FOR THE YEAR ENDED 31 OCTOBER 2025
TELEDOCTOR LIMITED
COMPANY INFORMATION
TELEDOCTOR LIMITED
CONTENTS
TELEDOCTOR LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
The directors present their strategic report for the period ended 31 October 2025
Teledoctor Ltd (trading as ProblemShared – or “The Company”) is a leading online mental and neurodevelopmental health platform. We provide access to high quality care for individuals in partnership with organisations such as NHS Trusts, Integrated Care Boards, private medical insurers, universities, and other healthcare organisations, seeking mental healthcare services or neurodevelopmental assessments and post-diagnostic support.
By harnessing the combined power of people, data, and technology, we open access to a community that can offer safer, more effective services that are designed to support individuals and businesses to thrive through early diagnosis, tailored support, and strength-based care.
The results for the year show significant revenue growth to £33.5m from £19.3m in the 2024 financial year, a testament to the continued strength of our partnerships in both Mental Healthcare and Neurodevelopmental care with Universities, the NHS and Insurers, with growth in each segment. The number of people we have helped access services has grown significantly in the period with session numbers growing by over 51% in talking therapies, 135% in Neurodevelopmental assessments and 162% in other pre and post diagnostic support. The operating profit of the business before interest and depreciation has continued to grow in-line with our expectations and the outlook for 2026 is positive.
The Company’s mission remains to provide safe, high quality mental health and neurodevelopmental assessment and post-diagnostic services over our secure-online platform in a cost-effective way. We are expanding our support for employers, health insurers and other non-NHS referrers to ensure the benefit of support is clearly evidenced and shared.
The Company reviews key performance indicators to continuously monitor and drive business performance. The directors and senior leadership review the number of sessions completed, practitioner capacity growth, utilisation, customer satisfaction and feedback on a regular basis amongst other operating metrics. The financial results form part of the performance indicators and the Directors are satisfied that the position of these operating and financial indicators at the end of the financial year require no further comment and show that the company is well positioned to achieve its aims.
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TELEDOCTOR LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
Market risk
Teledoctor’s belief is that national demand for neurodevelopmental assessments and treatment is set to continue to increase over the medium term, but that market risk is driven by NHS commissioning constraints.
The nature of healthcare funding in the UK means that scale providers all suffer some concentration risk in the NHS.
Teledoctor’s long-standing focus on diversifying its referral sources to include private medical insurers, corporates, universities, and other healthcare companies offers relative stability as the NHS commissioning model changes.
Additional risk mitigation is provided through our continued focus on pre and post diagnostic care where the practitioner supply dynamics are far less constrained.
We continue to harness assistive technologies to enable our operating teams to support our growing practitioner base without significant expansion of overheads whilst enabling our practitioners to provide their expertise to a growing patient base.
People risk
People risk
Demand for neurodevelopmental assessments is expanding at a greater pace than the growth in the pool of high-quality assessors. To ensure Teledoctor can continue to attract and retain practitioners able to deliver robust, person-centred and neuro-affirmative assessments we continue to focus on developing our employee value proposition.
Regulatory risk
The Company is regulated by the Care Quality Commission and must comply with all relevant standards and legislation. Teledoctor is continuously evolving our corporate governance, risk and reporting infrastructure, and our processes to ensure we continue to both provide and demonstrate the provision of excellent care. 2024 saw the expansion of both the governance team, the introduction of a new risk monitoring platform, and the implementation of industry-leading risk screening and waitlist management protocols. The CQC carried out its first inspection of the business in June 2025. Teledoctor was awarded a Good rating, with Outstanding in the Responsive domain. This rating is reflective of our commitment to providing safe, effective and compassionate care with the client at the centre of everything we do.
Future Prospects
Teledoctor continues to grow and evolve its mental health, neurodevelopmental assessment, and post diagnostic services whilst working with an ever-broader range of referring institutions, further diversifying the Company’s revenue.
Teledoctor continues to grow and evolve its mental health, neurodevelopmental assessment, and post diagnostic services whilst working with an ever-broader range of referring institutions, further diversifying the Company’s revenue.
This report was approved by the board and signed on its behalf.
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TELEDOCTOR LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
The directors present their report and the financial statements for the year ended 31 October 2025.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £2,254,890 (2024: loss £500,527).
The directors who served during the year were:
Teledoctor continues to develop both the range of services offered and the quality of our platform to broaden access to our mental health, neurodevelopmental assessments, and post diagnostic services. Development work will enable us to work with an ever-broader range of referring institutions, whilst maintaining our focus on the quality of care we provide to our service users and demonstrating value to each of the partners we work with.
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TELEDOCTOR LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
The directors recognise that the Company's employees are fundamental to its long-term success and remain committed to fostering an inclusive, supportive, and engaging working environment.
During the year, the leadership team engaged with employees through a variety of channels, including company-wide town halls, team meetings, employee engagement surveys, regular leadership communications, and direct dialogue with employees and managers. These mechanisms enabled employees to share feedback, raise concerns, and contribute ideas for improving the organisation.
The directors regularly considered employee feedback when making decisions affecting the business and its workforce. Insights gathered throughout the year informed decisions relating to organisational change, employee wellbeing, learning and development, workplace policies, and initiatives designed to enhance employee experience and engagement.
In fulfilling their duties under Section 172 of the Companies Act 2006, the directors had regard to the interests of employees and considered the likely impact of key decisions on the workforce.
The directors believe that creating an environment where employees feel listened to, valued, and supported is critical to delivering the Company's strategic objectives and contributing to the long-term success of the business.
The Company is committed to creating an inclusive and accessible workplace where all employees and applicants are treated fairly and with respect.
