Company registration number 02533282 (England and Wales)
MEDISAFE UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
MEDISAFE UK LIMITED
COMPANY INFORMATION
Directors
Mr M J Tokich
Mr J A Zangerle
Mr J P Ubbing
Company number
02533282
Registered office
2200 Renaissance
Basing View
Basingstoke
Hampshire
RG21 4EQ
Auditor
Ernst & Young LLP
No.1 Colmore Square
Birmingham
B4 6HQ
MEDISAFE UK LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Notes to the financial statements
12 - 27
MEDISAFE UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The directors present the strategic report for the year ended 31 March 2025.

Principal activities

The principal activity of the c ompany is the design, manufacture and distribution of medical and industrial equipment.

Review of the business

The results for the year are summarised in the Statement of Comprehensive Income.

A review of the business, including key performance indicators, is given below.

Principal risks and uncertainties

The c ompany manages competitive trading risk by providing added value services to its Customers, having fast response times not only in supplying products but in handling all Customer queries, and by maintaining strong relationships with Customers.

The c ompany’s transactions are predomin antly now in pounds sterling. The c ompany is therefore exposed to limited risk in relation to the movement in foreign exchange rates.

A significant portion of the company's revenue comes from the US. The company is therefore exposed to a risk in relation to tariffs. The directors continue to monitor this risk.

The c ompany is effectively self-financing and has no third party debt, it therefore has no significant interest rate and liquidity exposure. Group risks are discussed in the g roup’s Annual Report, which does not form part of this report.

Key performance indicators

The c ompany monitors its sales and purchase activities by utilising key performance indicators on a monthly basis to ensure key effective financial planning.

Turnover has de creased by £6.4m to £17.3m (202 4: £23.7 m) due to fluctuating demand from intercompany customers. Gross profit has also de creased proportionally, with a de crease of £3.3m from £12.1 m to £8.8 m with gross profit margin remaining relatively consistent at 5 1% (202 4: 51%). Administrative expenses increased during the year, primarily due to increased staff and R&D costs. C onsequently, operating profit decreased to £5.4 m (202 4: £9.6m). The company also reversed part of an investment impairment during the year, meaning profit before taxation was £6.5m (2024: £9.9m).

Section 172(1) statement

Section 172 states a director of a company must act in the way he considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:

(a) the likely consequences of any decision in the long term,

(b) the interests of the company's employees,

(c) the need to foster the company's business relationships with suppliers, customers and others,

(d) the impact of the company's operations on the community and the environment,

(e) the desirability of the company maintaining a reputation for high standards of business conduct, and

(f) the need to act fairly between members of the company.

MEDISAFE UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -

Medisafe UK Limited is a 100% owned subsidiary within the STERIS plc group, and as with many international groups the directors delegate the day to day management of the company to local teams. The directors of the company are U.S. based and are members of the STERIS plc management team. The company’s local management is structured to align the company’s objectives with that of the group, and to ensure the company follows group policies. Further details on these can be found in STERIS plc’s financial statements, which are available online or from 70 Sir John Rogerson’s Quay, Dublin 2, D02 R296, Ireland.

The directors of the company, and the board as a whole, receive routine reporting from their delegated management team and have regular updates to ensure the company continues to meet the directors’ expectations. Details of the KPIs monitored by the directors and the results for the year are detailed above.

The company identifies its key stakeholders as its shareholder, customers, suppliers, employees and regulators. The directors acknowledge that the views of, and effects on, these people in regard to key business objectives and decisions are of critical importance to the continued success of the company. Each of these stakeholders will have different expectations of the company and these are as follows:

Shareholder – the shareholder expects the company to continue to provide a return on its capital and to continue to provide growth for future returns.

Customers – The company's customers are a mix of external and group companies. All customers expect the company to provide a good service, this includes providing quality product on a timely basis and working closely with the customers to understand their needs and requirements.

Suppliers – the company’s suppliers are a mix of external and fellow group companies. All suppliers expect the company to continue to settle its debts on a timely basis and provide a consistent purchase stream.

Employees – the company’s employees want the company to provide a stable employment, for the company to engage and develop their skills and expertise and to provide fair remuneration.

