Company No: 02944429 (England and Wales)

Contents

• A tribute to Professor R M Greenhalgh
• Director's Report
• Statement of Financial Position
• Notes to the Financial Statements

A tribute to my father, Roger Malcolm Greenhalgh 6th February 1941 – 6th October 2023.

My father was the first person in his family to go to university. His school, Ilkeston Grammar School, had last sent a boy to either Oxford or Cambridge 7 years before. His mother had attended the same school as her son, on a full scholarship including uniform, but was forced to leave the school at 14 to go to work. Dad’s last contact with his father was at the age of two and he didn’t see his father again until he was 14 years of age.

My father, so far, has been the only medic in a completely non-medical family. Becoming a doctor seemed an impossible dream. He recalled in his autobiography, Born to be a Surgeon, a visit by a local GP: “It was decided by my mother that I should meet some doctors and Dr Futers was asked to come to the house. This woman doctor was typical of the era I suppose. She was married to the vicar of the neighbouring town and spoke a very affected type of English. She dressed in tweeds and thick stockings and pursed her lips in thought. She was charming and spoke highly of her medical school in London, King’s College Hospital, Denmark Hill. She clearly thought I was not the type to consider that career and told me that there would be great difficulty “keeping up”. She represented the great divide and to her, I was born into a background unsuitable to aspire to be her equal. It was not said in an unkind way, as if it was fact.”

Dad was always committed to his patients. “I didn’t want to be an engineer after all….I didn’t want to spend my time building bridges and sinking shafts. I wanted to do something, in a curious way, to help people”, he stated in a 2012 SVS interview. My father was committed to the NHS. He never put a nameplate up in Harley Street. I think that was based on his childhood experiences: “I had pneumonia at the age of 7 and Dr Futers came very often to see me. I was
one of the first to get penicillin, I had oxygen too, and I was clearly very sick. Mother stayed up all night once and shook me when I stopped breathing. I recovered and I remember mother reaching for a chequebook to pay the doctor.
“Not necessary anymore - we have the National Health Service,” came the reply. What an introduction to that creation!” (Born to be a Surgeon)

My father was a builder of things that didn’t exist before. He was a visionary. Examples include:
- A one stop vascular outpatient clinic that was so good that heads of state and prime ministers came to him in Charing Cross Hospital.
- The Charing Cross (CX) International Symposium in 1987 when he was just 37, chairing 45 symposia.
- The European Society for Vascular Surgery in the image of the Society for Vascular Surgery which he launched at CX in 1987.
- The UEMS European Board of Surgery current structure with its distinct constituent boards including the European Board of Vascular Surgery so vascular surgery was not subservient to general surgery.
- Our company, BIBA Medical, which now employs nearly 50 people today in London and the USA and editing 100 issues of our flagship publication, Vascular News which, again, was his idea.
- The drive to start so many randomised controlled trials was based on the impact of the NASCET trial on the widespread adoption of carotid endarterectomy following the NASCET trial
“My satisfaction is the creating of something rather than being the President of it”, he remarked in the 2012 SVS interview.

Life for my father was a race. He was working on the Charing Cross Symposium programme in his final days. He had the energy and drive to keep going and the intellect to make a real difference. “Surgeons are afraid of failure, “ he wrote. “I’ve been given certain gifts and I’m to apply them. My failure would have been if I should have done things and didn’t.”

One of my father’s favourite films was Chariots of Fire and I love the line when Eric Liddell turns to tell the crowd gathered to hear him speak after the athletics meet had been cancelled because of heavy rain: “Where does the power come to see the race to the end? From within.” In the bible, chapter 2 Timothy verses 7-8, the passage includes Paul's final words to Timothy and to the church, just before his execution in Rome about 65 AD “I have fought the good fight to the end; I have run the race to the finish; I have kept the faith; all there is to come now is the crown of righteousness reserved for me.”

Words by Lord S J Greenhalgh.

The director presents this annual report and the unaudited financial statements of the Company for the financial year ended 30 June 2023.

PRINCIPAL ACTIVITIES

The principal activity of the Company during the financial year is that of the arrangement of global large-scale medical conferences, delivery of medical education and news via specialist medical newspapers and medical device market research.

GOING CONCERN

The director has prepared the financial statements on the going concern basis. Further details are provided in the notes to the financial statements.

