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Registered number: 08608060 MEDFAC UK LTD TRADING AS 'HALO MEDICAL' FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
MEDFAC UK LTD Company Information
Directors | R J Donaldson
| M L Spronken
Registered number | 08608060
Registered office | 3rd Floor
| 12 Gough Square
| London
| EC4A 3DW
Independent auditor | Sayers Butterworth LLP
| Chartered Accountants & Statutory Auditor
| 3rd Floor
| 12 Gough Square
| London
| EC4A 3DW
Bankers | HSBC
| 165 Fleet Street
| London
| EC4A 2DY
MEDFAC UK LTD Registered number: 08608060 Balance sheet As at 31 December 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 5 |  | 75,833 |  | -
Tangible assets | 7 |  | 1,432,726 |  | 1,387,155
Investments | 8 |  | 11,130 |  | 11,130
|  |  | 1,519,689 |  | 1,398,285
Current assets |  |  |  |  |
Stocks | 9 | 807,729 |  | 677,936 |
Debtors: amounts falling due within one year | 10 | 2,707,035 |  | 1,676,288 |
Cash at bank and in hand |  | 688,257 |  | 1,041,711 |
|  | 4,203,021 |  | 3,395,935 |
Creditors: amounts falling due within one year | 11 | (2,774,166) |  | (2,224,195) |
Net current assets |  |  | 1,428,855 |  | 1,171,740
Total assets less current liabilities |  |  | 2,948,544 |  | 2,570,025
Provisions for liabilities |  |  |  |  |
Deferred tax | 12 | (184,057) |  | - |
Other provisions | 13 | (24,491) |  | (85,367) |
|  |  | (208,548) |  | (85,367)
Net assets |  |  | 2,739,996 |  | 2,484,658
Capital and reserves |  |  |  |  |
Called up share capital | 14 |  | 123,000 |  | 123,000
Profit and loss account |  |  | 2,616,996 |  | 2,361,658
|  |  | 2,739,996 |  | 2,484,658
Page 1
MEDFAC UK LTD Registered number: 08608060 Balance sheet (continued) As at 31 December 2024 The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the Profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 October 2025.
R J Donaldson
Director
The notes on pages 3 to 16 form part of these financial statements. Page 2
MEDFAC UK LTD Notes to the financial statements For the Year Ended 31 December 2024
1. | General information
Medfac UK Ltd is a private limited company, incorporated in the United Kingdom and registered in England and Wales. The address of the registered office is 3rd Floor, 12 Gough Square, London, EC4A 3DW. The principal activity for the company during the year was that of manufacturing and sale of bespoke orthopaedic shoes. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. 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 (see note 3). The following principal accounting policies have been applied:
| 2.2 | Going concern
After making the necessary enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. On this basis, the company continues to adopt the going concern basis in preparing the financial statements.
| 2.3 | Exemption from preparing consolidated financial statements
The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.
| 2.4 | Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: Page 3
MEDFAC UK LTD Notes to the financial statements For the Year Ended 31 December 2024 2.Accounting policies (continued)
| 2.4 | Turnover (continued)
Sale of goods Turnover from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of turnover can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Session fees Turnover from session fees in relation to patient visits is recognised in the period in which the service was provided.
| 2.5 | Other operating income
Other operating income comprises intercompany sales and recharges includes revenue recognised in respect of goods supplied during the year, exclusive of Value Added Tax and expenses recharged to fellow subsidiaries, such expenses include stock and salary recharges.
| 2.6 | Intangible assets
Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Profit and loss account over its useful economic life of 3 years. Other intangible assets 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. 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.
| 2.7 | 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. Page 4
MEDFAC UK LTD Notes to the financial statements For the Year Ended 31 December 2024 2.Accounting policies (continued)
| 2.7 | Tangible fixed assets (continued)
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:
|  |  |  | Freehold property | - | over useful economic life of 25 years
|  |  |  | L/Term Leasehold Property | - | over useful economic life of 100 months
|  |  |  | Plant & machinery | - | 15% straight line
|  |  |  | Motor vehicles | - | 25% straight line
|  |  |  | Fixtures & fittings | - | 15% straight line
|  |  |  | Computer equipment | - | 25% straight line
|  |  |  | Other fixed assets | - | 25% 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 profit or loss.
