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REGISTERED NUMBER: 00571118 (England and Wales)




















STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

MEDICAL WIRE & EQUIPMENT
CO.(BATH)LIMITED

MEDICAL WIRE & EQUIPMENT
CO.(BATH)LIMITED (REGISTERED NUMBER: 00571118)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 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 17


MEDICAL WIRE & EQUIPMENT
CO.(BATH)LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: A N Broggio
Mrs H J Broggio
D Skaug-Ellis





SECRETARY:





REGISTERED OFFICE: Leafield Industrial Estate
Potley Lane
Corsham
Wiltshire
SN13 9RT





REGISTERED NUMBER: 00571118 (England and Wales)





AUDITORS: PG Owen Limited
Chartered Accountants and
Statutory Auditors
7 Northumberland Buildings
Bath
Avon
BA1 2JB

MEDICAL WIRE & EQUIPMENT
CO.(BATH)LIMITED (REGISTERED NUMBER: 00571118)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Introduction

The Directors have pleasure in presenting their Strategic Report together with the audited accounts of Medical Wire & Equipment Co. (Bath) Limited ('MWE' or the 'Company') for the year ended 30 June 2024.
All references to 2024 in the Strategic Report and the Financial Statements refer to the financial year ended 30 June 2024 or as at 30 June 2024 as appropriate.


Ownership

MWE is a subsidiary undertaking of Temuka limited, a company registered in England and Wales, which owns 44.6% of the voting rights in the company (2023: 44.6%). There has been no change in ownership during the year.


Principal activities

There has been no change in the Company's principal activity, which continues to be the manufacture and sale of diagnostic and specimen collection devices for healthcare, food, pharma and forensic sectors.

In addition to direct channels to market, the Company leverages an extensive global network of distributors to sell its UK manufactured products in various geographic markets.

The Company's products are certified to various standards and are CE marked class 1 and class 11a medical devices, Class A In Vitro medical devices, certified and manufactured in accordance with ISO 13485:2016, and MDSAP requirements. The products are registered in the UK, EU, and other global markets including the USA (FDA), Canada, and Australia. Clinical and non-clinical products are certified and manufactured in accordance with ISO9001:2015. Transwab products comply with the CLSI standard M40-A2 (for Quality Control of microbiology Specimen Transport Devices).


Key Developments

During the global Covid-19 pandemic, the company provided considerable support to UK and global health agencies. This led the company to substantially increase its productive capacity through both greater automation and bolstering its resource and productive footprint. Additionally, the company invested heavily in inventory at a time when there was considerable uncertainty as to the future level of demand for such products.

During the year under review, demand for the company's products has diminished greatly from what was seen during the height of the pandemic and the company has found it difficult to match its short shelf-life stock of inventory with market demand. Consequently, the directors have written-off inventory during the year to a greater extent than the provisions the company had made in previous years. This has contributed significantly to the trading loss reported by the company.

Whilst revenue contracted during the year, the directors and senior management team have identified strategies and markets that they are confident will help the company return to growth during the 2025 financial year and beyond.


Principal risks and uncertainties

The principal risks and uncertainties that could impact MWE's future performance include the following:
- The macro-economic climate and the condition of global public finances either of which, in unison or in isolation could have an effect of the demand for the company's products;
- Global inflation - the effect of which may yield pressure on the margin the company earns on its activities;
- Unexpected changes to customer contracts;
- New regulatory legislation;
- Availability of raw materials;
- Loss of experienced key personnel;

These risks and uncertainties are mitigated by the close management and expertise of the management team.

MEDICAL WIRE & EQUIPMENT
CO.(BATH)LIMITED (REGISTERED NUMBER: 00571118)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024


KPIs

During what might be referred to as the "pandemic years", the directors used a number of KPIs to measure the attainment of strategic objectives. These included turnover and turnover growth; sums invested in strategic capital expenditure; and, retention of profits as measured by growth in net assets. The company achieved considerable success against these measures during the pandemic years.

In the future, the directors believe that KPIs such as turnover growth; gross profit margin; key operating costs relatives to sales; and, EBITDA and free cash flow will be of greater importance and the directors will report on such KPIs from 2025 onwards.


