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REGISTERED NUMBER: 00592506 (England and Wales)












Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 30 September 2024

for

Respirex International Limited

Respirex International Limited (Registered number: 00592506)






Contents of the Consolidated Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Statement of Financial Position 11

Company Statement of Financial Position 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Statement of Cash Flows 15

Notes to the Consolidated Statement of Cash Flows 16

Notes to the Consolidated Financial Statements 18


Respirex International Limited

Company Information
for the Year Ended 30 September 2024







DIRECTORS: M B Simpson
G Walker
A Burt



SECRETARY: D G Mackie



REGISTERED OFFICE: Shadwell House
65 Lower Green Road
Tunbridge Wells
Kent
TN4 8TW



REGISTERED NUMBER: 00592506 (England and Wales)



SENIOR STATUTORY AUDITOR: Aidan Smyth



AUDITORS: Peter Hodgson & Co. Ltd. (Statutory Auditor)
Chartered Accountants
Shadwell House
65 Lower Green Road
Tunbridge Wells
Kent
TN4 8TW

Respirex International Limited (Registered number: 00592506)

Group Strategic Report
for the Year Ended 30 September 2024


REVIEW OF BUSINESS
The year to 30th September 2024 was similar in trading performance to 2023.

Higher delivery costs caused the group to increase its stock levels in 2024 so as to avoid raw material shortages and to hedge against the higher costs of same due to the current high inflationary environment. In the consolidated accounts for the year to September 2024 a one-off write-off of stock amounting to a total of £221,947 has been made. (£142,330 MFC, £79,617 Respirex). The write off in MFC arose as a result of the decision to cease the drain repair business and to solely concentrate on the company's core business which is aligned to that of Respirex. The write off of £79,617 in the Respirex accounts arose as a result of the discontinuation of product that has now been replaced with improved equipment.

Respirex's performance was still though impaired by ongoing supply chain issues. However, the group gained a significant number of new major customers during the period and the order book was at a record high at 2024 year-end, with the first six months of the new financial year yielding very significant growth mostly being driven by the launch of new products.

The group invested £709k in property and equipment in the year.

The performance of MFC International Ltd. improved despite the reported financial results but was again held back by supply chain issues and slow decision making by government departments. It would have proven even more successful had several large orders not been delayed - again because of delays in decision making and general supply chain issues. The company now has in place a global dealer network and a healthy order book which we anticipate will further improvement MFC's performance. After the year-end the directors of the company embarked on a cost-cutting exercise which has resulted in savings in overheads and direct costs. The MFC results should show a significant turn around by year-end 2025 should the anticipated orders materialise.

Our German subsidiary, Respirex GmbH made a profit of £41k in the year.

FINANCIAL REVIEW
The directors are satisfied with the financial performance of the group for the year.

Turnover amounted to £18.6m for the year compared to £17.4m in 2023.

Operating profit before tax was £1.79m compared to £1.84m (restated) in 2023. The increased turnover mainly was largely offset by higher wage and raw material costs.

The group invested £709k in fixed assets during the year indicating the directors' and shareholders' continued commitment to the business.

The working capital position of the group was £11.1m at the year end.

Shareholders' funds increased to £16.4m at the year end.


Respirex International Limited (Registered number: 00592506)

Group Strategic Report
for the Year Ended 30 September 2024

PRINCIPAL RISKS & UNCERTAINTIES
We see ourselves as global operators and throughout our group of companies, we will follow that philosophy. We have carried out the necessary work to ensure that all our products are certified to the new European Regulations, and, where applicable US and other regional standards, that are vital to any business operating in the PPE and emergency services market. We also continue to broaden our customer base worldwide, working with specialist distributors. We are spending increasing amounts on our marketing budget in order to reach a broader audience for our products.

Our main risks revolve around the political and economic uncertainties that continue to prevail in the United Kingdom and beyond. These uncertainties carry all the obvious concerns around currency and ever increasing world tensions, in addition to higher energy costs rising labour cost and supply chain issues.

