Caseware UK (AP4) 2023.0.135 2023.0.135 2013-05-30Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Purchased intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. The Company recognises internally generated intangible assets to the extent that they are both identifiable and can be measured reliably. Recognition only occurs when the Company is satisfied that the project is feasible such that the asset will be available for use or sale; that the Company has the intention to complete the intangible asset and either use or sell it; that the Company has the ability to either use or sell the intangible asset; that it is probable that the intangible asset will generate future economic benefits; and that the Company has available sufficient resources to complete the development of the intangible asset. Intangible assets are written off in equal annual instalments over their useful economic life. Amortisation is included within administrative expenses. Amortisation is provided as follows: Development expenditure - over 10 years on a straight-line basis Computer software -over 10 years on a straight-line basis0falsefalse02023-10-01research and experimental development on natural sciences and engineeringfalsefalse NI618621 2023-10-01 2024-12-31 NI618621 2022-10-01 2023-09-30 NI618621 2024-12-31 NI618621 2023-09-30 NI618621 2022-10-01 NI618621 1 2023-10-01 2024-12-31 NI618621 d:Director1 2023-10-01 2024-12-31 NI618621 d:Director1 2024-12-31 NI618621 d:Director2 2023-10-01 2024-12-31 NI618621 d:Director2 2024-12-31 NI618621 d:Director3 2023-10-01 2024-12-31 NI618621 d:Director3 2024-12-31 NI618621 d:Director4 2023-10-01 2024-12-31 NI618621 d:Director4 2024-12-31 NI618621 d:Director5 2023-10-01 2024-12-31 NI618621 d:Director5 2024-12-31 NI618621 d:Director7 2023-10-01 2024-12-31 NI618621 d:Director7 2024-12-31 NI618621 d:Director8 2023-10-01 2024-12-31 NI618621 d:Director8 2024-12-31 NI618621 d:RegisteredOffice 2023-10-01 2024-12-31 NI618621 d:Agent1 2023-10-01 2024-12-31 NI618621 d:Agent2 2023-10-01 2024-12-31 NI618621 c:Buildings c:ShortLeaseholdAssets 2023-10-01 2024-12-31 NI618621 c:Buildings c:ShortLeaseholdAssets 2024-12-31 NI618621 c:Buildings c:ShortLeaseholdAssets 2023-09-30 NI618621 c:PlantMachinery 2023-10-01 2024-12-31 NI618621 c:PlantMachinery 2024-12-31 NI618621 c:PlantMachinery 2023-09-30 NI618621 c:PlantMachinery c:OwnedOrFreeholdAssets 2023-10-01 2024-12-31 NI618621 c:OfficeEquipment 2023-10-01 2024-12-31 NI618621 c:OfficeEquipment 2024-12-31 NI618621 c:OfficeEquipment 2023-09-30 NI618621 c:OfficeEquipment c:OwnedOrFreeholdAssets 2023-10-01 2024-12-31 NI618621 c:ComputerEquipment 2023-10-01 2024-12-31 NI618621 c:ComputerEquipment 2024-12-31 NI618621 c:ComputerEquipment 2023-09-30 NI618621 c:ComputerEquipment c:OwnedOrFreeholdAssets 2023-10-01 2024-12-31 NI618621 c:OwnedOrFreeholdAssets 2023-10-01 2024-12-31 NI618621 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-12-31 NI618621 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-09-30 NI618621 c:ComputerSoftware 2024-12-31 NI618621 c:ComputerSoftware 2023-09-30 NI618621 c:CurrentFinancialInstruments 2024-12-31 NI618621 c:CurrentFinancialInstruments 2023-09-30 NI618621 c:Non-currentFinancialInstruments 2024-12-31 NI618621 c:Non-currentFinancialInstruments 2023-09-30 NI618621 c:CurrentFinancialInstruments c:WithinOneYear 2024-12-31 NI618621 c:CurrentFinancialInstruments c:WithinOneYear 2023-09-30 NI618621 c:Non-currentFinancialInstruments c:AfterOneYear 2024-12-31 NI618621 c:Non-currentFinancialInstruments c:AfterOneYear 2023-09-30 NI618621 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2024-12-31 NI618621 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-09-30 NI618621 c:ShareCapital 2023-10-01 2024-12-31 NI618621 c:ShareCapital 2024-12-31 NI618621 c:ShareCapital 2023-09-30 NI618621 c:ShareCapital 2022-10-01 NI618621 c:SharePremium 2023-10-01 2024-12-31 NI618621 c:SharePremium 2024-12-31 NI618621 c:SharePremium 2023-09-30 NI618621 c:SharePremium 2022-10-01 NI618621 c:RetainedEarningsAccumulatedLosses 2023-10-01 2024-12-31 NI618621 c:RetainedEarningsAccumulatedLosses 2024-12-31 NI618621 c:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 NI618621 c:RetainedEarningsAccumulatedLosses 2023-09-30 NI618621 c:RetainedEarningsAccumulatedLosses 2022-10-01 NI618621 d:OrdinaryShareClass1 2023-10-01 2024-12-31 NI618621 d:OrdinaryShareClass1 2024-12-31 NI618621 d:OrdinaryShareClass1 2023-09-30 NI618621 d:OrdinaryShareClass2 2023-10-01 2024-12-31 NI618621 d:OrdinaryShareClass2 2024-12-31 NI618621 d:OrdinaryShareClass2 2023-09-30 NI618621 d:OrdinaryShareClass3 2023-10-01 2024-12-31 NI618621 d:OrdinaryShareClass3 2024-12-31 NI618621 d:OrdinaryShareClass3 2023-09-30 NI618621 d:OrdinaryShareClass4 2023-10-01 2024-12-31 NI618621 d:OrdinaryShareClass4 2024-12-31 NI618621 d:OrdinaryShareClass4 2023-09-30 NI618621 d:FRS102 2023-10-01 2024-12-31 NI618621 d:Audited 2023-10-01 2024-12-31 NI618621 d:FullAccounts 2023-10-01 2024-12-31 NI618621 d:PrivateLimitedCompanyLtd 2023-10-01 2024-12-31 NI618621 d:Consolidated 2024-12-31 NI618621 d:ConsolidatedGroupCompanyAccounts 2023-10-01 2024-12-31 NI618621 c:DevelopmentCostsCapitalisedDevelopmentExpenditure c:InternallyGeneratedIntangibleAssets 2023-10-01 2024-12-31 NI618621 c:ComputerSoftware c:InternallyGeneratedIntangibleAssets 2023-10-01 2024-12-31 NI618621 c:InternallyGeneratedIntangibleAssets 2023-10-01 2024-12-31 NI618621 c:DevelopmentCostsCapitalisedDevelopmentExpenditure c:OwnedIntangibleAssets 2023-10-01 2024-12-31 NI618621 c:ComputerSoftware c:OwnedIntangibleAssets 2023-10-01 2024-12-31 NI618621 e:PoundSterling 2023-10-01 2024-12-31 iso4217:GBP xbrli:shares xbrli:pure