Regulators – the company is regulated by a number of external regulators due to the nature of the product it sells. These regulators expect the company to produce consistent product which is prepared in a compliant manner. The other key regulator for the company is HMRC. HMRC expects the company to meet all compliance requirements and submit returns and payments as required, accurately and on time.

Key business decisions

As part of a group-wide cash repatriation project, Medisafe UK Limited paid dividends of £10 m during the year (202 4: £5.5 m). The directors ensured that this left sufficient cash in the business to meet its obligations to stakeholders.

Other interaction with key stakeholders

The group holds employee forums and work councils and aims to communicate with employees about all areas of the business wherever possible.

The directors also acknowledge the need to continue to foster the relationships with both their customers and suppliers. The company aims to have an open dialogue with its customers and to continue to understand and react to their needs. The company continues to maintain good trading relationships with suppliers.

The directors feel that the above actions continue to promote the success of the company as a whole.

On behalf of the board

Mr M J Tokich
Director
14 October 2025
MEDISAFE UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

The directors present their annual report and financial statements for the year ended 31 March 2025.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £10,000,000. (2024: £5,500,000). The directors do not recommend payment of a further 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 M J Tokich
Mr J A Zangerle
Mr J P Ubbing
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Future developments

R&D investment in the business is focusing on developing products with all R&D costs expensed in the year they are incurred. The business is continually investing in improving financial, business systems and seeking to improve its internal quality systems and processes.

Auditor

In accordance with the company's articles, a resolution proposing that Ernst & Young LLP be reappointed as auditor of the company will be put at a General Meeting.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of d etails of the c ompany’s objectives and policies for the financial risk management and its exposure to funding, liquidity risk, foreign currency risk and credit risk.

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.

Going concern

The Company’s business activities, together with a review of the business and the impact of the principal risks and uncertainties have been described in the strategic report. For the year to 31 March 2025 the company made a profit after tax amounting to £5,043,610 and had net assets of £4,152,641. Although the company is expected to be profitable, the company has also received confirmation from its intermediate parent undertaking, STERIS Limited, of its intention to provide support, where needed, for a period of 12 months from the date of approval of the accounts. T he directors have assessed the ability of STERIS Limited to provide support, and therefore have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

MEDISAFE UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
On behalf of the board
Mr M J Tokich
Director
14 October 2025
MEDISAFE UK LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -

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 company's financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland ("FRS 102"). 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 in accordance with Section 10 of FRS 102 and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;

- provide additional disclosures when compliance with the specific requirements in FRS 102 is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the group and company financial position and financial performance;

- in respect of the company financial statements, state whether applicable UK Accounting Standards, including FRS102, have been followed, subject to any material departures disclosed and explained in the financial statements; 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.

Under applicable law and regulations, the directors are responsible for preparing a strategic report and directors' report that comply with that law and those regulations. The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website.

MEDISAFE UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF MEDISAFE UK LIMITED
- 6 -
Opinion

We have audited the financial statements of Medisafe UK Limited (the 'company') for the year ended 31 March 2025 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and the related notes 1 to 27, 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 31 March 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 twelve months from when the financial statements are approved for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company's ability to continue as a going concern.

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.

MEDISAFE UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF MEDISAFE UK LIMITED (CONTINUED)
- 7 -
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 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 set out on page 5, 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.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

MEDISAFE UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF MEDISAFE UK LIMITED (CONTINUED)
- 8 -

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to the reporting framework (FRS 102 and the Companies Act 2006) and compliance with relevant direct and indirect tax regulations in the United Kingdom. In addition, the Company has to comply with laws and regulations relating to its operations, including occupational health and safety, environmental, General Data Protection Regulation (GDPR) and industry regulations and quality standards.

- We understood how the Company is complying with those frameworks by making enquiries of senior management to understand how the Company maintains and communicates its policies and procedures in these areas. We corroborated our enquiries through our review of minutes of the meetings of those charged with governance. We understand any controls put in place by management to reduce the opportunities for fraudulent transactions and how monitoring of these processes is done to avoid any instance of non-compliance.

