Cyclomedica United Kingdom Limited

	Page
Balance Sheet	1
Notes to the Financial Statements	2—4

1. General Information

Cyclomedica United Kingdom Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12291897 . The registered office is Dayan House, 818 Whitchurch Lane, Whitchurch, Bristol, BS14 0JP.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Going Concern Disclosure

The directors believe that, after making enquiries of their ultimate parent company Cyclopharm Limited and immediate parent company Cyclomedica Europe Limited, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company has obtained a letter from both the ultimate and immediate parent undertaking confirming that they will continue to provide financial support, as required, for a period of at least 12 months from the date of signing these financial statements.

In addition to this, the immediate parent undertaking has confirmed the loans will not be recalled unless the company are in a position to make repayments, not to the detriment of third party creditors or threatening the going concern position of the company.

Management acknowledge that a material uncertainty exists that may cast doubt on the company’s ability to continue as a going concern. The company is reliant on the support and financial performance of the Group and given the losses incurred at Group level, a material uncertainty exists. However on the basis of the group's sales opportunities, and prospects of raising capital, management believe that, subject to this material uncertainty, the company will be able to meet its liabilities as they fall due for at least the next 12 months and remains a going concern.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery

Straight line over 10 years

2.5. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.6. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

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Cyclomedica United Kingdom Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.7. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

2.8. Operating lease income

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 3 (2023: 3)

4. Tangible Assets

	Plant & Machinery
	£
Cost
As at 1 January 2024	11,586
Additions	20,214

As at 31 December 2024	31,800

Depreciation
As at 1 January 2024	2,994
Provided during the period	2,411

As at 31 December 2024	5,405

Net Book Value
As at 31 December 2024	26,395

As at 1 January 2024	8,592

5. Stocks

	31 December 2024	31 December 2023
	£	£
Stock	72,059	105,571

6. Debtors

	31 December 2024	31 December 2023
	£	£
Due within one year
Trade debtors	193,432	86,380
Amounts owed by participating interests	407,988	259,512
Other debtors	7,494	7,494

	608,914	353,386

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Cyclomedica United Kingdom Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

7. Creditors: Amounts Falling Due Within One Year

	31 December 2024	31 December 2023
	£	£
Trade creditors	5,859	44,195
Amounts owed to group undertakings	801,795	605,052
Other creditors	98,331	76,006
Taxation and social security	97,130	81,823

	1,003,115	807,076

8. Share Capital

	31 December 2024	31 December 2023
	£	£
Allotted, Called up and fully paid	100	100

9. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	31 December 2024	31 December 2023
	£	£
Not later than one year	18,975	18,975
Later than one year and not later than five years	12,650	31,625

	31,625	50,600

10. Related Party Transactions

The company is taking exemption from disclosing related party transactions due to it being a wholly owned subsidiary. The related party balances are disclosed in the notes to the accounts under creditors:amounts falling due within one year.

During the year, the company transacted with Cyclomedica Pharmaceuticals Limited, being a connected company due to common directorship. At the end of the year, the company was owed £407,988 (2023 - £259,512) by Cyclomedica Pharmaceuticals Limited. The company's cash management requirements are dealt with by this connected entity.

11. Ultimate Controlling Party

The company's ultimate controlling party is Cyclomedica Europe Limited, by virtue of its ownership of 100% of the issued share capital in the company.The company is registered in Ireland.

Consolidated accounts are produced by the ultimate parent entity, Cyclopharm Limited, a company registered in Australia. The company's location is Unit 4/1 The Crescent, Kingsgrove, Sydney 2208, Australia and is quoted on the Australian Stock Exchange under the reference CYC.

12. Audit Information

The auditor's report on the accounts of Cyclomedica United Kingdom Limited for the year ended 31 December 2024 was unqualified.

The auditor's report was signed by Luke Hanratty (Senior Statutory Auditor) for and on behalf of Saffery LLP , Statutory Auditor.

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		31 December 2024		31 December 2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		26,395		8,592

			26,395		8,592
CURRENT ASSETS
Stocks	5	72,059		105,571
Debtors	6	608,914		353,386

		680,973		458,957
Creditors: Amounts Falling Due Within One Year	7	(1,003,115 )		(807,076 )

NET CURRENT ASSETS (LIABILITIES)			(322,142 )		(348,119 )

TOTAL ASSETS LESS CURRENT LIABILITIES			(295,747 )		(339,527 )

NET LIABILITIES			(295,747 )		(339,527 )

CAPITAL AND RESERVES
Called up share capital	8		100		100
Profit and Loss Account			(295,847 )		(339,627 )

SHAREHOLDERS' FUNDS			(295,747)		(339,527)