img29c0.png






Consolidated Financial Statements
Axial Medical Printing Limited
For the period ended 31 December 2024





































Registered number: NI618621

 
Axial Medical Printing Limited
 

Company Information


Directors
Mark Alvarez 
Daniel Alexander Crawford 
Hugo Ferreira (resigned 21 October 2024)
William Roger Johnston 
Chris Rumana 
Bernard Maguire (appointed 18 December 2024)
Nir Hoffer (appointed 21 October 2024, resigned 18 December 2024)




Registered number
NI618621



Registered office
17a Ormeau Avenue
Belfast

Co.Antrim

BT2 8HD
Northern Ireland




Independent auditor
Grant Thornton (NI) LLP
Chartered Accountants & Statutory Auditors

12 - 15 Donegall Square West

Belfast

BT1 6JH




Bankers
HSBC Innovation Bank Limited
Alphabeta

14-18 Finsbury Square

London

EC2A 1BR





Silicon Valley Bank

3003 Taman Drive

Santa Clara

CA 95054




Solicitors
Greenberg Traurig LLP
18585 Jamboree Road

Suite 500

Irvine

CA 92612




A&L Goodbody LLP
42-46 Fountain St

Belfast

BT1 5EB





 
Axial Medical Printing Limited
 

Contents



Page
Group strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 9
Consolidated statement of comprehensive income
10
Consolidated balance sheet
11
Company balance sheet
12
Consolidated statement of changes in equity
13
Company statement of changes in equity
14
Notes to the financial statements
15 - 35

 
Axial Medical Printing Limited
 

Group strategic report
For the period ended 31 December 2024

Introduction
 
The directors present their report and the financial statements of the group for the period ended 31 December 2024.
The Company changed its accounting reference date from 30 September to 31 December, therefore the current period of account covers the period from 1 October 2023 to 31 December 2024.
The prior period accounts cover the year from 1 October 2022 to 30 September 2023.

Business review
 
Axial Medical Printing Limited (“the Group”) was founded on a mission to make patient-specific 3D models and 3D images easily accessible and affordable to hospitals and medical device companies around the world. Improving patient outcomes is at the heart of what we do.
The Group is transforming healthcare through its 3D medical imaging and 3D patient-specific solutions, making personalised surgical care routine and scalable. The Group’s patented AI-driven, cloud-based platform empowers medical device companies, imaging providers, and hospitals to harness data-rich, accurate 3D models for enhanced surgical planning, improved patient outcomes, and optimized workflows. Headquartered in Belfast, the Group partners with industry leaders to enable a new standard in patient-specific care worldwide.
Investment round
In December 2024, the Group announced the completion of a new investment round totalling USD $18.2 million to drive expansion of AI-powered 3D medical imaging and patient-specific solutions, accelerating innovation across global medtech markets.
This latest funding included continued support from the Group’s first round investors Techstart, Innovation Ulster Limited and US and NI business Angels as well as additional follow-on investment from Clarendon. It also welcomed three new strategic investors: 57 Stars, Whiterock, and Innovate UK. In particular, with its USD $10 million investment, 57 Stars became the Group’s largest shareholder.
The investment round enables the acceleration of the Group’s mission of making patient-specific surgery routine globally. The Group’s market-fundamental patented technology platform empowers medical device companies, medical imaging companies, and hospitals to standardize the use of incredibly precise, patient specific 3D data that transforms their offerings for patients. Our AI technology has the power to impact millions of patients globally across patient specific applications in robotics, planning and patient specific device workflows.
 

