The director presents the strategic report for the year ended 31 December 2025.
Conexus Medstaff Limited is the UK company belonging to Conexus MedStaff Holding Company Limited which formed in January 2022. Operational discussions at group level therefore remain relevant to this company and are reported below.
Conexus MedStaff is a growing international staffing group owned by a family resident in the UK. Conexus MedStaff Holding Company Limited holds 100% of the shares in Conexus MedStaff Ltd, US MedStaff Holding Company LLC and Conexus MedStaff LLC.
Its principal activity is the recruitment, education and placement of international Registered Nurses (RNs) and Medical Laboratory Scientists (MLSs), together referred to as Healthcare Professionals (HCPs), into U.S. hospitals on long-term contracts typically lasting two to three years. During this co-employment period, Conexus MedStaff takes responsibility for employment compliance while also supporting professionals through clinical and non-clinical educational pathways to deliver a high-quality service to end clients.
With a clear forward-looking strategy, Conexus MedStaff intends to build on its established expertise by expanding into additional Allied Health disciplines, including Occupational Therapy, Respiratory Therapy and Physical Therapy. These service lines were launched during 2025 and provide a broader service offering to clients while maximising internal investment and enhancing operational capability.
Given the group structure, the results and comparatives provided in these financial statements are in relation to the company only whilst this review considers also the group (Conexus MedStaff) headed by this company.
PRINCIPAL RISKS AND UNCERTAINTIES
COVID AND IMMIGRATION
While the direct operational impact of COVID within healthcare settings has largely normalised, the U.S. immigration environment continued to experience pressure following record visa submissions in 2023 and constrained visa availability. During 2025, immigration processing progressed gradually, resulting in extended deployment timelines from circa 30 months to more than 40 months. These delays which have occurred post pandemic have resulted in international graduate visa conversions becoming a less attractive option for clients, as immigration processing delays created service gaps. However, the business continued to adapt its planning and pipeline management accordingly.
IMMIGRATION PROCESSING
The order in which visas are processed by U.S. Citizenship and Immigration Services (USCIS) is determined by the visa submission date, with older applications receiving priority. Retrogression, whereby the applicable date moves backwards, affected the market in 2024. During 2025, the priority date moved forward, albeit gradually whilst US Immigration works through the visa backlog caused by the pandemic. The normalization of processing time is unknown, however there has been some measured improvement in the overall immigration environment.
POLITICAL AND IMMIGRATION
Since Conexus MedStaff introduced MLS as a service line in 2022, the primary visa type used for candidate deployment has been the H-1B visa. During 2024 and 2025, this visa route was also applied to certain RN roles; however, the bachelor’s degree prerequisite has limited its wider applicability because not all RN positions meet the relevant criteria, and there is already a strong pipeline of candidates progressing through the EB-3 visa route. From September 2025, certain new H-1B petitions became subject to an additional $100,000 payment under a Presidential Proclamation, although the application of this requirement is nuanced and exemptions may be available in limited circumstances although this has not yet been clarified. Accordingly, 2026 lottery applicants may be affected by this requirement, although the operational impact on the business will depend on the mix of cases submitted and the extent to which exceptions apply.
POLITICAL AND IMMIGRATION (continued)
The business was not affected by travel bans during 2025. In early 2026, however, U.S. entry restrictions were expanded under Presidential Proclamation 10998, effective from 1 January 2026, increasing the number of countries subject to full or partial restrictions to 75. These countries have previously represented circa 40%, a significant proportion, of visa submissions. While this may reduce candidate availability from certain markets and create additional uncertainty in deployment planning, it may also ease processing pressure for unaffected countries within the Rest of World category. The practical impact will depend on the duration of the measures, the scope of any exemptions and the business’s ability to rebalance sourcing geographically.
Changes and delays in immigration remain a recurring feature of the operating environment. While immigration is central to Conexus MedStaff’s performance, the business has adopted a range of strategies designed to mitigate these pressures and support resilient long-term growth.
POLITICAL AND U.S. HEALTHCARE
Reductions in federal healthcare funding are expected in 2026, and enhanced subsidies under the Affordable Care Act (ACA) concluded at the end of 2025. In the near term, these changes may create uncertainty around hospital revenue streams as funding support reduces and uninsured populations may increase. Hospital systems are therefore likely to maintain a strong focus on cost control while also managing inflationary and supply chain pressures. The structural need for stable, cost-effective workforce solutions continues to support the relevance of Conexus MedStaff’s offering; however, the timing and scale of any client demand response remains uncertain.
KEY MITIGATIONS
VISA TYPES
Applicant processing is supported through multiple visa pathways, enabling the delivery of talent to U.S. clients while reducing reliance on a single employment-based visa route. In addition, the strategy adopted from 2023 onwards of maintaining consistent candidate volumes and continuous visa processing has created a valuable pipeline of candidates, helping the business respond more effectively to movements in visa issuance dates.