The Company provides equal opportunities in recruitment and selection and seeks to ensure that disabled candidates are given full and fair consideration for employment based on their skills, experience, and suitability for the role. Reasonable adjustments are considered throughout the recruitment process and employment lifecycle to help remove barriers and support individual needs.
The Company recognises that employees may have visible or non-visible disabilities, long-term health conditions, mental health conditions, or neurodivergent needs. We are committed to creating an inclusive and accessible workplace where individuals can thrive and are supported through appropriate workplace adjustments and tailored support where required.
Training, career development, and promotion opportunities are available to all employees and are based on aptitude, ability, and performance.
The Company recognises the value that a diverse workforce brings and is committed to fostering an environment in which all employees feel respected, supported, and able to contribute fully to the success of the organisation.
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TELEDOCTOR LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
There have been no significant events affecting the Company since the year end.
The auditor, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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TELEDOCTOR LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TELEDOCTOR LIMITED
We have audited the financial statements of Teledoctor Limited (the 'Company') for the year ended 31 October 2025, which comprise the profit and loss account, balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies.
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.
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.
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TELEDOCTOR LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TELEDOCTOR LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report has been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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TELEDOCTOR LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TELEDOCTOR LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.our
The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:
∙Enquiry of management, those charged with governance around actual and potential litigation and claims;
∙Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations;
∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
∙Reviewing minutes of meetings of those charged with governance; and
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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TELEDOCTOR LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TELEDOCTOR LIMITED (CONTINUED)
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.
for and on behalf of
First Floor North
Global House
High Street
RH10 1DL
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)
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TELEDOCTOR LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2025
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TELEDOCTOR LIMITED
REGISTERED NUMBER:10410380
STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2025
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TELEDOCTOR LIMITED
REGISTERED NUMBER:10410380
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 29 form part of these financial statements.
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TELEDOCTOR LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2025
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TELEDOCTOR LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2025
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TELEDOCTOR LIMITED
FOR THE YEAR ENDED 31 OCTOBER 2025
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TELEDOCTOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
The principal activity of the company in the year was that of an online mindhealth platform.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Functional and presentation currency
Transactions and balances
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TELEDOCTOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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TELEDOCTOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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TELEDOCTOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Cash is represented by cash in hand and 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.
In the Statement of cash flows, cash at bank and in hand are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
In the Statement of cash flows, cash at bank and in hand are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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TELEDOCTOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form.
Financial liabilities within the scope of sections 11 and 12 of FRS 102 are initially classified as financial liabilities at fair value through profit or loss, loans and borrowings, or as derivatives designated as hedging instruments in an effective hedge, as appropriate.
The Company determines the classification of its financial liabilities at initial recognition. All financial liabilities are recognised initially at fair value and in the case of loans and borrowings, plus directly attributable transaction costs.
Subsequently, the measurement of financial liabilities depends on their classification as follows:
Financial liabilities within the scope of sections 11 and 12 of FRS 102 are initially classified as financial liabilities at fair value through profit or loss, loans and borrowings, or as derivatives designated as hedging instruments in an effective hedge, as appropriate.
The Company determines the classification of its financial liabilities at initial recognition. All financial liabilities are recognised initially at fair value and in the case of loans and borrowings, plus directly attributable transaction costs.
Subsequently, the measurement of financial liabilities depends on their classification as follows:
Obligations for loans and borrowings are recognised when the Company becomes party to the related contracts and are measured initially at the fair value of consideration received less directly attributable transaction costs.
After initial recognition, interest bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method.
Gains and losses arising on the repurchase, settlement or otherwise cancellation of liabilities are recognised respectively in finance revenue and finance cost.
After initial recognition, interest bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method.
Gains and losses arising on the repurchase, settlement or otherwise cancellation of liabilities are recognised respectively in finance revenue and finance cost.
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TELEDOCTOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
Significant judgements – capitalisation of internally developed software
In applying the company's accounting policies under FRS 102, management makes critical judgements in determining whether the criteria for capitalising internally developed software are met. This includes distinguishing between the research and development phases of a project, as only development costs may be capitalised.
Judgement is required to assess whether the project is technically feasible, intended for internal use, and whether sufficient resources are available to complete the development. These assessments determine the point at which capitalisation of costs begins.
Key Sources of Estimation Uncertainty – Measurement of Capitalised Development Costs
The measurement of capitalised development costs involves estimation uncertainty, particularly in determining the proportion of internal labour costs directly attributable to development activities. Management estimates the time spent by specific employees on software development based on project records and time allocations.
These costs are capitalised as part of ‘Platform costs’ within intangible assets. Following initial recognition, management reviews the carrying amount of capitalised software for indicators of impairment, which may require further estimation of recoverable amounts.
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TELEDOCTOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
Analysis of turnover by country of destination:
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TELEDOCTOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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TELEDOCTOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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TELEDOCTOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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TELEDOCTOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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TELEDOCTOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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TELEDOCTOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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TELEDOCTOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
During the current and prior year, the entity operated an equity-settled EMI share option scheme. The options are exercisable either a) immediately prior to a defined exit event, b) if the employee leaves the company on good terms or c) by their estate on the death of an employee holding options. The options are subject to a vesting schedule with the number of shares that an employee receives on exercise of their options increasing with the duration of their employment, with 0% for their options being exercisable in the first 12 months of employment, up to 100% after 48 months.
For all options, the exercise price is £0.000001.
For all options, the exercise price is £0.000001.
Number of options brought forward: 225,870
Granted during the year: -
Exercised during the year: -
Outstanding at the end of the year: 225,870
The fair value of the options granted is not considered to be material and therefore no adjustment has been made to these financial statements.
The fair value of the options granted is not considered to be material and therefore no adjustment has been made to these financial statements.
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £694,788 (2024: £251,191). Contributions totaling £122,458 (2024: £61,461) were payable to the fund at the balance sheet date.
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