IRIS Accounts Production v25.1.3.33 06836131 Board of Directors Board of Directors 1.12.23 30.11.24 30.11.24 Medium entities the supply of ICU ventilators and related activities. true false true true false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh068361312023-11-30068361312024-11-30068361312023-12-012024-11-30068361312022-11-30068361312022-12-012023-11-30068361312023-11-3006836131ns15:EnglandWales2023-12-012024-11-3006836131ns14:PoundSterling2023-12-012024-11-3006836131ns10:Director12023-12-012024-11-3006836131ns10:Director22023-12-012024-11-3006836131ns10:PrivateLimitedCompanyLtd2023-12-012024-11-3006836131ns10:MediumEntities2023-12-012024-11-3006836131ns10:Audited2023-12-012024-11-3006836131ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-12-012024-11-3006836131ns10:Medium-sizedCompaniesRegimeForAccounts2023-12-012024-11-3006836131ns10:FullAccounts2023-12-012024-11-3006836131ns10:OrdinaryShareClass12023-12-012024-11-3006836131ns10:Director32023-12-012024-11-3006836131ns10:Director52023-12-012024-11-3006836131ns10:CompanySecretary12023-12-012024-11-3006836131ns10:RegisteredOffice2023-12-012024-11-3006836131ns10:Director42023-12-012024-11-3006836131ns5:CurrentFinancialInstruments2024-11-3006836131ns5:CurrentFinancialInstruments2023-11-3006836131ns5:ShareCapital2024-11-3006836131ns5:ShareCapital2023-11-3006836131ns5:RetainedEarningsAccumulatedLosses2024-11-3006836131ns5:RetainedEarningsAccumulatedLosses2023-11-3006836131ns5:ShareCapital2022-11-3006836131ns5:RetainedEarningsAccumulatedLosses2022-11-3006836131ns5:RetainedEarningsAccumulatedLosses2022-12-012023-11-3006836131ns5:RetainedEarningsAccumulatedLosses2023-12-012024-11-3006836131ns5:PlantMachinery2023-12-012024-11-3006836131ns15:UnitedKingdom2023-12-012024-11-3006836131ns15:UnitedKingdom2022-12-012023-11-3006836131ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2023-12-012024-11-3006836131ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2022-12-012023-11-3006836131ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2023-12-012024-11-3006836131ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2022-12-012023-11-3006836131ns5:OwnedAssets2023-12-012024-11-3006836131ns5:OwnedAssets2022-12-012023-11-300683613112023-12-012024-11-300683613112022-12-012023-11-3006836131ns5:PlantMachinery2023-11-3006836131ns5:PlantMachinery2024-11-3006836131ns5:PlantMachinery2023-11-3006836131ns5:WithinOneYearns5:CurrentFinancialInstruments2024-11-3006836131ns5:WithinOneYearns5:CurrentFinancialInstruments2023-11-3006836131ns5:WithinOneYear2024-11-3006836131ns5:WithinOneYear2023-11-3006836131ns5:BetweenOneFiveYears2024-11-3006836131ns5:BetweenOneFiveYears2023-11-3006836131ns5:AllPeriods2024-11-3006836131ns5:AllPeriods2023-11-3006836131ns5:DeferredTaxation2023-11-3006836131ns5:DeferredTaxation2023-12-012024-11-3006836131ns5:DeferredTaxation2024-11-3006836131ns10:OrdinaryShareClass12024-11-3006836131ns5:RetainedEarningsAccumulatedLosses2023-11-30
REGISTERED NUMBER: 06836131 (England and Wales)







STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2024

FOR

HAMILTON MEDICAL UK LTD

HAMILTON MEDICAL UK LTD (REGISTERED NUMBER: 06836131)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


HAMILTON MEDICAL UK LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2024







DIRECTORS: I C Bell
M Iuga
G Viglino-Caviezel
M Kruger





SECRETARY: S J Conheeney





REGISTERED OFFICE: Unit J6 Fulford Drive,
Minworth
Sutton Coldfield
Birmingham
B76 1DJ





REGISTERED NUMBER: 06836131 (England and Wales)





AUDITORS: Prime
Chartered Accountants
Statutory Auditor
Corner Oak
1 Homer Road
Solihull
B91 3QG

HAMILTON MEDICAL UK LTD (REGISTERED NUMBER: 06836131)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024


The directors present their strategic report for the year ended 30 November 2024.