Page 1

 
Axial Medical Printing Limited
 

Group strategic report (continued)
For the period ended 31 December 2024

Principal risks and uncertainties
 
The group uses various financial instruments including overdrafts, cash and various items, such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the group's operations.
The existence of these financial instruments exposes the group to a number of financial risks, which are described in more detail below.
The main risks arising from the group's financial instruments are currency risk, interest rate risk and liquidity risk.
The directors review and agree policies for managing each of these risks and they are summarised below.
Currency risk
The group is exposed to translation and transaction foreign exchange risk arising from the trade in the Republic of Ireland, the United States of America and Europe. 
Liquidity risk
The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs.
Longer term flexibility is achieved through investment.
 

Financial key performance indicators
 
The key financial performance indicators for the business are increasing sales and investment.
The Group’s revenue for the period ended 31 December 2024 grew by 98.81% to £941,929 (2023: £473,789). Gross profit increased by 104% to £655,041 (2023: £320,732). Investment in fixed assets decreased by 17.72% to £8,852,547 (2023: £7,520,236).

Other key performance indicators
 
Other indicators of performance for the entity relate to increasing market share and brand awareness.


This report was approved by the board on 25 April 2025 and signed on its behalf.



................................................
Daniel Alexander Crawford
Director
Page 2

 
Axial Medical Printing Limited
 
 
Directors' report
For the period ended 31 December 2024

The directors present their report and the financial statements for the period ended 31 December 2024.

The Company changed its accounting reference date from 30 September to 31 Decernber, in line with its parent company, therefore the current period of account covers the period from 1 October 2023 to 31 December 2024. The prior period accounts covers the year from 1 October 2022 to 30 September 2023.
 
Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments 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;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Group's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' reports may differ from legislation in other jurisdictions.

Directors

The directors who served during the period were:

Mark Alvarez (appointed 21 March 2021)
Daniel Alexander Crawford (appointed 30 May 2013)
Hugo Ferreira (resigned 21 October 2024)
William Roger Johnston (appointed 26 July 2019)
Chris Rumana (appointed 23 March 2020)
Bernard Maguire (appointed 18 December 2024)
Nir Hoffer (appointed 21 October 2024, resigned 18 December 2024)

Page 3

 
Axial Medical Printing Limited
 

Directors' report (continued)
For the period ended 31 December 2024

Future developments

The group intends to continue its present operations at an increased level.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Going concern

The group made a loss of £4,542,094 (2023: loss of £4,331,319) during the period and has net assets of £6,685,208 (2023: £9,588,445) at the period end. The Group continues to invest heavily in research and development on their specialised products. In December 2024, the Group announced the completion of a new investment round totalling USD 18.2 million to drive expansion of AI-powered 3D medical imaging and patient-specific solutions, accelerating innovation across global medtech markets. The Directors have prepared cashflow projections and are satisfied that the group can continue as a going concern for at least 12 months from the date of signing these financial statements. 

Post balance sheet events

There are no post balance sheet events

Auditor

The auditor, Grant Thornton (NI) LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 




................................................
Daniel Alexander Crawford
Director

Date: 25 April 2025

Page 4

 
 
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Independent auditor's report to the members of Axial Medical Printing Limited
 

Opinion


We have audited the financial statements of Axial Medical Printing Limited (the 'parent Company') and its subsidiaries (the 'Group'), which comprise the Consolidated Statement of comprehensive income, the Consolidated and Company Balance sheets, the Consolidated and Company Statement of changes in equity for the period ended 31 December 2024, and the related 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, Axial Medical Printing Limited's financial statements:


give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Group and the Company as at 31 December 2024 and of the Group financial performance for the period then ended; 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 'Responsibilities of the auditor for the audit of the financial statements' section of our report. We are independent of the Group and  Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. 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.


Page 5

 
 
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Independent auditor's report to the members of Axial Medical Printing Limited (continued)

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 Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from the date 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.



Page 6

 
 
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Independent auditor's report to the members of Axial Medical Printing Limited (continued)


Other information


Other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's report thereon, including the Directors' report and the Strategic Report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the 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 statementsour 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 in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 Directors' report and the Strategic Report for the period for which the financial statements are prepared is consistent with the financial statements, and 
the Directors' report and the Strategic Report 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 we have obtained in the course of the audit, we have not identified material misstatements in the  Directors' report and the Strategic Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent Company 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.

