The directors present the strategic report for the Period ended 31 December 2024.
Prometheus Medical International Limited ("Prometheus") continued to strengthen its position as a specialist provider of emergency medical training, clinical governance, operational medical support and healthcare consultancy services during 2024.
The Company delivered training and consultancy programmes to government, defence, emergency services, energy, aviation and commercial clients across the United Kingdom and international markets. Demand remained strong for specialist emergency response, pre-hospital care, trauma management and resilience-building services, reflecting increasing focus on organisational preparedness and workforce capability.
During the year, the Company continued to develop its international footprint and broaden its service offering through the integration of medical advisory services, remote healthcare support, operational medical capability and bespoke training solutions. Investment was also made in strengthening internal governance, quality assurance and business development activities to support future growth.
The Directors remain confident in the long-term prospects of the Company and its ability to capitalise on increasing demand for specialist healthcare, emergency preparedness and operational medical services worldwide.
The principal risks facing the Company include:
Market and Economic Conditions:
Changes in economic conditions, public sector spending priorities and client procurement cycles may impact demand for the Company's services.
Competition:
The healthcare, training and consultancy sectors remain highly competitive. The Company mitigates this risk through its specialist expertise, clinical credibility, operational experience and strong client relationships.
Regulatory Compliance:
The Company operates within highly regulated healthcare and training environments. Failure to maintain compliance with applicable standards, accreditations and legal requirements could adversely affect operations and reputation.
Recruitment and Retention:
The Company's success depends upon attracting and retaining suitably qualified clinical, operational and training personnel. Competition for experienced professionals remains significant.
International Operations:
As the Company expands internationally, it is exposed to risks associated with differing regulatory frameworks, geopolitical developments, currency fluctuations and local market conditions.
The Directors regularly review these risks and implement appropriate controls and mitigation measures where possible.
The Company continued to develop its capabilities throughout 2024, focusing on sustainable growth and diversification of revenue streams.
Key achievements during the year included:
Continued delivery of specialist medical training and consultancy services to domestic and international clients.
Expansion of healthcare advisory and operational support services.
Strengthening of clinical governance and quality assurance frameworks.
Development of strategic partnerships to support future growth opportunities.
Investment in business development activities targeting new sectors and international markets.
The Directors consider the Company's overall performance during the year to be satisfactory and believe that the foundations have been established for continued growth in future periods.
The Directors monitor performance using a range of financial and operational measures, including:
Revenue growth.
Gross profit margin.
Contract win rates.
Client retention and repeat business levels.
Training delegate numbers.
Consultant and instructor utilisation rates.
Client satisfaction and feedback scores.
Compliance and quality assurance performance.
Management reviews these indicators regularly to ensure the business remains aligned with its strategic objectives.
In addition to financial measures, the Company monitors a range of non-financial indicators including:
Clinical governance performance.
Training quality outcomes.
Health and safety performance.
Employee development and retention.
Customer satisfaction levels.
Accreditation and regulatory compliance status.
These indicators assist the Directors in assessing the overall effectiveness and sustainability of the Company's operations.
The Directors remain focused on delivering sustainable growth by expanding the Company's international presence, developing innovative healthcare and medical support services, and strengthening strategic partnerships.
Opportunities are expected to arise from increasing demand for emergency preparedness, remote healthcare delivery, medical training and operational medical support services across both public and private sectors.
The Company will continue to invest in technology, clinical governance, workforce capability and business development initiatives to support long-term growth and enhance shareholder value.
While recognising ongoing economic uncertainty, inflationary pressures and geopolitical risks, the Directors believe that the Company's specialist expertise, strong reputation and diversified service offering position it well to capitalise on future opportunities.
On behalf of the board
The directors present their annual report and financial statements for the Period ended 31 December 2024.
The results for the Period are set out on page 10.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
No preference dividends were paid. The directors do not recommend payment of a final dividend.
The directors who held office during the Period and up to the date of signature of the financial statements were as follows:
The Directors remain confident in the long-term prospects of the Company and continue to focus on sustainable growth through the expansion of its specialist medical, consultancy and operational support services within both domestic and international markets. The Company is actively pursuing opportunities to broaden its service offering across emergency medical training, remote medical support, medical consultancy, resilience planning, telemedicine and integrated medical and security solutions.
Looking ahead, the Directors anticipate further opportunities arising from increasing global demand for emergency preparedness, operational medical capability, travel risk management and specialist healthcare support services across the corporate, governmental, energy, infrastructure and security sectors. The Company also intends to continue expanding its international footprint through strategic partnerships, new client relationships and the development of services aligned to emerging market requirements within the United Kingdom, the Middle East, Europe and other selected international markets.