Within the U.S., Conexus MedStaff continues, on a more limited basis, to utilise faster immigration routes for client deployments by attracting international students graduating in the country. These graduates can initially work under OPT arrangements while the business invests in their transition to permanent employment-based green cards.
In addition, the company has developed an International Canadian Registered Nurse sourcing strategy, supported by competitive employment packages, to provide shorter-term assignments and enhance deployment flexibility. Here, America is still the attractive and primary target location for International RNs and Conexus MedStaff has growing success in recruiting talent based in Canada.
US RN QUALIFICATION & CANDIDATE ATTRACTION
To reduce concentration risk in candidate sourcing, Conexus MedStaff has broadened its talent pipeline to more than 130 countries. This diversification strengthens resilience and means that any individual travel ban is less likely to disrupt the full pipeline of healthcare professionals available for deployment.
A key contributor to this pipeline is the NCLEX sponsorship programme initiated in 2022, which has become an important source of Registered Nurse candidates. Visa submissions increased significantly in 2024, and 2025 volumes remained at a comparatively strong level, demonstrating the continuing effectiveness of the programme. Management also notes that the programme has increased Conexus MedStaff’s visibility within its target recruitment markets and supported broader candidate attraction. The National Council of State Boards of Nursing (NCSBN) data reflects a 6-fold increase in the market share of NCLEX passers from Conexus MedStaff from 2023 to 2025.
INTERNAL GLOBAL WORKFORCE
Supply chain pressures affecting the availability of healthcare professionals, driven by immigration delays, led to a review of the internal team cost profile. By leveraging its three offices across the UK, the Philippines and the U.S., the business has been able to provide more cost-effective support to the candidate pipeline throughout its geographical journey, supported by the use of shared services for foundational activities across IT, Finance, Marketing and HR.
DEVELOPMENT AND PERFORMANCE
In 2025, Conexus MedStaff generated revenue of $37.2 million, representing a decline of 15.6% compared with the prior year and a second consecutive year of reduced revenue contribution. While this reflects a challenging backdrop, performance should be assessed in the context of broader market conditions which declined by 12.5% in 2025, following a contraction of 18.9% in 2024. This represents a 2 year industry contraction of 31.6% , whereas Conexus MedStaff’s 2 year decline was comparatively modest at 18.6%. Although external industry commentary indicates continued pressure on healthcare staffing demand during 2024 and 2025, the precise comparability of market-wide data to the Group’s business model should be treated with caution.
The contraction in the healthcare staffing market has been driven by lower client demand and softer bill rates for short-term contracts used to address workforce gaps. For Conexus MedStaff, however, the more significant factor has been the excess demand for U.S. employment-based immigration visas relative to available quotas, which has slowed the deployment of overseas healthcare professionals into U.S. hospital contracts.
Despite market and immigration pressures, the Medical Laboratory Scientist (MLS) segment continued to perform strongly, with revenue increasing by 72.7% to $19.1 million in 2025. This growth was supported by the underlying H-1B visa route, which is not subject to the same Green Card processing delays. The visa structure also supports retention, as healthcare professionals are required by USCIS to remain employed by Conexus MedStaff as the visa sponsor during the applicable period.
In addition, to help offset delays in international deployments, Canadian Registered Nurses on shorter-term contracts began deploying from September onwards, creating an emerging revenue stream of $1.0 million in the latter part of 2025.
To support future growth, Conexus MedStaff has continued to invest in strengthening its HCP pipeline for U.S. deployments. This investment is strategically important in helping the business manage immigration movements and delays while maintaining a continuous supply of healthcare professionals ready for deployment as conditions improve.
The value of this approach is reflected in the contract asset, which increased from $5.6 million in December 2024 to $7.2 million by December 2025. HCP pipeline investment of $3.2 million was made during 2025, of which $1.0 million was amortised for active, deployed HCPs, while $0.6 million was expensed due to withdrawals. These withdrawals were lower than expected during the year and 67% below the level recorded in 2024. Importantly, Conexus MedStaff continues to maintain a robust financial position, with net current assets of $18.8 million, exceeding the prior year and supporting continued operational focus.
While 2025 continued to reflect the impact of immigration-related constraints, these conditions are now better understood within the operating model. Conexus MedStaff therefore enters the next phase of development well positioned for sustainable growth, underpinned by a global workforce and supported by a prepared HCP pipeline, improving immigration progress, expanding service lines and complementary near-term onshore revenue opportunities.
