REGISTERED NUMBER: 12267717 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2024

for

Alpha-Cure Group Limited

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

14

Consolidated Statement of Changes in Equity

16

Company Statement of Changes in Equity

17

Consolidated Cash Flow Statement

18

Notes to the Consolidated Cash Flow Statement

19

Notes to the Consolidated Financial Statements

21

DIRECTORS:

S P Atherstone

S Haines

M A Slater

REGISTERED OFFICE:

Leonard House

Unit 2 Great Central Way

Woodford Halse

Daventry

Northamptonshire

NN11 3PZ

REGISTERED NUMBER:

12267717 (England and Wales)

AUDITORS:

CED Accountancy Services Limited

Statutory Auditors

Chartered Accountants

1 Lucas Bridge Business Park

1 Old Greens Norton Road

Towcester

Northamptonshire

NN12 8AX

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

BUSINESS OVERVIEW

Alpha-Cure is recognised globally for delivering the highest quality UV lamp technology directly to end-users, and working in partnership with leading UV system manufacturers around the world. Established in 1996 Alpha-Cure is a specialist manufacturer of ultraviolet (UV) curing and metal halide lamps.

Our mission is to be the leading manufacturer and supplier within the UV industry and to grow our worldwide reach. We will achieve our mission by continuing to develop our portfolio of UV products focused on technology innovations whilst delivering excellent customer service and ensuring employee satisfaction.

The continuing development of new products and innovative manufacturing processes, along with continuing improvements made to the usable lives of existing products, have significantly contributed to the group's growth and ensures that the Alpha-Cure Group remains 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 group will continue to do well, despite the current challenges to the world economy.

BUSINESS MODEL

We operate a vertically integrated model, managing product design, manufacturing and distribution, through our worldwide network in Europe, Asia, North America and Australia Asia.

Revenue is generated through direct sales and developing these long-term relationships.

STRATEGY

Our strategic priorities for the next three years include:

Market Expansion: Entering new niche uses for the products and entering new regional markets across Europe, North America.

Innovation: Investing in R&D to develop to expand the markets in which our products operate The Company is continually developing its manufacturing processes and product range so as to keep up with ever changing demand from customers and machinery manufacturers.

Sustainability and the environment: We will always work towards ensuring that our company reduces the impact on the environment when operating our business management system and seek continual improvement

PRINCIPAL RISKS AND UNCERTAINTIES

Regulatory Risk: Changes in government regulation could impact demand.

Supply Chain Disruption: Global economic trade changes between countries.

Innovation: Changing demand from customers and machinery manufacturers.

Each risk is monitored by the management and mitigated through supplier diversification, regular reviews and proactive regulatory engagement.

FINANCIAL KEY PERFORMANCE INDICATORS

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

Turnover: £10,918,552 (2023 - £10,744,658)

Gross profit margin: 55.7% (2023 - 55.4%)

FUTURE OUTLOOK

We anticipate strong demand driven by accelerating adoption and use of our products, through increase use, new technology, new sector uses and market expansion.

This is backed by "UV Curing System Market Forecast to 2028" estimated a compound annual growth rate of 9.0% from 2021 to 2028,

ON BEHALF OF THE BOARD:

M A Slater - Director

30 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 manufacture and sale of UV and Metal Halide lamps.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 was £1,793,700.

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

FINANCIAL INSTRUMENTS

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

directly from the group's operations.

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

The main risks arising from the group'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 group 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 group 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 group'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 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, CED Accountancy Services Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M A Slater - Director

30 September 2025

Opinion

We have audited the financial statements of Alpha-Cure Group Limited (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 Consolidated 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 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 pages four and five, 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:

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 Mitchell FCA (Senior Statutory Auditor)

for and on behalf of CED Accountancy Services Limited

Statutory Auditors

Chartered Accountants

1 Lucas Bridge Business Park

1 Old Greens Norton Road

Towcester

Northamptonshire

NN12 8AX

30 September 2025

TURNOVER

3

10,918,552

10,744,658

Cost of sales

4,834,441

4,789,532

GROSS PROFIT

6,084,111

5,955,126

Distribution costs

874,307

911,779

Administrative expenses

2,836,928

3,013,767

3,711,235

3,925,546

2,372,876

2,029,580

Other operating income

8,139

84,363

OPERATING PROFIT

5

2,381,015

2,113,943

Income from shares in group undertakings

-

28,600

Income from interest in associated undertakings

(6,845

)

(19,050

)

Interest receivable and similar income

1,051

328

(5,794

)

9,878

2,375,221

2,123,821

Interest payable and similar expenses

6

17,873

62,472

PROFIT BEFORE TAXATION

2,357,348

2,061,349

Tax on profit

7

495,365

234,150

PROFIT FOR THE FINANCIAL YEAR

1,861,983

1,827,199

Profit attributable to:

Owners of the parent

1,971,437

1,909,557

Non-controlling interests

(109,454

)

(82,358

)

1,861,983

1,827,199

PROFIT FOR THE YEAR

1,861,983

1,827,199

OTHER COMPREHENSIVE INCOME

Foreign exchange

(50,447

)

(581,499

)

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(50,447

)

(581,499

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,811,536

1,245,700

Total comprehensive income attributable to:

Owners of the parent

1,920,991

1,328,058

Non-controlling interests

(109,455

)

(82,358

)

