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Northwest EHealth Limited
Company Information
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Northwest EHealth Limited
Contents
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Northwest EHealth Limited
Strategic Report
For the year ended 31 December 2025
The directors present their strategic report for the year ended 31 December 2025.
The principal activity of the company continues to be the provision of unique technology and services to improve the delivery of clinical trials using electronic health care data.
During 2025, we continued with an emphasis on decentralized trials, real world evidence generation and improving both our data footprint and our capabilities to drive market access/pricing capabilities, which we anticipated would be in ever increasing demand. Putting our technology IP front and centre in our commercial offer will further accelerate our ambitions to create persistent and predictable revenues. The UK market remained constrained, as a new government was elected and began work on a 10-year plan for renovating the NHS, but unfortunately made some decisions around drug pricing and access that were not favourable to the industry. The results of the initial work on the 10-year plan work were published in the summer of 2025, alongside a variety of press releases over the latter part of 2024 and early 2025 announcing their support to make UK PLC open for more clinical research and trials opportunities. Over the last 10 months, the government’s signals to industry have been mixed – positive press releases combined with policy decisions slightly at a tangent, resulting in slightly more complex sales cycles to energise interest in placing clinical research and new studies back into the UK. In 2025, NWEH was awarded a £40m, 5 year-long project based in Greater Manchester. NWEH began to recognise revenues from set up and initial launch phases of the contract in mid-2025. For 2025, we further focused on refining our technology offer to better align with the rapidly growing market demand for software and data that can be deployed to help pharma companies gain approvals for market access and improved pricing. Our access to c. 20m NHS England based patient records has been central to that offer. In addition, signing a groundbreaking partnership with One Advance has given us a broader, more enriched data capability, further enhancing our Connexon platform offer to sponsors.
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Northwest EHealth Limited
Strategic Report (continued)
For the year ended 31 December 2025
The directors have assessed the main operational risks to the company as follows:
∙Competition from large contract research organisations, tech corporations and national bodies with unlimited funds.
∙The possibility of highly skilled and experienced staff leaving and struggling to recruit suitable replacements.
∙The timing of and completion of material value of large-scale trials.
∙Any potential changes to data legislation which might affect our core offering.
∙The company's business model is disruptive to the clinical trials industry which brings its own challenges.
∙The present-day stresses and pressures on primary and secondary care providers in the UK, and the impact on their ability to engage fully in clinical trial delivery.
Key to our growth and success is the support of the National Health Service and its data controllers which must be addressed as part of any future investment requirement.
The directors believe that these risks are mitigated by the continued efforts to maintain a high profile in the pharmaceutical and clinical trials sector, maintaining good business relationships with all data stakeholders and establishing policies to attract and retain high calibre staff.
The company is exposed to some price risk due to the varied nature of the services it provides incorporating consultancy, feasibility, licensing, and clinical trials work.
Liquidity risk
Liquidity risk has been addressed by further securing an additional £2m of investment in 2025, of which £1m has been used. The Greater Manchester project also provides steady, predictable trading income at a level that is creating a positive cash and EBITDA position post year-end.
Management objectives are to retain sufficient liquid funds to enable it to meet its day-to-day requirements, minimise the company's exposure to fluctuating interest rates, and match the repayment schedule of any external borrowings or overdrafts with the future cash flows expected to arise from the company's trading activities.
Credit risk
Credit risk is minimised by the fact that the vast majority of customers are either established major global brands or public sector bodies. Credit terms are granted as per industry standards though NWEH negotiates hard to reduce these, however most terms are now more favourable, at net 30 or 45 as opposed to net 60 or 90.
Financial risk
The company makes little use of financial instruments other than an operational and a deposit bank account and convertible loan notes so minimises its exposure to risk from financing.
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Northwest EHealth Limited
Strategic Report (continued)
For the year ended 31 December 2025
The company's financial KPIs focus on several critical areas. Gross margin & EBITDA are key to understanding project profitability and long-term conversion to cash. There is a general lag in timing between cash outflow largely because of staffing costs and cash inflow from credit terms given to customers. Consequently, accurate cash management is crucial to the company’s liquidity. 15 week forward facing cashflow forecasts are updated regularly and are an important part of any new contract assessment. Outstanding debtor days are closely monitored, and suitable credit management policies are in place to ensure all accounts receivable are settled within credit terms.
Non-financial KPI's are numerous but include the following:
∙Maintain high standards of quality and ISO 9001 & 27001 certification
∙Delivery of project plans on time with regular customer service reviews
∙Recruitment of patients to study trials in line with monthly plan targets
∙All innovative technology releases delivered on time and in full, and within user acceptance testing guidelines
This report was approved by the board and signed on its behalf.
