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Registered number: 04492546 MICROVENTION UK LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
MICROVENTION UK LIMITED COMPANY INFORMATION
Directors | C Schroeder
| J Collins
Company secretary | J Collins
Registered number | 04492546
Registered office | 13a Silver Fox Way
| Cobalt Business Park
| Newcastle Upon Tyne
| England
| NE27 0QJ
Independent auditor | Nortons Assurance Limited
| Statutory Auditor
| Second Floor
| NOW Building
| Thames Valley Park
| Reading
| Berkshire
| RG6 1RB
MICROVENTION UK LIMITED CONTENTS
| Page
Strategic Report | 1 - 2
Directors' Report | 3 - 4
Independent Auditor's Report | 5 - 8
Profit and Loss Account | 9
Balance Sheet | 10
Statement of Changes in Equity | 11
Notes to the Financial Statements | 12 - 22
MICROVENTION UK LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2025
Introduction
The Directors present their Strategic Report on the Company for year ended 31 March 2025.
Business review
The Company is a wholly owned subsidiary of Microvention Inc which is a US based company. The Company is focused on the sale of medical equipment to both public and private sector customers in the UK. The Company’s ultimate parent is Terumo Corporation which is a global medical technology company. Microvention UK Ltd offers innovative proprietary, single use instruments and systems used in interventional radiology to perform minimally invasive treatment of blood vessels which help improve patient and hospital outcomes.
Principal risks and uncertainties
Recoverability of Debtors The Company predominantly deals with NHS customers, and as such has not experienced any level of bad debt. Brexit Although the Company has strong intercompany links throughout Europe and imports its products from Europe, it has not experienced any level of disruption to supply.
Financial key performance indicators
The Board monitors the activities and performance of the Company on a regular basis. The Board and management primarily uses budgeting and forecasting of sales and financial performance to assess the operation of the Company. The two main KPIs for the Company were as follows: Mar/25 Mar/24 Revenue £16,580,038 £14,188,172 Inventory £4,411,263 £4,287,596 Page 1
MICROVENTION UK LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Directors' statement of compliance with duty to promote the success of the Company
The board of directors of Microvention UK Ltd consider that they have fulfilled their individual and collective duty under section 172(1) of the Companies Act 2006 to act in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of shareholders as a whole and in doing so, have regard to a number of broader matters which are set out below. Microvention UK Ltd is a wholly owned subsidiary of Microvention Inc and purchases all of its product from within the Microvention group. The relationship with Microvention’s customers is a key to the ongoing good performance of the Company. The relationships are managed closely by key members of staff, and potential changes in NHS structures are closely monitored. Microvention engages with suppliers on terms appropriate to its size and pays supplier invoices promptly. This report was approved by the board and signed on its behalf.
................................................ J Collins Director
Date: 3 December 2025
Page 2
MICROVENTION UK LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 MARCH 2025 The directors present their report and the financial statements for the year ended 31 March 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to 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.
Results and dividends
The profit for the year, after taxation, amounted to £610,768 (2024 - £498,803).
Directors
The directors who served during the year were:
C Schroeder
R Ippolito (resigned 2 June 2025)
Post year end on 13 June 2025, J Collins was appointed as a director.
Future developments
There are no current plans to change the way the business is currently operating.
Disclosure of information to auditor
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information. Page 3
MICROVENTION UK LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Post balance sheet events
There have been no significant events affecting the Company since the year end.
Auditor
The auditor, Nortons Assurance Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
................................................ J Collins Director
Date: 3 December 2025
Page 4
MICROVENTION UK LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MICROVENTION UK LIMITED
Opinion
We have audited the financial statements of Microvention UK Limited (the 'Company') for the year ended 31 March 2025, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 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 United Kingdom, including the Financial Reporting Council'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. Page 5
MICROVENTION UK LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MICROVENTION UK LIMITED (CONTINUED)
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.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic Report and the Directors' Report 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.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report. 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' Responsibilities Statement set out on page 3, 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. Page 6
MICROVENTION UK LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MICROVENTION UK LIMITED (CONTINUED)
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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: The objectives of our audit, in respect to 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; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. Our approach was as follows: - We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework including the Companies Act 2006 and the relevant tax compliance regulations in the UK. - We understood how the Company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. - We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur by discussing with management from various parts of the business to understand where it considered there was a susceptibility to fraud. We considered the controls that the Company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included testing manual journals and were designed to provide reasonable assurance that the financial statements were free from fraud and error. - Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations identified in the paragraphs above. Our procedures involved journal entry testing, with a focus on journals indicating large or unusual transactions based on our understanding of the business, enquiries of Company management and focused testing. In addition, we completed procedures to conclude on the compliance of the disclosures in the Annual Report and Accounts with the requirements of the relevant accounting standards and UK legislation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report. Page 7
MICROVENTION UK LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MICROVENTION UK LIMITED (CONTINUED)
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in 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 members, as a body, for our audit work, for this report, or for the opinions we have formed. Anthony Campbell (Senior Statutory Auditor) for and on behalf of Nortons Assurance Limited Statutory Auditor Second Floor NOW Building Thames Valley Park Reading Berkshire RG6 1RB 3 December 2025 Page 8
MICROVENTION UK LIMITED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 16,580,038 | 14,188,172
Cost of sales |  | (12,398,045) | (10,611,392)
Gross profit |  | 4,181,993 | 3,576,780
Distribution costs |  | (269,253) | (304,587)
Administrative expenses |  | (3,097,646) | (2,593,751)
Operating profit |  | 815,094 | 678,442
Interest receivable and similar income | 7 | 1,145 | 482
Interest payable and similar expenses | 8 | (53) | -
Profit before tax |  | 816,186 | 678,924
Tax on profit | 9 | (205,418) | (180,121)
Profit for the financial year |  | 610,768 | 498,803
There are no items of other comprehensive income for 2025 or 2024 other than the profit for the year. As a result, no separate Statement of Comprehensive Income has been presented.
