REGISTERED NUMBER: 03191947 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2024

for

Alpha-Cure Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

16

DIRECTORS:

S P Atherstone

S Haines

M A Slater

K Baier

SECRETARY:

M A Slater

REGISTERED OFFICE:

Leonard House

Great Central Way

Woodford Halse

Daventry

Northamptonshire

NN11 3PZ

REGISTERED NUMBER:

03191947 (England and Wales)

AUDITORS:

CED Accountancy Services Limited

Registered Auditors

Chartered Accountants

1 Lucas Bridge Business Park

Old Greens Norton Road

Towcester

Northamptonshire

NN12 8AX

BANKERS:

National Westminster Bank Plc

Grange Park Court

Roman Way

Grange Park

Northampton

NN4 5EA

SOLICITORS:

Howes Percival

Oxford House

Northampton

Northamptonshire

NN1 5PN

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

The directors report that the company has performed well in the year to 31 December 2024.

We aim to present a balanced and comprehensive review of the development and performance of the company during the year and its position at the year end. Our review is consistent with the size and non-complex nature of the company and is written in the context of the risks and uncertainties we face.

We consider the key performance indicators for the group are those that communicate the financial performance and strength of the group as a whole, these being turnover and gross margin.

The continuing development of new products and innovative manufacturing processes, along with improvements made to the usable lives of existing products, have significantly contributed to the group's continued growth and keeps the Alpha-Cure brand at the forefront of the UV and Metal Halide lamp industry.

With our knowledge of the industry and focussed direction of management, we feel confident that the company will be able to maintain our business throughout at least the next year.

In September 2024, the company invested in and purchased a production line including fixed assets from the USA for $1,500,000. This production line will likely start manufacturing in 2025 and will help the company develop and introduce new UV lamps. The company leadership is committed to investing in the business to achieve long-term growth goals.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risk identified for future prospects relates to current global economic uncertainty and inflationary pressures that are likely to put further pressure on the company's gross margin.

FINANCIAL KEY PERFORMANCE INDICATORS

The Directors have monitored the progress of the overall company strategy and the individual strategic elements by reference to certain financial key performance indicators.

Turnover: £9,761,483 (2023 - £9,068,878)

Gross profit margin: 42.90 % (2023 - 39.35%)

ON BEHALF OF THE BOARD:

M A Slater - Director

30 September 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the manufacture of ultra violet curing lamps.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 will be £ 1,541,900 .

DIRECTORS

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

S P Atherstone

S Haines

M A Slater

K Baier

FINANCIAL INSTRUMENTS

The company uses various financial instruments including cash, trade debtors, and trade creditors that arise

directly from the company's operations.

The existence of these financial instruments exposes the company to a number of financial risks, which are described in more detail below.

The main risks arising from the company's financial instruments are liquidity risk, interest rate risk and credit risk.The directors review and agree policies for managing each of these risks and they are summarised below:

LIQUIDITY RISK

The company seeks to manage finance risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.

INTEREST RATE RISK

The company finances its operations through a mixture of retained profits and cash balances. Cash is managed to

maximise income from interest while avoiding inherent risk.

CREDIT RISK

The company's principle financial assets are cash and trade debtors.

In order to manage credit risk the directors set limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed by the credit controller on a regular basis in conjunction with debt ageing and collection history.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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 of 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 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 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.

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 company'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 company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

M A Slater - Director

30 September 2025

Opinion

We have audited the financial statements of Alpha-Cure Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 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; 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 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 directors are responsible for the other information. The other information comprises the information in the 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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, 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 Statement of Directors' Responsibilities set out on pages three and 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 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.

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:

The engagement partner ensured that the engagement team 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 directors and other management;

we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, employment environmental and health and safety legislation;

we assessed the extent of compliance with the laws and regulations identified above;

we communicated identified laws and regulations within the audit team who remained alert to instances of non-compliance.

We assessed the susceptibility of the company's financial statements to material misstatement including obtaining an understanding of how fraud might occur, by;

- making enquiries of management as to whether they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and

-understanding the design of the company's remuneration policies.

To address the risk of fraud through management bias and override of controls, we;

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

In response to the risk of non-compliance with laws and regulations, we designed procedures which included, but were not limited to;

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC and the company's legal advisors.

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 other management 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.

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.

Duncan J E Mitchell FCA (Senior Statutory Auditor)

for and on behalf of CED Accountancy Services Limited

Registered Auditors

Chartered Accountants

1 Lucas Bridge Business Park

Old Greens Norton Road

Towcester

Northamptonshire

NN12 8AX

30 September 2025

TURNOVER

3

9,761,483

9,068,879

Cost of sales

5,555,022

5,500,064

GROSS PROFIT

4,206,461

3,568,815

Distribution costs

698,493

742,206

Administrative expenses

1,389,802

1,610,895

2,088,295

2,353,101

OPERATING PROFIT

5

2,118,166

1,215,714

Income from shares in group undertakings

522,969

411,326

2,641,135

1,627,040

Interest payable and similar expenses

6

16,022

61,506

PROFIT BEFORE TAXATION

2,625,113

1,565,534

Tax on profit

7

503,747

187,034

PROFIT FOR THE FINANCIAL YEAR

2,121,366

1,378,500

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,121,366

1,378,500

FIXED ASSETS

Intangible assets

9

922,684

665

Tangible assets

10

590,575

673,832

Investments

11

4,814,000

4,814,000

6,327,259

5,488,497

CURRENT ASSETS

Stocks

12

2,080,092

1,969,009

Debtors

13

3,131,483

2,819,257

Cash at bank

732,783

725,890

5,944,358

5,514,156

CREDITORS

Amounts falling due within one year

14

6,886,645

6,457,893

NET CURRENT LIABILITIES

(942,287

)