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Northwest EHealth Limited
Directors' Report
For the year ended 31 December 2025
The directors present their report and the financial statements for the year ended 31 December 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 judgements 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 loss for the year, after taxation, amounted to £1,600,130 (2024 - loss £4,644,374).
No dividends were paid or declared in the year. The directors do not recommend payment of a final dividend.
The directors who served during the year was:
The expansion and future success of the business will lie in securing investment from third parties that lets the company expand its business development and technology functions and raise its profile. The Directors and shareholders of the company are committed to this course of action; we secured further investment from Foresight in 2025 of £2m and have drawn £1m. These funds will be used to develop technology and to raise its profile in the UK and US with a view to being able to deliver international trials. The company continues to build strong strategic relationships across the life sciences and health systems sector.
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Northwest EHealth Limited
Directors' Report (continued)
For the year ended 31 December 2025
Management have prepared forecasts which show the company is able to continue as a going concern for a period of at least 12 months from the date these financial statements have been approved. There are forward facing statements in the document, and the forecasts include material contract values now signed which span over 5 years.
The directors have therefore concluded that it is appropriate to prepare the annual report and financial statements to 31 December 2025 on a going concern basis.
The auditors, Hurst Accountants Limited, 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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Northwest EHealth Limited
Independent Auditors' Report to the Members of Northwest EHealth Limited
We have audited the financial statements of Northwest EHealth Limited (the 'company') for the year ended 31 December 2025, which comprise the statement of comprehensive income, the balance sheet, the statement of cash flows, the statement of changes in equity and the related notes, including a summary of 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 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 auditors' 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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Northwest EHealth Limited
Independent Auditors' Report to the Members of Northwest EHealth 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 have 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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Northwest EHealth Limited
Independent Auditors' Report to the Members of Northwest EHealth 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 auditors' 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Identifying and assessing potential risks related to irregularities In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: • The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets. • The outcome of enquiries of local management, including whether management was aware of any instances of
non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or
alleged fraud.
• Supporting documentation relating to the Company's policies and procedures for: - Identifying, evaluating, and complying with laws and regulations. - Detecting and responding to the risks of fraud. • The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations. • The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. • The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, and Antibribery and Corruption. Audit response to risks identified Our procedures to respond to the risks identified included the following: • Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements. • Discussions with management, including consideration of known or suspected instances of non-compliance with
laws and regulations and fraud.
• Evaluation of management’s controls designed to prevent and detect irregularities. • Enquiring of management about any actual and potential litigation and claims. • Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
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Northwest EHealth Limited
Independent Auditors' Report to the Members of Northwest EHealth Limited (continued)
We have also considered the risk of fraud through management override of controls by:
• Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error. • Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and: • Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
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 auditors' 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 auditors' 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
Chartered Accountants
Statutory Auditors
3 Stockport Exchange
Cheshire
SK1 3GG
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Northwest EHealth Limited
Statement of Comprehensive Income
For the year ended 31 December 2025
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Northwest EHealth Limited
Registered number: 10220482
Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 31 form part of these financial statements.
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Northwest EHealth Limited
Statement of Changes in Equity
For the year ended 31 December 2025
Statement of Changes in Equity
For the year ended 31 December 2024
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Northwest EHealth Limited
Statement of Cash Flows
For the year ended 31 December 2025
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Northwest EHealth Limited
Analysis of Net Debt
For the year ended 31 December 2025
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Northwest EHealth Limited
Notes to the Financial Statements
For the year ended 31 December 2025
NorthWest EHealth Limited is a private company limited by shares, incorporated in England, registered number 10220482. The address of its registered office and principal place of business is 2nd Floor, Bright Building, Manchester Science Park, Pencroft Way, Manchester, M15 6GZ. The principal activity is that of the provision of healthcare data for clinical trials.
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 judgement in applying the company's accounting policies (see note 3).
The following principal accounting policies have been applied:
Management have prepared forecasts which show the company is able to continue as a going concern for a period of at least 12 months from the date these financial statements have been approved. There are forward facing statements in the document, and the forecasts include material contract values now signed which span over 5 years.