- We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur by We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur by meeting with management to understand where they considered there was susceptibility to fraud. We considered the processes and controls that the Company had established to address identified risks, or that otherwise prevent or detect fraud; and how management monitors those processes and controls. We have determined there to be a risk of management override in relation to the posting of non-standard manual journals to revenue. To address this risk, our procedures include obtaining the population of all journals processed during the year. We performed a three-way correlation between revenue, receivables and cash and obtained explanations for any material outliers. We also tested non-standard manual journals posted to revenue using professional judgement. We then understood the transactions identified and agreed them to source documentation. We determined the sample based on either size or nature for further testing and agreed to source documentation.

- Based on this understanding we designed our audit procedures to identify noncompliance with such laws and regulations. Our procedures involved understanding management’s internal controls over compliance with laws and regulations, enquiries of management, vouching transactions to source documentation and verifying that they are recorded in compliance with FRS 102 and in conformity with the requirements of the Companies Act 2006.

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.

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, for our audit work, for this report, or for the opinions we have formed.

Lorna McNeil (Senior Statutory Auditor)
For and on behalf of Ernst & Young LLP, Statutory Auditor
No.1 Colmore Square
Birmingham
B4 6HQ
14 October 2025
MEDISAFE UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
17,285,558
23,659,882
Cost of sales
(8,515,038)
(11,570,359)
Gross profit
8,770,520
12,089,523
Administrative expenses
(3,352,357)
(2,491,415)
Operating profit
4
5,418,163
9,598,108
Interest receivable and similar income
6
487,616
316,903
Interest payable and similar expenses
7
(19,512)
(7,762)
Amounts (written off)/back to investments
8
574,370
-
Profit before taxation
6,460,637
9,907,249
Tax on profit
9
(1,417,027)
(2,524,619)
Profit for the financial year
5,043,610
7,382,630

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

There was no other comprehensive income during the year (202 4: £Nil).

MEDISAFE UK LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2025
31 March 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
11
782,654
941,032
Investments
12
1,053,856
479,486
1,836,510
1,420,518
Current assets
Stocks
14
1,614,639
2,110,814
Debtors falling due after more than one year
15
10,478
-
0
Debtors falling due within one year
15
11,537,800
15,355,883
Cash at bank and in hand
22,223
4,165
13,185,140
17,470,862
Creditors: amounts falling due within one year
16
(10,782,484)
(9,396,050)
Net current assets
2,402,656
8,074,812
Total assets less current liabilities
4,239,166
9,495,330
Creditors: amounts falling due after more than one year
17
-
0
(327,532)
Provisions for liabilities
Provisions
18
86,525
76,491
Deferred tax liability
19
-
0
17,142
(86,525)
(93,633)
Net assets
4,152,641
9,074,165
Capital and reserves
Called up share capital
22
1,000
1,000
Share premium account
23
977,315
977,315
Other reserves
23
93,345
58,479
Profit and loss reserves
23
3,080,981
8,037,371
Total equity
4,152,641
9,074,165
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 M J Tokich
Director
Company registration number 02533282 (England and Wales)
MEDISAFE UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
Share capital
Share premium account
Other reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2023
1,000
977,315
29,547
6,154,741
7,162,603
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
-
7,382,630
7,382,630
Dividends
10
-
-
-
(5,500,000)
(5,500,000)
Credit to equity for equity settled share-based payments
-
-
28,932
-
28,932
Balance at 31 March 2024
1,000
977,315
58,479
8,037,371
9,074,165
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
-
5,043,610
5,043,610
Dividends
10
-
-
-
(10,000,000)
(10,000,000)
Credit to equity for equity settled share-based payments
-
-
34,866
-
34,866
Balance at 31 March 2025
1,000
977,315
93,345
3,080,981
4,152,641
MEDISAFE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
1
Accounting policies
Company information

Medisafe UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2200 Renaissance, Basing View, Basingstoke, Hampshire, RG21 4EQ.

1.1
Accounting convention

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. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of STERIS plc. These consolidated financial statements are available from its registered office, 70 Sir John Rogerson's Quay, Dublin 2, D02 R296, Ireland.

