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REGISTERED NUMBER: SC384441 (Scotland)




















Qufora Ltd

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2024






Qufora Ltd (Registered number: SC384441)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Income Statement 11

Other Comprehensive Income 12

Balance Sheet 13

Statement of Changes in Equity 14

Cash Flow Statement 15

Notes to the Cash Flow Statement 16

Notes to the Financial Statements 18


Qufora Ltd

Company Information
for the Year Ended 31 December 2024







DIRECTORS: M Sorth
R D Fisher
Ms L Lachermeier



REGISTERED OFFICE: Unit 2A
Euro House
Satellite Park
Macmerry
East Lothian
EH33 1RW



REGISTERED NUMBER: SC384441 (Scotland)



SENIOR STATUTORY AUDITOR: Mark Macefield



AUDITORS: Whitelaw Wells
Statutory Auditor
9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT

Qufora Ltd (Registered number: SC384441)

Strategic Report
for the Year Ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

1. STRATEGIC MANAGEMENT
Qufora has continued its growth trajectory, reaching the threshold of a medium-sized enterprise. The company remains committed to its core mission "Improving health for people and planet through intuitive, life-changing bowel management solutions". During the reporting period, Qufora has focused on expanding its market presence, investing in product development, enhancing services and improving operational efficiencies to sustain long-term growth.

The company's strategic objectives are centred on:
- Strengthening its position in the medical device market through innovation.

- Expanding into new service provisions to reinforce existing and driving new business.

- Maintaining high customer satisfaction through quality assurance, regulatory compliance and support services.

- Enhancing operational efficiencies, cost control to sustain profitability and ensure scalability.

2. BUSINESS ENVIRONMENT
The medical device industry is highly competitive and regulated, requiring companies like Qufora to continuously adapt to market and regulatory changes. Key external factors influencing the business environment include:

- Regulatory Compliance: Adhering to stringent regulations such as the Medical Device Regulation (MDR) in Europe and the FDA requirements in the US.

- Market Demand: Qufora has continued investment to mitigate the increasing complexity faced by both healthcare providers and patients through easy-to-use consumer focused services.

- Technological Advancements: Qufora continues to lead the way in innovation and have been the key innovator in the TAI market space.

To navigate this complex environment, Qufora continues to invest in research, compliance, and strategic partnerships that enhance its market position.


Qufora Ltd (Registered number: SC384441)

Strategic Report
for the Year Ended 31 December 2024

3. BUSINESS PERFORMANCE AND POSITION
During the reporting period, Qufora demonstrated strong financial and operational performance:
- Revenue Growth: The company experienced a significant increase in revenue driven by strong sales to NHS patients. Our growth was 10 times as high as our as our competitors combined and has seen a significant gain in overall market share.
- Identity: At the beginning of 2024 MacGregor a subsidiary of Qufora A/S rebranded as Qufora Ltd. This rationalised the brand, simplified consumer brand awareness and improved branding synergies with that of its parent company.
- Profitability: Profit margins have significantly improved due to the growth in sales versus the required investment in resource. We continue to closely monitor cost and look to technology to drive efficient cost effect operational solutions
- Services Investment: A significant investment has been made in both a moderate expansion of the sales team and the creation of a new nursing team. This is a key part of our continued growth strategy and enhances our competitive levels.
- Operational Efficiency: Improved supply chain via our new 3 PL partner DSV and logistics management helped mitigate cost pressures and enhance service delivery.

4. PRINCIPAL RISKS AND UNCERTAINTIES
Qufora faces several risks and uncertainties that could impact its future performance. These include:

1. Market Competition: Increased competition from existing and new players may affect market share within the low volume TAI segment. To mitigate this, Qufora focuses on product differentiation, superior customer service, and strategic collaborations.

2. Reimbursement Changes: Qufora has been working with its Industry representatives to ensure input is taken regarding the review of reimbursement qualification. Focus on additional supporting documentation such as clinical efficacy, testimonials and a long-term approach supported by demonstration of value for money through health economics. This will form the cornerstone of securing reimbursement at the correct price point in the immediate and long-term future. Qufora will continue to invest in these areas to meet the increasing demands from reimbursement authorities.