The group has invested considerable money in new products which will be launched later in 2025. The group will continue to invest in new and innovative products together with the introduction of more efficient manufacturing methods

These new products will take us into new territory and gives us the opportunity to take advantage of the opportunities we have identified. Our investment in new equipment will give us the ability to meet the increase in demand that we feel will flow from the world economy getting back to some normality. However, the business area in which the group operates is in great demand.

FUTURE PLANS
Respirex will continue to invest in the development of new products and grow its distributor network worldwide in order to expand market share and profitability. With growing sales and a respected global brand plus our reputation for technical expertise and quality, we are in a strong position to take advantage of all opportunities that present themselves.

ON BEHALF OF THE BOARD:





M B Simpson - Director


30 May 2025

Respirex International Limited (Registered number: 00592506)

Report of the Directors
for the Year Ended 30 September 2024

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

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of manufacture and supply of industrial and safety equipment.

DIVIDENDS
The directors do not recommend the payment of a dividend.

DIRECTORS
M B Simpson has held office during the whole of the period from 1 October 2023 to the date of this report.

Other changes in directors holding office are as follows:

D G Mackie - resigned 6 August 2024
G Walker - appointed 2 January 2024
A Burt - appointed 2 January 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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), 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 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





M B Simpson - Director


30 May 2025

Report of the Independent Auditors to the Members of
Respirex International Limited

Opinion
We have audited the financial statements of Respirex International Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 group's and of the parent company affairs as at 30 September 2024 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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
Respirex International Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 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.

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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Respirex International Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

The objectives of our audit in respect of fraud are to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:
- we obtained an understanding of the legal and regulatory requirements applicable to the group.
- we obtained an understanding of how the group complies with these requirements through discussion with management and those charged with governance.
- we assessed the risk of material misstatement in the financial statements through discussions with management and those charged with governance.
- we enquired of management and those charged with governance of any known instances of non compliance with legal and regulatory requirements.
- based on this understanding, we designed specific and appropriate audit procedures to identify instances of non compliance to include discussions and obtaining additional corroborative evidence.


As part of the audit in accordance with ISAs (UK) we exercised professional judgement and scepticism throughout the audit. In addition, we also:

- identified and assessed the risks of material misstatement of the financial statements, whether due to fraud or error, designed and performed audit procedures consistent with those risks and obtained sufficient and relevant audit evidence to support and provide a basis for our opinion. The risk of misstatement from fraud is invariably higher than one resulting from error as fraud may involve collusion or intentional omissions and misrepresentations to override the systems of internal control.
- obtained an understanding of the internal controls relevant to the audit and designed
audit procedures and tests that were appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company's internal controls.
- evaluated the appropriateness of the accounting policies used and the reasonableness of any accounting estimates and disclosures used and made by the directors.
- assessed the appropriateness of the directors' use of the going concern basis of accounting and based on the audit evidence obtained, whether any material uncertainty existed that may have cast doubt on the group's ability to continue as a going concern.
- evaluated the overall presentation, structure and content of the financial statements including disclosures and whether the financial statements represent the underlying transactions and events in a manner that achieved a fair presentation of the results for the period and the financial standing of the group at the period end.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Respirex International Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Aidan Smyth (Senior Statutory Auditor)
for and on behalf of Peter Hodgson & Co. Ltd. (Statutory Auditor)
Chartered Accountants
Shadwell House
65 Lower Green Road
Tunbridge Wells
Kent
TN4 8TW

30 May 2025

Respirex International Limited (Registered number: 00592506)

Consolidated
Income Statement
for the Year Ended 30 September 2024

2024 2023
as restated
Notes £    £    £   

REVENUE 3 18,550,381 17,409,936

Cost of sales 12,300,018 11,020,455
GROSS PROFIT 6,250,363 6,389,481

Administrative expenses 4,701,430 4,390,963
1,548,933 1,998,518

Other operating income 8,851 9,044
OPERATING PROFIT 5 1,557,784 2,007,562

Income from fixed asset investments 10,291 -
Interest receivable and similar income 20 29,175
10,311 29,175
1,568,095 2,036,737
Market value adjustments 6 (399,356 ) (43,647 )
Other investment gains - (10,906 )
(399,356 ) (54,553 )
1,967,451 2,091,290

