table below summarises the Company's exposure to foreign currency exchange rate risk at 31st December 2025. Included in the table are the group's financial instruments at carrying amounts, categorised by currency. Amounts are presented in British Pounds.
Assets as 31st December 2025
RUB (£ equivalent)
Trade and other receivables 2,096,497
Liabilities at 31st December 2025
Trade and other payables 2,296,882
At 31 December 2024, if the exchange rate of RUB had varied by 10% against Sterling, with all other variables held constant, impact on loss for the year and equity would be as below:
Decrease/(increase) in loss (Decrease) / increase in equity
RUB/GBP +10% (66,047) (66,047)
RUB/GBP -10% 80,724 80,724
Liquidity Risk
Liquidity risk is the risk that the Company is unable to meet its obligations when they fall due. Cashflow forecasting is performed and the mangement monitors the rolling forecast of the Company's liquidity requirements to ensure it has sufficient cash to meet operational needs. In order to reduce this risk, the Company needs to keep sufficient cash to meet operational needs. In order to reduce this risk, the Company must keep sufficient cash reserves to cover any foreseeable shortfalls.
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