Company No: 08828816 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	4	266,008		285,173
Investments	5	542,599		67
		808,607		285,240
Current assets
Debtors	6	170,590		726,400
Cash at bank and in hand		2,568		12,725
		173,158		739,125
Creditors: amounts falling due within one year	7	( 1,509,290)		( 1,487,279)
Net current liabilities		(1,336,132)		(748,154)
Total assets less current liabilities		(527,525)		(462,914)
Provision for liabilities		( 23,393)		0
Net liabilities		( 550,918)		( 462,914)
Capital and reserves
Called-up share capital	8	9,000		9,000
Profit and loss account		( 559,918 )		( 471,914 )
Total shareholder's deficit		( 550,918)		( 462,914)

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Global Inhalation Equipment Limited (registered number: 08828816) were approved and authorised for issue by the Board of Directors on 02 September 2025. They were signed on its behalf by:

Bethany Lampl Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Global Inhalation Equipment Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Lowin House, Tregolls Road, Truro, TR1 2NA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Development costs

4 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Land and buildings	50 years straight line
Plant and machinery	20 % reducing balance
Vehicles	20 % reducing balance
Office equipment	20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	0		0

3. Intangible assets

	Development costs		Total
	£		£
Cost
At 01 January 2024	42,754		42,754
At 31 December 2024	42,754		42,754
Accumulated amortisation
At 01 January 2024	42,754		42,754
At 31 December 2024	42,754		42,754
Net book value
At 31 December 2024	0		0
At 31 December 2023	0		0

4. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Office equipment		Total
	£		£		£		£		£
Cost
At 01 January 2024	277,260		1,995		30,332		6,053		315,640
Disposals	0		0		( 30,332)		0		( 30,332)
At 31 December 2024	277,260		1,995		0		6,053		285,308
Accumulated depreciation
At 01 January 2024	8,714		1,341		17,464		2,948		30,467
Charge for the financial year	5,545		131		0		621		6,297
Disposals	0		0		( 17,464)		0		( 17,464)
At 31 December 2024	14,259		1,472		0		3,569		19,300
Net book value
At 31 December 2024	263,001		523		0		2,484		266,008
At 31 December 2023	268,546		654		12,868		3,105		285,173

5. Fixed asset investments

Investments in subsidiaries

	2024
	£
Cost
At 01 January 2024	66
Additions	542,532
At 31 December 2024	542,598
Carrying value at 31 December 2024	542,598
Carrying value at 31 December 2023	66

Details of undertakings
The company holds 66% of the ordinary share capital of Certus Biomedical Limited, a company incorporated in England and Wales. The registered office of the named subsidiary entity is Unit 7c A30 Business Park, Indian Queens, Newquay, England, TR9 6FZ and the principal activity is to service and supply medical equipment.
On 17 October 2024 the company converted £542,532 of its debt due from Certus Biomedical Limited into one new Ordinary A share.

	Investments in associates		Total
	£		£
Cost or valuation before impairment
At 01 January 2024	1		1
At 31 December 2024	1		1
Carrying value at 31 December 2024	1		1
Carrying value at 31 December 2023	1		1

Detail of undertaking:
The company holds 50% of the ordinary shares in Hypneuma Limited a company incorporated in England and Wales. The registered office is The Health And Wellbeing Innovation Centre, Treliske, Truro, Cornwall, United Kingdom, TR1 3FF, and the principal activity is the manufacture of medical and dental instruments and supplies.
Shortly after the year end the company acquired the remaining 50% ordinary shareholding in Hypneuma and became the sole shareholder.

6. Debtors

	2024		2023
	£		£
Trade debtors	2,160		0
Amounts owed by Group undertakings	76,171		618,009
Other debtors	92,259		108,391
	170,590		726,400

7. Creditors: amounts falling due within one year

	2024		2023
	£		£
Other taxation and social security	14,616		17,210
Other creditors	1,494,674		1,470,069
	1,509,290		1,487,279

8. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
9,000 Ordinary shares of £ 1.00 each	9,000		9,000

9. Related party transactions

Other related party transactions

	2024		2023
	£		£
Certus Biomedical Ltd - GIE owns 66% of ordinary shares and 1 ordinary A share in Certus Biomedical.	78,331		618,009
Hypneuma Ltd - The Shareholder with control of GIE owns 50% of shares in Hypneuma.	64,000		69,317
Somni Scientific LLC - Company in which a director has an interest.	(447,315)		(447,315)
General Anaesthetic Services Ltd - Company in which a director has an interest.	(266,391)		(247,975)
Pleasure Wave Ltd - Director of GIE owns 100% of shares in Pleasure Wave.	(4,541)		(3,726)
Gigrealm International Ltd - The directors of GIE have an interest in Gigrelm.	32,800		32,800