Interest payable and similar expenses 7 168,848 243,274
PROFIT BEFORE TAXATION 1,798,603 1,848,016

Tax on profit 8 172,988 213,080
PROFIT FOR THE FINANCIAL YEAR 1,625,615 1,634,936
Profit attributable to:
Owners of the parent 1,625,615 1,634,936

Respirex International Limited (Registered number: 00592506)

Consolidated
Other Comprehensive Income
for the Year Ended 30 September 2024

2024 2023
as restated
Notes £    £   

PROFIT FOR THE YEAR 1,625,615 1,634,936


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,625,615

1,634,936

Total comprehensive income attributable to:
Owners of the parent 1,625,615 1,634,936

Respirex International Limited (Registered number: 00592506)

Consolidated Statement of Financial Position
30 September 2024

2024 2023
as restated
Notes £    £    £   
FIXED ASSETS
Intangible assets 11 378,523 368,290
Property, plant and equipment 12 6,717,840 6,779,452
Investments 13
Interest in associate 49,646 49,646
7,146,009 7,197,388

CURRENT ASSETS
Inventories 14 7,448,433 7,088,961
Debtors 15 4,263,299 3,765,046
Investments 16 3,609,190 3,199,543
Cash at bank 1,001,458 969,811
16,322,380 15,023,361
CREDITORS
Amounts falling due within one year 17 5,134,455 5,211,883
NET CURRENT ASSETS 11,187,925 9,811,478
TOTAL ASSETS LESS CURRENT
LIABILITIES

18,333,934

17,008,866

CREDITORS
Amounts falling due after more than one
year

18

(1,394,204

)

(1,742,340

)

PROVISIONS FOR LIABILITIES 22 (515,695 ) (468,106 )
NET ASSETS 16,424,035 14,798,420

CAPITAL AND RESERVES
Called up share capital 23 948 948
Capital redemption reserve 24 52 52
Other reserves 24 1,191 1,191
Retained earnings 24 16,421,844 14,796,229
SHAREHOLDERS' FUNDS 16,424,035 14,798,420

The financial statements were approved by the Board of Directors and authorised for issue on 30 May 2025 and were signed on its behalf by:





M B Simpson - Director


Respirex International Limited (Registered number: 00592506)

Company Statement of Financial Position
30 September 2024

2024 2023
as restated
Notes £    £    £   
FIXED ASSETS
Intangible assets 11 376,072 367,188
Property, plant and equipment 12 5,226,287 5,201,219
Investments 13 517,566 517,566
6,119,925 6,085,973

CURRENT ASSETS
Inventories 14 5,999,108 5,598,404
Debtors 15 10,341,885 9,753,941
Investments 16 3,609,190 3,199,543
Cash at bank 805,525 655,952
20,755,708 19,207,840
CREDITORS
Amounts falling due within one year 17 4,771,592 4,993,322
NET CURRENT ASSETS 15,984,116 14,214,518
TOTAL ASSETS LESS CURRENT
LIABILITIES

22,104,041

20,300,491

CREDITORS
Amounts falling due after more than one
year

18

(1,385,152

)

(1,722,750

)

PROVISIONS FOR LIABILITIES 22 (443,729 ) (405,349 )
NET ASSETS 20,275,160 18,172,392

CAPITAL AND RESERVES
Called up share capital 23 948 948
Capital redemption reserve 24 52 52
Other reserves 24 1,191 1,191
Retained earnings 24 20,272,969 18,170,201
SHAREHOLDERS' FUNDS 20,275,160 18,172,392

Company's profit for the financial year 2,102,768 2,034,409

The financial statements were approved by the Board of Directors and authorised for issue on 30 May 2025 and were signed on its behalf by:





M B Simpson - Director


Respirex International Limited (Registered number: 00592506)

Consolidated Statement of Changes in Equity
for the Year Ended 30 September 2024

Called up Capital
share Retained redemption Other Total
capital earnings reserve reserves equity
£    £    £    £    £   
Balance at 1 October 2022 948 13,161,293 52 1,191 13,163,484

Changes in equity
Total comprehensive income - 1,634,936 - - 1,634,936
Balance at 30 September 2023 948 14,796,229 52 1,191 14,798,420