REVIEW OF BUSINESS
Hamilton Medical UK Ltd principal activity during the year continued to be the supply of ventilators for use in critical care situations to the UK health market where respiratory support of a patient is required. Supplemental to the ventilators Hamilton Medical supplied accessories, consumables, training, spare parts, and service provision associated to the supplied ventilators.

The results for the year to 30 November 2024 showed a good performance in FY24. However, the was a slight decline in sales compared with FY23. The key performance indicators are financial.

Turnover for the year was 6% down on the previous year. Several factors have contributed to this slight decline.
- A decrease and delay in Bedside ventilator opportunities in 2024. A major opportunity expected in FY24 has been delayed. This year has seen very few opportunities in the bedside ventilation market. However, there are a number of opportunities in FY25 and encouraging signs of growth in this sector.
- Whilst the HAMILTON-T1 maintained sales despite a new market entrant and the HAMILTON-MR1 grew
- FY23 saw activity in the non-invasive ventilation part of the market due to the impact of regulatory challenges. FY24 has not seen this activity.
- Strong growth in consumable sales with approximately 20% growth on Fiscal year 2023, this has been driven by a price and volume increase. This shows high utilisation of ventilators.
- Service revenue has declined compared to FY23. There is a trend for Hospital Biomedical engineers to take responsibility for their own fleets.
- New products expected to fill the gap have been delayed.

Turnover for fiscal year 2024 was approximately 6% less than Fiscal year 2023. 413 devices were sold compared with 620 devices sold in the previous year. Gross profit remained strong despite the fluctuation in product mix. The company's cost base was consistent with 2023. FY24 has been focusing on driving efficiencies over FY23 with a change in logistic provider and focus on management of inventory.

PRINCIPAL RISKS AND UNCERTAINTIES
The UK Health economy is growing slowly, and this will lead to delayed investments in equipment. However, we are seeing green shoots of recovery in the bedside space. A new market entrant in the space occupied by Hamilton Medical ventilators outside of the ICU will bring a challenge to sales outside of the ITU.

FUTURE DEVELOPMENTS
Hamilton Medical UK will build on a strong install base of ventilators in the UK market. There will be several bedside opportunities in FY25. A new product will be launched in early 2025 which will open new avenues of revenue both inside and outside the ITU. Enhancements to parts of the portfolio will also differentiate us from other manufacturers. Hamilton Medical will continue with the philosophy of focusing on the customer for the life of the purchase of hardware. FY25 will out perform FY24. This growth will ensure that we will meet our obligations to the Hamilton Medical parent organisation as one of its key subsidiaries.

RESULTS AND BONUS
The financial position of the company at 30 November 2024 is set out in the annexed financial statements. The management recommends that bonus payments are paid in accordance to the bonus plans laid out in 2024.

HAMILTON MEDICAL UK LTD (REGISTERED NUMBER: 06836131)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024


ON BEHALF OF THE BOARD:





G Viglino-Caviezel - Director


15 May 2025

HAMILTON MEDICAL UK LTD (REGISTERED NUMBER: 06836131)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 NOVEMBER 2024


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

DIVIDENDS
No dividends will be distributed for the year ended 30 November 2024.

DIRECTORS
I C Bell has held office during the whole of the period from 1 December 2023 to the date of this report.

Other changes in directors holding office are as follows:

J Hallek - resigned 9 April 2024
M Iuga - appointed 15 March 2024
G Viglino-Caviezel - appointed 15 March 2024
M Kruger - appointed 9 April 2024

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.

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, Prime, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





G Viglino-Caviezel - Director


15 May 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HAMILTON MEDICAL UK LTD


Opinion
We have audited the financial statements of Hamilton Medical UK Ltd (the 'company') for the year ended 30 November 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 November 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
HAMILTON MEDICAL UK LTD


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 four, 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.

