REGISTERED NUMBER: 10613047 (England and Wales)

LYMA LIFE LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

15

DIRECTORS:

Mrs Sarah Jane Crook

Mrs Lucy Sarah Goff

Mrs Sian Eleri Westerman

Mr Andrew Daniel Wolfson

REGISTERED OFFICE:

Edison House

223-231 Old Marylebone Road

London

NW1 5QT

REGISTERED NUMBER:

10613047 (England and Wales)

AUDITORS:

Fruition Advisory LLP

29 Wood Street

Stratford-upon-Avon

CV37 6JG

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

PRINCIPAL ACTIVITY

The principal activity of the company is the supply and development of health and beauty solutions

REVIEW OF BUSINESS

Turnover for LYMA Life in the 12 months to 31 Dec 2024 fell by 9% with the company recording operating profit of £6,556 after exceptional items of £347,382.

2024 was a year of planned investment and strategic focus on long-term growth, particularly in the U.S., our largest market. Significant resources were directed toward building the team, strengthening the product pipeline, and advancing the regulatory process for FDA clearance of the LYMA Laser PRO. Clearance took longer than anticipated, which delayed the originally planned U.S. launch in the second half of 2024 and contributed to a temporary slowdown in sales.

The U.S. launch of the Laser PRO was successfully executed in Q2 2025, and early results have been encouraging, with initial sales exceeding forecasts despite challenging global economic conditions.

With 2024 serving as a year of investment and recalibration for international expansion, we believe LYMA Life is now well positioned to capitalise on global opportunities. Supported by strong trading, product innovation, and continued growth in 2025, we remain confident in our strategy and financial strength to deliver sustainable success.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors recognise areas of risk to the business. They believe that the principal areas of risk relate to the economic outlook across the market. Customers, Suppliers and employees are all impacted by inflation and interest rates rises. The company is also exposed to foreign exchange risk with a proportion of sales from territories outside the UK, this is somewhat mitigate by supplier payments in equivalent territories.

The directors are confident that the company is well prepared to deal with the financial risk exposure.

KEY PERFORMANCE INDICATORS - FINANCIAL

The directors monitor a range of key performance indicators on a regular basis to evaluate both the financial health and operational effectiveness of the business. These metrics provide a foundation for informed decision-making and ensure alignment with the company's strategic objectives.

Financial KPIs considered by the board include revenue, gross profit, and EBITDA. These indicators highlight overall business performance, profitability, and cost efficiency.

KPI

FY2024 (£)

FY2023 (£)

Movement (£)

Movement (%)

Revenue

29,566,338

32,576,732

(3,010,394)

-9.2%

Gross Profit

19,789,778

21,836,139

(2,046,361)

-9.4%

EBITDA

1,084,978

4,617,949

(3,532,971)

-76.5%

The decline across revenue, gross profit, and EBITDA reflects the impact of the delayed U.S. launch of the LYMA Laser PRO and the company's planned investment in team expansion, product development, and regulatory processes. While these factors adversely affected short-term profitability in 2024, they were undertaken to strengthen the company's platform for sustainable international growth from 2025 onwards .

ON BEHALF OF THE BOARD:

Mrs Lucy Sarah Goff - Director

29 September 2025

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

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS

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

Mrs Sarah Jane Crook

Mrs Lucy Sarah Goff

Mrs Sian Eleri Westerman

Mr Andrew Daniel Wolfson

RESEARCH AND DEVELOPMENT

Research and development remains central to the company's growth strategy. During the year, the company invested £695,154 (2023: £708,928) in R&D activities, focused primarily on new product development.

The company continues to claim R&D tax credits where eligible, and all R&D expenditure is carefully monitored to ensure alignment with strategic objectives and compliance with HMRC guidelines.

FUTURE DEVELOPMENTS

The company intends to continue investing in the development of new products to support future growth and meet evolving customer needs. Innovation remains a core part of our strategy, and ongoing work is focused on enhancing our existing product range and exploring new opportunities within our market.