Changes in equity
Total comprehensive income - 1,625,615 - - 1,625,615
Balance at 30 September 2024 948 16,421,844 52 1,191 16,424,035

Respirex International Limited (Registered number: 00592506)

Company Statement of Changes in Equity
for the Year Ended 30 September 2024

Called up Capital
share Retained redemption Other Total
capital earnings reserve reserves equity
£    £    £    £    £   
Balance at 1 October 2022 948 16,135,792 52 1,191 16,137,983

Changes in equity
Total comprehensive income - 2,034,409 - - 2,034,409
Balance at 30 September 2023 948 18,170,201 52 1,191 18,172,392

Changes in equity
Total comprehensive income - 2,102,768 - - 2,102,768
Balance at 30 September 2024 948 20,272,969 52 1,191 20,275,160

Respirex International Limited (Registered number: 00592506)

Consolidated Statement of Cash Flows
for the Year Ended 30 September 2024

2024 2023
as restated
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,144,547 1,692,085
Interest paid (105,256 ) (103,657 )
Foreign exchange (losses) / gains (63,592 ) (139,617 )
Tax paid (108,179 ) 141,549
Net cash from operating activities 867,520 1,590,360

Cash flows from investing activities
Purchase of intangible fixed assets (10,924 ) (30,436 )
Purchase of tangible fixed assets (709,011 ) (806,452 )
Purchase of investments - (1,508,343 )
Sale of tangible fixed assets 148,861 156,115
Interest received 20 18,577
Dividends received 10,291 -
Net cash from investing activities (560,763 ) (2,170,539 )

Cash flows from financing activities
New loans in year 258,609 336,272
Capital repayments in year (600,671 ) (539,262 )
Amount introduced by directors 66,952 -
Amount withdrawn by directors - (64,092 )
Net cash from financing activities (275,110 ) (267,082 )

Increase/(decrease) in cash and cash equivalents 31,647 (847,261 )
Cash and cash equivalents at beginning of
year

2

969,811

1,817,072

Cash and cash equivalents at end of year 2 1,001,458 969,811

Respirex International Limited (Registered number: 00592506)

Notes to the Consolidated Statement of Cash Flows
for the Year Ended 30 September 2024

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

2024 2023
as restated
£    £   
Profit before taxation 1,798,603 1,848,016
Depreciation charges 631,203 616,383
Profit on disposal of fixed assets (12,977 ) (72,563 )
Finance costs 168,848 243,274
Finance income (10,311 ) (29,175 )
2,575,366 2,605,935
Increase in inventories (292,874 ) (473,554 )
(Increase)/decrease in trade and other debtors (222,167 ) 491,843
Decrease in trade and other creditors (915,778 ) (932,139 )
Cash generated from operations 1,144,547 1,692,085

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 September 2024
30.9.24 1.10.23
£    £   
Cash and cash equivalents 1,001,458 969,811
Year ended 30 September 2023
30.9.23 1.10.22
as restated
£    £   
Cash and cash equivalents 969,811 1,817,072


Respirex International Limited (Registered number: 00592506)

Notes to the Consolidated Statement of Cash Flows
for the Year Ended 30 September 2024

3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.10.23 Cash flow At 30.9.24
£    £    £   
Net cash
Cash at bank 969,811 31,647 1,001,458
969,811 31,647 1,001,458

Liquid resources
Current asset investments 3,199,543 409,647 3,609,190
3,199,543 409,647 3,609,190
Debt
Finance leases (600,937 ) 37,366 (563,571 )
Debts falling due within 1 year (311,528 ) 44,054 (267,474 )
Debts falling due after 1 year (1,256,529 ) 260,642 (995,887 )
(2,168,994 ) 342,062 (1,826,932 )
Total 2,000,360 783,356 2,783,716

Respirex International Limited (Registered number: 00592506)

Notes to the Consolidated Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

Respirex International Limited is a private company, limited by shares and incorporated in England and Wales.

The company's registered office and registered number can be found on the General Information page.