Page 7

 
 
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Independent auditor's report to the members of Axial Medical Printing Limited (continued)


Responsibilities of management and those charged with governance for the financial statements
 



Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 and for such internal control as the directors determine is 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, management is responsible for assessing the Group and 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 management either intend to liquidate the Group and Company or to cease operations, or has no realistic alternative but to do so.


Those charged with governance are responsible for overseeing the Group and Company's financial reporting process.

Responsibilities of the auditor for the audit of the financial statements
 

The objectives of an auditor are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes their 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.

A further description of an auditor's 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 auditor's report.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).

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 Data Privacy law, Employment Law, Environmental Regulations, and Health and Safety laws, and we 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 Companies Act 2006 and UK tax legislation. 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 inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. 
 
Page 8

 
 
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Independent auditor's report to the members of Axial Medical Printing Limited (continued)


We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements.
 
In response to these principal risks, our audit procedures included but were not limited to:
 
inquiries of management on the policies and procedures in place regarding compliance with laws and        regulations, including consideration of known or suspected instances of non compliance and whether they have knowledge of any actual, suspected or alleged fraud;
inspection of the Company’s regulatory and legal correspondence and review of minutes of of the board of director’s meetings during the year to corroborate inquiries made;
gaining an understanding of the entity’s current activities, the scope of authorisation and the effectiveness of its control environment to mitigate risks related to fraud;
discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;
identifying and testing journal entries to address the risk of inappropriate journals and management override of controls
designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing
challenging assumptions and judgements made by management in their significant accounting estimates, including the going concern assumption and capitalisation of intangible fixed assets.
review of the financial statement disclosures to underlying supporting documentation and inquiries of management.
 
The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.

The purpose of our audit work and to whom we owe our responsibilities
 

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.
 
 
Louise Kelly (Senior statutory auditor)
for and on behalf of
Grant Thornton (NI) LLP
Chartered Accountants &
Statutory Auditors
Belfast
25 April 2025
Page 9

 
Axial Medical Printing Limited
 

Consolidated statement of comprehensive income
For the period ended 31 December 2024

Period ended
31 December
Year ended
30 September
2024
2023
Note
£
£

  

Turnover
 4 
941,929
473,789

Cost of sales
  
(286,888)
(153,057)

Gross profit
  
655,041
320,732

Administrative expenses
  
(6,725,326)
(5,117,229)

Other operating income
 5 
753,566
121,538

Operating loss
 6 
(5,316,719)
(4,674,959)

Interest payable and similar expenses
 10 
(108,347)
(7,123)

Loss before tax
  
(5,425,066)
(4,682,082)

Tax on loss
 11 
882,972
350,763

Loss for the financial period/year
  
(4,542,094)
(4,331,319)

Profit for the period/year attributable to:
  

Owners of the parent company
  
4,542,094
4,331,319

  
4,542,094
4,331,319

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 15 to 35 form part of these financial statements.
Page 10

 
Axial Medical Printing Limited
Registered number:NI618621

Consolidated balance sheet
As at 31 December 2024

31 December
30 September
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
8,042,379
6,332,523

Tangible assets
 13 
810,168
1,187,713

  
8,852,547
7,520,236

Current assets
  

Stocks
 14 
28,507
56,522

Debtors
 15 
550,362
1,542,999

Cash at bank and in hand
 16 
4,022,210
943,135

  
4,601,079
2,542,656

Current liabilities
  

Creditors: amounts falling due within one year
 17 
(619,834)
(465,032)

Net current assets
  
 
 
3,981,245
 
 
2,077,624

Total assets less current liabilities
  
12,833,792
9,597,860

Creditors: amounts falling due after more than one year
 18 
(6,148,584)
(9,415)

Provisions for liabilities
  

Net assets
  
6,685,208
9,588,445


Capital and reserves
  

Called up share capital 
 20 
8
8

Share premium account
 21 
18,050,771
16,411,914

Profit and loss account
 21 
(11,365,571)
(6,823,477)

Equity attributable to owners of the parent Company
  
6,685,208
9,588,445


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 April 2025.


................................................
Daniel Alexander Crawford
Director

The notes on pages 15 to 35 form part of these financial statements.
Page 11

 
Axial Medical Printing Limited
Registered number:NI618621

Company balance sheet
As at 31 December 2024

31 December
30 September
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
8,042,379
6,332,523

Tangible assets
 13 
810,168
1,187,713

  
8,852,547
7,520,236

Current assets
  

Stocks
 14 
28,507
56,522

Debtors
 15 
550,262
1,542,999

Cash at bank and in hand
 16 
4,022,310
943,135

  
4,601,079
2,542,656

Current liabilities
  

Creditors: amounts falling due within one year
 17 
(619,834)
(465,032)

Net current assets
  
 
 
3,981,245
 
 
2,077,624

Total assets less current liabilities
  
12,833,792
9,597,860

  

Creditors: amounts falling due after more than one year
 18 
(6,148,584)
(9,415)

  

Net assets
  
6,685,208
9,588,445


Capital and reserves
  

Called up share capital 
 20 
8
8

Share premium account
 21 
18,050,771
16,411,914

Profit and loss account carried forward
  
(11,365,571)
(6,823,477)

Shareholders' funds
  
6,685,208
9,588,445


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 April 2025.

