Sterimedix Limited Company accounts

COMPANY REGISTRATION NUMBER: 02453871

Sterimedix Limited

Financial Statements

For the year ended

31 December 2024

Sterimedix Limited

Financial Statements

Year ended 31 December 2024

Contents	Page

Strategic report	1

Directors' report	2

Independent auditor's report to the members	4

Statement of income and retained earnings	8

Statement of financial position	9

Statement of cash flows	11

Notes to the financial statements	12

Sterimedix Limited

Strategic Report

Year ended 31 December 2024

During the year under review the company's principal activity continued to be the manufacture, marketing and sale of ophthalmic and aesthetic products. Although there are economic challenges, the company's turnover decreased slightly by 2.67% to £13,200,973 (2023 - £13,562,571). The profit before tax increased by 8.03% to £4,197,348 (2023 - £3,885,322). A dividend of £3,000,000 (2023 - £2,250,000) was paid to Bausch & Lomb U.K. Limited, the parent company.

The principal risks and uncertainties faced by the company are brought about by a) foreign exchange risk b) the delays in the transportation of materials from abroad, together with increased costs, following the UK's exit from the European Union, and c) the global unrest affecting the supply chain.

The directors have taken appropriate measures to hedge against adverse exchange rate movements, minimise the effect of Brexit and relationships with customers and suppliers within the EU remains good. The directors have implemented working practices to minimise the effects of Covid-19 and these are continuing. The directors believe that the company is financially sound and should be able to overcome any problems.

The company uses the following key performance indicators to assess performance: Operating profit £4,121,890 (2023 - £3,809,373) Stock turn 375 days (2023 - 230 days) Debtor days 30 days (2023 - 34 days) Creditor days 18 days (2023 - 52 days)

This report was approved by the board of directors on 23 September 2025 and signed on behalf of the board by:

M K Panda

Director

Registered office:

One Fleet Place

London

EC4M 7WS

Sterimedix Limited

Directors' Report

Year ended 31 December 2024

The directors present their report and the financial statements of the company for the year ended 31 December 2024 .

Directors

The directors who served the company during the year were as follows:

M K Panda
J E White

Dividends

Particulars of recommended dividends are detailed in note 11 to the financial statements.

Review of the year and future developments

The result for the year was encouraging and it is expected that 2025 will be a similar year.

The company will continue to manufacture, market and sell ophthalmic and aesthetic products globally as a member of the wider Bausch & Lomb group and our objective for 2025 is to continue to harness the increased capacity opportunities in-line with the effects of the pandemic.

It is likely that an extension to the validity of medical device directive certificates will be granted, removing some certification risk to the Company.

Events after the end of the reporting period

Particulars of events after the reporting date are detailed in note 27 to the financial statements.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.

This report was approved by the board of directors on 23 September 2025 and signed on behalf of the board by:

M K Panda

Director

Registered office:

One Fleet Place

London

EC4M 7WS

Sterimedix Limited

Independent Auditor's Report to the Members of Sterimedix Limited

Year ended 31 December 2024

Opinion

We have audited the financial statements of Sterimedix Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - The partner ensured that the audit team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - We identified the laws and regulations applicable to the company through discussions with management, and from our commercial knowledge and years of experience of the opthalmic and aesthetic manufacturing and supply sector. We determined that the following laws and regulations may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental, quality assurance and health and safety legislation; and - We assessed the extent of compliance with the laws and regulations identified above making enquiries of management and reviewing legal and other correspondence. The audit team remained alert to any instances of non-compliance throughout the audit. We corroborated our enquiries by reviewing minutes of management meetings. - We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur. Audit procedures performed by the engagement team included: - Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; - Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; - Performed analytical procedures to identify any unusual or unexpected relationships; - Tested journal entries to identify unusual transactions and investigated the rationale behind significant or unusual transactions; and - Assessed whether assumptions and judgements made by management in its accounting estimates were indicative of potential bias. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report

This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Michael Holder

(Senior Statutory Auditor)

For and on behalf of

Rigbey Harrison

Chartered Accountants & statutory auditor

4 Church Green East,

Redditch,

Worcs,

B98 8BT

24 September 2025

Sterimedix Limited

Statement of Income and Retained Earnings

Year ended 31 December 2024

		2024	2023
Note		£	£
Turnover	4	13,200,973	13,562,571

Cost of sales	5,572,483	6,489,380
	-------------	-------------
Gross profit	7,628,490	7,073,191