The Company continues to invest in the development and enhancement of its service platforms and operational capabilities. Activities during the year have included the development of integrated telemedicine and medical reach-back services, operational response frameworks, technology-enabled case management systems, and enhanced training methodologies designed to improve scalability, service quality and client outcomes.
The Directors believe that the Company is well positioned within its sector due to its specialist expertise, international reputation, experienced workforce and ability to deliver integrated medical and operational solutions in complex environments. The Company’s strategy remains focused on maintaining high clinical and governance standards, strengthening operational resilience, expanding recurring revenue streams and pursuing disciplined commercial growth opportunities while maintaining appropriate cost control and financial oversight.
The Directors recognise that the business environment remains subject to a number of uncertainties and risks, including inflationary pressures, geopolitical instability, changing regulatory requirements, recruitment and retention challenges within specialist healthcare sectors, competitive market conditions and fluctuations in client spending patterns. The Company also operates in sectors where contract timing and project mobilisation can impact short-term financial performance.
To mitigate these risks, the Company continues to maintain robust governance, compliance and risk management processes, whilst diversifying its customer base, geographic exposure and service offering. The Directors regularly review financial performance, operational risks and market conditions and remain confident that the Company is appropriately positioned to manage these challenges and capitalise on future opportunities as they arise.
Byrd Link Audit & Accountancy Services Limited were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
We have audited the financial statements of Prometheus Medical International Limited (the 'company') for the Period ended 31 December 2024 which comprise the income statement, the statement of financial position, the statement of changes in equity and notes to the financial statements, including 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 101 Reduced Disclosure Framework (United Kingdom Generally Accepted Accounting Practice).
Basis for 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial Period for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Based on our understanding of the company and its financial operations we have considered the initial risks of non-compliance with the UK regulators, predominantly HM Revenue and Customs and the Companies Act. We have assessed the impact of any breaches in such laws and regulations, based on the results of audit testing and enquiries made with management, and considered whether any such findings would have a material impact on these financial statements. We have considered the risk of those charged with management overriding internal controls and the opportunity for financial manipulation. We have considered the effect of any accounting estimates included within these accounts and the effect this may have on our audit opinion.
Our audit procedures together with our assessment of risks identified at planning were transparent to the company and we have communicated with the client throughout the audit as well as the audit engagement team, and this includes such matters as fraud and irregularity. The above procedures do however have their limitations as we can only work on a sample of financial transactions. Ultimately it is the responsibility of those charged with management for the prevention and detection of fraud and other irregularities.
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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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 an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Prometheus Medical International Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Old Rectory, Hope-under-Dinmore, Leominster, Herefordshire, United Kingdom, HR6 0PW. The company's principal activities and nature of its operations are disclosed in the directors' report.
These financial statements cover the period from incorporation on 23 January 2024 to 31 December 2024. As this is the first period of account, there are no comparative figures for the corresponding period in the previous year.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS:
inclusion of an explicit and unreserved statement of compliance with IFRS;
presentation of a statement of cash flows and related notes;
disclosure of the objectives, policies and processes for managing capital;
disclosure of key management personnel compensation;
disclosure of the categories of financial instrument and the nature and extent of risks arising on these financial instruments;
the effect of financial instruments on the statement of comprehensive income;
comparative period reconciliations for the number of shares outstanding and the carrying amounts of property, plant and equipment, intangible assets, investment property and biological assets;
disclosure of the future impact of new International Financial Reporting Standards in issue but not yet effective at the reporting date;
a reconciliation of the number and weighted average exercise prices of share options, how the fair value of share-based payments was determined and their effect on profit or loss and the financial position;
comparative narrative information;
for financial instruments, investment property and biological assets measured at fair value and within the scope of IFRS 13, the valuation techniques and inputs used to measure fair value, the effect of fair value measurements with significant unobservable inputs on the result for the period and the impact of credit risk on the fair value; and
related party disclosures for transactions with the parent or wholly owned members of the group.
Where required, equivalent disclosures are given in the group accounts of Response Plus Medical Services LLC. The group accounts of Response Plus Medical Services LLC are available to the public and can be obtained as set out in note 15.
The company recognises revenue from the following major sources:
Sale of consultancy services
Sale of training services
The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.
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.
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.
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.
The company 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, 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.
Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.
Equity instruments issued by the 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 at the discretion of the company.
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 company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of property, plant and 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.
The average monthly number of persons (including directors) employed by the company during the Period was:
Their aggregate remuneration comprised:
Deferred tax assets have not been recognised in respect of trading losses totalling £640,697 in the period ending 31 December 2024 because it is not probable that future taxable profit will be available against which the company can utilise the benefits in the near future.These losses have been carried forward for use against future trading profits which may arise and have no expiry date.