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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
TWP Accounting LLP
Chartered Accountants & Statutory Auditors
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
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COMPANY INFORMATION
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CONTENTS
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STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present the strategic report for the year ended 31 December 2024. On 25 June 2024, Actegy Limited (Canada) was integrated into the Company as a branch. Its results are included from that date, prior-year comparatives have not been restated.
The Company’s strategy focuses on the design, manufacture and marketing of effective, drug-free solutions to relieve leg aches and pains, improving peoples’ quality of life. The Company continues to advance this strategy through sustained investment in robust clinical trials in people with Peripheral Arterial Disease (PAD), and people with Diabetes, product and app development and by expanding the category for drug-free leg pain relief across our markets.
Core markets—including the UK, Western Europe, North America and Australia—continue to grow, supported by demographic trends such as an ageing population, rising prevalence of relevant medical conditions and more sedentary lifestyles. To meet evolving consumer needs, the Company offers a broadening product range aligned to customer preferences and clinical requirements.
While executing the strategy, the Company manages the following principal risks:
∙Foreign exchange risk – The Company is exposed to movements in exchange rates. The Company monitors currency positions closely and is assessing the introduction of forward exchange contracts for major currencies to reduce volatility in the future.
∙Liquidity risk – Growth and seasonal trading patterns can create working capital pressure. Enhanced cash controls have been implemented, including weekly cash forecasting and monthly forward planning, to optimise liquidity for ongoing operations.
∙Credit risk – Trade receivables and balances with connected companies carry collection risk. The Company performs credit checks, actively monitors receivables and pursues timely collection. Provisions are recorded for bad and doubtful debts as appropriate.
∙Inventory management – Operating in a fast-moving market increases the risk of excess or obsolete stock. The Company mitigates this through disciplined new product introduction, demand-led sales planning and tight supply-chain management.
∙Intellectual property – The Company’s patents, designs and trademarks are exposed to infringement risk. The Company monitors the market using external advisers and in-house reviews and, where potential infringements are substantiated, the Company pursues appropriate remedies to achieve a fair outcome.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Financial key performance indicators in the fiscal year 2024, revenue increased 2.4% to £25.12m (2023: £24.52m), driven by growth in related company sales. By class of business, wholesale/retail accounted for £13.95m (56%), related-company product sales £7.59m (30%) and royalty income £3.58m (14%).
Operating profit was £0.91m (2023: £1.82m). Administrative expenses reduced to £11.12m (2023: £12.87m) and distribution costs were £0.74m (2023: £0.67m). A foreign exchange loss of £1.28m (2023: £1.43m loss) and modest net finance income resulted in a loss before tax of £0.28m (2023: profit £0.11m). The loss for the year after tax was £0.64m (2023: profit £0.12m). Cash generated from operations was £0.57m (2023: £3.16m). Year-end cash and cash equivalents increased to £3.49m (2023: £3.15m). The Company had no bank borrowings at year end. Outlook The directors remain optimistic about the Company’s prospects. Priorities for 2025 are to rebuild gross margin through cost actions and pricing discipline, strengthen cash conversion, maintain disciplined marketing investment, and progress the product pipeline to support growth in core and new channels. The Board considers the Group’s cash position, brand equity and pipeline to provide a solid foundation despite FX volatility and wider macro-economic uncertainty.
This report was approved by the board on 30 September 2025 and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements 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 to 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.
The loss for the year, after taxation, amounted to £639,988 (2023 - profit £115,569).
The directors do not recommend a payment of a dividend for 2024 (2023 : £NIL).
On the 25th June 2024, Actegy Limited (Canada), a previously separate legal entity within the group, was integrated into the Company’s operations and is now treated as a branch. All assets, liabilities, and operations of the former entity were transferred to the Company at book value. No gain or loss was recognised on this internal transfer. The financial results of the branch are included within these financial statements from 25th June 2024. Comparatives have not been restated, as this represents a change in group structure rather than a business combination or acquisition.
The directors who served during the year were:
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
While pursuing the Company's strategic objectives, the business recognises the need to mitigate several principal risks and uncertainties including foregin exchange risk, liquidity risk, credit risk, inventory management and intellectual property. These are addressed within the strategic report.
There have been no significant events affecting the company since the balance sheet date.
The auditor, TWP Accounting LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ACTEGY LIMITED
We have audited the financial statements of Actegy Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity 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 Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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.
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 contained within the Annual Report. 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. 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 course of 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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ACTEGY LIMITED (CONTINUED)
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.
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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ACTEGY LIMITED (CONTINUED)
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:
∙Obtain an understanding of the policies and procedures management has in place to detect and prevent fraud and non-compliance with laws and regulations.
∙Enquire of management any cases of actual or suspected fraud and non-compliance with laws and regulations.
∙Enquire of management and those charged with governance around actual and potential litigation and claims.
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
∙Assess the key risk areas within the financial statements which are susceptible to fraud or error and design our audit approach thereon.
∙Perform substantive tests on a sample of transactions throughout the financial statements to ensure that no material errors have been identified.
∙Perform cut off tests on a sample of transactions to ensure income has been accounted for in the correct period.
∙Review of after year end information to ensure expenditure have been accounted for in the correct period.
∙Perform analytical review procedures to identify any irregularities and investigation thereon.
∙Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditor's Report.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ACTEGY LIMITED (CONTINUED)
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.
for and on behalf of
Chartered Accountants & Statutory Auditors
The Old Rectory
Church Street
Surrey
KT13 8DE
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 26 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Actegy 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.
The principal activity is that of wholesale and retail sales of medical devices and electrical household appliances in the healthcare industry.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
Monetary amounts in these financial statements are rounded to the nearest pound.
The following principal accounting policies have been applied:
Total turnover is the total amount receivable by the company for goods supplied after deducting VAT and trade discounts. Turnover is recognised on despatch of goods.
Turnover for the year also includes royalty income, which relates to income earned from the licensing of intellectual property to related third party entities.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Amortisation is charged once the development has been completed.
Amortisation is charged so as to allocate the cost of intangible assets less their residual values over their estimated useful lives, on a reducing balance basis.
Amortisation is provided on the following bases:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Analysis of turnover by country of destination:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Prior period adjustments have been recognised to correct the allocation of the profit and loss statement between the sales, cost of sales and administration costs. These adjustments do not impact the brought forward reserves in the current financial year.
There is also an adjustment to the roylaty income which was overstated in the prior period. This has been corrected this period. The brought forward reserves in the current year have been reduced by £408,817 as a result.
The company offers a 3 year warranty on all products sold. The company has rasied an accrual for a future provision of £79,752 based on historical data, however, the determination of how much applies to to one, two or three years in the future is not possible to determine. The provision is currently classified in current liabilities under accruals.
A historic retirement trust established by the Company is under enquiry from HMRC. The Company is engaging with HMRC to resolve the matter. At this stage, the Directors cannot reliably estimate any potential settlement amount.
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £103,316
(2023 : £107,150). Contributions totaling £16,210 (2023 : £14,205) were payable to the fund at the balance sheet date and are included in other creditors.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
J Penny and R Penny are the ultimate controlling party by virtue of their 100% shareholding of voting shares.
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