Distribution costs		301,439	261,239
Administrative expenses		3,208,496	3,005,914
Other operating income	5	3,335	3,335
		------------	------------
Operating profit	6	4,121,890	3,809,373

Other interest receivable and similar income	8	75,495	76,538
Interest payable and similar expenses	9	37	589
		------------	------------
Profit before taxation		4,197,348	3,885,322

Tax on profit	10	1,056,101	831,995
		------------	------------
Profit for the financial year and total comprehensive income		3,141,247	3,053,327
		------------	------------

Dividends paid and payable	11	( 3,000,000)	( 2,250,000)

Retained earnings at the start of the year	4,902,684	4,099,357
	------------	------------
Retained earnings at the end of the year	5,043,931	4,902,684
	------------	------------

All the activities of the company are from continuing operations.

Sterimedix Limited

Statement of Financial Position

31 December 2024

	2024		2023
Note	£	£	£	£

Fixed assets

Tangible assets	12		2,143,461		1,479,867

Current assets

Stocks	13	3,440,205	2,489,924
Debtors	14	1,346,589	2,504,089
Cash at bank and in hand		181,282	387,659
		------------	------------
		4,968,076	5,381,672

Creditors: amounts falling due within one year	16	1,638,323		1,711,265
		------------		------------
Net current assets			3,329,753		3,670,407
			------------		------------
Total assets less current liabilities			5,473,214		5,150,274

Creditors: amounts falling due after more than one year	17		2,569		5,906

Provisions

Taxation including deferred tax	18	350,756	165,726
		------------	------------
Net assets		5,119,889	4,978,642
		------------	------------

Sterimedix Limited

Statement of Financial Position (continued)

31 December 2024

	2024		2023
Note	£	£	£	£

Capital and reserves

Called up share capital	22	14,295	14,295
Share premium account	23	61,623	61,623
Capital redemption reserve	23	40	40
Profit and loss account	23	5,043,931	4,902,684
		------------	------------
Shareholders funds		5,119,889	4,978,642
		------------	------------

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

These financial statements were approved by the board of directors and authorised for issue on 23 September 2025 , and are signed on behalf of the board by:

M K Panda

Director

Company registration number: 02453871

Sterimedix Limited

Statement of Cash Flows

Year ended 31 December 2024

	2024	2023
Note	£	£

Cash flows from operating activities

Profit for the financial year	3,141,247	3,053,327

Adjustments for:
Depreciation of tangible assets	270,103	170,468
Government grant income	( 3,335)	( 3,335)
Other interest receivable and similar income	( 75,495)	( 76,538)
Interest payable and similar expenses	37	589
Tax on profit	1,056,101	831,995

Changes in:
Stocks	( 950,281)	( 898,434)
Trade and other debtors	1,181,207	( 288,367)
Trade and other creditors	( 589,242)	533,671
	------------	------------
Cash generated from operations	4,030,342	3,323,376

Interest paid	–	( 89)
Interest received	59,292	74,402
Tax paid	( 1,020,416)	( 782,175)
	------------	------------
Net cash from operating activities	3,069,218	2,615,514
	------------	------------

Cash flows from investing activities

Purchase of tangible assets	( 933,697)	( 761,144)
	------------	------------
Net cash used in investing activities	( 933,697)	( 761,144)
	------------	------------

Cash flows from financing activities

Government grant income	3,335	3,335
Dividends paid	( 3,000,000)	( 2,250,000)
	------------	------------
Net cash used in financing activities	( 2,996,665)	( 2,246,665)
	------------	------------

Net decrease in cash and cash equivalents		( 861,144)	( 392,295)
Cash and cash equivalents at beginning of year		387,659	779,954
		---------	---------
Cash and cash equivalents at end of year	15	( 473,485)	387,659
		---------	---------

Sterimedix Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office of the company and it's parent company is One Fleet Place, London, EC4M 7WS. The place of business of the company is 26 Thornhill Road, North Moons Moat, Redditch, Worcestershire, B98 9ND.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on a going concern basis under the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. The significant accounting policies applied in the preparation of these financial statements are set out below. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. Depreciation/Useful economic lives of property, plant and equipment Revenue recognition Turnover represents sales of goods net of VAT and trade discounts. Turnover is recognised when goods are physically delivered to the customer. Tax Current tax represents the amount of tax payable or receivable in respect of the taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. Foreign currencies Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Short leasehold property	-	Straight line over remaining period of lease
Plant and machinery	-	6.67%, 10%, 20%, or 50% straight line
Fixtures and fitting	-	10% straight line
Office furniture and equipment	-	20% straight line

Research and development Research and development expenditure is written off in the period in which it is incurred.

