SEERS MEDICAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
Company Registration No. 06572698 (England and Wales)
SEERS MEDICAL LIMITED
COMPANY INFORMATION
Directors
Mr S M C Rees
Mrs J Rees
Mr I Stanmore
Mr J Ambrose
(Appointed 1 May 2024)
Secretary
Mrs J Rees
Company number
06572698
Registered office
Head Office
Kenton Road
Debenham
Suffolk
IP14 6LA
Auditor
Beaumont Seymour
47 Butt Road
Colchester
Essex
CO3 3BZ
Business address
Kenton Road
Debenham
Suffolk
IP14 6LA
SEERS MEDICAL LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 26
SEERS MEDICAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2025
- 1 -

The directors present the strategic report for the year ended 30 April 2025.

Review of the business

Executive Summary

SEERS Medical Limited, founded in 2008 and headquartered in Debenham, Suffolk, is a leading UK manufacturer of medical treatment, examination, and rehabilitation furniture. With a strong reputation for quality, innovation, and ergonomic design, SEERS Medical serves both domestic and international markets. The company has demonstrated consistent growth in previous years, supported by a robust product portfolio and a commitment to design and manufacturing along with sustainability and customer service.

During the reporting period, SEERS Medical sustained current sales levels in both home and international markets, whilst continuing to invest substantially to improving the Operating premises at Debenham, with the addition of a dedicated Technology Building, facilitating a new Product Showroom, a Design Team Office, a Product Testing laboratory for product testing/design along with new 1 st floor office suite with an Executive Boardroom.

The company’s strategic advantages continue to thrive, controlling design and regulatory compliance, lean manufacturing, and distribution from its site in Debenham.

This has been further enhanced this calendar year

SEERS continued to focus on sustainability responsibilities in 2024/25, with the addition of a further 152 solar panels, on top of the already 298 running on the manufacturing premises.

Company Overview

- Core Products:

  - Examination and treatment couches

  - Patient transport trolleys

  - Medical Seating

- Flagship Brand: CLINNOVA – a range of electric profiling couches for various medical disciplines

Strategic Positioning

SEERS Medical positions itself as a premium provider of ergonomically designed medical furniture, with a focus on:

- Quality Compliance: ISO 13485 certified by LRQA

- Innovation: Continuous in-house product development tailored to clinical market needs and opportunities

- Sustainability: Environmentally conscious manufacturing practices

- Global Reach: Distribution in over 80 countries

SEERS MEDICAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 2 -

Business Developments

- New Product Launches: Expansion of the CLINNOVA range and introduction of the Portman line a portering chair for the global medical market.

- Corporate Branding: Release of a new corporate video to reinforce brand identity as well as continue to develop it’s AR and Virtual reality sales tools.

- Talent Acquisition: Appointment of a new head of design and regulatory compliance and further growth of the sales and marketing team.

- Exhibitions: Participation in industry events such as the National Back Exchange Conference and EBME Expo in the UK.

Conclusion

SEERS Medical Limited is well-positioned to capitalize on the growing demand for high-quality, ergonomic medical furniture in the coming years. With a strong foundation, strategic focus on product innovation, lean manufacturing, sales and marketing initiatives and opportunities for global expansion, the company can continue to thrive in a competitive healthcare landscape.

Principal risks and uncertainties

The company has procedures to manage the major risks faced. Where possible, the board takes action to eliminate, reduce or mitigate specific risks through the adoption of appropriate strategies, the main emphasis being placed on the continuation of trade at current levels, the maintenance of margins and the collection of receivables. This includes the use of business continuity plans and the monitoring of major contracts.

Financial risks

The company's operations expose it to a variety of financial risks, including credit exposure, liquidity and interest rates. The main risks arising from the company's trading operations can be analysed as follows:

Interest rate risk - The company has limited exposure to interest rate risk with a structured approach of debt being secured at both fixed and variable rates across borrowing.

Currency risk - The company faces currency exposure on trading transactions undertaken in foreign currencies. Currencies are purchased in advance on a two-year rolling basis to help mitigate any potential exposure.