................................................
Daniel Alexander Crawford
Director

The notes on pages 15 to 35 form part of these financial statements.
Page 12

 
Axial Medical Printing Limited
 

Consolidated statement of changes in equity
For the period ended 31 December 2024


Called up share capital
Share premium account
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£

At 1 October 2023
8
16,411,914
(6,823,477)
9,588,445
9,588,445


Comprehensive income for the period

Loss for the period
-
-
(4,542,094)
(4,542,094)
(4,542,094)


Contributions by and distributions to owners

Shares issued during the period
-
1,638,857
-
1,638,857
1,638,857


At 31 December 2024
8
18,050,771
(11,365,571)
6,685,208
6,685,208



Consolidated statement of changes in equity
For the period ended 30 September 2023


Called up share capital
Share premium account
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£

At 1 October 2022
8
16,411,914
(2,492,158)
13,919,764
13,919,764



Loss for the year
-
-
(4,331,319)
(4,331,319)
(4,331,319)


At 30 September 2023
8
16,411,914
(6,823,477)
9,588,445
9,588,445


The notes on pages 15 to 35 form part of these financial statements.

Page 13

 
Axial Medical Printing Limited
 

Company statement of changes in equity
For the period ended 31 December 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 October 2023
8
16,411,914
(6,823,477)
9,588,445


Comprehensive income for the year

Loss for the period
-
-
(4,542,094)
(4,542,094)


Contributions by and distributions to owners

Shares issued during the period
-
1,638,857
-
1,638,857


At 31 December 2024
8
18,050,771
(11,365,571)
6,685,208


The notes on pages 15 to 35 form part of these financial statements.


Company statement of changes in equity
For the period ended 30 September 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 October 2022
8
16,411,914
(2,492,158)
13,919,764


Comprehensive income for the year

Loss for the year
-
-
(4,331,319)
(4,331,319)


At 30 September 2023
8
16,411,914
(6,823,477)
9,588,445


The notes on pages 15 to 35 form part of these financial statements.

Page 14

 
Axial Medical Printing Limited
 
 
Notes to the financial statements
For the period ended 31 December 2024

1.


General information

Axial Medical Printing Limited is a company limited by shares incorporated and registered in Northern Ireland. The registered number of the Company is NI618621. The registered office of the Company is 17a Ormeau Avenue, Belfast, Co.Antrim, BT2 8HD, Northern Ireland which is also the principal place of business of the Company. The principal activity of the Company is research and experimental development on natural sciences and engineering. The financial statements have been presented in Pound Sterling (£) which is also the functional currency of the Company.
The Company changed its accounting reference date from 30 September to 31 December, therefore the current period of account covers the period from 1 October 2023 to 31 December 2024. The prior period accounts covers the year from 1 October 2022 to 30 September 2023.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

Parent Company disclosure exemptions
In preparing the separate financial statements of the parent company, advantage has been taken of the following disclosure exemptions available in FRS 102:

Disclosures in respect of the parent Company's financial instruments have not been presented as equivalent disclosures have been provided in respect of the Company as a whole; and
No disclosures have been given for the aggregate remuneration of the key management personnel of the parent Company as their remuneration is included in the totals for the Company as a whole.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 15

 
Axial Medical Printing Limited
 

Notes to the financial statements
For the period ended 31 December 2024

2.Accounting policies (continued)

 
2.3

Going concern

The Group made a loss of £4,542,094 (2023: loss of £4,331,319) during the period and has net assets of £6,685,208 (2023: £9,588,445) at the period end. The Group continues to invest heavily in research and development on their specialised products. In December 2024, the Group announced the completion of a new investment round totalling USD 18.2 million to drive expansion of AI-powered 3D medical imaging and patient-specific solutions, accelerating innovation across global medtech markets. The Directors have prepared cashflow projections and are satisfied that the group can continue as a going concern for at least 12 months from the date of signing these financial statements. 

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Page 16

 
Axial Medical Printing Limited
 

Notes to the financial statements
For the period ended 31 December 2024

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 17

 
Axial Medical Printing Limited
 

Notes to the financial statements
For the period ended 31 December 2024

2.Accounting policies (continued)

  
2.7

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over 10 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.8

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.11

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 18

 
Axial Medical Printing Limited
 

Notes to the financial statements
For the period ended 31 December 2024

2.Accounting policies (continued)

 
2.12

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.13

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 19

 
Axial Medical Printing Limited
 

Notes to the financial statements
For the period ended 31 December 2024

2.Accounting policies (continued)

