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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2025
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COMPANY INFORMATION
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CONTENTS
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STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
Echosens UK Ltd is a private limited company incorporated on 13 April 2019 and operates from 4 Burley House, Caspian Road, Altrincham, Greater Manchester. The company works within SIC 74909 to support distribution and adoption of FibroScan® liver diagnostic technologies.
Business Model Echosens UK distributes FibroScan® devices, provides training and service support, and engages clinical networks in liver disease management.
The following are the financial highlights of the year:
∙Cash in Bank: £808.4k, up 25% year-on-year
∙Total Assets: £7.3m, decreased by 1%
∙Total Liabilities: £6.0m, decreased by 6%
∙Net Assets: £1,241.6k, up 38%
∙Employee Growth: 14 employees (+8%).
Includes NHS procurement cycles, evolving liver guidelines, supply chain dependency, and emerging competitors.
Market Dynamics: Strong prospects via MASLD/MASH pathways, technological upgrades, and national liver health initiatives.
Advancing Liver Health Beyond Specialist Care with Guided VCTE™: Guided VCTE™ expands upstream pathways by improving scanning in high-BMI patients, simplifying operator requirements, enabling high-volume screening, strengthening early risk stratification, and aligning with the NHS long term plan. Liver Health Management (LHM) Platform as a Digital Differentiator: The Echosens LHM platform is a cloud-based ecosystem designed to enhance liver disease management. It automates FibroScan® result transfers, synchronises worklists, supports remote result interpretation, and offers decision-support tools including scores calculators and interpretation guides. It enables earlier detection of MASLD/MASH, more efficient workflows, secure data storage, and improved integration into clinical pathways. It strengthens value creation for customers through operational efficiency, enhanced diagnostic accuracy, and real-time insights for proactive patient management. Splenic Stiffness Measurement (SSM): Is a clinically validated non-invasive tool that enhances the assessment and management of Advanced Chronic Liver Disease (ACLD). Evidence shows SSM improves diagnostic accuracy for Clinically Significant Portal Hypertension (CSPH), outperforming liver stiffness alone and strengthening Baveno VII risk stratification models. SSM via FibroScan® 630 Expert using VCTE™ at 100Hz demonstrates high diagnostic supporting more accurate clinical decision-making. SSM enables better triage of patients in the grey zone of liver stiffness measurements, reduces unnecessary invasive testing, supports earlier initiation of medical therapy, and improves monitoring of treatment responses. As CSPH is a major determinant of decompensation risk in cACLD, SSM provides actionable insights that improve pathway efficiency and outcomes for NHS liver services.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
NHS Supply Chain Direct Award
Echosens is the single supplier in NHS Supply Chain’s direct award framework for VCTE-based systems, effective July 2025–Nov 2026. ESG Initiatives Echosens’ ESG programme includes SBTi climate commitments, a 46% GHG reduction target by 2029, diversity and inclusion, ethical procurement, and strong cybersecurity standards. https://www.echosens .com/esg/ Social Value Commitments Echosens demonstrates strong social value delivery through its environmental, ethical, and sustainability commitments. Echosens’ EcoVadis Gold Medal rating (76/100 overall, 80/100 environmental score) recognises its leadership across carbon reduction, ESG governance, and sustainable sourcing. Echosens aligns with the SBTi framework, UN Global Compact principles, and GRI standards, embedding robust sustainability measures across its global operations. Its carbon reduction targets include a 46% reduction in Scope 1+2 emissions by 2030 and Net Zero by 2050. Modern Slavery Governance & Compliance Echosens maintains a zero-tolerance approach to modern slavery and human trafficking. Its policies apply to employees, contractors, distributors, and suppliers across the global supply chain. The organisation enforces strict Supplier Codes of Conduct, due diligence checks, and contractual obligations prohibiting forced or child labour. Echosens also maintains dedicated whistleblowing mechanisms, staff training programmes, and supply chain mapping. KPIs beginning FY2025 include maintaining zero risk of modern slavery, 100% managerial training by 2025, and supplier training rollout from 2026.