Business Review

With the last of the pandemic related trade having occurred in 2023, turnover in 2024 contracted to £10.4m (FY 23 £15.1m). Changes in sales mix and stock write-offs meant that gross profit margin reduced from 42.3% in 2023 to 39.1% in the year.

The directors are working hard to realign the company's productive capacity, footprint and operating costs all of which had witnessed expansion in response to the pandemic. Whilst achieving a measure of success, such initiatives will continue into 2025 and therefore the full benefits are yet to be realised. Such measures include:

- Consolidating footprint across various operating sites
- Improving productive efficiencies
- Ensuring business support functions are aligned with and appropriate to the company's sales growth strategy

Such initiatives, together with a clear sales plan, the directors are confident that the company will return to profitable growth.

With the benefit of such measures not being fully realised and with the cost of dealing with pandemic overstocking, the company reported a profit before tax in the year of £91,210, compared to a profit in 2023 of £1,020,945. EBITDA in 2024 remained positive at £304,065, compared to £1,533,496 in the previous year.

2025 Update: The Directors are pleased that during the 2025, sales growth and implementation of measures mentioned above have improved margins and therefore led to a stronger trading position.


Research & development

MWE continues to invest in research and development to initiate changes to product and process developments. The COVID-19 pandemic has accelerated change in medical diagnostics and the Company is investing to ensure its products remain at the forefront.


Future developments

The directors expect demand in its core markets to remain steady and see growth stemming from new markets and new product development. The directors have identified strategies to take advantage of such opportunities.










MEDICAL WIRE & EQUIPMENT
CO.(BATH)LIMITED (REGISTERED NUMBER: 00571118)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Post balance sheet events

There were no significant post balance sheet events.

ON BEHALF OF THE BOARD:





A N Broggio - Director


28 March 2025

MEDICAL WIRE & EQUIPMENT
CO.(BATH)LIMITED (REGISTERED NUMBER: 00571118)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report with the financial statements of the company for the year ended 30 June 2024.

DIVIDENDS
Interim dividends per share were paid as follows:
Ordinary £1 shares 130,000 -
Ordinary B non-voting £1 shares 131,850 -
Ordinary C non-voting £1 shares 1,000,000 -


The directors recommend that no final dividends be paid.

The total distribution of dividends for the year ended 30 June 2024 will be £ 1,261,850 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

A N Broggio
Mrs H J Broggio
D Skaug-Ellis

STATEMENT OF MARKET VALUE OF LAND AND BUILDINGS
The Directors are unable to estimate the value of the Company's leasehold land and premises but the value exceeds the amount shown in the balance sheet. The Directors offer to conduct any shareholder over the Company's property and supply full details and information to enable the shareholder to form his own opinion of the value.

DISCLOSURE IN THE STRATEGIC REPORT
In accordance with section 414C of the Companies Act 2006 the directors have chosen to disclose the following information in the Strategic report:

Principal risks and uncertainties
Business Review
Factors likely to impact the Company's future performance; and
Research and development activities.

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.

MEDICAL WIRE & EQUIPMENT
CO.(BATH)LIMITED (REGISTERED NUMBER: 00571118)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 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, PG Owen Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





A N Broggio - Director


28 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MEDICAL WIRE & EQUIPMENT
CO.(BATH)LIMITED

Opinion
We have audited the financial statements of Medical Wire & Equipment Co.(Bath)Limited (the 'company') for the year ended 30 June 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 30 June 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.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MEDICAL WIRE & EQUIPMENT
CO.(BATH)LIMITED


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
MEDICAL WIRE & EQUIPMENT
CO.(BATH)LIMITED


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:

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 partner ensured that the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other
management, and from commercial knowledge and experience of the manufacturing and supply of laboratory, pharmaceutical and medical and nursing supplies and equipment sector.
- we focused on specific laws and regulations which we considered may have a direct material effect on the
financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and
data protection,anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of
management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to
instances of non-compliance throughout the audit

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;
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;and
- understanding the design of the company's remuneration policies.