ESG AND COMMUNITY INITIATIVES (continued)
Compared with 2024, Conexus MedStaff has:
Added 57% more investment into global impact partnerships
Provided 60% more free education hours
Increased donations to charitable organisations by 200%
Increased beneficiary outreach by a further 116%
The company’s structured Global Impact framework, centred on health, education and community empowerment, reinforces its commitment to sustainable development by helping to build a more resilient global healthcare workforce while addressing wider social determinants of health. This alignment not only supports its commitment to the UN Global Compact but also strengthens Conexus MedStaff’s broader strategy by embedding ESG principles within core operations, reinforcing ethical recruitment and supporting long-term sustainable impact alongside commercial progress.
OPERATIONAL MATTERS
Statement by the directors on the performance of their statutory duties in accordance with section 172(1) of the Companies Act 2006
The board of directors of Conexus MedStaff Holding Company Limited considers, both individually and collectively, that it has acted in the way it believes, in good faith, would be most likely to promote the success of the Group and the Company for the benefit of its members as a whole, having regard to the stakeholders and matters set out in section 172(1)(a) to (f) of the Companies Act 2006, in the decisions taken during the year ended 31 December 2025.
Conexus MedStaff seeks to engage with all stakeholders in a fair, respectful and partnership-oriented manner, supported by a culture of inclusion and diversity. Supplier payment policies operate in accordance with agreed terms and do not vary by geography. In addition, a review process for major procurement decisions is followed to help ensure that suppliers are assessed fairly before contracts are entered into.
During 2025, Conexus MedStaff incurred audit-related costs of $145,209, compared with $163,004 paid in 2024.
International employee contracts are entered into with due regard to World Health Organization guidance, geographical assessments, and relevant local and international regulations. As an active member of the American Association of International Healthcare Recruitment, the business follows its guidance and adheres to its code of ethics. In relation to immigration matters, the business maintains adherence to the rules and standards of United States Citizenship and Immigration Services, the U.S. Department of Labor and the Philippines Department of Migrant Workers.
Internal employees are offered contracts that comply with local employment laws. External benchmarking is also undertaken at key intervals, and a competitive benefits package is provided to attract and retain employees with high levels of professional skill and accountability.
In terms of employee representation, the Senior Leadership Team had equal female representation, while 63% of employees in the top quartile were female. Colleagues are kept informed of business progress through a range of communication channels, including regular all-employee updates, the intranet and file-sharing platforms. Obtaining employee feedback remains an important part of the decision-making process, and regular surveys are undertaken to support this.
SPONSORSHIP PROGRAM AND IMMIGRATION SUPPORT
The Conexus MedStaff sponsorship programme for Registered Nurses entered its third year, with pass rates continuing to outperform external averages and with 200 NCLEX outcomes contributing to increased immigration additions in 2025. Lessons learned regarding visa accessibility and credentialing pathways across different countries and regions have further strengthened the future effectiveness of the programme and supported informed investment decisions.
STRATEGIC INITIATIVES AND RETENTION
The U.S. healthcare staffing market remains significant and continues to be influenced by workforce shortages, hospital cost pressures and variable demand across staffing categories. While external commentators have indicated the potential for modest market recovery in 2026, the pace and breadth of recovery remain uncertain. Against this backdrop, Conexus MedStaff’s strategy remains focused on addressing staffing shortages in U.S. hospitals and diagnostic laboratories through longer-term, stable staffing solutions.
Conexus MedStaff’s strategy is focused on helping address staffing shortages in U.S. hospitals and diagnostic laboratories by providing long-term, stable staffing solutions. U.S. nurses continue to face increased workloads, elevated overtime and ongoing wellbeing pressures, reinforcing the need for sustainable workforce models. Conexus MedStaff’s proposition offers clients a long-term staffing solution at a cost saving relative to certain short-term travel nursing arrangements. In addition to lower bill rates in many cases, Conexus MedStaff employees have lower attrition, which can reduce onboarding and training costs for clients over the longer term.
External studies published during late 2025 and early 2026 have suggested that, when fully loaded labour costs are considered, travel nursing may in some circumstances compare favourably with directly employed staffing models. In an environment where hospital cost has become a key factor in staffing decisions, this evidence indicates that workforce purchasing decisions are more nuanced than headline bill rates alone suggest. Against that backdrop, Conexus MedStaff’s proposition of long-term workforce provision remains differentiated, particularly where clients place value on continuity, retention and reduced turnover.
In 2025, Conexus MedStaff continued to progress several strategic initiatives designed to support growth and retention. Although HCP attrition remains an area of ongoing focus, retention remained above 92%, which management considers strong relative to broader industry indicators. This outcome reflects a multifaceted and personalized approach, built on company experience and close engagement, that continues to evolve in support of each healthcare professional’s clinical and non-clinical journey through immigration and career development.
On behalf of the board
The director presents his annual report and financial statements for the year ended 31 December 2025.
This statement of the Board of Directors and the Startegic Report describe how they have approached the responsibilities under s172(1)(a) to (f) of the Companies Act 2006 in the financial year ending 2025.
The results for the year are set out on page 12.