The company has taken advantage of the exemption under section 40 1 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

The Company’s business activities, together with a review of the business and the impact of the principal risks and uncertainties have been described in the strategic report. For the year to 31 March 2025 the company made a profit true after tax amounting to £5,043,610 and had net assets of £4,152,641. Although the company is expected to be profitable, the company has also received confirmation from its intermediate parent undertaking, STERIS Limited, of its intention to provide support, where needed, for a period of 12 months from the date of approval of the accounts. T he directors have assessed the ability of STERIS Limited to provide support, and therefore have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

MEDISAFE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 13 -
1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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 the provision of services is recognised when the service is provided, unless the revenue is from a Preventative Maintenance Agreement where it is recognised over the agreement’s term.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred.

1.5
Tangible fixed assets

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

The c ompany adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the c ompany. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

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:

Leasehold improvements
Over the period of the lease on a straight line basis
Plant and equipment
5-10 years straight line
Fixtures and fittings
3-10 years straight line

Assets in the course of construction are not depreciated.

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.

1.6
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.7
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.

MEDISAFE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 14 -

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.

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.

1.8
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.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.10
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 statement of financial position 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.

MEDISAFE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 15 -
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.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, 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.

MEDISAFE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 16 -
Derecognition of financial liabilities

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

1.11
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.

1.12
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 income statement 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.

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 income statement, 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.

1.13
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

MEDISAFE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 17 -
1.14
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.

1.15
Retirement benefits

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

1.16
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

1.17
Leases

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.

1.18
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 the statement of comprehensive income.

MEDISAFE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Assessment of indicators of impairment

In assessing whether there have been any indicators of impairment in the assets, the d irectors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Provision of equipment
15,228,348
21,306,166
Provision of services
2,027,573
2,291,339
Provision of consumables
29,637
62,377
17,285,558
23,659,882
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
394,018
283,985
Rest of Europe
304,288
563,258
United States
15,998,970
22,254,461
Rest of the world
588,282
558,178
17,285,558
23,659,882
2025
2024
£
£
Other revenue
Interest income
487,616
316,903
MEDISAFE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 19 -
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
13,098
10,233
Research and development costs
1,678,776
1,159,789
Fees payable to the company's auditor for the audit of the company's financial statements
30,669
29,958
Depreciation of owned tangible fixed assets
351,147
343,739
Loss/(profit) on disposal of tangible fixed assets
3,674
(3,034)
Share-based payments
25,519
28,932
Operating lease charges
202,808
175,168
5
Employees

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

2025
2024
Number
Number
Production and logistics
54
53
Finance and administration
3
4
Total
57
57

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
2,473,881
2,236,091
Social security costs
244,662
221,587
Pension costs
146,350
131,043
2,864,893
2,588,721
6
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
8,684
22
Interest receivable from group companies
478,932
316,881
Total income
487,616
316,903
MEDISAFE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 20 -
7
Interest payable and similar expenses
2025
2024
£
£
Interest payable to group undertakings
18,688
7,762
Other interest
824
-
0
19,512
7,762
8
Amounts written off investments
2025
2024
£
£
Other gains and losses
574,370
-

Other gains and losses relate to the reversal of a previously recognised impairment in investments in subsidiaries.

9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
1,517,204
2,610,425
Adjustments in respect of prior periods
(72,557)
(24,400)
Total current tax
1,444,647
2,586,025
Deferred tax
Origination and reversal of timing differences
(37,830)
(85,730)
Adjustment in respect of prior periods
10,210
24,324
Total deferred tax
(27,620)
(61,406)
Total tax charge
1,417,027
2,524,619
MEDISAFE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
9
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
6,460,637
9,907,249
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
1,615,159
2,476,812
Tax effect of expenses that are not deductible in determining taxable profit
7,807
340
Tax effect of income not taxable in determining taxable profit
(143,593)
(8,125)
Change in unrecognised deferred tax assets
-
0
55,668
Adjustments in respect of prior years
(62,346)
(76)
Taxation charge for the year
1,417,027
2,524,619

In December 2021, the OECD released an Inclusive Framework on Base Erosion and Profit Shifting including Pillar Two Model Rules, which aim to reform corporate taxation rules, including a global minimum tax rate. These rules are applicable for multinational enterprise groups with global revenue over €750m. The legislation implementing the rules in the UK was substantively enacted on 20 June 2023 and first has effect for the company for the year ended 31 March 2025. The company has applied the exemption under FRS102 in relation to accounting for deferred tax assets and liabilities arising from the implementation of the Pillar Two model rules.

