| REGISTERED NUMBER: |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| FOR |
| HAMILTON MEDICAL UK LTD |
| REGISTERED NUMBER: |
| 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: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 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: |
| 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 |
| Other changes in directors holding office are as follows: |
| 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: |
| 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. |
| for and on behalf of |
| Chartered Accountants |
| Statutory Auditor |
| Corner Oak |
| 1 Homer Road |
| Solihull |
| B91 3QG |
| HAMILTON MEDICAL UK LTD (REGISTERED NUMBER: 06836131) |
| INCOME STATEMENT |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| TURNOVER | 3 |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| 426,240 | 599,452 |
| Other operating income |
| OPERATING PROFIT | 5 |
| Interest receivable and similar income |
| 625,077 | 858,903 |
| Interest payable and similar expenses | 6 |
| PROFIT BEFORE TAXATION |
| Tax on profit | 7 |
| PROFIT FOR THE FINANCIAL YEAR |
| HAMILTON MEDICAL UK LTD (REGISTERED NUMBER: 06836131) |
| OTHER COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| HAMILTON MEDICAL UK LTD (REGISTERED NUMBER: 06836131) |
| BALANCE SHEET |
| 30 NOVEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 8 |
| CURRENT ASSETS |
| Stocks | 9 |
| Debtors | 10 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 11 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 13 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 14 |
| Retained earnings | 15 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| 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 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 30 November 2023 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 30 November 2024 |
| 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 | ( |
) |
| Interest paid | ( |
) | ( |
) |
| Tax paid | ( |
) |
| Net cash from operating activities | ( |
) |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Interest received |
| Net cash from investing activities | ( |
) | ( |
) |
| (Decrease)/increase in cash and cash equivalents | ( |
) |
| Cash and cash equivalents at beginning of year |
2 |
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 |
| Depreciation charges |
| Finance costs | 36,118 | 150,236 |
| Finance income | (2,034 | ) | (21,879 | ) |
| 742,204 | 940,448 |
| (Increase)/decrease in stocks | ( |
) |
| Increase in trade and other debtors | ( |
) | ( |
) |
| Decrease in trade and other creditors | ( |
) | ( |
) |
| Cash generated from operations | ( |
) |
| 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 | ( |
) | 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 |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| Plant and machinery | - |
| 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 |
| Rest of world | - | 73,946 |
| 4. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Administration, technical and sales |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 2024 | 2023 |
| £ | £ |
| Hire of plant and machinery |
| Depreciation - owned assets |
| Auditors' remuneration |
| Foreign exchange differences |
| 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 |
| 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 |
| Deferred tax | ( |
) | ( |
) |
| Tax on profit |
| 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 |
| Profit multiplied by the standard rate of corporation tax in the UK of |
| Effects of: |
| Expenses not deductible for tax purposes |
| Income not taxable for tax purposes | ( |
) |
| Depreciation in excess of capital allowances |
| Utilisation of tax losses | ( |
) |
| 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 |
| Additions |
| At 30 November 2024 |
| DEPRECIATION |
| At 1 December 2023 |
| Charge for year |
| At 30 November 2024 |
| NET BOOK VALUE |
| At 30 November 2024 |
| At 30 November 2023 |
| 9. | STOCKS |
| 2024 | 2023 |
| £ | £ |
| Stocks |
| 10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Tax |
| Prepayments and accrued income |
| 11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Social security and other taxes |
| VAT | 162,357 | 269,746 |
| Other creditors |
| Accruals and deferred income |
| 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 |
| Between one and five years |
| 13. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred tax | 133,335 | 137,994 |
| Deferred |
| tax |
| £ |
| Balance at 1 December 2023 |
| Credit to Income Statement during year | ( |
) |
| Balance at 30 November 2024 |
| 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: | £ | £ |
| Ordinary | £1 | 200,000 | 200,000 |
| 15. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 December 2023 |
| Profit for the year |
| At 30 November 2024 |
| 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. |