  
2.14

Intangible assets

Purchased intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
The Company recognises internally generated intangible assets to the extent that they are both identifiable and can be measured reliably. Recognition only occurs when the Company is satisfied that the project is feasible such that the asset will be available for use or sale; that the Company has the intention to complete the intangible asset and either use or sell it; that the Company has the ability to either use or sell the intangible asset; that it is probable that the intangible asset will generate future economic benefits; and that the Company has available sufficient resources to complete the development of the intangible asset.
Intangible assets are written off in equal annual instalments over their useful economic life. Amortisation is included within administrative expenses. Amortisation is provided as follows:
Development expenditure - over 10 years on a straight-line basis
Computer software -over 10 years on a straight-line basis

 
2.15

 Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
20%
Office equipment
-
20%
Computer equipment
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 20

 
Axial Medical Printing Limited
 

Notes to the financial statements
For the period ended 31 December 2024

2.Accounting policies (continued)

 
2.16

 Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.17

 Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.18

 Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.19

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

  
2.20

Financial Instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.  However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income. 
 
Page 21

 
Axial Medical Printing Limited
 

Notes to the financial statements
For the period ended 31 December 2024

2.Accounting policies (continued)


For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
Provisions for doubtful debt
Estimates are made in respect of the recoverable value of trade and other debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the ageing profile of debtors are considered.
Capitalisation of internally developed software
Distinguishing the research and development phases of a new customised software project and determining whether the recognition requirements for the capitalisation of development costs are met requires judgement. After capitalisation, management monitors whether the recognition requirements continue to be met and whether there are any indicators that capitalised costs may be impaired.
Useful lives of depreciable assets 
The annual depreciation charge depends primarily on the estimated lives of each type of asset and, in certain circumstances, estimates of fair values and residual values. The directors annually review these asset lives and adjust them as necessary to reflect current thinking on remaining lives in light of technological change, prospective economic utilisation and physical condition of the assets concerned. Changes in asset lives can have significant impact on depreciation charges for the period. It is not practical to quantify the impact of changes in asset lives on an overall basis, as asset lives are individually determined, and there are a significant number of asset lives in use. The impact of any change would vary significantly depending on the individual changes in assets and the classes of assets impacted.
 

Page 22

 
Axial Medical Printing Limited
 
 
Notes to the financial statements
For the period ended 31 December 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


Period ended
31 December
Year ended
30 September
2024
2023
£
£

Provision of services and products
941,929
473,789

941,929
473,789


Analysis of turnover by country of destination:

Period ended
31 December
Year ended
30 September
2024
2023
£
£

United Kingdom
312,494
185,063

Rest of Europe
129,232
114,973

Rest of the world
500,203
173,753

941,929
473,789



5.


Other operating income

Period ended
31 December
Year ended
30 September
2024
2023
£
£

Other operating income
8,586
65,991

Government grants receivable
344,448
33,227

Sundry income
400,532
22,320

753,566
121,538


Page 23

 
Axial Medical Printing Limited
 
 
Notes to the financial statements
For the period ended 31 December 2024

6.


Operating loss

The operating loss is stated after charging:

Period ended
31 December
Year ended
30 September
2024
2023
£
£

Depreciation on tangible fixed assets
397,384
328,001

Exchange differences
207,247
413,203

Other operating lease rentals
125,052
122,969

Amortisation on intangible fixed assets
910,620
539,710


7.


Auditor's remuneration

During the period, the Group obtained the following services from the Company's auditor:


Period ended
31 December
Year ended
30 September
2024
2023
£
£

Fees payable to the Company's auditor for the audit of the consolidated and parent Company's financial statements
18,500
18,500

Page 24

 
Axial Medical Printing Limited
 
 
Notes to the financial statements
For the period ended 31 December 2024

8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
31 December
Group
30 September
2024
2023
£
£


Wages and salaries
2,524,950
1,878,519

Social security costs
436,902
202,486

Cost of defined contribution scheme
410,191
178,537

3,372,043
2,259,542


The average monthly number of employees, including the directors, during the period was as follows:


     Period ended
     31 December
       Year ended
     30 September
        2024
        2023
            No.
            No.







Number of employees
59
55


9.


Directors' remuneration

Period ended
31 December
Year ended
30 September
2024
2023
£
£

Directors' emoluments
396,314
249,972

Group contributions to defined contribution pension schemes
15,101
13,662

411,415
263,634


During the period retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £282,317 (2023 - £194,404).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £12,759 (2023 - £12,229).

Page 25

 
Axial Medical Printing Limited
 
 
Notes to the financial statements
For the period ended 31 December 2024

10.


Interest payable and similar expenses

Period ended
31 December
Year ended
30 September
2024
2023
£
£


Bank interest payable
7,434
7,123

Convertible loan interest
100,913
-

108,347
7,123


11.