DIRECTOR

The directors, who served during the financial year and to the date of this report except as noted, were as follows:

Prof R M Greenhalgh MA MD MChir FRCS	(Resigned 06 October 2023)
Lord S J Greenhalgh (Executive Chairman and CEO)

This Director's Report has been prepared in accordance with the provisions applicable to companies entitled to the small companies' exemption provided by section 415A of the Companies Act 2006.

Approved and signed by:

Lord S J Greenhalgh Executive Chairman and CEO

29 February 2024

	Note	2023		2022
		£		£
				Restated - note 2
Fixed assets
Tangible assets	4	155,885		58,466
		155,885		58,466
Current assets
Debtors	5	559,268		467,394
Cash at bank and in hand		3,264,756		3,940,033
		3,824,024		4,407,427
Creditors: amounts falling due within one year	6	( 1,234,723)		( 1,679,388)
Net current assets		2,589,301		2,728,039
Total assets less current liabilities		2,745,186		2,786,505
Net assets		2,745,186		2,786,505
Capital and reserves
Called-up share capital	7	2,000		2,000
Profit and loss account		2,743,186		2,784,505
Total shareholder's funds		2,745,186		2,786,505

For the financial year ending 30 June 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of BIBA Medical Limited (registered number: 02944429) were approved and authorised for issue by the Director. They were signed on its behalf by:

Lord S J Greenhalgh Executive Chairman and CEO

29 February 2024

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

BIBA Medical Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 526 Fulham Road, London, SW6 5NR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Prior year error

Dividends payable for the year to 30 June 2022 had previously been understated by £4,000, with creditors being understated by the same value as at 30 June 2022. An adjustment has been made in these Financial Statements to rectify the error. The result of the adjustment is decrease in net assets and an increase in creditors by £4,000 as at 30 June 2022.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Insights

Revenue from Insights is recognised upon completion as agreed with the customer.

News and media

Advertising revenue linked with publishing services is recognised when the relevant issue is published online or in printed form.

Conferences

Revenue from conferences is materially generated by space hire for exhibitions and other purposes, grants and registration fees for delegates attending the conferences. Revenue from each of those streams is recognised in line with the successful completion of the conference.

Studio

Revenue from videos produced under the Biba and CX brands are recognised upon completed production and publishing of each video.

Vascular specialist

Advertising revenue which is recognised at the point of invoicing.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements	5 years straight line
Fixtures and fittings	3 years straight line
Office equipment	3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

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

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

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 the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Prior year adjustment

Dividends payable for the year to 30 June 2022 had previously been understated by £4,000, with creditors being understated by the same value as at 30 June 2022. An adjustment has been made in these Financial Statements to rectify the error. The result of the adjustment is decrease in net assets and an increase in creditors by £4,000 as at 30 June 2022.

3. Employees

	2023		2022
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	30		30

4. Tangible assets

	Leasehold improve- ments		Fixtures and fittings		Office equipment		Total
	£		£		£		£
Cost
At 01 July 2022	84,010		127,594		97,125		308,729
Additions	102,191		0		22,876		125,067
At 30 June 2023	186,201		127,594		120,001		433,796
Accumulated depreciation
At 01 July 2022	42,594		127,594		80,075		250,263
Charge for the financial year	18,055		0		9,593		27,648
At 30 June 2023	60,649		127,594		89,668		277,911
Net book value
At 30 June 2023	125,552		0		30,333		155,885
At 30 June 2022	41,416		0		17,050		58,466

5. Debtors

	2023		2022
	£		£
Trade debtors	375,674		402,003
Prepayments	5,858		17,332
VAT recoverable	166,010		44,305
Other debtors	11,726		3,754
	559,268		467,394

6. Creditors: amounts falling due within one year

	2023		2022
	£		£
Trade creditors	39,842		167,455
Amounts owed to Group undertakings	504,906		496,974
Accruals	519,203		488,222
Corporation tax	38,422		299,465
Other taxation and social security	103,928		119,122
Other creditors	28,422		108,150
	1,234,723		1,679,388

7. Called-up share capital

	2023		2022
	£		£
Allotted, called-up and fully-paid
2,000 Ordinary shares of £ 1.00 each	2,000		2,000

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2023		2022
	£		£
within one year	91,414		117,537
between one and five years	139,414		161,497
	230,828		279,034

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. The following contributions were payable to the fund at the balance sheet date.

	2023		2022
	£		£
Contributions	7,885		7,885

9. Ultimate controlling party

The company is the wholly owned subsidiary of Biba Medical Group Ltd, a company incorporated in England and Wales and located at 526 Fulham Road, London, United Kingdom, SW6 5NR.