The notes on pages 12 to 22 form part of these financial statements.
Page 9
MICROVENTION UK LIMITED REGISTERED NUMBER: 04492546 BALANCE SHEET AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 10 |  | 201,607 |  | 62,895
Current assets |  |  |  |  |
Stocks | 11 | 4,411,263 |  | 4,287,596 |
Debtors: amounts falling due within one year | 12 | 2,965,694 |  | 2,081,665 |
Cash at bank and in hand | 13 | 1,523,292 |  | 632,882 |
|  | 8,900,249 |  | 7,002,143 |
Creditors: amounts falling due within one year | 14 | (2,886,175) |  | (1,488,816) |
Net current assets |  |  | 6,014,074 |  | 5,513,327
Deferred tax | 16 | (28,691) |  | - |
Net assets |  |  | 6,186,990 |  | 5,576,222
Capital and reserves |  |  |  |  |
Called up share capital | 17 |  | 15,000 |  | 15,000
Profit and loss account | 18 |  | 6,171,990 |  | 5,561,222
|  |  | 6,186,990 |  | 5,576,222
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ J Collins
Director
Date: 3 December 2025
The notes on pages 12 to 22 form part of these financial statements. Page 10
MICROVENTION UK LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 April 2023 | 15,000 | 5,062,419 | 5,077,419
Comprehensive income for the year |  |  |
Profit for the year | - | 498,803 | 498,803
Total comprehensive income for the year | - | 498,803 | 498,803
At 1 April 2024 | 15,000 | 5,561,222 | 5,576,222
Comprehensive income for the year |  |  |
Profit for the year | - | 610,768 | 610,768
Total comprehensive income for the year | - | 610,768 | 610,768
At 31 March 2025 | 15,000 | 6,171,990 | 6,186,990
| The notes on pages 12 to 22 form part of these financial statements.
Page 11
MICROVENTION UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
Microvention UK Limited (the Company) is a company incorporated in the United Kingdom under the Companies Act. The Company is a private company limited by shares and is registered in England and Wales. The Company's registered office is 13a Silver Fox Way, Cobalt Business Park, Newcastle Upon Tyne, England, NE27 0QJ. The principle activity of the Company in the year under review was the supply of neuroendovascular therapy related products. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d). This information is included in the consolidated financial statements of Terumo Corporation as at 31 March 2025 and these financial statements may be obtained from 2-44-1 Hatagaya, Shibuya-ku Tokyo, 151-0072, Japan.
| 2.3 | Going concern
The directors have received a guarantee of continued financial support from its parent company, Microvention Inc. The directors believe that such financial support will continue to be available for the foreseeable future. The directors of Microvention UK Limited have a reasonable expectation that the group has adequate resources to continue in operational existence based on forecasts and receiving future funding. Page 12
MICROVENTION UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP, rounded to the nearest whole pound. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
| 2.5 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
| 2.6 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 13
MICROVENTION UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.8 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.9 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.10 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.11 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 14
MICROVENTION UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.11 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Building and leasehold property improvements | - | 10% |
|  |  |  | Plant and machinery | - | 50% |
|  |  |  | Fixtures and fittings | - | 20% |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.12 | Stocks
Stocks are valued at the lower of cost and net realisable value using the standard costing basis, after making due allowance for obsolete and slow moving items.
| 2.13 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.14 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.15 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. There are no estimates and assumptions that are deemed to have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year. Page 15
MICROVENTION UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Sales | 16,580,038 | 14,188,172
|  | 16,580,038 | 14,188,172
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 16,580,038 | 14,188,172
|  | 16,580,038 | 14,188,172
5. | Auditor's remuneration
| During the year, the Company obtained the following services from the Company's auditor:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditor for the audit of the Company's financial statements | 9,600 | 9,000
6. | Employees
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 1,492,103 | 1,587,933
| Social security costs | 184,266 | 219,174
| Cost of defined contribution scheme | 81,658 | 89,365
|  | 1,758,027 | 1,896,472
| The average monthly number of employees, including directors, during the year was 15 (2024 - 15).