| 2.8 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.9 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Work in progress and finished goods include labour and attributable overheads with reference to the stage of completion of the order. 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.
| 2.10 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.11 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. Page 5
MEDFAC UK LTD Notes to the financial statements For the Year Ended 31 December 2024 2.Accounting policies (continued)
| 2.12 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Page 6
MEDFAC UK LTD Notes to the financial statements For the Year Ended 31 December 2024 2.Accounting policies (continued)
| 2.12 | Financial instruments (continued)
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
| 2.13 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 7
MEDFAC UK LTD Notes to the financial statements For the Year Ended 31 December 2024 2.Accounting policies (continued)
| 2.14 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.15 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.16 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.17 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.18 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred. Page 8
MEDFAC UK LTD Notes to the financial statements For the Year Ended 31 December 2024 2.Accounting policies (continued)
| 2.19 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.20 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.21 | Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence. Page 9
MEDFAC UK LTD Notes to the financial statements For the Year Ended 31 December 2024
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. (a) Critical accounting estimates and assumptions The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. (i) Work in progress At the year end the company has multiple contracts in progress. When valuing year-end work in progress the directors consider the stage of completion and historic margins achieved. These estimates may differ from actual results due to accuracy of assessment of progress to date and client decision making. (ii) Depreciation of fixed assets Depreciation is provided at rates calculated to write off the cost of fixed assets less their estimated residual value, over their expected useful lives.
4. | Employees
| The average monthly number of employees, including directors, during the year was 124 (2023 - 97).
Page 10
MEDFAC UK LTD Notes to the financial statements For the Year Ended 31 December 2024
5. | Intangible assets
|  | Patents | Goodwill | Total
|  | £ | £ | £
| Cost |  |  |
| Additions | 56,875 | 18,958 | 75,833
| At 31 December 2024 | 56,875 | 18,958 | 75,833
| Net book value |  |  |
| At 31 December 2024 | 56,875 | 18,958 | 75,833
| At 31 December 2023 | - | - | -
6. | Business combinations
On 13 December 2024, Medfac UK Limited purchased the trade and business assets as well as an option to buy the freehold property of John Florence Limited, a company in administration. Please see note 20 for further details. Page 11

|  | MEDFAC UK LTD |
Notes to the financial statements For the Year Ended 31 December 2024
| 7. | Tangible fixed assets
|  | Freehold property | Leasehold improvements | Plant & machinery | Motor vehicles | Fixtures & fittings | Computer equipment | Other fixed assets | Total
|  | £ | £ | £ | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |  |  |  |
| At 1 January 2024 | 1,223,542 | 210,938 | 655,293 | 27,750 | 43,114 | 252,635 | - | 2,413,272
| Additions | - | - | 125,521 | - | 8,083 | 20,841 | 86,968 | 241,413
| Disposals | - | - | (1,593) | - | - | - | - | (1,593)
| At 31 December 2024 | 1,223,542 | 210,938 | 779,221 | 27,750 | 51,197 | 273,476 | 86,968 | 2,653,092
| Depreciation |  |  |  |  |  |  |  |
| At 1 January 2024 | 443,453 | 31,209 | 298,610 | 27,750 | 19,413 | 205,682 | - | 1,026,117
| Charge for the year | 48,942 | 25,590 | 84,999 | - | 5,085 | 23,378 | 7,247 | 195,241
| Disposals | - | - | (992) | - | - | - | - | (992)
| At 31 December 2024 | 492,395 | 56,799 | 382,617 | 27,750 | 24,498 | 229,060 | 7,247 | 1,220,366
| Net book value |  |  |  |  |  |  |  |
| At 31 December 2024 | 731,147 | 154,139 | 396,604 | - | 26,699 | 44,416 | 79,721 | 1,432,726
| At 31 December 2023 | 780,089 | 179,729 | 356,683 | - | 23,701 | 46,953 | - | 1,387,155
Page 12

MEDFAC UK LTD Notes to the financial statements For the Year Ended 31 December 2024 7.Tangible fixed assets (continued)
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Plant and machinery | 60,582 | 86,256
|  | 60,582 | 86,256
8. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 January 2024 | 11,130
| At 31 December 2024 | 11,130
| Investments in subsidiary companies comprises 100% of the ordinary share capital in Medfac Medical International FZ-LLC, incorporated in United Arab Emirates. Their registered office is ED47, Floor 5, Building 64, Dubai Healthcare City.
