REGISTERED NUMBER: 07450465 (England and Wales)

LYNTON LASERS GROUP LTD

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Balance Sheet

12

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

17

DIRECTORS:

Dr A Charlton D.Phil

D O'Donnell

J A Exley PhD

A J Berry PhD

SECRETARY:

A J Berry PhD

REGISTERED OFFICE:

Lynton House

Manor Lane

Holmes Chapel

Cheshire

CW4 8AF

REGISTERED NUMBER:

07450465 (England and Wales)

AUDITORS:

Clarke Nicklin LLP

Chartered Accountants and

Statutory Auditors

Clarke Nicklin House

Brooks Drive

Cheadle Royal Business Park

Cheadle

Cheshire

SK8 3TD

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

REVIEW OF BUSINESS

Lynton Lasers Group experienced a challenging trading environment in 2024, with turnover declining to £9.8 million, down from £12 million in 2023. The primary driver was reduced investment by aesthetic clinics, particularly in the UK, our core market-where sales were impacted by sector-wide shifts in clinic purchasing behaviour.

While market conditions in 2024 were not conducive to growth, Lynton achieved an adjusted EBITDA of £0.7 million, reflecting effective cost control and operational resilience.

Lynton has also benefited from our large and loyal customer base, leading to increased recurring after-sales revenue and contributing to greater underlying stability. This revenue stream has seen double-digit year-on-year growth.

Throughout the year, Lynton made substantial progress on its Enterprise Resource Planning (ERP) implementation project. Following detailed planning, systems testing, and training, the business remains on track for a successful go-live on 1st January 2025. The ERP system is expected to enhance demand planning, streamline operations, and improve company-wide efficiency.

Lynton continued to invest in product innovation and regulatory readiness, particularly in relation to the Medical Device Regulation (MDR). Our team remains focused on developing globally competitive technology while providing a high standard of post-sale support through initiatives such as the Lynton Business School.

Although 2024 was a disappointing year from a profitability standpoint, Lynton remains in a strong financial position, with net assets of £3.4 million and £1.5 million in cash at year-end.

This financial strength positions the company well to navigate current market conditions and take advantage of future growth opportunities as the sector stabilizes.

Looking ahead, Lynton is well placed to support the evolving needs of aesthetic clinics as they diversify into new treatment categories and service models. Our investment in infrastructure, talent, and innovation ensures that we can respond proactively to industry change while maintaining our high standards of product performance and customer support.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors consider the full range of risks affecting the company on a regular basis, and where appropriate take action to address such risks. The principal risks and uncertainties facing the company are detailed below:

Market Risk

The company operates in a competitive market place, however the strength of the company brands and a focus on developing long-term relationships with its customers is deemed to cover this risk.

Credit Risk

The company's credit risk is primarily attributed to its trade debtors. The company continues to expand its customer base and has no significant concentration of credit risk. The company has a good record of minimising bad debts and takes the necessary steps to ensure the risk is minimised. The credit risk on liquid funds is limited because the counterparties are banks with high credit ratings assigned by credit rating agencies.

Liquidity Risk

The company manages its debt finance in such a way to ensure that it has sufficient funds available for ongoing operations and future developments.

Foreign Exchange Risk

Foreign exchange rates remain volatile. Management continue to review the volume of contracts entered into that are derived in foreign currencies. The current position of not hedging this risk is regularly considered, and should the directors consider the need, appropriate hedging strategies will be entered into.

ON BEHALF OF THE BOARD:

J A Exley PhD - Director

29 September 2025

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of the development, production and rental of medical laser equipment with emphasis on the field of dermatology and cosmetic applications.

DIVIDENDS

The total distribution of dividends in the period ended 31 December 2024 was £269,581 (2023: £500,281).

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

Dr A Charlton D.Phil

D O'Donnell

J A Exley PhD

A J Berry PhD

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Clarke Nicklin LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

J A Exley PhD - Director

29 September 2025

Opinion

We have audited the financial statements of Lynton Lasers Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Financial Statements, 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 Financial Reporting Standard 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 group's and of the parent company affairs as at 31 December 2024 and of the group's profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's and the parent 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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 this gives rise to a material misstatement in the financial statements themselves. 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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 Statement of Directors' Responsibilities set out on page four, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Procedures to identify risks:

-

enquiring of management concerning the company's procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

-

discussing among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following areas: timing of recognition of sales and purchases and their related stock movements, posting of unusual journals; and

-

obtaining an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the company. The key laws and regulations we considered in this context included UK Companies Act, employment law, health and safety, pensions legislation and tax legislation.

