REGISTERED NUMBER: 03809089 (England and Wales)

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

K2 MEDICAL SYSTEMS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Mr J Bender

SECRETARY:

Mr J A Evans

REGISTERED OFFICE:

101b Park Drive

Milton Park

Abingdon

Oxfordshire

OX14 4RY

REGISTERED NUMBER:

03809089 (England and Wales)

AUDITORS:

Kings CAP Ltd

Statutory Auditor

4 Grovelands

Boundary Way

Hemel Hempstead

Hertfordshire

HP2 7TE

FIXED ASSETS

Tangible assets

4

15,884

22,668

CURRENT ASSETS

Stocks

5

410,820

467,866

Debtors

6

5,241,269

4,490,891

Cash at bank

256,173

175,888

5,908,262

5,134,645

CREDITORS

Amounts falling due within one year

7

5,910,365

3,022,110

NET CURRENT (LIABILITIES)/ASSETS

(2,103

)

2,112,535

TOTAL ASSETS LESS CURRENT LIABILITIES

13,781

2,135,203

CAPITAL AND RESERVES

Called up share capital

10

47

47

Retained earnings

13,734

2,135,156

SHAREHOLDERS' FUNDS

13,781

2,135,203

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 December 2025 and were signed by:

Mr J Bender - Director

1.	STATUTORY INFORMATION

K2 Medical Systems Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company's going concern status is dependent upon the continued financial support of the parent undertaking. Having made appropriate enquiries at the time of approving these accounts the director considers that the company and the parent undertaking have adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis in preparing these accounts.

Preparation of consolidated financial statements

The financial statements contain information about K2 Medical Systems Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Constellation Software Inc., 66 Wellington Street West, Suite 5300, TD Bank Tower, Toronto, Ontario, M5K 1E6.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

25% on cost

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials only. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit and loss.

Financial instruments

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

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

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities 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 payments 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. Amounts 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 41 (2023 - 49 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 January 2024

96,675

Additions

961

Disposals

(32,939

)

At 31 December 2024

64,697

DEPRECIATION

At 1 January 2024

74,007

Charge for year

17,966

Eliminated on disposal

(43,160

)

At 31 December 2024

48,813

NET BOOK VALUE

At 31 December 2024

15,884

At 31 December 2023

22,668

5.

STOCKS

31.12.24

31.12.23

£

£

Stocks

-

108,674

Work-in-progress

410,820

359,192

410,820

467,866

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

210,962

85,967

Amounts owed by group undertakings

4,675,379

3,855,749

Other debtors

67,013

126,977

Tax

2,636

2,636

Deferred tax asset

258,848

382,156

Prepayments

26,431

37,406

5,241,269

4,490,891

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

22,882

40,074

Amounts owed to group undertakings

3,382,138

135,088

Value added tax

156,032

92,348

Other creditors

14,579

28,013

Accruals and deferred income

2,145,274

2,585,964

Accruals

189,460

140,623

5,910,365

3,022,110

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.24

31.12.23

£

£

Within one year

-

120,000

Between one and five years

-

370,000

-

490,000

On 31 May 2024 the lease was surrendered in full.

9.	DEFERRED TAX

£

Balance at 1 January 2024

(382,156

)

Charge to Statement of Income and Retained Earnings during year

123,308

Balance at 31 December 2024

(258,848

)

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

4,772

Ordinary

£0.01

47

47

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Sara Brown (Senior Statutory Auditor)

for and on behalf of Kings CAP Ltd

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Constellation Software Inc..

The ultimate controlling party address is 66 Wellington Street West, Suite 5300, TD Bank Tower, Toronto, Ontario, M5K 1E6. The company is registered in Canada.

The parent company is K2 Medical Systems Holdings Ltd, 101b Park Drive, Milton Park, Abingdon, Oxfordshire, OX14 4RY. The company is registered in the UK.