Stocks

Stock is valued at the lower of cost and net realisable value. Cost includes material cost and the cost of production including production overheads. Net realisable value represents estimated selling price less costs to complete and sell. There is no provision made for slow moving or obsolete stock items where the net realisable value was less than cost as such items are written off throughout the year. Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. The government grant has been recognised under the accrual model under which grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Financial instruments

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

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Turnover

Turnover arises from:

	2024	2023
	£	£
Sale of goods	13,200,973	13,562,571
	-------------	-------------

The turnover is attributable to the one principal activity of the company. An analysis of turnover by the geographical markets that substantially differ from each other is given below:

	2024	2023
	£	£
United Kingdom	1,636,959	1,456,233
Overseas	11,564,014	12,106,338
	-------------	-------------
	13,200,973	13,562,571
	-------------	-------------

5. Other operating income

	2024	2023
	£	£
Government grant income	3,335	3,335
	-------	-------

6. Operating profit

Operating profit or loss is stated after charging/crediting:

	2024	2023
	£	£
Depreciation of tangible assets	270,103	170,468
Impairment of trade debtors	10,781	(21,660)
Research and development expenditure written off	49,573	( 155)
Operating lease rentals	243,000	174,763
Foreign exchange differences	28,456	( 14,853)
	---------	---------

7. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to:

	2024	2023
	No.	No.
Production staff	82	84
Distribution staff	2	2
Administrative staff	8	7
Management staff	4	4
	----	----
	96	97
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2024	2023
	£	£
Wages and salaries	2,909,864	3,330,418
Social security costs	260,627	247,516
Other pension costs	144,005	124,924
	------------	------------
	3,314,496	3,702,858
	------------	------------

8. Other interest receivable and similar income

	2024	2023
	£	£
Interest on cash and cash equivalents	59,292	76,538
Other interest receivable and similar income	16,203	–
	--------	--------
	75,495	76,538
	--------	--------

9. Interest payable and similar expenses

	2024	2023
	£	£
Interest on banks loans and overdrafts	–	589
Corporation tax interest payable	37	–
	----	----
	37	589
	----	----

10. Tax on profit

Major components of tax expense

	2024	2023
	£	£

Current tax:

UK current tax expense	864,308	750,257
Adjustments in respect of prior periods	6,763	( 84,367)
	---------	---------
Total current tax	871,071	665,890
	---------	---------

Deferred tax:

Origination and reversal of timing differences	185,030	166,105
	------------	---------
Tax on profit	1,056,101	831,995
	------------	---------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is higher than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 25 %).

	2024	2023
	£	£
Profit on ordinary activities before taxation	4,197,348	3,885,322
	------------	------------
Profit on ordinary activities by rate of tax	1,049,337	913,051
Adjustment to tax charge in respect of prior periods	6,763	( 84,367)
Effect of capital allowances and depreciation	( 185,029)	( 162,794)
Effect of deferred tax	185,030	166,105
	------------	------------
Tax on profit	1,056,101	831,995
	------------	------------

Factors that may affect future tax expense

The UK corporation tax rate remains at 25% from 1 April (2023 - 25%).

The deferred tax charge at 31 December 2024 has been calculated at 25%.

11. Dividends

	2024	2023
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )	3,000,000	2,250,000
	------------	------------

12. Tangible assets

	At 1 Jan 2024	Additions	At 31 Dec 2024
	£	£	£
Cost
Short leasehold property	693,221	–	693,221
Plant and machinery	1,835,905	898,997	2,734,902
Fixtures and fittings	2,988	24,578	27,566
Equipment	39,299	10,122	49,421
	------------	---------	------------
	2,571,413	933,697	3,505,110
	------------	---------	------------

	At 1 Jan 2024	Charge for the year	At 31 Dec 2024
	£	£	£
Depreciation
Short leasehold property	302,316	68,917	371,233
Plant and machinery	778,191	192,848	971,039
Fixtures and fittings	2,988	205	3,193
Equipment	8,051	8,133	16,184
	------------	---------	------------
	1,091,546	270,103	1,361,649
	------------	---------	------------

	At 31 Dec 2024	At 31 Dec 2023
	£	£
Carrying amount
Short leasehold property	321,988	390,905
Plant and machinery	1,763,863	1,057,714
Fixtures and fittings	24,373	–
Equipment	33,237	31,248
	------------	------------
	2,143,461	1,479,867
	------------	------------