3. Increasing Regulatory Demands: ESG has placed significant demands of businesses resource. Qufora has ensured resource to deliver optimal solutions to minimise the environmental impact while fostering a positive and inclusive culture.


Qufora Ltd (Registered number: SC384441)

Strategic Report
for the Year Ended 31 December 2024

CONCLUSION
Qufora remains well-positioned for sustainable growth despite industry challenges. By focusing on strategic management, navigating the business environment effectively, investing in services and maintaining strong financial performance, the company aims to achieve its long-term objectives and continue delivering value to stakeholders.

ON BEHALF OF THE BOARD:





R D Fisher - Director


21 February 2025

Qufora Ltd (Registered number: SC384441)

Report of the Directors
for the Year Ended 31 December 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of sale of irrigation and urology products in the UK market.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

M Sorth
R D Fisher
Ms L Lachermeier

Other changes in directors holding office are as follows:

C Dorfelt - resigned 1 October 2024
Ms S E Frost - resigned 1 October 2024

CHARITABLE DONATIONS AND EXPENDITURE
During the year, the company made charitable donations of £4,077 (2023: £3,128).

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are required to:

-select suitable accounting policies 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 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.

Qufora Ltd (Registered number: SC384441)

Report of the Directors
for the Year Ended 31 December 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Whitelaw Wells, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





R D Fisher - Director


21 February 2025

Report of the Independent Auditors to the Members of
Qufora Ltd

Opinion
We have audited the financial statements of Qufora Ltd (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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 our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
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 UK, including the FRC'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.

Conclusions relating to going concern
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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Report of the Independent Auditors to the Members of
Qufora Ltd


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Qufora Ltd


Auditors' responsibilities for the audit of the financial statements
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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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.

Irregularities that result from fraud are inherently more difficult to detect than irregularities that result
from error.

From enquiries of those charged with governance, it was determined that the risk of material
misstatement from fraud was low with little scope for fraud to occur due to the processes in place. Our audit testing is designed to detect material misstatements from fraud where there is not high level collusion. Our audit testing was designed to detect material misstatements from other irregularities that result from error where there is not high level concealment of the error. In this regard the following audit work was undertaken: applicable laws and regulations were reviewed and discussed with management; senior management meeting minutes were reviewed; internal controls were reviewed; expenditure was reviewed for authorisation and journals were reviewed. From this audit testing it was determined that the risk of material misstatement in this regard was low.

We tested a sample of income and expenditure transactions designed to identify any irregularities as a result of simple mistakes or human error. We also carried out testing on the stock count. From this audit testing it was determined that the risk of material misstatement in this regard was low.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
Qufora Ltd


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 a Report of the Auditors 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.




Mark Macefield (Senior Statutory Auditor)
for and on behalf of Whitelaw Wells
Statutory Auditor
9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT

21 February 2025

Qufora Ltd (Registered number: SC384441)

Income Statement
for the Year Ended 31 December 2024

2024 2023
Notes £    £   

TURNOVER 15,561,749 11,980,352

Cost of sales 11,597,078 8,749,154
GROSS PROFIT 3,964,671 3,231,198

Administrative expenses 2,182,223 2,177,679
1,782,448 1,053,519

Other operating income 1,273 4,853
OPERATING PROFIT 4 1,783,721 1,058,372

Interest receivable and similar income 4,293 4,402
PROFIT BEFORE TAXATION 1,788,014 1,062,774

Tax on profit 5 447,004 250,687
PROFIT FOR THE FINANCIAL YEAR 1,341,010 812,087

Qufora Ltd (Registered number: SC384441)

Other Comprehensive Income
for the Year Ended 31 December 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 1,341,010 812,087


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,341,010

812,087

Qufora Ltd (Registered number: SC384441)

Balance Sheet
31 December 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 6 35,302 35,152

CURRENT ASSETS
Stocks 7 3,435,159 2,284,128
Debtors 8 3,077,743 3,231,813
Cash at bank and in hand - 836,036
6,512,902 6,351,977
CREDITORS
Amounts falling due within one year 9 3,116,192 4,166,165
NET CURRENT ASSETS 3,396,710 2,185,812
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,432,012