2. ACCOUNTING POLICIES

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

Basis of consolidation
The accounts consolidate the trading results of Respirex International Limited for the year ended 30 September 2022 with the trading results of the following wholly owned subsidiaries:

MFC International Limited
KTC Fire Limited (dormant)
Respirex GMBH

The accounts for each subsidiary company are drawn up to 30th September 2023.

All inter-group transactions are eliminated on consolidation.

Significant judgements and estimates
Other than depreciation, there are no significant judgements or estimates pertaining to these accounts.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents, licenses and trademarks are being amortised evenly over their estimated useful life of nil years.

Patents, licenses and trademarks
The costs of patents and licenses are capitalised and are not depreciated.

The cost of trademarks are amortised over four years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost (buildings only)
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 25% straight line and 15% on reducing balance
Motor vehicles - 25% on reducing balance and 25% straight line
Computer equipment - 25 - 33.3% on reducing balance

Investments in associates
Investments in associated undertakings are recognised at cost less provision for impairments.

Sales to associates are included as revenue in the income statement.

Respirex International Limited (Registered number: 00592506)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

Stocks
Inventories 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 Consolidated 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


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

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

Functional currency
The functional currencies used by the group are £ Stg, $USD and €.

The accounts are presented in £Stg.

Loose tools
The cost of loose tools such as dies, bits and cutting heads is charged to profit in the year in which it is incurred.

Financial instruments
Basic financial instruments comprising debtors, bank and cash balances are stated at fair value.

Listed investments are stated at fair market value at the period end. Changes to market value from the previous period end are recognised through the income statement.

Respirex International Limited (Registered number: 00592506)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

3. REVENUE

The revenue and profit before taxation are attributable to the one principal activity of the group.

An analysis of revenue by geographical market is given below:

2024 2023
as restated
£    £   
United Kingdom 7,959,085 8,172,296
Europe 5,450,214 4,501,572
United States of America 3,774,219 1,645,069
Rest of world 1,366,863 3,090,999
18,550,381 17,409,936

4. EMPLOYEES AND DIRECTORS
2024 2023
as restated
£    £   
Wages and salaries 5,578,413 5,081,550
Social security costs 581,894 551,974
Other pension costs 111,231 105,983
6,271,538 5,739,507

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

Production 104 128
Sales & administration 31 30
135 158

2024 2023
as restated
£    £   
Directors' remuneration 428,570 189,513

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

Money purchase schemes 5 2

Information regarding the highest paid director for the year ended 30 September 2024 is as follows:
2024

£   
Emoluments etc 93,781

Pension contributions paid on behalf of 5 directors amounted to £74,226.

Respirex International Limited (Registered number: 00592506)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

5. OPERATING PROFIT

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

2024 2023
as restated
£    £   
Depreciation - owned assets 630,511 616,338
Profit on disposal of fixed assets (12,977 ) (72,563 )
Patents, licenses and trademarks amortisation 692 496
Auditors' remuneration 12,800 11,500

6. MARKET VALUE ADJUSTMENTS
2024 2023
as restated
£    £   
Decrease / (increase)
in market value (399,356 ) (43,647 )

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
as restated
£    £   
Bank interest and charges 79,037 86,875
Hire purchase interest 26,219 16,782
Foreign exchange differences 63,592 139,617
168,848 243,274

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
as restated
£    £   
Current tax:
UK corporation tax 125,400 108,179

Deferred tax 47,588 104,901
Tax on profit 172,988 213,080

Respirex International Limited (Registered number: 00592506)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

8. TAXATION - continued

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
as restated
£    £   
Profit before tax 1,798,603 1,848,016
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 22 %)

449,651

406,564

Effects of:
Expenses not deductible for tax purposes 1,600 623
Depreciation in excess of capital allowances 14,624 10,796
Research & development tax credit adjustments (196,477 ) (202,245 )
FRS102 funding adjustment 1,207 1,019
Change in market value of investments (99,839 ) (9,602 )
Dividend income not taxable (2,572 ) 10,309
Pension charges 15,000 -
Foreign subsidiary not taxed in UK (10,206 ) (4,384 )
Total tax charge 172,988 213,080

9. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


10. PRIOR YEAR ADJUSTMENT

The results for 2023 have been restated to reflect £138,152 of sales invoice account mispostings in our German subsidiary. Group turnover and profits in 2023 were overstated by this amount.