9. | Stocks
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Finished goods | 660,314 | 546,717
| Work in progress | 147,415 | 131,219
|  | 807,729 | 677,936
Page 13
MEDFAC UK LTD Notes to the financial statements For the Year Ended 31 December 2024
10. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 1,100,310 | 1,081,617
| Amounts owed by group undertakings | 890,939 | 251,753
| Other debtors | 9,746 | 2,500
| Called up share capital not paid | 3,000 | 3,000
| Prepayments and accrued income | 703,040 | 337,418
|  | 2,707,035 | 1,676,288
11. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Other loans | 399,948 | -
| Trade creditors | 836,738 | 407,339
| Amounts owed to group undertakings | 1,005,666 | 1,294,757
| Other taxation and social security | 284,958 | 284,134
| Obligations under finance lease and hire purchase contracts | - | 809
| Other creditors | 93,101 | 82,276
| Accruals and deferred income | 153,755 | 154,880
|  | 2,774,166 | 2,224,195
12. | Deferred taxation
|  | 2024
|  | £
| Charged to profit or loss | (184,057)
| At end of year | (184,057)
Page 14
MEDFAC UK LTD Notes to the financial statements For the Year Ended 31 December 2024 12.Deferred taxation (continued)
| The deferred taxation balance is made up as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Accelerated capital allowances | (204,167) | -
| Tax losses carried forward | 20,110 | -
|  | (184,057) | -
13. | Provisions
|  | Other provision
|  | £
| At 1 January 2024 | 85,367
| Charged to profit or loss | (60,876)
| At 31 December 2024 | 24,491
14. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 123 (2023 - 123) Ordinary shares of £1,000.00 each | 123,000 | 123,000
15. | Pension commitments
The total contributions paid in the period amounted to £165,521 (2023: £129,256). All the contributions were paid into defined benefit contribution schemes. At the year end there were unpaid pension contributions amounting to £28,606 (2023: £24,174). Page 15
MEDFAC UK LTD Notes to the financial statements For the Year Ended 31 December 2024
16. | Related party transactions
| During the year, goods and services provided by entities under common ownership totalled £722,968. At the year end, £132,675 was owed to these entities. During the year, services provided by entities with a common Director totalled £73,877 (2023: £59,651). At the year end, £3,128 was owed to these entities (2023: £nil). At the year end, the Company owed £399,948 to an entity under common ownership. The loan attracts an interest rate equivalent to EURIBOR (1 year) and is repayable by 31 December 2025. The company has adopted the exemption permitted by paragraph 33.1A of FRS 102 and has not disclosed the transactions with other group members, which are wholly owned subsidiaries.
17. | Post balance sheet events
On 18 May 2025 the company exercised its option to purchase the freehold property of John Florence Limited as part of the acquisition and asset purchase agreement in Note 8. As part of the purchase the company took out a mortgage with HSBC and provided a fixed and floating charge over the property and all assets as security.
18. | Controlling party
On 19 December 2024, the parent company, Medfac BVBA, sold their shareholding to Dunamis Assets Limited. At 31 December 2024, the parent undertaking of the smallest group of which Medfac UK Ltd is a member is Dunamis Assets Limited. Their registered office address is 3rd Floor, 12 Gough Square, London, EC4A 3DW.
19. | Auditor's information
The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified. The audit report was signed on 7 October 2025 by Hannah Clegg (Senior statutory auditor) on behalf of Sayers Butterworth LLP.
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