13. Stocks

	2024	2023
	£	£
Raw materials	1,309,220	284,237
Work in progress	998,812	1,304,817
Finished goods and goods for resale	1,132,173	900,870
	------------	------------
	3,440,205	2,489,924
	------------	------------

14. Debtors

	2024	2023
	£	£
Trade debtors	1,101,988	1,276,480
Amounts owed by group undertakings	8,099	392,211
Prepayments and accrued income	212,795	768,144
Other debtors	23,707	67,254
	------------	------------
	1,346,589	2,504,089
	------------	------------

15. Cash and cash equivalents

Cash and cash equivalents comprise the following:

	2024	2023
	£	£
Cash at bank and in hand	181,282	387,659
Bank overdrafts	( 654,767)	–
	---------	---------
	( 473,485)	387,659
	---------	---------

16. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	654,767	–
Trade creditors	214,090	697,458
Amounts owed to group undertakings	2,864	–
Accruals and deferred income	683,428	801,079
Social security and other taxes	67,539	212,712
Other creditors	15,635	16
	------------	------------
	1,638,323	1,711,265
	------------	------------

17. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Accruals and deferred income	2,569	5,906
	-------	-------

18. Provisions

	Deferred tax (note 19)
	£
At 1 Jan 2024	165,726
Additions	185,030
	---------
At 31 Dec 2024	350,756
	---------

19. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2024	2023
	£	£
Included in provisions (note 18)	350,756	165,726
	---------	---------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2024	2023
	£	£
Accelerated capital allowances	350,756	165,726
	---------	---------

The amount of the net reversal of deferred tax on capital allowances relating to existing timing differences on tangible fixed assets expected to occur next year is £63,224 (2023: £37,738). There is no expiry date on timing differences.

20. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 144,005 (2023: £ 124,924 ).

21. Government grants

The amounts recognised in the financial statements for government grants are as follows:

	2024	2023
	£	£

Recognised in creditors:

Deferred government grants due within one year	3,335	3,333
Deferred government grants due after more than one year	2,569	5,906
	-------	-------
	5,904	9,239
	-------	-------

Recognised in other operating income:

Government grants released to profit or loss	3,335	3,335
	-------	-------

22. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	14,295	14,295	14,295	14,295
	--------	--------	--------	--------

23. Reserves

Capital redemption reserve - this reserve records the nominal value of shares repurchased by the company. Profit and loss account - this reserve records retained earnings and accumulated losses.

24. Analysis of changes in net debt

	At 1 Jan 2024	Cash flows	At 31 Dec 2024
	£	£	£
Cash at bank and in hand	387,659	(206,377)	181,282
Bank overdrafts	–	(654,767)	(654,767)
	---------	---------	---------
	387,659	( 861,144)	( 473,485)
	---------	---------	---------

25. Operating leases

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

	2024	2023
	£	£
Not later than 1 year	278,815	136,004
Later than 1 year and not later than 5 years	767,263	685,080
Later than 5 years	–	14,273
	------------	---------
	1,046,078	835,357
	------------	---------

26. Other financial commitments

Capital commitments at the year-end totalled £ 39,451 (2023 - £ 798,144 ).

27. Events after the end of the reporting period

Economic trends continue to present a few challenges for this business and other similar businesses. Following the continued growth of the company it is expected that the profit before tax for the year ended 31 December 2025 will be similar to 2024. On 21 July 2025 the company paid an interim dividend of £500,000, to Bausch & Lomb U.K. Limited, the parent company.

28. Related party transactions

Included in debtors is £Nil (2023 - £25,377) owed to its ultimate parent company. During the year the company sold goods totalling £307,092 (2023 - £172,707) to fellow subsidiaries of the ultimate parent company. Included in debtors is £8,099 (2023 - £366,834) owed by these companies. During the year the company purchased goods and paid charges totalling £82,419 (2023 - £51,787) from/to these companies. Included in creditors is £2,864 (2023 - £Nil) owed to these companies. The parent company took a lease on Unit 25, Thornhill Road, North Moons Moat, Redditch on behalf of Sterimedix, paying the costs, including rent and rates. In addition, the parent company paid the lease on a car for a key employee and the costs of the bureau processing the payroll. None of these costs will be recharged to the company.

29. Controlling party

The ultimate parent company is Bausch Health Companies Inc, a corporation incorporated in British Columbia, Canada. The principal executive offices are at 2150 St Elzéar Boulevard, West Laval, Quebec, Canada, H7L 4A8 . Bausch Health Companies Inc trades on the NYSE and TSE. Its accounts are publicly available at www.bauschhealth.com.