Taxation


Period ended
31 December
Year ended
30 September
2024
2023
£
£

Corporation tax


Adjustments in respect of previous periods
(882,972)
(587,396)


(882,972)
(587,396)


Total current tax
(882,972)
(587,396)

Deferred tax


Origination and reversal of timing differences
-
(65,294)

Adjustments in respect of prior periods
-
301,927

Total deferred tax
-
236,633


Tax on loss
(882,972)
(350,763)
Page 26

 
Axial Medical Printing Limited
 
 
Notes to the financial statements
For the period ended 31 December 2024
 
11.Taxation (continued)


Factors affecting tax charge for the period/year

The tax assessed for the period/year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 22.01%). The differences are explained below:

Period ended
31 December
Year ended
30 September
2024
2023
£
£


Loss on ordinary activities before tax
(5,425,066)
(4,682,082)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22.01%)
(1,356,267)
(1,030,443)

Effects of:


Fixed asset differences
3,001
414

Expenses not deductible for tax purposes
9,198
8,048

Adjustments to tax charge in respect of previous periods
(882,972)
(587,396)

Adjustments to tax charge in respect of previous periods - deferred tax
-
301,927

Remeasurement of deferred tax for changes in tax rates
-
(50,457)

Movement in deferred tax not recognised
579,588
356,335

Surrender of tax losses for R&D tax credit refund
764,480
644,505

R&D expenditure credits
-
6,304

Total tax charge for the period/year
(882,972)
(350,763)


Factors that may affect future tax charges

The standard rate of UK Corporation Tax remained at 19% until 31 March 2023. The Finance Act 2021 increased this to 25% from 1 April 2023 for companies generating taxable profits of more than £250,000. The current 19% tax rate will continue to apply to ‘small’ companies with profits less than £50,000, with a ‘taper relief rate’ for those companies with profits between the new thresholds. These changes have been reflected in these financial statements and deferred tax assets and liabilities have been recognised at using the tax rates applicable for the date the assets and liabilities are expected to reverse.
The Company has unrecognised deferred tax assets of £637,720 (2023356,334).

Page 27

 
Axial Medical Printing Limited
 
 
Notes to the financial statements
For the period ended 31 December 2024

12.


Intangible assets

Group







Development expenditure
Website and Applications
Total

£
£
£



Cost


At 1 October 2023
7,177,628
107,330
7,284,958


Additions
2,612,182
8,294
2,620,476



At 31 December 2024

9,789,810
115,624
9,905,434



Amortisation


At 1 October 2023
947,686
4,749
952,435


Charge for the period 
898,996
11,624
910,620



At 31 December 2024

1,846,682
16,373
1,863,055



Net book value



At 31 December 2024
7,943,128
99,251
8,042,379



At 30 September 2023
6,229,942
102,581
6,332,523



Page 28

 
Axial Medical Printing Limited
 
 
Notes to the financial statements
For the period ended 31 December 2024
 
           12.Intangible assets (continued)

Company






Development expenditure
Website and Applications
Total

£
£
£



Cost


At 1 October 2023
7,177,628
107,330
7,284,958


Additions
2,612,182
8,294
2,620,476



At 31 December 2024

9,789,810
115,624
9,905,434



Amortisation


At 1 October 2023
947,686
4,749
952,435


Charge for the year
898,996
11,624
910,620



At 31 December 2024

1,846,682
16,373
1,863,055



Net book value



At 31 December 2024
7,943,128
99,251
8,042,379



At 30 September 2023
6,229,942
102,581
6,332,523

Page 29

 
Axial Medical Printing Limited
 
 
Notes to the financial statements
For the period ended 31 December 2024

13.


Tangible fixed assets

Group








Short-term leasehold property
Plant and machinery
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 October 2023
48,019
1,434,775
25,733
158,800
1,667,327


Additions
-
-
407
19,432
19,839



At 31 December 2024

48,019
1,434,775
26,140
178,232
1,687,166



Depreciation


At 1 October 2023
11,061
356,680
14,398
97,475
479,614


Charge for the year
12,005
353,144
4,011
28,224
397,384



At 31 December 2024

23,066
709,824
18,409
125,699
876,998



Net book value



At 31 December 2024
24,953
724,951
7,731
52,533
810,168



At 30 September 2023
36,958
1,078,095
11,335
61,325
1,187,713

Page 30

 
Axial Medical Printing Limited
 
 
Notes to the financial statements
For the period ended 31 December 2024

           13.Tangible fixed assets (continued)


Company









Short-term leasehold property
Plant and machinery
Office equipment
Computer equipment
Total

£
£
£
£
£

Cost or valuation


At 1 October 2023
48,019
1,434,775
25,733
158,800
1,667,327


Additions
-
-
407
19,432
19,839



At 31 December 2024

48,019
1,434,775
26,140
178,232
1,687,166



Depreciation


At 1 October 2023
11,061
356,680
14,398
97,475
479,614


Charge for the year
12,005
353,144
4,011
28,224
397,384



At 31 December 2024

23,066
709,824
18,409
125,699
876,998



Net book value



At 31 December 2024
24,953
724,951
7,731
52,533
810,168



At 30 September 2023
36,958
1,078,095
11,335
61,325
1,187,713






Page 31

 
Axial Medical Printing Limited
 
 
Notes to the financial statements
For the period ended 31 December 2024

14.