The procedures to respond to risks identified included:

-

reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations discussed above;

-

enquiring of management, concerning actual and potential litigation and claims;

-

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

-

reviewing correspondence with HMRC;

-

testing the timing and matching of income and expense transactions relating to stock movements either side of the year end; and

-

in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulation that are not closely related to events and transactions reflected in the financial statements. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detection one resulting from an error, as fraud may involve deliberate concealment, by for example, forgery or intentional misrepresentation, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Graham Travis FCA (Senior Statutory Auditor)

for and on behalf of Clarke Nicklin LLP

Chartered Accountants and

Statutory Auditors

Clarke Nicklin House

Brooks Drive

Cheadle Royal Business Park

Cheadle

Cheshire

SK8 3TD

29 September 2025

TURNOVER

3

9,845,419

12,009,707

Cost of sales

3,734,272

5,007,764

GROSS PROFIT

6,111,147

7,001,943

Administrative expenses

6,151,498

6,020,253

OPERATING (LOSS)/PROFIT

5

(40,351

)

981,690

Interest receivable and similar income

41,946

-

PROFIT BEFORE TAXATION

1,595

981,690

Tax on profit

6

(178,934

)

104,748

PROFIT FOR THE FINANCIAL YEAR

180,529

876,942

Profit attributable to:

Owners of the parent

180,529

876,942

PROFIT FOR THE YEAR

180,529

876,942

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

180,529

876,942

Total comprehensive income attributable to:

Owners of the parent

180,529

876,942

FIXED ASSETS

Intangible assets

9

8,325

4,552

Tangible assets

10

1,908,283

1,926,813

Investments

11

-

-

1,916,608

1,931,365

CURRENT ASSETS

Stocks

12

1,016,361

1,424,200

Debtors

13

864,184

842,096

Cash at bank and in hand

1,499,233

1,834,485

3,379,778

4,100,781

CREDITORS

Amounts falling due within one year

14

1,895,753

2,433,841

NET CURRENT ASSETS

1,484,025

1,666,940

TOTAL ASSETS LESS CURRENT LIABILITIES

3,400,633

3,598,305

CREDITORS

Amounts falling due after more than one year

15

(19,477

)

(39,208

)

PROVISIONS FOR LIABILITIES

18

(11,428

)

(100,317

)

NET ASSETS

3,369,728

3,458,780

CAPITAL AND RESERVES

Called up share capital

19

55,861

55,861

Capital redemption reserve

20

646

646

Retained earnings

20

3,313,221

3,402,273

SHAREHOLDERS' FUNDS

3,369,728

3,458,780

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

J A Exley PhD - Director

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

-

-

Investments

11

584,442

584,442

584,442

584,442

CURRENT ASSETS

Cash at bank

610,953

757,358

CREDITORS

Amounts falling due within one year

14

1,137,514

1,284,822

NET CURRENT LIABILITIES

(526,561

)

(527,464

)

TOTAL ASSETS LESS CURRENT LIABILITIES

57,881

56,978

CAPITAL AND RESERVES

Called up share capital

19

55,861

55,861

Capital redemption reserve

646

646

Retained earnings

1,374

471

SHAREHOLDERS' FUNDS

57,881

56,978

Company's profit for the financial year

270,484

500,041

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

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

J A Exley PhD - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2023

55,861

3,025,612

646

3,082,119

Changes in equity

Dividends

-

(500,281

)

-

(500,281

)

Total comprehensive income

-

876,942

-

876,942

Balance at 31 December 2023

55,861

3,402,273

646

3,458,780

Changes in equity

Dividends

-

(269,581

)

-

(269,581

)

Total comprehensive income

-

180,529

-

180,529

Balance at 31 December 2024

55,861

3,313,221

646

3,369,728

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2023

55,861

711

646

57,218

Changes in equity

Dividends

-

(500,281

)

-

(500,281

)

Total comprehensive income

-

500,041

-

500,041

Balance at 31 December 2023

55,861

471

646

56,978

Changes in equity

Dividends

-

(269,581

)

-

(269,581

)