These came to light after the 2023 year end accounts were approved by the directors.

Respirex International Limited (Registered number: 00592506)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

11. INTANGIBLE FIXED ASSETS

Group
Patents,
licenses
and
trademarks
£   
COST
At 1 October 2023 374,892
Additions 10,924
At 30 September 2024 385,816
AMORTISATION
At 1 October 2023 6,601
Amortisation for year 692
At 30 September 2024 7,293
NET BOOK VALUE
At 30 September 2024 378,523
At 30 September 2023 368,291

Company
Patents,
licenses
and
trademarks
£   
COST
At 1 October 2023 367,188
Additions 8,884
At 30 September 2024 376,072
NET BOOK VALUE
At 30 September 2024 376,072
At 30 September 2023 367,188

Respirex International Limited (Registered number: 00592506)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

12. PROPERTY, PLANT AND EQUIPMENT

Group
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 October 2023 4,338,814 8,591,842 339,663
Additions 4,463 369,720 21,629
Disposals - (199,750 ) (1,250 )
At 30 September 2024 4,343,277 8,761,812 360,042
DEPRECIATION
At 1 October 2023 324,763 6,177,053 305,842
Charge for year 65,001 417,825 14,663
Eliminated on disposal - (190,480 ) (1,250 )
At 30 September 2024 389,764 6,404,398 319,255
NET BOOK VALUE
At 30 September 2024 3,953,513 2,357,414 40,787
At 30 September 2023 4,014,051 2,414,789 33,821

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 October 2023 568,306 422,507 14,261,132
Additions 278,503 34,696 709,011
Disposals (277,448 ) (50,000 ) (528,448 )
At 30 September 2024 569,361 407,203 14,441,695
DEPRECIATION
At 1 October 2023 293,774 380,245 7,481,677
Charge for year 107,788 25,234 630,511
Eliminated on disposal (148,603 ) (48,000 ) (388,333 )
At 30 September 2024 252,959 357,479 7,723,855
NET BOOK VALUE
At 30 September 2024 316,402 49,724 6,717,840
At 30 September 2023 274,532 42,262 6,779,455

Included in the group fixed assets are assets held under hire purchase contracts.

The net book value of these assets at the year end for the group amounted to £727,131 and the amount of hire purchase outstanding on these assets by the group was £563,571.

Respirex International Limited (Registered number: 00592506)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

12. PROPERTY, PLANT AND EQUIPMENT - continued

Company
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 October 2023 3,031,842 7,511,352 182,032
Additions 4,463 366,992 16,475
Disposals - (199,750 ) (1,250 )
At 30 September 2024 3,036,305 7,678,594 197,257
DEPRECIATION
At 1 October 2023 177,537 5,499,414 158,844
Charge for year 42,862 356,817 6,237
Eliminated on disposal - (190,480 ) (1,250 )
At 30 September 2024 220,399 5,665,751 163,831
NET BOOK VALUE
At 30 September 2024 2,815,906 2,012,843 33,426
At 30 September 2023 2,854,305 2,011,938 23,188

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 October 2023 543,029 422,507 11,690,762
Additions 278,503 34,696 701,129
Disposals (277,448 ) (50,000 ) (528,448 )
At 30 September 2024 544,084 407,203 11,863,443
DEPRECIATION
At 1 October 2023 273,503 380,245 6,489,543
Charge for year 104,796 25,234 535,946
Eliminated on disposal (148,603 ) (48,000 ) (388,333 )
At 30 September 2024 229,696 357,479 6,637,156
NET BOOK VALUE
At 30 September 2024 314,388 49,724 5,226,287
At 30 September 2023 269,526 42,262 5,201,219

Included in fixed assets are assets held under hire purchase contracts.

The net book value of these assets at the year end amounted to £727,131 and the amount of hire purchase outstanding on them was £563,571.