Key performance indicators

The company's key financial and other performance indicators during the year were as follows:

On behalf of the board

Mr S M C Rees
Director
14 October 2025
SEERS MEDICAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2025
- 3 -

The directors present their annual report and financial statements for the year ended 30 April 2025.

Principal activities

The principal activity of the company is that of the design and manufacture of patient examination equipment to the medical profession.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £355,000. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr S M C Rees
Mrs J Rees
Mr I Stanmore
Mr J Ambrose
(Appointed 1 May 2024)
Auditor

Beaumont Seymour were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr S M C Rees
Director
14 October 2025
SEERS MEDICAL LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2025
- 4 -

The directors are responsible for preparing the annual report 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; and

- 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.

SEERS MEDICAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SEERS MEDICAL LIMITED
- 5 -
Opinion

We have audited the financial statements of Seers Medical Limited (the 'company') for the year ended 30 April 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 30 April 2025 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 Auditor's 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 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport 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.

SEERS MEDICAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SEERS MEDICAL LIMITED (CONTINUED)
- 6 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which 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 directors' r esponsibilities s tatement, 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 is 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.

Auditor's 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 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

- We obtained an understanding of the legal and regulatory requirements applicable to the company and determined that the most significant laws and regulations which are directly relevant to specific assertions in the financial statements are those related to the financial reporting framework (Companies Act 2006, UK GAAP) and UK taxation legislation.

- We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.

- We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur by holding discussions with management and those charged with governance.

- We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

- Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

SEERS MEDICAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SEERS MEDICAL LIMITED (CONTINUED)
- 7 -

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit.

We also:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

- Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements

- represent the underlying transactions and events in a manner that achieves fair presentation.

- Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the company to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the company audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Mr Andrew John Griggs (Senior Statutory Auditor)
For and on behalf of Beaumont Seymour, Statutory Auditor
Chartered Certified Accountants
47 Butt Road
Colchester
Essex
CO3 3BZ
14 October 2025
SEERS MEDICAL LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
10,152,915
11,002,496
Cost of sales
(6,960,204)
(7,836,320)
Gross profit
3,192,711
3,166,176
Administrative expenses
(2,356,786)
(1,996,086)
Other operating income
-
0
5,010
Operating profit
4
835,925
1,175,100
Interest receivable and similar income
8
1,912
10,044
Interest payable and similar expenses
9
(128,317)
(140,363)
Profit before taxation
709,520
1,044,781
Tax on profit
10
(60,508)
(121,603)
Profit for the financial year
649,012
923,178

The profit and loss account has been prepared on the basis that all operations are continuing operations.

SEERS MEDICAL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2025
- 9 -
2025
2024
£
£
Profit for the year
649,012
923,178
Other comprehensive income
-
-
Total comprehensive income for the year
649,012
923,178
SEERS MEDICAL LIMITED
BALANCE SHEET
AS AT
30 APRIL 2025
30 April 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
5,641,740
4,477,120
Current assets
Stocks
13
1,335,928
1,451,023
Debtors
14
1,585,603
1,707,211
Cash at bank and in hand
297,143
903,200
3,218,674
4,061,434
Creditors: amounts falling due within one year
15
(1,839,321)
(1,670,714)
Net current assets
1,379,353
2,390,720
Total assets less current liabilities
7,021,093
6,867,840
Creditors: amounts falling due after more than one year
16
(1,748,830)
(1,889,183)
Provisions for liabilities
Deferred tax liability
19
255,602
256,008
(255,602)
(256,008)
Net assets
5,016,661
4,722,649
Capital and reserves
Called up share capital
21
20,000
20,000
Revaluation reserve
389,184
389,184
Profit and loss reserves
4,607,477
4,313,465
Total equity
5,016,661
4,722,649

