Company registration number 08087675 (England and Wales)
COMBAT MEDICAL LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
COMBAT MEDICAL LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 10
COMBAT MEDICAL LTD
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
5,772,523
5,349,734
Tangible assets
5
26,583
33,743
Investments
6
15,375
15,375
5,814,481
5,398,852
Current assets
Stocks
8
718,112
691,357
Debtors
9
5,022,476
5,284,893
Cash at bank and in hand
129,384
197,384
5,869,972
6,173,634
Creditors: amounts falling due within one year
10
(8,905,286)
(8,184,475)
Net current liabilities
(3,035,314)
(2,010,841)
Total assets less current liabilities
2,779,167
3,388,011
Creditors: amounts falling due after more than one year
11
(513,843)
(840,962)
Net assets
2,265,324
2,547,049
Capital and reserves
Called up share capital
12
151
151
Share premium account
4,812,369
4,812,369
Profit and loss reserves
(2,547,196)
(2,265,471)
Total equity
2,265,324
2,547,049

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 3 June 2025 and are signed on its behalf by:
Mr E Bruce-White
Director
Company registration number 08087675 (England and Wales)
COMBAT MEDICAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

Combat Medical Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Lamer House Office, Lamer Lane, Wheathampstead, St Albans, Hertfordshire, AL4 8RL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the subsidiary, qualifies as a small group. The financial statements present information about the company as an individual entity and not about the group.

1.2
Going concern

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.

 

In assessing the going concern basis, the directors have considered the company’s business activities and its financial position. As at 31 December 2024 the company had cash reserves of £129,384, net current liabilities of £3,035,314 and net assets of £2,265,324. Included in creditors amounts falling due within one year are amounts totalling £5,879,264 owed to the company's parent undertaking, Combat Medical Holdings Limited. To ensure that the company remains a going concern, Combat Medical Holdings Limited have confirmed that they will continue to provide such financial support as the company requires to enable it to meet its liabilities as they fall due for a period of at least 12 months from the date these financial statements are approved.

 

The directors continue to closely monitor the company's liquidity and capital adequacy and in doing so, forecasts have been produced covering a period of at least twelve months from the date that the financial statements are approved.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

COMBAT MEDICAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Patents and licences
5 years straight line
Development costs
10 years straight line
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Medical equipment
33.33% straight line
Fixtures and fittings
20% straight line
Computers
33.33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

COMBAT MEDICAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash at bank and in hand only.

1.11
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade debtors, corporation tax recoverable, amounts owed by group undertakings, other debtors, and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade creditors, amounts owed by group undertakings, taxation and social security, and other creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

COMBAT MEDICAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.12
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

COMBAT MEDICAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Grant income

Grant income is included in the financial statements in line with grant offer letters. Costs incurred are reviewed and any which can be included under the terms of the grant are logged and claimed on a quarterly basis, with periodic external review of claims taking place.

Useful economic lives of intangible fixed assets

Intangible assets are amortised over their useful lives, taking into account, where appropriate, residual values. The annual amortisation charge for intangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re­assessed annually. They are amended when necessary to reflect current estimates.

Amounts owed by group undertakings

Amounts owed by group undertakings are deemed recoverable by the directors on the basis of the expected future performance of the group. The directors therefore believe that no impairment is necessary.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
9
14
COMBAT MEDICAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
4
Intangible fixed assets
Patents and licences
Development costs
Total
£
£
£
Cost
At 1 January 2024
13,201
8,290,952
8,304,153
Additions
-
0
1,251,884
1,251,884
At 31 December 2024
13,201
9,542,836
9,556,037
Amortisation and impairment
At 1 January 2024
13,201
2,941,218
2,954,419
Amortisation charged for the year
-
0
829,095
829,095
At 31 December 2024
13,201
3,770,313
3,783,514
Carrying amount
At 31 December 2024
-
0
5,772,523
5,772,523
At 31 December 2023
-
0
5,349,734
5,349,734
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024
324,817
Additions
23,298
Disposals
(29,122)
At 31 December 2024
318,993
Depreciation and impairment
At 1 January 2024
291,074
Depreciation charged in the year
30,458
Eliminated in respect of disposals
(29,122)
At 31 December 2024
292,410
Carrying amount
At 31 December 2024
26,583
At 31 December 2023
33,743
COMBAT MEDICAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
15,375
15,375
7
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Combat Medical SL
1
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Combat Medical SL is a company incorporated in Spain and has a registered office of Carretera De Torrejon, 28864 Ajalvir
8
Stocks
2024
2023
£
£
Stocks
718,112
691,357
9
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
823,047
801,529
Corporation tax recoverable
173,677
369,279
Amounts owed by group undertakings
3,951,275
3,702,426
Other debtors
74,477
411,659
5,022,476
5,284,893
10
Creditors: amounts falling due within one year
2024
2023
£
£
Loans
327,120
159,038
Trade creditors
250,179
410,715
Amounts owed to group undertakings
8,268,870
7,538,982
Taxation and social security
19,318
26,424
Other creditors
4,745
6,834
Accruals and deferred income
35,054
42,482
8,905,286
8,184,475
COMBAT MEDICAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
11
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Loans
513,843
840,962

Loans represent amounts granted to the company by a Government backed lender of up to £1,000,000. The lender has a charge over the assets of the company and is in receipt of a cross guarantee from the parent company. The principal is payable by 27 June 2027 with the first repayment due 27 September 2024 and interest is being charged at 3.7% per annum.

 

At 31 December 2024 the balance included within creditors is £840,963 (2023: £1,000,000).

12
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.01p each
1,511,761
1,511,761
151
151
13
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

Senior Statutory Auditor:
Robert Kempson ACA
Statutory Auditor:
Edwards
Date of audit report:
6 June 2025
14
Financial commitments, guarantees and contingent liabilities

The company is party to a cross-guarantee, securing loan facilities of up to £1,500,000 for certain members of the Combat Medical Holdings Limited group. At 31 December 2024, £1,086,333 was outstanding (2023 - £1,368,056).

 

At 31 December 2024, the company had committed to expenditure of £2.6m relating to clinical trials launching during 2024. These amounts are scheduled for payment in stages to September 2028 and are subject to satisfactory interim trial results and other conditions being met.

 

COMBAT MEDICAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
15
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
84,271
69,449
16
Related party transactions

The company has taken advantage of the exemptions available under Financial Reporting Standard 102, section 33.1A, "Related Party Disclosures", not to disclose transactions with wholly owned members of the same group.

 

During the year, the company was charged rent of £68,952 (2023 - £63,650) by a director.

17
Parent company

The company is a subsidiary undertaking of Combat Medical Holdings Limited, a company incorporated in England and Wales, which is the ultimate parent undertaking.

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