Respirex International Limited (Registered number: 00592506)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

13. FIXED ASSET INVESTMENTS

Group
Interest
in
associate
£   
COST
At 1 October 2023
and 30 September 2024 49,646
NET BOOK VALUE
At 30 September 2024 49,646
At 30 September 2023 49,646
Company
Shares in Interest
group in
undertakings associate Totals
£    £    £   
COST
At 1 October 2023
and 30 September 2024 467,920 49,646 517,566
NET BOOK VALUE
At 30 September 2024 467,920 49,646 517,566
At 30 September 2023 467,920 49,646 517,566

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

MFC International Limited
Registered office: Shadwell House, 65 Lower Green Road, Tunbridge Wells, Kent TN4 8TW
Nature of business: supplier of inflatable and survival equipment.
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves (2,996,637 ) (2,478,659 )
Loss for the year (517,978 ) (417,008 )

KTC Fire Limited
Registered office: Shadwell House, 65 Lower Green Road, Tunbridge Wells, Kent TN4 8TW
Nature of business: not trading
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 100 100

Respirex International Limited (Registered number: 00592506)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

13. FIXED ASSET INVESTMENTS - continued

Respirex GMBH
Registered office: Wilthener Strasse, 32-02625 Bautzen, Germany
Nature of business: supplier of industrial safety equipment
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves (386,669 ) (427,493 )
Profit for the year 40,824 17,535

Associated company

Respirex France Limited
Registered office: 4B Chemin des Clos, 78830 Bonnelles, France
Nature of business: supplier of industrial safety equipment.
%
Class of shares: holding
Ordinary 40.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves 45,048 41,370
Profit/(loss) for the year 28,721 (12,456 )


14. STOCKS

Group Company
2024 2023 2024 2023
as restated as restated
£    £    £    £   
Stock & work in progress 7,448,433 7,088,961 5,999,108 5,598,404

15. DEBTORS

Group Company
2024 2023 2024 2023
as restated as restated
£    £    £    £   
Amounts falling due within one year:
Trade debtors 2,948,233 2,713,220 3,110,047 3,044,887
Directors' current accounts - 64,092 - 64,092
VAT 65,384 27,787 65,001 13,522
Prepayments & other debtors 1,249,682 959,947 1,004,236 848,310
4,263,299 3,765,046 4,179,284 3,970,811

Respirex International Limited (Registered number: 00592506)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

15. DEBTORS - continued

Group Company
2024 2023 2024 2023
as restated as restated
£    £    £    £   
Amounts falling due after more than one year:
Amounts owed by group undertakings - - 6,162,601 5,783,130

Aggregate amounts 4,263,299 3,765,046 10,341,885 9,753,941

Group loan balances due to Respirex International Limited at 30 September 2023 were as follows:

MFC International Limited - £6,130,936
Respirex GMBH - £31,665

Both loans are on an interest free basis and are due after more than one year with no formal repayment terms.

16. CURRENT ASSET INVESTMENTS

A realised gain of £nil was recognised in the financial statements in the year (2023 : realised gain of £10,906).

An unrealised gain of £399,356 was also recognised for the year (2023 : unrealised gain of £43,647).

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
as restated as restated
£    £    £    £   
Bank loans and overdrafts (see note 19) 267,474 311,528 257,474 302,028
Hire purchase contracts (see note 20) 285,987 231,030 285,987 231,030
Trade creditors 1,390,993 861,135 1,260,520 850,985
Corporation tax 125,400 108,179 125,400 108,179
Deferred revenue 2,421,938 2,903,685 2,421,938 2,903,685
PAYE & social security 135,225 231,404 112,000 198,185
Directors' current accounts 2,860 - 2,860 -
Accruals & others 486,047 538,826 286,882 373,134
Due to related parties 18,531 26,096 18,531 26,096
5,134,455 5,211,883 4,771,592 4,993,322

Bank borrowings are secured by a debenture over all current and future assets of the group.

Respirex International Limited (Registered number: 00592506)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2024 2023 2024 2023
as restated as restated
£    £    £    £   
Bank loans (see note 19) 995,887 1,256,529 986,835 1,236,939
Hire purchase contracts (see note 20) 277,584 369,907 277,584 369,907
Shareholders' loans 120,733 115,904 120,733 115,904
1,394,204 1,742,340 1,385,152 1,722,750

Bank borrowings are secured by a debenture over all current and future assets of the group.

19. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
as restated as restated
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loan repayment 267,474 311,528 257,474 302,028
Amounts falling due between one and two years:
Bank loans - 1-2 years 210,000 263,957 210,000 263,957
Amounts falling due between two and five years:
Bank loans - 2-5 years 659,052 619,590 650,000 600,000
Amounts falling due in more than five years:
Repayable by instalments
Bank loans > 5 years 126,835 372,982 126,835 372,982

20. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
as restated
£    £   
Net obligations repayable:
Within one year 285,987 231,030
Between one and five years 277,584 369,907
563,571 600,937

Respirex International Limited (Registered number: 00592506)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

20. LEASING AGREEMENTS - continued

Company
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 285,987 231,030
Between one and five years 277,584 369,907
563,571 600,937

Company
Non-cancellable operating leases
2024 2023
£    £   
Within one year 65,500 65,500
Between one and five years 262,000 262,000
In more than five years 196,500 262,000
524,000 589,500

The operating lease commitments relates to a lease on Unit D Kingsfield Business Centre, Redhill which is rented under a 10 year lease dated 29 September 2022 at an annual rental of £65,500.

The lease expires on 29 September 2032 with a break clause after 5 years.

21. SHAREHOLDER LOAN

The long term shareholder loan of £131,001 is for a term of 10 years ending 30th September 2026 and is discounted at an assumed interest rate of 4%.

The net present value of the loan at 30 September 2024 was £120,733.

22. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
as restated as restated
£    £    £    £   
Deferred tax 515,695 468,106 443,729 405,349

Group
Deferred
tax
£   
Balance at 1 October 2023 468,106
Provided during year 47,589
Balance at 30 September 2024 515,695

Respirex International Limited (Registered number: 00592506)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

22. PROVISIONS FOR LIABILITIES - continued

Company
Deferred
tax
£   
Balance at 1 October 2023 405,349
Provided during year 38,380
Balance at 30 September 2024 443,729

23. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: as restated
£    £   
948 Ordinary £1 948 948

24. RESERVES

Group
Capital
Retained redemption Other
earnings reserve reserves Totals
£    £    £    £   

At 1 October 2023 14,796,229 52 1,191 14,797,472
Profit for the year 1,625,615 1,625,615
At 30 September 2024 16,421,844 52 1,191 16,423,087

Company
Capital
Retained redemption Other
earnings reserve reserves Totals
£    £    £    £   

At 1 October 2023 18,170,201 52 1,191 18,171,444
Profit for the year 2,102,768 2,102,768
At 30 September 2024 20,272,969 52 1,191 20,274,212


25. RELATED PARTY DISCLOSURES

At the year end, the group was owed £203,599 by related parties.

At the year date, the group owed £18,531 to related parties.

Sales and services supplied to related parties amounted to £730,293 and bought in goods and services from related parties amounted to £837,390 during the year.

All transactions with related parties are at open market value.

Respirex International Limited (Registered number: 00592506)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

26. ULTIMATE CONTROLLING PARTY

The controlling party is M B Simpson.

The group was under the control of M B Simpson in the current and previous financial years.

27. CONSOLIDATED ACCOUNTS & GROUP BALANCES

The accounts consolidate the trading results of Respirex International Limited for the year ended 30 September 2024 with the trading results of the following wholly owned subsidiaries:

MFC International Limited (audited)
KTC Fire Limited (dormant)
Respirex GMBH (not audited)

The accounts for each subsidiary company are drawn up to 30th September 2024.

All transactions between group members are eliminated from the group accounts and all result from trading activities between the group members.

Group loan balances due to Respirex International Limited at 30 September 2024 were as follows:

MFC International Limited - £6,130,936.
Respirex GMBH - £31,665.

Both loans are on an interest free basis and are due after more than one year with no formal repayment terms.

28. DIRECTOR'S LOAN

At the balance sheet date M B Simpson was owed £2,860 by the group.

The loan is non interest bearing and there are no formal repayment terms attaching to it.