2,220,964

CREDITORS
Amounts falling due after more than
one year

10

-

(130,000

)

PROVISIONS FOR LIABILITIES 14 (8,826 ) (8,788 )
NET ASSETS 3,423,186 2,082,176

CAPITAL AND RESERVES
Called up share capital 15 50,000 50,000
Share premium 16 222,286 222,286
Retained earnings 16 3,150,900 1,809,890
SHAREHOLDERS' FUNDS 3,423,186 2,082,176

The financial statements were approved by the Board of Directors and authorised for issue on 21 February 2025 and were signed on its behalf by:





R D Fisher - Director


Qufora Ltd (Registered number: SC384441)

Statement of Changes in Equity
for the Year Ended 31 December 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 January 2023 50,000 997,803 222,286 1,270,089

Changes in equity
Total comprehensive income - 812,087 - 812,087
Balance at 31 December 2023 50,000 1,809,890 222,286 2,082,176

Changes in equity
Total comprehensive income - 1,341,010 - 1,341,010
Balance at 31 December 2024 50,000 3,150,900 222,286 3,423,186

Qufora Ltd (Registered number: SC384441)

Cash Flow Statement
for the Year Ended 31 December 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (275,161 ) 307,622
Tax paid (378,732 ) (66,923 )
Net cash from operating activities (653,893 ) 240,699

Cash flows from investing activities
Purchase of tangible fixed assets (23,031 ) (9,032 )
Interest received 4,293 4,402
Net cash from investing activities (18,738 ) (4,630 )

Cash flows from financing activities
Loan repayments in year (190,000 ) (60,000 )
Net cash from financing activities (190,000 ) (60,000 )

(Decrease)/increase in cash and cash equivalents (862,631 ) 176,069
Cash and cash equivalents at beginning
of year

2

836,036

659,967

Cash and cash equivalents at end of
year

2

(26,595

)

836,036

Qufora Ltd (Registered number: SC384441)

Notes to the Cash Flow Statement
for the Year Ended 31 December 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 1,788,014 1,062,774
Depreciation charges 19,169 16,236
Loss on disposal of fixed assets 3,711 -
Finance income (4,293 ) (4,402 )
1,806,601 1,074,608
Increase in stocks (1,151,031 ) (574,356 )
Decrease/(increase) in trade and other debtors 154,071 (1,103,764 )
(Decrease)/increase in trade and other creditors (1,084,802 ) 911,134
Cash generated from operations (275,161 ) 307,622

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024
31.12.24 1.1.24
£    £   
Cash and cash equivalents - 836,036
Bank overdrafts (26,595 ) -
(26,595 ) 836,036
Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 836,036 659,967


Qufora Ltd (Registered number: SC384441)

Notes to the Cash Flow Statement
for the Year Ended 31 December 2024

3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.1.24 Cash flow At 31.12.24
£    £    £   
Net cash
Cash at bank and in hand 836,036 (836,036 ) -
Bank overdrafts - (26,595 ) (26,595 )
836,036 (862,631 ) (26,595 )
Debt
Debts falling due within 1 year (60,000 ) 60,000 -
Debts falling due after 1 year (130,000 ) 130,000 -
(190,000 ) 190,000 -
Total 646,036 (672,631 ) (26,595 )

Qufora Ltd (Registered number: SC384441)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Qufora Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover comprises the fair value of the sale of goods net of VAT. Sales of goods are recognised when the company has delivered the products to the customer, the customer has accepted the goods and the collectability of the receivables is fairly assured.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on cost
Computer equipment - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

All loans with related parties are all repayable on demand.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Qufora Ltd (Registered number: SC384441)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The accounts have been prepared on a going concern basis. The directors going concern assessment includes a period of at least 12 months from the date of these financial statements.

Factored debts
Debts are factored on a full recourse basis. The total amount due from debtors is shown under trade debtors within current assets and the amount due to the factors is shown within current liabilities. The factor's charges are shown as an expense in the profit and loss account.