Stocks

Group
31 December
Group
30 September
Company
31 December
Company
30 September
2024
2023
2024
2023
£
£
£
£

Raw materials and consumables
28,507
56,522
28,507
56,522

28,507
56,522
28,507
56,522


The difference between purchase price or production cost of stocks and their replacement cost is not material.


15.


Debtors

Group
31 December
Group
30 September
Company

31 December
Company
30 September
2024
2023
2024
2023
£
£
£
£



Trade debtors
269,458
212,001
269,458
212,001

Other debtors
280,904
162,073
280,804
162,073

Tax recoverable
-
1,168,925
-
1,168,925

550,362
1,542,999
550,262
1,542,999



16.


Cash and cash equivalents

Group
31 December
Group
30 September
Company
31 December
Company
30 September
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
4,022,210
943,135
4,022,310
943,135


Page 32

 
Axial Medical Printing Limited
 
 
Notes to the financial statements
For the period ended 31 December 2024

17.


Creditors: Amounts falling due within one year

Group
31 December
Group
30 September
Company
31 December
Company
30 September
2024
2023
2024
2023
£
£
£
£

Bank loans
151,624
-
151,624
-

Trade creditors
135,059
136,833
135,059
136,833

Other taxation and social security
84,193
84,141
84,193
84,141

Other creditors
39,338
38,585
39,338
38,585

Accruals and deferred income
209,620
205,473
209,620
205,473

619,834
465,032
619,834
465,032



18.


Creditors: Amounts falling due after more than one year

Group
31 December
Group
30 September
Company
31 December
Company
30 September
2024
2023
2024
2023
£
£
£
£

Convertible loan notes
5,627,308
-
5,627,308
-

Bank loans
516,140
-
516,140
-

Government grants received
5,136
9,415
5,136
9,415

6,148,584
9,415
6,148,584
9,415


During the year the company issued 7.5% unsecured converible loan notes of $6,943,970. Until the notes are redeemed or purchased interest accrues on the principal amount at the rate of 7.5% per annum. 


19.


Loans


Analysis of the maturity of loans is given below:


Group
31 December
Group
30 September
Company
31 December
Company
30 September
2024
2023
2024
2023
£
£
£
£

Amounts falling due within one year

Bank loans
151,624
-
151,624
-

Amounts falling due 1-2 years

Bank loans
516,140
-
516,140
-



667,764
-
667,764
-


Page 33

 
Axial Medical Printing Limited
 
 
Notes to the financial statements
For the period ended 31 December 2024

20.


Share capital

31 December
30 September
2024
2023
£
£
Allotted, called up and fully paid



16,704 (2023 - 16,701) Ordinary shares of £0.0001 each
2
2
14,877 (2023 - 14,877) Preferred Ordinary shares of £0.0001 each
1
2
14,414 (2023 - 12,641) Series A shares of £0.0001 each
1
1
35,210 (2023 - 31,449) Series B shares of £0.0001 each
4
3

8

8

On 16 October 2023 3 ordinary shares with a nominal value of £0.0001 were issued at cost of £0.0001 per share.
On 16 October 2023 7 series A shares with a nominal value of £0.0001 were issued at cost of £0.0001 per share.
On 16 October 2023 3,754 series B shares with a nominal value of £0.0001 were issued at cost of $532.74 per share.
On 27 March 2024 140 series A shares with a nominal value of £0.0001 were issued at cost of £9.85 per share.
On 29 August 2024 225 series A shares with a nominal value of £0.0001 were issued at cost of £9.85 per share.
On 16 September 2024 107 series A shares with a nominal value of £0.0001 were issued at cost of £9.85 per share.
On 19 November 2024 1021 series A shares with a nominal value of £0.0001 were issued at cost of £9.85 per share.



21.


Reserves

Share premium account

The amount carried forward is the premium that arose from the issue of shares, including amounts arising from the conversion of convertible loan instruments.

Page 34

 
Axial Medical Printing Limited
 
 
Notes to the financial statements
For the period ended 31 December 2024

22.


Commitments under operating leases

At 31 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
31 December
Group
30 September
2024
2023
£
£

Not later than 1 year
39,500
87,487

Later than 1 year and not later than 5 years
70,917
87,415

110,417
174,902


23.


Related party transactions

The Company has availed of the exemption under FRS102 section 33 which does not require disclosure of transactions entered into between any subsidiary undertaking which is wholly owned by a member of that group.


24.


Post balance sheet events

There have been no significant events affecting the Company since the financial period-end. 


25.
Subsidiary undertakings


Name
Registered office
Class of shares
Holding

Axial Medical Printing (Ireland) Limited
Research and experimental development on natural sciences and engineering
Ordinary
100
%

Axial Medical Printing, Inc. 
Research and experimental development on natural sciences and engineering
Ordinary
100
%

The country of incorporation of Axial Medical Printing (Ireland) Limited is Ireland. The country of incorporation of Axial Medical Printing, Inc. is United States of America. 



26.


Controlling Party

Axial Medical Limited is the ultimate controlling party for Axial Medical Printing Inc, a company incorporated in the United States.

Page 35