The STERIS plc Group's assessment of the potential exposure to Pillar Two income taxes is based on the most recent tax filings, country-by-country reporting and financial statements for the constituent entities in the Group. Based on the assessment carried out so far and to the extent information is known and reasonably estimable, the Group considers that there are no countries where there is a potential impact, which would be captured in this Company. A current tax expense has therefore not been recorded in respect of Pillar Two income taxes in this Company.

10
Dividends
2025
2024
£
£
Final paid
10,000,000
5,500,000
MEDISAFE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 22 -
11
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 April 2024
1,758,880
569,373
133,605
2,461,858
Additions
-
0
191,451
5,040
196,491
Disposals
-
0
(101,007)
(35,636)
(136,643)
At 31 March 2025
1,758,880
659,817
103,009
2,521,706
Depreciation and impairment
At 1 April 2024
1,102,265
311,610
106,951
1,520,826
Depreciation charged in the year
251,268
90,147
9,732
351,147
Eliminated in respect of disposals
-
0
(97,285)
(35,636)
(132,921)
At 31 March 2025
1,353,533
304,472
81,047
1,739,052
Carrying amount
At 31 March 2025
405,347
355,345
21,962
782,654
At 31 March 2024
656,615
257,763
26,654
941,032
12
Fixed asset investments
2025
2024
Notes
£
£
Investments in subsidiaries
13
1,053,856
479,486
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2024 & 31 March 2025
3,226,256
Impairment
At 1 April 2024
2,746,770
Impairment loss reversals
(574,370)
At 31 March 2025
2,172,400
Carrying amount
At 31 March 2025
1,053,856
At 31 March 2024
479,486
MEDISAFE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
12
Fixed asset investments
(Continued)
- 23 -

As part of our annual review of impairment, which included a review of net assets of the underlying subsidiaries, the directors deemed it necessary to reverse £574,370 of a previously recognised impairment in Medisafe America LLC.

13
Subsidiaries

Details of the company's subsidiaries at 31 March 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Medisafe America, LLC
9423 Corporate Lake Drive, Tampa FL336334, USA
Non-trading
Ordinary
100.00
14
Stocks
2025
2024
£
£
Raw materials and consumables
505,310
700,643
Work in progress
107,818
202,884
Finished goods and goods for resale
1,001,511
1,207,287
1,614,639
2,110,814

The difference between purchase price or production cost of stocks and their replacement cost is not material.

An impairment provision of £54,805 was charged (20 2 4: £49,9 08 credited) to cost of sales against stock during the year relating to slow-moving and obsolete stock.

15
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
23,650
4,799
Amounts owed by group undertakings
11,217,084
15,195,544
Other debtors
48,224
81,482
Prepayments and accrued income
248,842
74,058
11,537,800
15,355,883
2025
2024
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 19)
10,478
-
0
Total debtors
11,548,278
15,355,883
MEDISAFE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
15
Debtors
(Continued)
- 24 -

Amounts owed by group undertakings includes £5,754,484 (202 4: £9,315,164) relating to a cash pooling structure. The interest rate is variable, based on the group's external borrowing rates plus a margin, and is due on demand. The amounts can be utilised on demand. The interest rate is updated on a monthly basis to reflect movements resulting from changes in external borrowing rates.

All other balances relate to trading balances and are repayable on demand. No interest is charged on these balances.