Ordinary dividends were paid amounting to £566,347. The director does not recommend payment of a final dividend.
The director who held office during the year and up to the date of signature of the financial statements was as follows:
The company maintains insurance policies on behalf of all the directors against liability arising from negligence, breach of duty and breach of trust in relation to the company.
Conexus MedStaff's success is intrinsically linked to the success of both its customers and suppliers. Aligning the company's mission and vision to promote the well-being of individuals and communities extends beyond internal practices—it also encompasses how suppliers represent the company. This involves acting in an equitable, ethical, and environmentally conscious manner wherever possible. To ensure these values are upheld, a procurement function supports the vision through rigorous supplier evaluation and selection processes
The Board of Directors of recognises its responsibility for defining the group's purpose, values, and strategy, while ensuring the maintenance of high standards of corporate governance. The Directors’ primary objective is to promote the long-term sustainable success of the group, thereby generating value for all stakeholders. Over the course of the next financial year, the Board will continue to review and critically assess opportunities for enhancing the group's engagement with all stakeholders.
Staffing shortages within the U.S. healthcare industry are intensifying calls for immigration reform, as Healthcare Professionals (HCPs) are currently not granted special consideration in the visa application process. Any future changes to U.S. immigration policy that prioritize HCPs would enable Conexus MedStaff to attract and deploy a greater number of skilled professionals from around the world, unlocking new opportunities for business growth and reducing the time it takes to deploy an HCP into a US unfilled healthcare position. This change would improve the valuation of Conexus MedStaff as revenue streams would be realized earlier.
Throughout 2025 and beyond, the company remains committed to investing in and developing its internal teams, business processes and technology, ensuring alignment with strategic goals and positioning the company to capitalize on market opportunities for expansion. Ongoing client engagement will continue to support and enhance a competitive and attractive pricing proposition to meet healthcare staffing demands effectively.
The auditor, Cooper Parry Group Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report further on its emissions, energy consumption or energy efficiency activities.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the director is required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is 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 enable them to ensure that the financial statements comply with the Companies Act 2006. He is 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 director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus continue to adopt the going concern basis in preparing the annual financial statements and further information is provided in the notes to the accounts.
We have audited the financial statements of Conexus Medstaff Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for opinion
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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 director with respect to going concern are described in the relevant sections of this report.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
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.
Based on our understanding of the company and industry, we identified that the principal risks of non compliance with laws and regulations related to the non-compliance with UK tax legislation not being adhered to, non-compliance with employment regulations in the UK. We have considered the extent to which non compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting of journal entries to improve revenue performance or to manipulate metrics, and management bias in key accounting estimates.
Review of the financial statement disclosures to underlying supporting documentation;
Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
Challenging assumptions and judgements made by management in their significant accounting estimates;
Identifying and reviewing key or unusual journal entries.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. 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 is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
The profit and loss account has been prepared on the basis that all operations are continuing operations.
Conexus Medstaff Limited is a company limited by shares incorporated in England and Wales. The registered office is Suite A White Moss Business Park, Skelmersdale, England, WN8 9TG.
The principal activity of the company continued to be that of a holding company and a provider of Physician, Nursing and Allied Health staffing services.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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 deducting all of its liabilities.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
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.
No critical judgements or key sources of estimation uncertainty were identified by the directors in the preparation of these financial statements.
An analysis of the company's turnover , which was all generated in the United Kingdom and recharged to the United States, is as follows:
The average monthly number of persons (including directors) employed by the company during the year was:
Their aggregate remuneration comprised:
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
Tangible fixed assets includes assets held under finance leases or hire purchase contracts, as follows:
Details of the company's subsidiaries at 31 December 2025 are as follows:
Registered office addresses (all USA unless otherwise indicated):
Obligations under finance leases are secured on the assets concerned.
Loans from group undertakings consist of:
(i) A 5 year unsecured loan from Conexus Medstaff LLC of £719,748 ($1,007,647). Interest is payable annually at a fixed rate of 4% and matures on 26 January 2027. The monthly repayments are £13,789 ($18,557). At 31 December 2025 the balance outstanding on the loan was £189,938 ($255,614).
(ii) A 5 year unsecured loan from Conexus Medstaff LLC of £200,000 ($280,000). Interest is payable annually at a fixed rate of 4% and matures on 28 January 2027. The monthly repayments are £3,832 ($5,157), At 31 December 2025 the balance outstanding on the loan was £52,725 ($70,956).
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
The company contributes to defined contribution pension schemes for all qualifying employees. The assets of those schemes are held separately from those of the company in independently administered funds.
Called up share capital represents the nominal value of shares that have been issued.
This reserve includes all current and prior period retained profits and losses less dividends.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
The company has taken advantage of the exemptions available in FRS102 not to disclose transactions with group companies which are wholly owned members of the group.