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 our commercial knowledge and experience of the industry 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;

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; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HAMILTON MEDICAL UK LTD


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 accounting estimates were indicative of potential bias; and
- investigated 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;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC and other relevant parties.

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 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.

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.




Luke Edwards ACA FCCA (Senior Statutory Auditor)
for and on behalf of Prime
Chartered Accountants
Statutory Auditor
Corner Oak
1 Homer Road
Solihull
B91 3QG

16 May 2025

HAMILTON MEDICAL UK LTD (REGISTERED NUMBER: 06836131)

INCOME STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2024

2024 2023
Notes £    £   

TURNOVER 3 9,934,938 10,608,968

Cost of sales 6,113,514 6,888,113
GROSS PROFIT 3,821,424 3,720,855

Administrative expenses 3,395,184 3,121,403
426,240 599,452

Other operating income 196,803 237,572
OPERATING PROFIT 5 623,043 837,024

Interest receivable and similar income 2,034 21,879
625,077 858,903

Interest payable and similar expenses 6 36,118 150,236
PROFIT BEFORE TAXATION 588,959 708,667

Tax on profit 7 136,300 128,664
PROFIT FOR THE FINANCIAL YEAR 452,659 580,003

HAMILTON MEDICAL UK LTD (REGISTERED NUMBER: 06836131)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 452,659 580,003


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

452,659

580,003

HAMILTON MEDICAL UK LTD (REGISTERED NUMBER: 06836131)

BALANCE SHEET
30 NOVEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 8 648,090 669,453

CURRENT ASSETS
Stocks 9 2,402,566 1,977,912
Debtors 10 2,810,976 2,643,404
Cash at bank 838,394 1,289,556
6,051,936 5,910,872
CREDITORS
Amounts falling due within one year 11 3,592,754 3,921,053
NET CURRENT ASSETS 2,459,182 1,989,819
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,107,272

2,659,272

PROVISIONS FOR LIABILITIES 13 133,335 137,994
NET ASSETS 2,973,937 2,521,278

CAPITAL AND RESERVES
Called up share capital 14 200,000 200,000
Retained earnings 15 2,773,937 2,321,278
SHAREHOLDERS' FUNDS 2,973,937 2,521,278

The financial statements were approved by the Board of Directors and authorised for issue on 15 May 2025 and were signed on its behalf by:




G Viglino-Caviezel - Director



M Iuga - Director


HAMILTON MEDICAL UK LTD (REGISTERED NUMBER: 06836131)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 December 2022 200,000 1,741,275 1,941,275

Changes in equity
Total comprehensive income - 580,003 580,003
Balance at 30 November 2023 200,000 2,321,278 2,521,278

Changes in equity
Total comprehensive income - 452,659 452,659
Balance at 30 November 2024 200,000 2,773,937 2,973,937

HAMILTON MEDICAL UK LTD (REGISTERED NUMBER: 06836131)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (32,951 ) 741,588
Interest paid (36,118 ) (150,236 )
Tax paid (286,329 ) 358,265
Net cash from operating activities (355,398 ) 949,617

Cash flows from investing activities
Purchase of tangible fixed assets (97,798 ) (88,572 )
Interest received 2,034 21,879
Net cash from investing activities (95,764 ) (66,693 )

(Decrease)/increase in cash and cash equivalents (451,162 ) 882,924
Cash and cash equivalents at
beginning of year

2

1,289,556

406,632

Cash and cash equivalents at end of
year

2

838,394

1,289,556

HAMILTON MEDICAL UK LTD (REGISTERED NUMBER: 06836131)

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


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

2024 2023
£    £   
Profit before taxation 588,959 708,667
Depreciation charges 119,161 103,424
Finance costs 36,118 150,236
Finance income (2,034 ) (21,879 )
742,204 940,448
(Increase)/decrease in stocks (424,654 ) 1,882,759
Increase in trade and other debtors (22,202 ) (1,038,639 )
Decrease in trade and other creditors (328,299 ) (1,042,980 )
Cash generated from operations (32,951 ) 741,588

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 November 2024
30.11.24 1.12.23
£    £   
Cash and cash equivalents 838,394 1,289,556
Year ended 30 November 2023
30.11.23 1.12.22
£    £   
Cash and cash equivalents 1,289,556 406,632


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.12.23 Cash flow At 30.11.24
£    £    £   
Net cash
Cash at bank 1,289,556 (451,162 ) 838,394
1,289,556 (451,162 ) 838,394
Total 1,289,556 (451,162 ) 838,394

HAMILTON MEDICAL UK LTD (REGISTERED NUMBER: 06836131)

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


1. STATUTORY INFORMATION

Hamilton Medical UK Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - at varying rates on cost

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

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.

