Inomed Neurocare Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 11102850 (England and Wales)

Audited Financial Statements

for the Year Ended

31 December 2025

for

Inomed Neurocare Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M S Gruchala

J K Wipfler

REGISTERED OFFICE:

3.11 3rd Floor

One Lyric Square

London

W6 0NB

REGISTERED NUMBER:

11102850 (England and Wales)

AUDITORS:

Price Bailey LLP

Chartered Accountants & Statutory Auditors

3rd Floor

24 Old Bond Street

London

W1S 4AP

FIXED ASSETS

Tangible assets

5

372,319

634,599

CURRENT ASSETS

Stocks

6

856,368

1,273,380

Debtors

7

2,187,822

1,525,785

Cash at bank

1,339,054

893,782

4,383,244

3,692,947

CREDITORS

Amounts falling due within one year

8

939,952

1,614,694

NET CURRENT ASSETS

3,443,292

2,078,253

TOTAL ASSETS LESS CURRENT LIABILITIES

3,815,611

2,712,852

CAPITAL AND RESERVES

Called up share capital

11

1,400

Retained earnings

3,814,211

2,711,452

SHAREHOLDERS' FUNDS

3,815,611

2,712,852

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 June 2026 and were signed on its behalf by:

M S Gruchala - Director

J K Wipfler - Director

1.	STATUTORY INFORMATION

Inomed Neurocare Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

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

Tangible fixed assets

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

Leasehold improvements

-

33.33% on cost and Straight line over the lease term

Fixtures, fittings & equipment

-

50% on cost and 33.33% on cost

Stocks

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

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to and from related parties.

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

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

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

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

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 52 (2024 - 51 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures,

Leasehold

fittings

improvements

& equipment

Totals

£

COST

At 1 January 2025

-

1,863,421

Additions

53,136

422,248

475,384

At 31 December 2025

53,136

2,285,669

2,338,805

DEPRECIATION

At 1 January 2025

-

1,228,822

Charge for year

1,444

736,220

737,664

At 31 December 2025

1,444

1,965,042

1,966,486

NET BOOK VALUE

At 31 December 2025

51,692

320,627

372,319

At 31 December 2024

-

634,599

6.

STOCKS

31/12/25

31/12/24

£

Stocks

856,368

1,273,380

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/25

31/12/24

£

Trade debtors

1,713,424

952,924

Other debtors

474,398

572,861

2,187,822

1,525,785

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/25

31/12/24

£

Trade creditors

47,509

41,335

Amounts owed to group undertakings

-

811,228

Taxation and social security

397,215

531,209

Other creditors

495,228

230,922

939,952

1,614,694

9.	LEASING AGREEMENTS

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

31/12/25

31/12/24

£

Within one year

28,724

16,532

Between one and five years

73,724

25,565

In more than five years

23,750

-

126,198

42,097

10.	DEFERRED TAX

£

Balance at 1 January 2025

(174,842

)

Provided during year

(85,510

)

Balance at 31 December 2025

(260,352

)

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/12/25

31/12/24

value:

£

1,400

Ordinary

£1

1,400

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion

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

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

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

Our audit opinion on the financial statements for the year ended 31 December 2024 was modified due to the matters noted above. Our opinion on the current year’s financial statements is also modified because of the effect of these matters on the comparability of the current year’s figures and the corresponding figures.

Matters on which we are required to report by exception

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

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

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

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

Mark Roach ACA

Senior Statutory Auditor

for and on behalf of Price Bailey LLP

Dated: 21 July 2026

13.	RELATED PARTY DISCLOSURES

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

14.	POST BALANCE SHEET EVENTS

After the balance sheet date, the Board of Directors have declared for payment a dividend of £428.5714 per £1 Ordinary share (total dividends of £600,000) to be paid to the registered shareholders of the company.

15.	PARENT COMPANY

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