1,811,536

1,245,700

FIXED ASSETS

Intangible assets

10

922,684

665

Tangible assets

11

3,046,630

3,275,775

Investments

12

Interest in associate

202,198

209,043

Other investments

747

783

4,172,259

3,486,266

CURRENT ASSETS

Stocks

13

3,043,479

2,868,219

Debtors

14

2,661,449

2,217,966

Cash at bank and in hand

1,977,425

2,404,685

7,682,353

7,490,870

CREDITORS

Amounts falling due within one year

15

2,004,612

1,387,997

NET CURRENT ASSETS

5,677,741

6,102,873

TOTAL ASSETS LESS CURRENT LIABILITIES

9,850,000

9,589,139

CREDITORS

Amounts falling due after more than one year

16

(320,271

)

(24,019

)

PROVISIONS FOR LIABILITIES

20

(128,966

)

(182,192

)

NET ASSETS

9,400,763

9,382,928

CAPITAL AND RESERVES

Called up share capital

21

6,000

6,000

Retained earnings

22

6,496,740

6,369,450

SHAREHOLDERS' FUNDS

6,502,740

6,375,450

NON-CONTROLLING INTERESTS

2,898,023

3,007,478

TOTAL EQUITY

9,400,763

9,382,928

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

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

-

-

Investments

12

6,849,850

6,849,850

6,849,850

6,849,850

CURRENT ASSETS

Debtors

14

4,526,000

4,526,000

NET CURRENT ASSETS

4,526,000

4,526,000

TOTAL ASSETS LESS CURRENT LIABILITIES

11,375,850

11,375,850

CAPITAL AND RESERVES

Called up share capital

21

6,000

6,000

Other reserves

22

11,369,850

11,369,850

SHAREHOLDERS' FUNDS

11,375,850

11,375,850

Company's profit for the financial year

1,184,400

521,400

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

share

Retained

Non-controlling

Total

capital

earnings

Total

interests

equity

£

£

£

£

£

Balance at 1 January 2023

6,000

5,869,478

5,875,478

3,089,836

8,965,314

Changes in equity

Dividends

-

(828,086

)

(828,086

)

-

(828,086

)

Total comprehensive income

-

1,328,058

1,328,058

(82,358

)

1,245,700

Balance at 31 December 2023

6,000

6,369,450

6,375,450

3,007,478

9,382,928

Changes in equity

Dividends

-

(1,793,700

)

(1,793,700

)

-

(1,793,700

)

Total comprehensive income

-

1,920,990

1,920,990

(109,455

)

1,811,535

Balance at 31 December 2024

6,000

6,496,740

6,502,740

2,898,023

9,400,763

Called up

share

Retained

Other

Total

capital

earnings

reserves

equity

£

£

£

£

Balance at 1 January 2023

6,000

-

11,369,850

11,375,850

Changes in equity

Dividends

-

(521,400

)

-

(521,400

)

Total comprehensive income

-

521,400

-

521,400

Balance at 31 December 2023

6,000

-

11,369,850

11,375,850

Changes in equity

Dividends

-

(1,184,400

)

-

(1,184,400

)

Total comprehensive income

-

1,184,400

-

1,184,400

Balance at 31 December 2024

6,000

-

11,369,850

11,375,850

Cash flows from operating activities

Cash generated from operations

1

2,752,761

2,465,730

Interest paid

(13,724

)

(60,324

)

Interest element of hire purchase payments paid

(2,298

)

(1,182

)

Finance costs paid

(1,851

)

(966

)

Tax paid

(337,463

)

(529,212

)

Net cash from operating activities

2,397,425

1,874,046

Cash flows from investing activities

Purchase of intangible fixed assets

(950,294

)

-

Purchase of tangible fixed assets

(335,673

)

(381,377

)

Sale of tangible fixed assets

119,040

38,794

Decrease in investment in associate

(6,845

)

19,050

Interest received

1,051

328

Dividends received

-

28,600

Net cash from investing activities

(1,172,721

)

(294,605

)

Cash flows from financing activities

New loans in year

390,000

-

Loan repayments in year

(32,872

)

(45,000

)

New HP in year

6,845

-

Capital repayments in year

(20,443

)

(12,166

)

Amount introduced by directors

228,329

204,441

Amount withdrawn by directors

(191,753

)

(504,309

)

Equity dividends paid

(1,793,700

)

(828,086

)

Net cash from financing activities

(1,413,594

)

(1,185,120

)

(Decrease)/increase in cash and cash equivalents

(188,890

)

394,321

Cash and cash equivalents at beginning of year

2

2,166,315

1,771,994

Cash and cash equivalents at end of year

2

1,977,425

2,166,315

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

31.12.24

31.12.23

£

£

Profit before taxation

2,357,348

2,061,349

Depreciation charges

426,727

411,785

(Profit)/loss on disposal of fixed assets

(41,731

)

15,287

Foreign exchange

114,992

(321,861

)

Finance costs

17,873

62,472

Finance income

5,794

(9,878

)

2,881,003

2,219,154

(Increase)/decrease in stocks

(175,260

)

305,121

(Increase)/decrease in trade and other debtors

(499,913

)

81,342

Increase/(decrease) in trade and other creditors

546,931

(139,887

)

Cash generated from operations

2,752,761

2,465,730

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

1,977,425

2,404,685

Bank overdrafts

-

(238,370

)

1,977,425

2,166,315

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

2,404,685

1,771,994

Bank overdrafts

(238,370

)

-

2,166,315

1,771,994