REGISTERED NUMBER: 03484946 (England and Wales)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

MEDEX SCIENTIFIC (U.K.) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mrs A K Bradley

R S Lucas

SECRETARY:

Mrs A K Bradley

REGISTERED OFFICE:

The Old Grain Store

4 Denne Road

Horsham

West Sussex

RH12 1JE

REGISTERED NUMBER:

03484946 (England and Wales)

AUDITORS:

Hartley Fowler LLP

Statutory Auditors

Chartered Accountants

Pavilion View

19 New Road

Brighton

East Sussex

BN1 1EY

BANKERS:

Barclays Bank PLC

7th Floor

United Kingdom House

180 Oxford Street

London

W1D 1EA

FIXED ASSETS

Tangible assets

4

4,478

19,166

CURRENT ASSETS

Stocks

268,008

312,101

Debtors

5

29,293

59,588

Cash at bank

17,505

93,972

314,806

465,661

CREDITORS

Amounts falling due within one year

6

274,766

2,353,324

NET CURRENT ASSETS/(LIABILITIES)

40,040

(1,887,663

)

TOTAL ASSETS LESS CURRENT LIABILITIES

44,518

(1,868,497

)

CAPITAL AND RESERVES

Called up share capital

7

10,000

10,000

Retained earnings

34,518

(1,878,497

)

SHAREHOLDERS' FUNDS

44,518

(1,868,497

)

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 September 2025 and were signed on its behalf by:

Mrs A K Bradley - Director

1.	STATUTORY INFORMATION

Medex Scientific (U.K.) Limited is a private company, limited by shares, incorporated in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The financial statements have been prepared on a going concern basis on the assessment of the directors. The ultimate controlling party has indicated his intention to continue to support the trading activities of the company for the foreseeable future.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Revenue is measured at fair value of the consideration received or receivable for the sale of medical goods and related products. Revenue is recognised when goods are delivered and legal title has passed. Revenue is reduced for estimated customer returns, rebates and other similar allowances.

The company invoices other group companies and companies under common control for management services carried out during the year. Management fees are recognised, net of value added tax, during the period that the services were carried out.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

10% on cost

Office Equipment

20% on cost

Computer Equipment

33% on cost

Laboratory Equipment

20% on cost

Fixtures and fittings

33% on cost

Stocks

Stocks 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 Statement of Income and Retained Earnings, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivables or payables within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3.

EMPLOYEES

The average number of employees during the year was 4 (2023 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Equipment,

to

fixtures

property

& fittings

Totals

£

£

£

COST

At 1 January 2024

199,351

468,852

668,203

Disposals

(199,351

)

(26,245

)

(225,596

)

At 31 December 2024

-

442,607

442,607

DEPRECIATION

At 1 January 2024

188,905

460,132

649,037

Charge for year

1,028

2,987

4,015

Eliminated on disposal

(189,933

)

(24,990

)

(214,923

)

At 31 December 2024

-

438,129

438,129

NET BOOK VALUE

At 31 December 2024

-

4,478

4,478

At 31 December 2023

10,446

8,720

19,166

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

26,070

59,234

Other debtors

3,223

354

29,293

59,588

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

23,450

21,470

Amounts owed to group undertakings

13,038

9,271

Taxation and social security

6,130

6,732

Other creditors

232,148

2,315,851

274,766

2,353,324

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

10,000

Ordinary

£1

10,000

10,000

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Guy Rolliston (Senior Statutory Auditor)

for and on behalf of Hartley Fowler LLP

9.	PARENT COMPANY

The immediate parent undertaking is Comet Scientific Limited. The smallest group in which in which consolidated financial statements are drawn up is headed by Comet Scientific Limited. The consolidated financial statements may be obtained from the company's registered office, being The Old Grain Store, 4 Denne Road, Horsham, West Sussex, RH12 1JE.