| 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 |
| 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: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: | Aidan Smyth |
| AUDITORS: |
| 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: |
| 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 |
| Other changes in directors holding office are as follows: |
| 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: |
| 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. |
| for and on behalf of |
| Chartered Accountants |
| Shadwell House |
| 65 Lower Green Road |
| Tunbridge Wells |
| Kent |
| TN4 8TW |
| 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 |
| 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 |
| Property, plant and equipment | 12 |
| Investments | 13 |
| CURRENT ASSETS |
| Inventories | 14 |
| Debtors | 15 |
| Investments | 16 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 17 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
18 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 22 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 23 |
| Capital redemption reserve | 24 |
| Other reserves | 24 |
| Retained earnings | 24 |
| SHAREHOLDERS' FUNDS |
| 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 |
| 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 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 30 September 2023 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 30 September 2024 |
| 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 |
| 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 |
| The costs of patents and licenses are capitalised and are not depreciated. |
| The cost of trademarks are amortised over four years. |
| Tangible fixed assets |
| Freehold property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| 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 |
| 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 |
| Additions |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 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 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 October 2023 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 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 | 517,566 |
| NET BOOK VALUE |
| At 30 September 2024 | 517,566 |
| At 30 September 2023 | 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 |
| Registered office: Shadwell House, 65 Lower Green Road, Tunbridge Wells, Kent TN4 8TW |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 | 2023 |
| £ | £ |
| Aggregate capital and reserves | ( |
) | ( |
) |
| Loss for the year | ( |
) | ( |
) |
| Registered office: Shadwell House, 65 Lower Green Road, Tunbridge Wells, Kent TN4 8TW |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 | 2023 |
| £ | £ |
| Aggregate capital and reserves |
| 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 |
| Registered office: Wilthener Strasse, 32-02625 Bautzen, Germany |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 | 2023 |
| £ | £ |
| Aggregate capital and reserves | ( |
) | ( |
) |
| Profit for the year |
| Associated company |
| Registered office: 4B Chemin des Clos, 78830 Bonnelles, France |
| Nature of business: |
| % |
| Class of shares: | holding |
| £ | £ |
| Aggregate capital and reserves |
| Profit/(loss) for the year | ( |
) |
| 14. | STOCKS |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| as restated | as restated |
| £ | £ | £ | £ |
| Stock & work in progress | 7,448,433 | 7,088,961 |
| 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 |
| Directors' current accounts | - | 64,092 | - | 64,092 |
| VAT | 65,384 | 27,787 |
| Prepayments & other debtors | 1,249,682 | 959,947 |
| 4,263,299 | 3,765,046 |
| 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 | - | - |
| Aggregate amounts | 4,263,299 | 3,765,046 |
| 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 |
| Hire purchase contracts (see note 20) | 285,987 | 231,030 |
| Trade creditors | 1,390,993 | 861,135 |
| Corporation tax | 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 |
| Due to related parties | 18,531 | 26,096 | 18,531 | 26,096 |
| 5,134,455 | 5,211,883 |
| 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 |
| Hire purchase contracts (see note 20) | 277,584 | 369,907 |
| Shareholders' loans | 120,733 | 115,904 | 120,733 | 115,904 |
| 1,394,204 | 1,742,340 |
| 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 |
| Amounts falling due between one and two | years: |
| Bank loans - 1-2 years | 210,000 | 263,957 |
| Amounts falling due between two and five | years: |
| Bank loans - 2-5 years | 659,052 | 619,590 |
| 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 |
| Between one and five years |
| Company |
| Non-cancellable operating | leases |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| 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 |
| Provided during year |
| Balance at 30 September 2024 |
| 23. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | as restated |
| £ | £ |
| 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 | 18,171,444 |
| Profit for the year |
| At 30 September 2024 | 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. |