The directors have therefore concluded that it is appropriate to prepare the annual report and financial statements to 31 December 2025 on a going concern basis. Revenue is recognised when control of the promised services transfers to the customer, to the extent that it is probable that the economic benefits associated with the transaction will flow to the company and the amount of revenue can be measured reliably. Provision of services The company's contracts primarily relate to the provision of clinical trial support, participant management, technology services and related consultancy. Revenue is recognised over the period in which the services are provided, reflecting the transfer of services to the customer. Depending on the terms of the individual customer contract, revenue is recognised: - on a straight-line basis over the contract term where fixed monthly service fees are charged; - as participant activity or other chargeable services are performed where contracts are activity-based; or - upon achievement of specified contractual milestones where revenue is linked to project milestones. Where consideration is invoiced in advance of the related services being provided, the amounts are recognised as deferred income until the associated performance obligations have been satisfied.
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Northwest EHealth Limited
Notes to the Financial Statements
For the year ended 31 December 2025
2.Accounting policies (continued)
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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:
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.
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Northwest EHealth Limited
Notes to the Financial Statements
For the year ended 31 December 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.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in
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Northwest EHealth Limited
Notes to the Financial Statements
For the year ended 31 December 2025
2.Accounting policies (continued)
the profit or loss.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.
Grants of a revenue nature are recognised in the statement of comprehensive income in the same period as the related expenditure.
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Northwest EHealth Limited
Notes to the Financial Statements
For the year ended 31 December 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Some staff are members of the NHS Pension Direction Body. The future liability is the responsibility of the NHS Pension Scheme. As a result, it is not possible to identify the assets and liabilities of the scheme that are attributable to the company. Accordingly, under FRS 102 the scheme is accounted for as if it were a defined contribution scheme.
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Northwest EHealth Limited
Notes to the Financial Statements
For the year ended 31 December 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. Amortisation of intangible fixed assets Management of the company exercises significant judgement in estimating the useful life and impairment levels of intangible fixed assets. At 31 December 2025, the carrying value of intangible fixed assets was £4,451,634 (2024: £4,513,845). Should these estimates vary, the profit or loss and balance sheet of the following years could be impacted.
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Northwest EHealth Limited
Notes to the Financial Statements
For the year ended 31 December 2025
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Northwest EHealth Limited
Notes to the Financial Statements
For the year ended 31 December 2025
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Northwest EHealth Limited
Notes to the Financial Statements
For the year ended 31 December 2025
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Northwest EHealth Limited
Notes to the Financial Statements
For the year ended 31 December 2025
There were no factors that may affect future tax charges.
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Northwest EHealth Limited
Notes to the Financial Statements
For the year ended 31 December 2025
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Northwest EHealth Limited
Notes to the Financial Statements
For the year ended 31 December 2025
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Northwest EHealth Limited
Notes to the Financial Statements
For the year ended 31 December 2025
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Northwest EHealth Limited
Notes to the Financial Statements
For the year ended 31 December 2025
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Northwest EHealth Limited
Notes to the Financial Statements
For the year ended 31 December 2025
Share premium account
Profit and loss account
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Northwest EHealth Limited
Notes to the Financial Statements
For the year ended 31 December 2025
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 £141,186 (2024: £132,401).
Certain past and present employees are covered by the provisions of two NHS Pension Schemes. Details of the benefits payable and rules of the Schemes can be found on the NHS Pensions website at www.nhsbsa.nhs.uk/pensions. These schemes are unfunded, defined benefit schemes that cover NHS employers, General Practices and other bodies allowed under the direction of the Secretary of State in England and Wales. The schemes are not designed to be run in a way that would enable NHS bodies to identify their share of the underlying scheme assets and liabilities. Therefore, the schemes are accounted for as though they were defined contribution schemes. The cost to the company of participating in a scheme is taken as equal to the contributions payable to the scheme for the accounting period. The latest assessment of the liabilities of the scheme is contained in the report of the scheme actuary, which forms part of the annual NHS Pension Scheme Accounts. The purpose of this valuation is to assess the level of liability in respect of the benefits due under the schemes (taking into account recent demographic experience), and to recommend contribution rates payable by employees and employers. The Scheme Regulations allow for the level of contribution rates to be changed by the Secretary of State for Health, with the consent of HM Treasury, and consideration of the advice of the Scheme Actuary and employee and employer representatives as deemed appropriate. Employers’ contributions of £99,784 (2024: £103,413) were payable to the NHS Pensions Scheme at the rate of 14.38% of pensionable pay. Contributions totalling £14,657 (2024: £43,034) were payable to the funds at the balance sheet date.
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Northwest EHealth Limited
Notes to the Financial Statements
For the year ended 31 December 2025
The significant shareholders in the company are Foresight VCT PLC and Foresight Enterprise VCT PLC, both owning 45% each of ordinary shares. There is no single controlling party. Both entities exert significant influence over the company but do not have sole control.
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