Echosens UK Ltd enters the next phase of its growth with a strengthened market position, robust financial performance, and a differentiated technology portfolio. The company is well positioned to drive earlier liver disease detection, expand community pathways, and support NHS transformation priorities. With the combined strengths of Guided VCTE™, the LHM digital platform, strong ESG commitments, and growing demand for MASLD/MASH solutions, Echosens UK Ltd is set to deliver sustained value for healthcare providers and improved outcomes for patients nationwide.
This report was approved by the board on 14 September 2026 and signed on its behalf.
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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 profit for the year, after taxation, amounted to £339,811 (2024 - £316,196).
The directors who served during the year were:
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
There have been no significant events affecting the Company since the year end.
The auditors, Shorts, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ECHOSENS UK LIMITED
We have audited the financial statements of Echosens UK Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Income and Retained Earnings, the Balance Sheet, the Statement of Cash Flows 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).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ECHOSENS UK LIMITED (CONTINUED)
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.
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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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ECHOSENS UK 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:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
∙the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙through discussions with the directors and other management and from our commercial knowledge and experience of the sectors that the Company operates in, we identified the laws and regulations applicable to the Company; and
∙focusing on the specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, we assessed the extent of compliance with those laws and regulations identified above through making enquiries of management and inspecting relevant correspondence.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
∙performed analytical procedures to identify any unusual or unexpected relationships;
∙considered journal entries to identify unusual transactions;
∙assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
∙investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
∙agreeing financial statement disclosures to underlying supporting documentation;
∙enquiring of management as to actual and potential litigation and claims;
∙considering relationships with HMRC, relevant regulators and the Company’s legal advisors;
∙reviewing minutes of meeting of management and directors;
∙reviewing incident log to identify any breaches and problems; and
∙reviewing the company's risk register to identify key risk areas.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ECHOSENS UK LIMITED (CONTINUED)
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.
Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or 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
Cedar House
63 Napier Street
S11 8HA
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STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2025
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BALANCE SHEET
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 13 to 25 form part of these financial statements.
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STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
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ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Echosens UK Limited is a private company limited by shares, incorporated in England and Wales (registered number: 11945055). Its registered office is Part Ground Floor, Earle House, Atlantic Street, Altrincham WA14 5DD.
The principal activity of the Company throughout the year continued to be that of providing specialist non-invasive diagnostic products and services supporting physicians in their assessment and management of patients with chronic liver diseases.
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 Company's functional and presentational currency is pounds sterling.
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis. At 31 December 2025 the Company had net current liabilities of £107,416 (2024: £743,073). The Company forms part of the Echosens group and continues to receive financial support from fellow group undertakings as required.
The directors have reviewed cash flow forecasts and trading projections for a period of at least twelve months from the date of approval of the financial statements. Having considered the Company's forecast trading performance, available funding arrangements and the ongoing support of the wider group, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing these financial statements.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 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.
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
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. Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. 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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Stock held for distribution at no or normal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The company only enters into basic financial instrument transactions that result in the recognition of the financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at transaction price and subequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
9.Taxation (continued)
There are tax losses carried forward totalling £501,490 (2024: £992,612) which are available for offset against future taxable profits.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Profit and loss account
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 £42,395 (2024: £45,302).
Contributions totalling £8,834 (2024: £7,266) were payable to the fund at the balance sheet date and are included in creditors.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The immediate controlling party is Echosens SA, a Company incorporated in France.
Echosens SA is the parent undertaking of the largest and smallest group of Companies for which Group financial statements including the financial statements of this Company are prepared. Group financial statements are available from the registered office at 6 Rue Ferrus, 75014 Paris, France.
The ultimate controlling party is Inner Mongolia Furui Medical Science Co. Ltd, a Company incorporated in Inner Mongolia Autonomous Region, China.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
During the year, the directors identified that certain deferred income balances included within creditors falling due within one year at 31 December 2024 related to contracts extending beyond twelve months from the reporting date. In accordance with FRS 102, these balances should have been classified as creditors falling due after more than one year.
The prior year comparative information has therefore been restated to reclassify these balances totalling £1,270,254 between current and non-current liabilities. The reclassification had no impact on profit, net assets or cash flows.
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