In addition, the business will continue to progress its international growth plans, with a particular focus on strengthening its presence in key overseas markets. These efforts are expected to support long-term brand awareness and revenue diversification.

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

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

ON BEHALF OF THE BOARD:

Mrs Lucy Sarah Goff - Director

29 September 2025

Opinion

We have audited the financial statements of Lyma Life Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other 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 page three, 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:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance including the design of the Company remuneration policies, key drivers for directors’ remuneration, bonus levels and performance targets;

- results of our enquiries of management about their own identification and assessment of the risks of irregularities;

- any matters we identified having obtained and reviewed the Company documentation of their policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

- the matters discussed among the audit engagement team and involving relevant internal specialists, including tax specialists, regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company ability to operate or to avoid a material penalty. These included compliance with GDPR regulation.

Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- 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 and reviewing internal reports;

- obtained an understanding of provisions and held discussions with management to understand the basis of

recognition or non-recognition of tax provisions; 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 including internal specialists, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

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 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.

Michelle Vincent (Senior Statutory Auditor)

for and on behalf of Fruition Advisory LLP

29 Wood Street

Stratford-upon-Avon

CV37 6JG

29 September 2025

TURNOVER

3

29,566,338

32,576,732

Cost of sales

(9,776,560

)

(10,740,593

)

GROSS PROFIT

19,789,778

21,836,139

Administrative expenses

(19,783,222

)

(18,364,553

)

OPERATING PROFIT

5

6,556

3,471,586

Interest payable and similar expenses

8

(11,002

)

(24,380

)

(LOSS)/PROFIT BEFORE TAXATION

(4,446

)

3,447,206

Tax on (loss)/profit

9

226,539

(558,797

)

PROFIT FOR THE FINANCIAL YEAR

222,093

2,888,409

PROFIT FOR THE YEAR

222,093

2,888,409

OTHER COMPREHENSIVE INCOME

Share based payment

63,414

63,241

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

63,414

63,241

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

285,507

2,951,650

FIXED ASSETS

Intangible assets

10

403,008

173,192

Tangible assets

11

117,986

183,932

520,994

357,124

CURRENT ASSETS

Stocks

12

2,411,625

1,826,606

Debtors

13

3,186,284

3,981,873

Cash at bank

6,218,828

7,705,802

11,816,737

13,514,281

CREDITORS

Amounts falling due within one year

14

2,690,591

4,465,943

NET CURRENT ASSETS

9,126,146

9,048,338

TOTAL ASSETS LESS CURRENT LIABILITIES

9,647,140

9,405,462

CREDITORS

Amounts falling due after more than one year

15

(89,563

)

(99,658

)

PROVISIONS FOR LIABILITIES

18

-

(33,734

)

NET ASSETS

9,557,577

9,272,070

CAPITAL AND RESERVES

Called up share capital

19

108

108

Share premium

20

2,000,486

2,000,486

Other reserves

20

133,585

70,171

Retained earnings

20

7,423,398

7,201,305

SHAREHOLDERS' FUNDS

9,557,577

9,272,070

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:

Mrs Lucy Sarah Goff - Director

Called up

share

Retained

Share

Other

Total

capital

earnings

premium

reserves

equity

£

£

£

£

£

Balance at 1 January 2023

108

4,312,896

2,000,486

6,930

6,320,420

Changes in equity

Total comprehensive income

-

2,888,409

-

63,241

2,951,650

Balance at 31 December 2023

108

7,201,305

2,000,486

70,171

9,272,070

Changes in equity

Total comprehensive income

-

222,093

-

63,414

285,507

Balance at 31 December 2024

108

7,423,398

2,000,486

133,585

9,557,577

Cash flows from operating activities

Cash generated from operations

1

(567,496

)

4,286,681

Interest paid

(97

)

(13,475

)

Interest element of hire purchase payments paid

(10,905

)

(10,905

)

Tax paid

(619,645

)