To address the risk of fraud through management bias and override of controls, we;
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested 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 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
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

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 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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MEDICAL WIRE & EQUIPMENT
CO.(BATH)LIMITED


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.




R N Browning BA(Hons) FCCA FCA FAIA BFP (Senior Statutory Auditor)
for and on behalf of PG Owen Limited
Chartered Accountants and
Statutory Auditors
7 Northumberland Buildings
Bath
Avon
BA1 2JB

28 March 2025

MEDICAL WIRE & EQUIPMENT
CO.(BATH)LIMITED (REGISTERED NUMBER: 00571118)

INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   

TURNOVER 3 10,401,673 15,134,037

Cost of sales 6,333,848 8,732,714
GROSS PROFIT 4,067,825 6,401,323

Administrative expenses 4,524,154 5,750,258
OPERATING (LOSS)/PROFIT 5 (456,329 ) 651,065

Interest receivable and similar income 548,216 372,873
91,887 1,023,938

Interest payable and similar expenses 6 677 2,993
PROFIT BEFORE TAXATION 91,210 1,020,945

Tax on profit 7 (17,541 ) 232,618
PROFIT FOR THE FINANCIAL YEAR 108,751 788,327

MEDICAL WIRE & EQUIPMENT
CO.(BATH)LIMITED (REGISTERED NUMBER: 00571118)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 108,751 788,327


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

108,751

788,327

MEDICAL WIRE & EQUIPMENT
CO.(BATH)LIMITED (REGISTERED NUMBER: 00571118)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 3,625,773 4,354,342

CURRENT ASSETS
Stocks 10 1,252,738 1,429,243
Debtors 11 6,580,741 3,118,806
Cash at bank and in hand 11,903,000 17,546,146
19,736,479 22,094,195
CREDITORS
Amounts falling due within one year 12 1,949,507 3,822,037
NET CURRENT ASSETS 17,786,972 18,272,158
TOTAL ASSETS LESS CURRENT
LIABILITIES

21,412,745

22,626,500

PROVISIONS FOR LIABILITIES 16 525,520 586,176
NET ASSETS 20,887,225 22,040,324

CAPITAL AND RESERVES
Called up share capital 17 18,395 18,395
Share premium 18 187,000 187,000
Retained earnings 18 20,681,830 21,834,929
SHAREHOLDERS' FUNDS 20,887,225 22,040,324

The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2025 and were signed on its behalf by:





A N Broggio - Director


MEDICAL WIRE & EQUIPMENT
CO.(BATH)LIMITED (REGISTERED NUMBER: 00571118)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 July 2022 18,395 25,373,130 187,000 25,578,525

Changes in equity
Dividends - (4,326,528 ) - (4,326,528 )
Total comprehensive income - 788,327 - 788,327
Balance at 30 June 2023 18,395 21,834,929 187,000 22,040,324

Changes in equity
Dividends - (1,261,850 ) - (1,261,850 )
Total comprehensive income - 108,751 - 108,751
Balance at 30 June 2024 18,395 20,681,830 187,000 20,887,225

MEDICAL WIRE & EQUIPMENT
CO.(BATH)LIMITED (REGISTERED NUMBER: 00571118)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (2,251,642 ) 3,665,795
Interest element of finance lease payments
paid

(677

)

(2,993

)
Tax paid (2,117,860 ) (1,079,972 )
Net cash from operating activities (4,370,179 ) 2,582,830

Cash flows from investing activities
Purchase of tangible fixed assets (32,502 ) (486,843 )
Interest received 548,216 372,873
Net cash from investing activities 515,714 (113,970 )

Cash flows from financing activities
Loan repayments in year 226 (4,259 )
Finance lease repayments (28,437 ) (99,519 )
Amount withdrawn by directors (648,773 ) 89,404
Equity dividends paid (1,261,850 ) (4,326,528 )
Net cash from financing activities (1,938,834 ) (4,340,902 )

Decrease in cash and cash equivalents (5,793,299 ) (1,872,042 )
Cash and cash equivalents at beginning of
year

