Registration number: 09719342

SI-Bone UK LTD

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 8

SI-Bone UK LTD

Company Information

Directors

Mr Anshul Sampat Maheshwari Mr Ian Philpott Mr Neville Lorimer Mr Michael Andrew Pisetsky

Registered office

Building 81 Greenham Business Park Newbury Berkshire RG19 6HW

Accountants

Axiom Accounting 39 Limited Chartered Certified Accountants7 Hornbeam Square South Harrogate North Yorkshire HG2 8NB

SI-Bone UK LTD

(Registration number: 09719342)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	26,900	26,743
Current assets
Stocks	5	138,105	136,881
Debtors	6	141,785	241,115
Cash at bank and in hand		110,900	63,706
		390,790	441,702
Creditors: Amounts falling due within one year	7	(830,028)	(901,803)
Net current liabilities		(439,238)	(460,101)
Net liabilities		(412,338)	(433,358)
Capital and reserves
Called up share capital	8	1	1
Retained earnings		(412,339)	(433,359)
Shareholders' deficit		(412,338)	(433,358)

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.

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 September 2025 and signed on its behalf by:
 

......................................... Mr Neville Lorimer Director

SI-Bone UK LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Building 81
Greenham Business Park
Newbury
Berkshire
RG19 6HW

These financial statements were authorised for issue by the Board on 17 September 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

SI-Bone UK LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Surgical instruments	3years in equal annual instalments.
Furniture and fittings	3 years in equal annual instalments
Motor vehicles	3 years in equal annual instalments

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

SI-Bone UK LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 8).

SI-Bone UK LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4	Tangible assets

	Fixtures and fittings £	Plant and machinery £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2024	3,270	173,946	30,990	208,206
Additions	-	9,392	-	9,392
At 31 December 2024	3,270	183,338	30,990	217,598
Depreciation
At 1 January 2024	3,270	150,646	30,990	184,906
Charge for the year	-	5,792	-	5,792
At 31 December 2024	3,270	156,438	30,990	190,698
Carrying amount
At 31 December 2024	-	26,900	-	26,900
At 31 December 2023	-	23,300	3,443	26,743

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of freehold land and buildings and £Nil (2023 - £Nil) in respect of short leasehold land and buildings.
 

5

Stocks

	2024 £	2023 £
Finished goods and goods for resale	138,105	136,881

6

Debtors

Current	2024 £	2023 £
Trade debtors	109,136	227,628
Prepayments	32,649	13,487
	141,785	241,115

SI-Bone UK LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

7

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	9	8,148	13,773
Trade creditors		41,635	17,706
Amounts owed to group undertakings and undertakings in which the company has a participating interest	10	595,785	670,385
Taxation and social security		58,649	84,936
Accruals and deferred income		125,811	110,914
Other creditors		-	4,089
		830,028	901,803

Creditors: amounts falling due after more than one year

2024 £

2023 £

8	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary of £1 each	1	1	1	1

9	Loans and borrowings

Current loans and borrowings

	2024 £	2023 £
Hire purchase contracts	8,148	13,773

10	Related party transactions

SI-Bone UK LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

	2024 £	2023 £
Remuneration	446,722	423,435
Contributions paid to money purchase schemes	41,033	46,045
	487,755	469,480

Summary of transactions with parent

The company obtains its stock of goods for resale from the ultimate parent, The transfer price is at fair value.

Expenditure with and payables to related parties

2024	Parent £
Purchase of goods	147,661
Purchase of property or other assets	9,392
	157,053
Amounts payable to related party	595,785

2023	Parent £
Purchase of goods	118,387
Purchase of property or other assets	21,520
	139,907
Amounts payable to related party	655,434

11	Parent and ultimate parent undertaking

100% subsidiary

 The company's immediate parent is SI-Bone SRL, incorporated in Italy.

 The ultimate parent is SI-Bone Inc., incorporated in US.

 The most senior parent entity producing publicly available financial statements is SI-Bone Inc.. These financial statements are available upon request from SI-Bone Inc. 3055 Olin Avenue, 2200 San Jose, California, 95128, USA

 The ultimate controlling party is SI-Bone Inc. a company incorporated in the US.