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 14 October 2025 and are signed on its behalf by:
Mr S M C Rees
Director
Company registration number 06572698 (England and Wales)
SEERS MEDICAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2025
- 11 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2023
20,000
389,184
3,954,037
4,363,221
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
923,178
923,178
Dividends
11
-
-
(563,750)
(563,750)
Balance at 30 April 2024
20,000
389,184
4,313,465
4,722,649
Year ended 30 April 2025:
Profit and total comprehensive income
-
-
649,012
649,012
Dividends
11
-
-
(355,000)
(355,000)
Balance at 30 April 2025
20,000
389,184
4,607,477
5,016,661
SEERS MEDICAL LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2025
- 12 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
1,479,492
868,051
Interest paid
(128,317)
(140,363)
Income taxes paid
(14)
(52,274)
Net cash inflow from operating activities
1,351,161
675,414
Investing activities
Purchase of tangible fixed assets
(1,384,909)
(887,545)
Proceeds from disposal of tangible fixed assets
79,743
34,870
Interest received
1,912
10,044
Net cash used in investing activities
(1,303,254)
(842,631)
Financing activities
Repayment of bank loans
(194,824)
(138,723)
Payment of finance leases obligations
(104,140)
(28,465)
Dividends paid
(355,000)
(563,750)
Net cash used in financing activities
(653,964)
(730,938)
Net decrease in cash and cash equivalents
(606,057)
(898,155)
Cash and cash equivalents at beginning of year
903,200
1,801,355
Cash and cash equivalents at end of year
297,143
903,200
SEERS MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
- 13 -
1
Accounting policies
Company information

Seers Medical Limited is a private company limited by shares incorporated in England and Wales. The registered office is Head Office, Kenton Road, Debenham, Suffolk, IP14 6LA.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

1.4
Tangible fixed assets

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

SEERS MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 14 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
2% Straight line
Plant and machinery
20% Straight line
Fixtures, fittings & equipment
33% Straight line
Computer equipment
25% Straight line
Motor vehicles
25% Reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

SEERS MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 15 -
1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 deducting all of its liabilities.

SEERS MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 16 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

SEERS MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 17 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

SEERS MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 18 -
2
Judgements and key sources of estimation uncertainty

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

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

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2025
2024
£
£
Turnover analysed by geographical market
UK sales
5,329,210
5,474,742
Export sales
4,823,705
5,527,754
10,152,915
11,002,496
2025
2024
£
£
Other revenue
Interest income
1,912
10,044
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of tangible fixed assets
262,289
259,397
Profit on disposal of tangible fixed assets
(7,458)
(18,032)
Operating lease charges
18,184
10,585
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
10,000
10,000
SEERS MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 19 -
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
67
65

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
2,079,952
2,040,709
Social security costs
204,974
189,590
Pension costs
94,103
75,354
2,379,029
2,305,653
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
260,193
114,296
Company pension contributions to defined contribution schemes
27,162
10,850
287,355
125,146

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2024 - 2).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
126,433
64,347
Company pension contributions to defined contribution schemes
12,462
6,300
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
1,912
10,044
SEERS MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
8
Interest receivable and similar income
(Continued)
- 20 -
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
1,912
10,044
9
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
59,916
71,065
Other finance costs:
Interest on finance leases and hire purchase contracts
17,781
11,897
Other interest
50,620
57,401
128,317
140,363
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
21,227
-
0
Deferred tax
Origination and reversal of timing differences
53,935
121,603
Adjustment in respect of prior periods
(14,654)
-
0
Total deferred tax
39,281
121,603
Total tax charge
60,508
121,603
SEERS MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
10
Taxation
(Continued)
- 21 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
709,520
1,044,781
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
177,380
261,195
Depreciation on assets not qualifying for tax allowances
-
0
14,654
Research and development tax credit
(102,218)
(154,246)
Under/(over) provided in prior years
(14,654)
-
0
Taxation charge for the year
60,508
121,603
11
Dividends
2025
2024
£
£
Interim paid
355,000
563,750
12
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 May 2024
4,030,614
685,095
39,902
108,619
619,944
5,484,174
Additions
1,270,664
97,568
4,755
11,922
114,285
1,499,194
Disposals
-
0
-
0
-
0
-
0
(206,464)
(206,464)
At 30 April 2025
5,301,278
782,663
44,657
120,541
527,765
6,776,904
Depreciation and impairment
At 1 May 2024
58,615
438,285
37,503
92,677
379,974
1,007,054
Depreciation charged in the year
84,028
104,255
3,220
9,424
61,362
262,289
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(134,179)
(134,179)
At 30 April 2025
142,643
542,540
40,723
102,101
307,157
1,135,164
SEERS MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
12
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
(Continued)
- 22 -
Carrying amount
At 30 April 2025
5,158,635
240,123
3,934
18,440
220,608
5,641,740
At 30 April 2024
3,971,999
246,810
2,399
15,942
239,970
4,477,120