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

HAMILTON MEDICAL UK LTD (REGISTERED NUMBER: 06836131)

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


2. ACCOUNTING POLICIES - continued

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 9,934,938 10,535,022
Rest of world - 73,946
9,934,938 10,608,968

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,474,391 1,426,404
Social security costs 216,765 209,797
Other pension costs 92,145 84,238
1,783,301 1,720,439

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

Administration, technical and sales 29 25

2024 2023
£    £   
Directors' remuneration 107,742 164,333
Directors' pension contributions to money purchase schemes 6,572 5,697

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Hire of plant and machinery 5,422 4,192
Depreciation - owned assets 119,161 103,424
Auditors' remuneration 22,800 22,275
Foreign exchange differences 5,696 898

HAMILTON MEDICAL UK LTD (REGISTERED NUMBER: 06836131)

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


6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Other interest 36,118 150,236

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 140,959 147,314

Deferred tax (4,659 ) (18,650 )
Tax on profit 136,300 128,664

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 588,959 708,667
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 23%)

147,240

162,993

Effects of:
Expenses not deductible for tax purposes 4,916 5,951
Income not taxable for tax purposes - (1,567 )
Depreciation in excess of capital allowances 5,341 2,039
Utilisation of tax losses - (22,102 )
Deferred tax (4,659 ) (18,650 )
Corporation tax under provision (16,538 ) -
Total tax charge 136,300 128,664

HAMILTON MEDICAL UK LTD (REGISTERED NUMBER: 06836131)

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


8. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 December 2023 882,941
Additions 97,798
At 30 November 2024 980,739
DEPRECIATION
At 1 December 2023 213,488
Charge for year 119,161
At 30 November 2024 332,649
NET BOOK VALUE
At 30 November 2024 648,090
At 30 November 2023 669,453

9. STOCKS
2024 2023
£    £   
Stocks 2,402,566 1,977,912

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,584,406 2,516,578
Tax 164,791 19,421
Prepayments and accrued income 61,779 107,405
2,810,976 2,643,404

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 116,959 133,408
Amounts owed to group undertakings 2,322,156 2,854,892
Social security and other taxes 41,793 -
VAT 162,357 269,746
Other creditors 157,880 21,389
Accruals and deferred income 791,609 641,618
3,592,754 3,921,053

HAMILTON MEDICAL UK LTD (REGISTERED NUMBER: 06836131)

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


12. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 267,300 195,477
Between one and five years 873,447 903,967
1,140,747 1,099,444

13. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 133,335 137,994

Deferred
tax
£   
Balance at 1 December 2023 137,994
Credit to Income Statement during year (4,659 )
Balance at 30 November 2024 133,335

The deferred tax provision relates solely to accelerated capital allowances.

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
200,000 Ordinary £1 200,000 200,000

15. RESERVES
Retained
earnings
£   

At 1 December 2023 2,321,278
Profit for the year 452,659
At 30 November 2024 2,773,937

16. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

During the year the company purchased services from a company owned by the spouse of I.Bell, totalling £22,888 (2023: £17,163).

HAMILTON MEDICAL UK LTD (REGISTERED NUMBER: 06836131)

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


17. ULTIMATE CONTROLLING PARTY

The immediate parent company is Hamilton Medical AG registered office Via Crusch 8, 7402 Bonaduz, Switzerland.

The ultimate parent company is Hamilton Technologies LLC a company registered in the USA.

18. GUARANTEES

The company has a guarantee to the value of £60,000 in favour of HM Revenue and Customs.