(328,816

)

Net cash from operating activities

(1,198,143

)

3,933,485

Cash flows from investing activities

Purchase of intangible fixed assets

(326,029

)

(85,782

)

Purchase of tangible fixed assets

(21,232

)

(24,778

)

Sale of tangible fixed assets

-

78,419

Net cash from investing activities

(347,261

)

(32,141

)

Cash flows from financing activities

Loan repayments in year

-

(300,000

)

Capital repayments in year

(10,095

)

(96,774

)

Amount introduced by directors

5,111

-

Amount withdrawn by directors

-

(280,269

)

Share based payment

63,414

63,241

Net cash from financing activities

58,430

(613,802

)

(Decrease)/increase in cash and cash equivalents

(1,486,974

)

3,287,542

Cash and cash equivalents at beginning of year

2

7,705,802

4,418,260

Cash and cash equivalents at end of year

2

6,218,828

7,705,802

1.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

(Loss)/profit before taxation

(4,446

)

3,447,206

Depreciation charges

148,807

128,129

Loss/(profit) on disposal of fixed assets

34,584

(17,336

)

Finance costs

11,002

24,380

189,947

3,582,379

Increase in stocks

(585,019

)

(325,458

)

Decrease/(increase) in trade and other debtors

983,274

(524,547

)

(Decrease)/increase in trade and other creditors

(1,155,698

)

1,554,307

Cash generated from operations

(567,496

)

4,286,681

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

6,218,828

7,705,802

Year ended 31 December 2023

31/12/23

1/1/23

£

£

Cash and cash equivalents

7,705,802

4,418,260

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/24

Cash flow

At 31/12/24

£

£

£

Net cash

Cash at bank

7,705,802

(1,486,974

)

6,218,828

7,705,802

(1,486,974

)

6,218,828

Debt

Finance leases

(110,274

)

10,095

(100,179

)

(110,274

)

10,095

(100,179

)

Total

7,595,528

(1,476,879

)

6,118,649

1.	STATUTORY INFORMATION

Lyma Life 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 presentation currency of the financial statements is the Pound Sterling (£).

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.

Significant judgements and estimates

Research and development provisions

Provision has been made in the financial statements for the total claim expected to be received relating

to research and development expenditure during the year.

Fixed asset depreciationand amortisation

Fixed assets are depreciated over their useful economic lives to an estimated residual value. Residual

values are calculated using the best estimate of our assets value at the end of its useful life.

Stock valuation

Stock is valued at the lower of cost price or sales price. This is in line with the accounting policy within stock. A provision within the accounts has been made to stock of which relates to it being obsolete or that of expired items or due to expire before it can all be sold.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible

assets are measured at cost less accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life

cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:

Trademarks and patents - 5 years straight line

Computer software - 5 years straight line

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold property - 5 years straight line

Motor vehicles - 3 years straight line

Fixture & fittings - 5 years straight line

Office equipment - 3 years straight line

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 Statement of Income and Retained Earnings.

Stocks

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

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

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

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 profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

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

Trade debtors

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

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

Cash and Cash equivalents

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

Trade Creditors

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

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

Share capital

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

3.

TURNOVER

The turnover and loss (2023 - profit) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024

2023

£

£

United Kingdom

8,617,556

8,764,211

Europe

3,743,094

3,366,447

United States of America

12,323,105

18,611,286

Rest of world

4,882,583

1,834,788

29,566,338

32,576,732

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

5,700,360

4,633,806

Social security costs

570,853

459,732

Other pension costs

148,532

54,173

6,419,745

5,147,711

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

2024

2023

Operations

43

36

Directors

1

2

44

38

2024

2023

£

£

Directors' remuneration

537,379

732,000

Directors' pension contributions to money purchase schemes

1,321

1,321

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

1

1

Information regarding the highest paid director is as follows:

2024

2023

£

£

Emoluments etc

537,379

459,500

Pension contributions to money purchase schemes

1,321

1,321