Tangible fixed assets includes assets held under finance leases or hire purchase contracts, as follows:

2025
2024
£
£
Motor vehicles
171,683
147,812

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Land and buildings Freehold
2025
2024
£
£
Cost
4,782,366
3,511,702
Accumulated depreciation
(142,643)
(58,615)
Carrying value
4,639,723
3,453,087
13
Stocks
2025
2024
£
£
Raw materials and consumables
1,246,956
1,207,910
Work in progress
34,654
23,110
Finished goods and goods for resale
54,318
220,003
1,335,928
1,451,023
SEERS MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 23 -
14
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,419,780
1,633,563
Other debtors
-
0
750
Prepayments and accrued income
165,823
33,211
1,585,603
1,667,524
Deferred tax asset (note 19)
-
0
39,687
1,585,603
1,707,211
15
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
17
76,778
76,778
Obligations under finance leases
18
46,351
90,677
Trade creditors
1,297,555
1,251,371
Corporation tax
21,213
-
0
Other taxation and social security
180,395
110,316
Other creditors
82,682
2,071
Accruals and deferred income
134,347
139,501
1,839,321
1,670,714

Bank loans are secured by fixed charges over freehold property and other assets of the company.

16
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
17
666,501
861,325
Obligations under finance leases
18
170,329
115,858
Other borrowings
17
912,000
912,000
1,748,830
1,889,183
Creditors which fall due after five years are payable as follows:
Payable by instalments
291,678
480,776

The long-term loans are secured by fixed charges over freehold property and other assets of the company.

SEERS MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 24 -
17
Loans and overdrafts
2025
2024
£
£
Bank loans
743,279
938,103
Other loans
912,000
912,000
1,655,279
1,850,103
Payable within one year
76,778
76,778
Payable after one year
1,578,501
1,773,325

The long-term loans are secured by fixed charges over freehold property and other assets of the company.

18
Finance lease obligations
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
46,351
90,677
In two to five years
170,329
115,858
216,680
206,535

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

19
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
Assets
Assets
2025
2024
2025
2024
Balances:
£
£
£
£
ACAs
125,874
126,280
-
-
Tax losses
-
-
-
39,687
Revaluations
129,728
129,728
-
-
255,602
256,008
-
39,687
SEERS MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
19
Deferred taxation
(Continued)
- 25 -
2025
Movements in the year:
£
Liability at 1 May 2024
216,321
Charge to profit or loss
36,957
Liability at 30 April 2025
253,278
Balance per TB
255,602
Warning - Difference exists; check stat db entries
2,324
20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
94,103
75,354

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

21
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
20,000
20,000
20,000
20,000
22
Directors' transactions

Dividends totalling £275,000 (2024 - £363,750) were paid in the year in respect of shares held by the company's directors.

SEERS MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 26 -
23
Cash generated from operations
2025
2024
£
£
Profit after taxation
649,012
923,178
Adjustments for:
Taxation charged
60,508
121,603
Finance costs
128,317
140,363
Investment income
(1,912)
(10,044)
Gain on disposal of tangible fixed assets
(7,458)
(18,032)
Depreciation and impairment of tangible fixed assets
262,289
259,397
Movements in working capital:
Decrease in stocks
115,095
104,107
Decrease/(increase) in debtors
81,921
(320,022)
Increase/(decrease) in creditors
191,720
(332,499)
Cash generated from operations
1,479,492
868,051
24
Analysis of changes in net debt
1 May 2024
Cash flows
New leases
30 April 2025
£
£
£
£
Cash at bank and in hand
903,200
(606,057)
-
297,143
Borrowings excluding overdrafts
(1,850,103)
194,824
-
(1,655,279)
Lease liabilities
(206,535)
104,140
(114,285)
(216,680)
(1,153,438)
(307,093)
(114,285)
(1,574,816)
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