Page 16
MICROVENTION UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
7. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 1,145 | 482
|  | 1,145 | 482
8. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest payable | 53 | -
|  | 53 | -
9. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 174,795 | 183,650
| Adjustments in respect of previous periods | 1 | (8,225)
| Total current tax | 174,796 | 175,425
| Deferred tax |  |
| Origination and reversal of timing differences | 30,622 | 4,696
| Total deferred tax | 30,622 | 4,696
|  | 205,418 | 180,121
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MICROVENTION UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 9.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is the same as (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 816,186 | 678,924
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 204,047 | 169,731
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | (2,801) | 58
| Adjustments to tax charge in respect of prior periods | - | (9,236)
| Short term timing difference leading to an increase (decrease) in taxation | (27,821) | (8,852)
| Impact of change in tax rates to deferred tax | (470) | (1,642)
| Other differences leading to an increase (decrease) in the tax charge | 32,463 | 30,062
| Total tax charge for the year | 205,418 | 180,121
| Factors that may affect future tax charges
There are no factors affecting future tax charges. Page 18
MICROVENTION UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
10. | Tangible fixed assets
|  | Building and leasehold property improvements | Plant and machinery | Fixtures and fittings | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 April 2024 | - | 105,623 | 75,036 | 180,659
| Additions | 77,208 | 36,854 | 71,876 | 185,938
| Disposals | - | - | (54,839) | (54,839)
| At 31 March 2025 | 77,208 | 142,477 | 92,073 | 311,758
| Depreciation |  |  |  |
| At 1 April 2024 | - | 51,241 | 66,523 | 117,764
| Charge for the year on owned assets | 6,434 | 26,289 | 7,175 | 39,898
| Disposals | - | - | (47,511) | (47,511)
| At 31 March 2025 | 6,434 | 77,530 | 26,187 | 110,151
| Net book value |  |  |  |
| At 31 March 2025 | 70,774 | 64,947 | 65,886 | 201,607
| At 31 March 2024 | - | 54,382 | 8,513 | 62,895
Page 19
MICROVENTION UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
11. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Raw materials and consumables | 4,411,263 | 4,287,596
|  | 4,411,263 | 4,287,596
12. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 2,823,491 | 1,775,547
| Amounts owed by group undertakings | 47,002 | 195,448
| Other debtors | 65,850 | 108,739
| Tax recoverable | 29,351 | -
| Deferred taxation | - | 1,931
|  | 2,965,694 | 2,081,665
13. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 1,523,292 | 632,882
14. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 1,198 | 49,209
| Amounts owed to group undertakings | 1,828,923 | 609,090
| Corporation tax | - | 3,450
| Other taxation and social security | 486,877 | 310,530
| Other creditors | 569,177 | 516,537
|  | 2,886,175 | 1,488,816
Page 20
MICROVENTION UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
15. | Financial instruments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Financial assets |  |
| Financial assets measured at fair value through profit or loss | 1,523,292 | 632,882
| Financial assets measured at fair value through profit or loss comprise of the year end bank balance.
16. | Deferred taxation
|  | 2025 | 2024
|  | £ | £
| At beginning of year | 1,931 | 6,627
| Charged to profit or loss | (30,622) | (4,696)
| At end of year | (28,691) | 1,931
| The deferred taxation balance is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (43,477) | (15,656)
| Other - LTI accrual and NIC | 14,786 | 17,587
|  | (28,691) | 1,931
Page 21
MICROVENTION UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
17. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 15,000 (2024 - 15,000) Allotted, issued and fully paid shares of £1.00 each | 15,000 | 15,000
18. | Reserves
Profit and loss account Profit and loss account represents the cumulative profits or losses net of dividends paid and other adjustments.
19. | Pension commitments
The Company operates a defined contribution pension scheme, the assets of which are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted too £81,658 (2024: £89,365). Contributions totalling £Nil (2024: £Nil) were payable to the fund at the balance sheet date and are included within creditors.
20. | Commitments under operating leases
| At 31 March 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 59,640 | 24,775
| Later than 1 year and not later than 5 years | 258,899 | 277,480
| Later than 5 years | 327,030 | 367,909
|  | 645,569 | 670,164
21. | Ultimate parent company
The Company's immediate parent, being the parent company of the smallest group to consolidate these accounts, is Microvention Inc. a private company incorporated in the United States of America. The ultimate parent is Terumo Corporation a listed company incorporated in Japan. Copies of the group accounts are available to the public from the Terumo Corporation's registered office and website (www.terumo.co.jp) addresses. Terumo Corporation is also the parent of the largest group to consolidate these accounts.
Page 22