Provisions
Provisions are recognised where the company has a present obligation as a result of a past event, it is probably the company will be required to settle the obligations, and a reliable estimate can be made of the obligations. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Qufora Ltd (Registered number: SC384441)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,857,834 1,620,558
Social security costs 13,715 51,434
Other pension costs 251,051 271,016
2,122,600 1,943,008

The average number of employees during the year was as follows:
2024 2023

Directors 3 2
Sales 8 6
Admin 10 13
Marketing 3 3
Clinical Education 5 2
29 26

2024 2023
£    £   
Directors' remuneration 395,630 558,726

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 151,412 166,303

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 5,523 8,105
Depreciation - owned assets 19,170 16,236
Loss on disposal of fixed assets 3,711 -
Auditors' remuneration 8,750 5,445
Foreign exchange differences - (96 )

Qufora Ltd (Registered number: SC384441)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

5. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 446,966 252,488

Deferred tax 38 (1,801 )
Tax on profit 447,004 250,687

UK corporation tax has been charged at 25% (2023 - 25%).

6. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 January 2024 120,284 49,147 45,600 215,031
Additions 2,671 - 20,360 23,031
Disposals - - (11,846 ) (11,846 )
At 31 December 2024 122,955 49,147 54,114 226,216
DEPRECIATION
At 1 January 2024 110,292 34,393 35,194 179,879
Charge for year 5,366 6,206 7,598 19,170
Eliminated on disposal - - (8,135 ) (8,135 )
At 31 December 2024 115,658 40,599 34,657 190,914
NET BOOK VALUE
At 31 December 2024 7,297 8,548 19,457 35,302
At 31 December 2023 9,992 14,754 10,406 35,152

7. STOCKS
2024 2023
£    £   
Stocks 3,435,159 2,284,128

Qufora Ltd (Registered number: SC384441)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,994,507 2,784,268
Other debtors 12,352 84,772
Accrued income - 327,753
Prepayments 70,884 35,020
3,077,743 3,231,813

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 11) 26,595 60,000
Trade creditors 1,888,222 3,192,570
Tax 320,722 252,488
Social security and other taxes 39,514 42,140
VAT 624,038 449,182
Credit card liability - 17,489
Accrued expenses 217,101 152,296
3,116,192 4,166,165

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 11) - 130,000

11. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 26,595 -
Bounceback loan - 60,000
26,595 60,000

Amounts falling due between one and two years:
Bounceback Loan -1-2 years - 60,000

Qufora Ltd (Registered number: SC384441)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

11. LOANS - continued
2024 2023
£    £   
Amounts falling due between two and five years:
Bounceback Loan 2- 5 years - 70,000

12. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 74,400 74,400
Between one and five years 12,400 86,800
86,800 161,200

13. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft 26,595 -
Bank loans - 190,000
26,595 190,000

Nordea Bank hold a bond and floating charge over the assets of the company. The parent company, Qufora A/S have provided a guarantee and indemnity to Nordea Bank.

14. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 8,826 8,788

Deferred
tax
£   
Balance at 1 January 2024 8,788
Charge to Income Statement during year 38
Balance at 31 December 2024 8,826

Qufora Ltd (Registered number: SC384441)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
50,000 Ordinary 1 50,000 50,000

16. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2024 1,809,890 222,286 2,032,176
Profit for the year 1,341,010 1,341,010
At 31 December 2024 3,150,900 222,286 3,373,186

17. RELATED PARTY DISCLOSURES

Qufora A/S is the principal supplier and majority shareholder of Qufora Ltd. During the year, £15,839,163 (2023: £8,436,324) worth of purchases were made by Qufora Ltd to Qufora A/S. At 31 December 2024, included in trade creditors there was an amount due by Qufora Ltd to Qufora A/S of £1,792,051 (31 December 2023 :£3,171,195).

18. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Qufora A/S (previously know as MBH-International A/S). Its registered address is Gydevang 28-30, DK-3450, Allerød, Denmark. This company is also the parent undertaking of the smallest group for which group accounts are prepared.