2

17,546,146

19,418,188

Cash and cash equivalents at end of year 2 11,752,847 17,546,146

MEDICAL WIRE & EQUIPMENT
CO.(BATH)LIMITED (REGISTERED NUMBER: 00571118)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

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

2024 2023
£    £   
Profit before taxation 91,210 1,020,945
Depreciation charges 761,071 885,424
Finance costs 677 2,993
Finance income (548,216 ) (372,873 )
304,742 1,536,489
Decrease in stocks 176,505 959,154
(Increase)/decrease in trade and other debtors (2,990,829 ) 2,290,685
Increase/(decrease) in trade and other creditors 257,940 (1,120,533 )
Cash generated from operations (2,251,642 ) 3,665,795

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 30 June 2024
30.6.24 1.7.23
£    £   
Cash and cash equivalents 11,903,000 17,546,146
Bank overdrafts (150,153 ) -
11,752,847 17,546,146
Year ended 30 June 2023
30.6.23 1.7.22
£    £   
Cash and cash equivalents 17,546,146 19,418,188


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.7.23 Cash flow At 30.6.24
£    £    £   
Net cash
Cash at bank and in hand 17,546,146 (5,643,146 ) 11,903,000
Bank overdrafts - (150,153 ) (150,153 )
17,546,146 (5,793,299 ) 11,752,847
Debt
Finance leases (28,437 ) 28,437 -
Debts falling due within 1 year (10,526 ) (226 ) (10,752 )
(38,963 ) 28,211 (10,752 )
Total 17,507,183 (5,765,088 ) 11,742,095

MEDICAL WIRE & EQUIPMENT
CO.(BATH)LIMITED (REGISTERED NUMBER: 00571118)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Medical Wire & Equipment Co.(Bath)Limited is a private company, limited by shares , registered in England and Wales. 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Fixed assets
Fixed Assets are stated at cost less accumulated depreciation, calculated to write off the cost of each asset over its expected useful life as follows;

On a straight line basis:
Improvements to property 4%
Motor Vehicles 20%
On a reducing balance basis:
Fixtures and fittings 10%, 20% & 30%
Plant and machinery 20%

The company reviews the carrying amount of its assets at the end of the year to determine whether there has been any impairment on the recoverability of the carrying amount and makes adjustments as necessary.

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

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.

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.

MEDICAL WIRE & EQUIPMENT
CO.(BATH)LIMITED (REGISTERED NUMBER: 00571118)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued

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 rate differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 5,776,469 9,057,556
Europe 2,742,519 3,872,650
Rest of the World 1,882,685 2,203,831
10,401,673 15,134,037

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,003,081 2,726,006
Social security costs 1,280,300 1,721,453
Other pension costs 72,639 121,828
3,356,020 4,569,287

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

Production 58 89
Administration 36 42
94 131

MEDICAL WIRE & EQUIPMENT
CO.(BATH)LIMITED (REGISTERED NUMBER: 00571118)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

4. EMPLOYEES AND DIRECTORS - continued

2024 2023
£    £   
Directors' remuneration 207,785 398,254

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 110,723 263,834

5. OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging:

2024 2023
£    £   
Other operating leases 102,446 87,138
Depreciation - owned assets 742,525 862,241
Depreciation - assets on finance leases 18,546 23,183
Auditors' remuneration 16,500 15,000

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Hire purchase 677 2,993

7. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 107,631 169,112
Over-provision prior year (64,516 ) 39,552
Total current tax 43,115 208,664

Deferred tax (60,656 ) 23,954
Tax on profit (17,541 ) 232,618

MEDICAL WIRE & EQUIPMENT
CO.(BATH)LIMITED (REGISTERED NUMBER: 00571118)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

8. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 130,000 1,397,500
Ordinary B non-voting shares of £1 each
Interim 131,850 679,028
Ordinary C non-voting shares of £1 each
Interim 1,000,000 2,250,000
1,261,850 4,326,528

9. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery Equipment vehicles Totals
£    £    £    £    £   
COST
At 1 July 2023 587,563 7,980,478 170,063 19,995 8,758,099
Additions - 32,502 - - 32,502
Reclassification/transfer - 14,653 (14,653 ) - -
At 30 June 2024 587,563 8,027,633 155,410 19,995 8,790,601
DEPRECIATION
At 1 July 2023 269,530 3,991,438 132,892 9,897 4,403,757
Charge for year 16,089 733,686 7,251 4,045 761,071
At 30 June 2024 285,619 4,725,124 140,143 13,942 5,164,828
NET BOOK VALUE
At 30 June 2024 301,944 3,302,509 15,267 6,053 3,625,773
At 30 June 2023 318,033 3,989,040 37,171 10,098 4,354,342

MEDICAL WIRE & EQUIPMENT
CO.(BATH)LIMITED (REGISTERED NUMBER: 00571118)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

9. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under finance leases are as follows:
Plant and
machinery
£   
COST
At 1 July 2023 194,512
Transfer to ownership (194,512 )
At 30 June 2024 -
DEPRECIATION
At 1 July 2023 101,782
Charge for year 18,546
Transfer to ownership (120,328 )
At 30 June 2024 -
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 92,730

10. STOCKS
2024 2023
£    £   
Stocks 1,252,738 1,429,243

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,315,796 1,081,189
Amounts owed by group undertakings 3,515,083 1,188,840
Other debtors 840,184 696,048
Directors' current accounts 471,106 -
Prepayments and accrued income 438,572 152,729
6,580,741 3,118,806

Included in other debtors are advance payments of £770,954 (2023 - £694,093) for the purchase of fixed assets which had not been received by the year end.

MEDICAL WIRE & EQUIPMENT
CO.(BATH)LIMITED (REGISTERED NUMBER: 00571118)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 13) 160,905 10,526
Finance leases (see note 14) - 28,437
Trade creditors 1,496,668 1,122,233
Tax 107,631 2,182,376
Social security and other taxes 84,569 137,385
Other creditors 44,763 93,550
Directors' current accounts 813 178,480
Accruals and deferred income 54,158 69,050
1,949,507 3,822,037

13. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 150,153 -
Bank loans 10,752 10,526
160,905 10,526

14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Finance leases
2024 2023
£    £   
Net obligations repayable:
Within one year - 28,437

Non-cancellable operating leases
2024 2023
£    £   
Within one year 526,555 585,698
Between one and five years 1,914,605 1,970,482
In more than five years 941,357 941,356
3,382,517 3,497,536

MEDICAL WIRE & EQUIPMENT
CO.(BATH)LIMITED (REGISTERED NUMBER: 00571118)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

15. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft 150,153 -
Bank loans 10,752 10,526
160,905 10,526

The above are secured by a debenture over the company's undertaking and assets.

16. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 525,520 586,176

Deferred
tax
£   
Balance at 1 July 2023 586,176
Credit to Income Statement during year (60,656 )
Balance at 30 June 2024 525,520

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
13,000 Ordinary £1 13,000 13,000
4,395 Ordinary B non-voting £1 4,395 4,395
1,000 Ordinary C non-voting £1 1,000 1,000
18,395 18,395

18. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 July 2023 21,834,929 187,000 22,021,929
Profit for the year 108,751 108,751
Dividends (1,261,850 ) (1,261,850 )
At 30 June 2024 20,681,830 187,000 20,868,830

19. ULTIMATE PARENT COMPANY

The company is a subsidiary undertaking of Temuka limited, a company registered in England and Wales, which owns 44.6% (2023 - 44.6%) of its share capital and exercises a dominant influence.

MEDICAL WIRE & EQUIPMENT
CO.(BATH)LIMITED (REGISTERED NUMBER: 00571118)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

20. RELATED PARTY DISCLOSURES

The company has charged interest at the official rate on the overdrawn Director loan accounts.

During the year, the company paid £340,500 (2023 : £220,000) to Temuka Limited for rent of property, equipment and office equipment.
The company made sales to Temuka Limited totalling £8,408 (2023 : £32,353).
The company also paid dividends of £58,000 (2023 : £623,500) to Temuka Limited during the year.