Total comprehensive income

-

270,484

-

270,484

Balance at 31 December 2024

55,861

1,374

646

57,881

Cash flows from operating activities

Cash generated from operations

21

621,484

1,059,060

Tax paid

(97,672

)

(111,342

)

Net cash from operating activities

523,812

947,718

Cash flows from investing activities

Purchase of intangible fixed assets

(6,638

)

(1,695

)

Purchase of tangible fixed assets

(1,123,565

)

(1,083,903

)

Sale of tangible fixed assets

545,072

441,714

Interest received

41,946

-

Net cash from investing activities

(543,185

)

(643,884

)

Cash flows from financing activities

Capital repayments in year

(46,298

)

(42,823

)

Equity dividends paid

(269,581

)

(500,281

)

Net cash from financing activities

(315,879

)

(543,104

)

Decrease in cash and cash equivalents

(335,252

)

(239,270

)

Cash and cash equivalents at beginning of year

22

1,834,485

2,073,755

Cash and cash equivalents at end of year

22

1,499,233

1,834,485

1.	STATUTORY INFORMATION

Lynton Lasers Group Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard Applicable in the UK and Republic of Ireland" ("FRS 102") and applicable legislation as set out in the Companies Act 2006 and Schedule 1 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008. These financial statements have been prepared under the historical costs convention.

The financial statements are presented in Sterling (£).

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have reached this conclusion giving due consideration to the projected future performance of the company and any potential risk that might impact the company's ability to meet its required solvency levels. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

Basis of consolidation

The consolidated income statement and balance sheet include the financial statements of the company and its subsidiary undertakings. The results of subsidiaries acquired or sold during the period are included in the consolidated income statement from, or up to, the date control passes. Intra-group transactions are eliminated fully on consolidation.

On acquisition of a subsidiary, the subsidiary's assets and liabilities that exist at the date of acquisition are recorded at their fair values reflecting their condition at that date. All changes to those assets and liabilities, and the resulting gains and losses that arise after the group has gained control of the subsidiary are charged to the post acquisition income statement.

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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Significant judgements and estimates

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if revision only affects that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The following judgements have had the most significant effect on amounts recognised in the financial statements;

Depreciation - The useful life of fixed assets can vary significantly. Estimates are based on historic experience and current expectations of useful life. The size of prior year gains and losses on disposal are also factored in to estimates.

Bad debts - The directors regularly review debts and provide for those which are doubtful.

Turnover

Turnover represents net invoices sales of goods, excluding value added tax. Sales are recognised on the date of despatch to the customer.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of four years.

Computer software is being amortised evenly over its estimated useful life of four years.

Goodwill

Negative goodwill, being the amount paid in connection with the acquisition of the subsidiaries in 2020 have now been fully amortised.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

10% on cost

Fixtures and fittings

-

25% on cost

Plant and machinery

-

25% on cost and 20% on cost

Laser equipment

-

25% on cost and 20% on cost

Motor vehicles

-

25% on cost

Office and computer equipment

-

25% 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 Consolidated Income Statement, 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the income statement over the relevant period. The capital element of the future payments is treated as a liability.

Costs in respect of operating leases are charged on a straight line basis over the lease term.

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Financial assets

Basic financial assets, including trade debtors, cash and bank balances and amounts owed by group undertakings, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the income statement.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial Liabilities

Basic financial liabilities, including trade creditors and amounts owed to group undertakings, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

2024

2023

£

£

Machine sales

6,029,096

8,487,095

Rental and services

3,816,323

3,522,612

9,845,419

12,009,707

An analysis of turnover by geographical market is given below:

2024

2023

£

£

United Kingdom

9,516,798

11,297,200

Europe

52,027

362,156

United States of America

207,844

250,391

Rest of the World

68,750

99,960

9,845,419

12,009,707

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

2,892,781

2,943,712

Social security costs

334,944

340,491

Other pension costs

160,539

139,974

3,388,264

3,424,177

The average number of employees during the year was as follows:

2024

2023

Directors

7

7

Commercial

21

23

Operations

30

34

Clinical

11

10

69

74

The average number of employees by undertakings that were proportionately consolidated during the year was NIL (2023 - NIL).

2024

2023

£

£

Directors' remuneration

235,733

246,315

Information regarding the highest paid director is as follows:

2024

2023

£

£

Emoluments etc

96,447

115,042