16
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
969,956
1,467,460
Amounts owed to group undertakings
7,932,731
3,778,786
Corporation tax
1,444,647
3,852,836
Other taxation and social security
82,893
73,328
Other creditors
25,650
31,785
Accruals and deferred income
326,607
191,855
10,782,484
9,396,050

Included within t he amounts owed to group undertakings is a loan owed to Medisafe America, LLC. The loan is for an amount of $339,629, matures on 1 March 2029, and can be terminated by either party with 30 days notice. The interest rate on the loan is variable and based on the group's external borrowing rates plus a margin. The interest rate on the loan is updated on a monthly basis to reflect movements resulting from changes in external borrowing rates.

All other amounts owed to group undertakings are trading balances repayable on demand. No interest is charged on these balances.

17
Creditors: amounts falling due after more than one year
2025
2024
£
£
Amounts owed to group undertakings
-
0
327,532
18
Provisions for liabilities
2025
2024
£
£
Warranty provision
26,525
26,491
Dilapidation provision
60,000
50,000
86,525
76,491
MEDISAFE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
18
Provisions for liabilities
(Continued)
- 25 -
Movements on provisions:
Warranty provision
Dilapidation provision
Total
£
£
£
At 1 April 2024
26,491
50,000
76,491
Additional provisions in the year
1,149
10,000
11,149
Utilisation of provision
(1,115)
-
(1,115)
At 31 March 2025
26,525
60,000
86,525

The warranty provision is the cost of warranty work that will be carried out in the future in relation to products sold prior to 31 March 20 2 5 and is expected to be utilised in the following year.

The dilapidation provision reflects the expected cost of reinstating the premises occupied by the company, in line with the relevant contractual terms. The dilapidations provision is for an ongoing lease and, as such, is not expected to be paid until 2029.

19
Deferred taxation

The following are the major deferred tax liabilities and (assets) recognised by the company and movements thereon:

Liabilities
Liabilities
Assets
Assets
2025
2024
2025
2024
Balances:
£
£
£
£
Accelerated capital allowances
-
57,272
(32,553)
-
Short term timing differences
-
(40,130)
43,031
-
-
17,142
10,478
-
2025
Movements in the year:
£
Liability at 1 April 2024
17,142
Credit to profit or loss
(27,620)
Asset at 31 March 2025
(10,478)
MEDISAFE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 26 -
20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
146,350
131,043

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.

Contributions totalling £23,559 (20 24: £22,694) were payable to the fund at the b alance s heet date and are included in other creditors.

21
Share-based payment transactions
Group share-based payments

T he c ompany's ultimate parent, STERIS plc, has granted rights to its equity instruments to certain of the c ompany's employees. The c ompany accounts for these share based payments as equity settled.

Stock options provide the right to purchase ordinary shares of STERIS plc at the market price on the date of grant, subject to the terms of the option plan. Generally, one fourth of the stock options become exercisable for each year of employment following the grant date. Stock options granted generally expire 10 years after the grant date, or earlier if the option holder is no longer employed by the g roup.

22
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
100,000
100,000
1,000
1,000
23
Reserves
Share premium

The share premium reserve represents the amount, above the nominal value received for issued share capital, less transaction costs.

Other reserve

The other reserve represents the cost of share based payments granted to employees and regarded as equity settled.

Profit and loss reserves

Retained earnings represent the cumulative profits and losses of the business, after deduction of dividends paid.

MEDISAFE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 27 -
24
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within one year
237,697
173,611
Between two and five years
705,519
689,338
943,216
862,949
25
Capital commitments

Amounts contracted for but not provided in the financial statements:

2025
2024
£
£
Acquisition of tangible fixed assets
29,950
99,000
26
Related party transactions

Advantage has been taken of the exemption conferred by Section 33 Related Party Disclosures not to disclose transactions with subsidiary undertakings 100% of whose voting rights are controlled within the g roup.

27
Ultimate controlling party

The Company’s immediate parent undertaking is Medisafe Holdings Limited. The registered office of Medisafe Holdings Limited is 2200 Renaissance, Basing View, Basingstoke, RG21 4EQ.

The ultimate parent undertaking and controlling party is STERIS plc, a company incorporated and domiciled in Ireland.

The largest and smallest group for which consolidated financial statements are prepared is STERIS plc. Copies of the consolidated financial statements are available from its registered office at 70 Sir John Rogerson’s Quay, Dublin 2, D02 R296, Ireland.

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