(943,737

)

TOTAL ASSETS LESS CURRENT LIABILITIES

5,384,972

4,544,760

CREDITORS

Amounts falling due after more than one year

15

(320,271

)

(24,019

)

PROVISIONS FOR LIABILITIES

19

(146,686

)

(182,192

)

NET ASSETS

4,918,015

4,338,549

CAPITAL AND RESERVES

Called up share capital

20

104

104

Share premium

21

287,991

287,991

Capital redemption reserve

21

5

5

Retained earnings

21

4,629,915

4,050,449

SHAREHOLDERS' FUNDS

4,918,015

4,338,549

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

M A Slater - Director

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 January 2023

104

3,329,016

287,991

5

3,617,116

Changes in equity

Dividends

-

(657,067

)

-

-

(657,067

)

Total comprehensive income

-

1,378,500

-

-

1,378,500

Balance at 31 December 2023

104

4,050,449

287,991

5

4,338,549

Changes in equity

Dividends

-

(1,541,900

)

-

-

(1,541,900

)

Total comprehensive income

-

2,121,366

-

-

2,121,366

Balance at 31 December 2024

104

4,629,915

287,991

5

4,918,015

Cash flows from operating activities

Cash generated from operations

1

2,046,092

1,715,930

Interest paid

(13,724

)

(60,324

)

Interest element of hire purchase payments paid

(2,298

)

(1,182

)

Tax paid

(300,314

)

(509,907

)

Net cash from operating activities

1,729,756

1,144,517

Cash flows from investing activities

Purchase of intangible fixed assets

(950,294

)

-

Purchase of tangible fixed assets

(23,394

)

(113,332

)

Sale of tangible fixed assets

97,412

-

Dividends received

522,969

411,326

Net cash from investing activities

(353,307

)

297,994

Cash flows from financing activities

New loans in year

390,000

-

Loan repayments in year

(24,375

)

(45,000

)

Movement in intercompany loans

19,795

(328,269

)

Capital repayments in year

(11,301

)

(13,196

)

Amount introduced by directors

228,329

204,421

Amount withdrawn by directors

(191,734

)

(504,265

)

Equity dividends paid

(1,541,900

)

(657,067

)

Net cash from financing activities

(1,131,186

)

(1,343,376

)

Increase in cash and cash equivalents

245,263

99,135

Cash and cash equivalents at beginning of year

2

487,520

388,385

Cash and cash equivalents at end of year

2

732,783

487,520

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.24

31.12.23

£

£

Profit before taxation

2,625,113

1,565,534

Depreciation charges

146,212

119,957

Profit on disposal of fixed assets

(49,990

)

-

Finance costs

16,022

61,506

Finance income

(522,969

)

(411,326

)

2,214,388

1,335,671

(Increase)/decrease in stocks

(111,083

)

162,797

(Increase)/decrease in trade and other debtors

(419,651

)

161,596

Increase in trade and other creditors

362,438

55,866

Cash generated from operations

2,046,092

1,715,930

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

732,783

725,890

Bank overdrafts

-

(238,370

)

732,783

487,520

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

725,890

388,385

Bank overdrafts

(238,370

)

-

487,520

388,385

3.	ANALYSIS OF CHANGES IN NET FUNDS

Other

non-cash

At 1.1.24

Cash flow

changes

At 31.12.24

£

£

£

£

Net cash

Cash at bank

725,890

6,893

732,783

Bank overdrafts

(238,370

)

238,370

-

487,520

245,263

732,783

Debt

Finance leases

(41,093

)

11,301

(58,708

)

(88,500

)

Debts falling due

within 1 year

-

(97,500

)

-

(97,500

)

Debts falling due

after 1 year

-

(268,125

)

-

(268,125

)

(41,093

)

(354,324

)

(58,708

)

(454,125

)

Total

446,427

(109,061

)

(58,708

)

278,658

1.	STATUTORY INFORMATION

Alpha-Cure Limited 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 Company Information page.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements

The financial statements contain information about Alpha-Cure Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Alpha-Cure Group Limited, Leonard House Great Central Way, Woodford Halse, Daventry, England, NN11 3PZ.

Significant judgements and estimates

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of lamps and lighting components to customers in the ordinary course of the company's activities.

Turnover is shown net of 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2024, is being amortised evenly over its estimated useful life of ten years.

In September 2024, the company purchased production line assets from USA for $1,500,000. This product line manufactures pressure lamps which incorporate UV technology. Goodwill on purchase was valued at £928,619 and is being written off over its estimated useful life of 10 years.

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 ten years.

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.

Short leasehold

-

15% on cost

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on cost

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, bank overdrafts, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other

accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest rate method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in a case of an out-right short term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive if the asset were to be sold at the reporting date.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.