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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The notes on pages 3 to 7 form part of these financial statements.

Safe Orthopaedics Ltd (company number 11338402) is a private company limited by shares, incorporated in

England and Wales.

The company’s registered office is at 23 Copenhagen Street, London, N1 0JB.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts 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.

At the time of approving the financial statements, the director has assessed the company’s ability to continue as a going concern. The director notes that the company’s cash resources are currently insufficient to support its operations independently.true

However, the parent company has confirmed that it will continue to provide the financial support necessary for the company to meet its obligations as they fall due for at least the next twelve months from the date of approval of these financial statements.

On the basis of this confirmed support from the parent company, the director considers it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

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

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

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.

Cost is determined using the Weighted Average Cost (WAC) method, which calculates the cost of stock based on the average cost of identical items at the beginning of a period and the cost of items purchased or produced during the period.

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.

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

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.

Debtors are recognised initially at the transaction price. Subsequently, they are measured at amortised cost, less any provision for impairment. Debtors due within one year are stated at the undiscounted amount of cash expected to be received. Impairments are recognised when there is objective evidence that the company will not be able to collect all amounts due

Trade and other creditors are recognised initially at transaction price [or at fair value if the arrangement constitutes a financing transaction]. Subsequently, they are measured at amortised cost. Creditors due within one year that do not constitute a financing transaction are stated at the undiscounted amount of the cash expected to be paid.

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.

In the application of the company’s accounting policies, the director is 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.

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

Valuation of stock and stock provisions is an area of key accounting estimate. The entity's policy in relation to stock provisioning is therefore to provide for obsolete, slow moving and defective stock, and therefore ensure that stock is held at the most appropriate estimate of net realisable value.

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

The company has estimated tax losses of £70,904.15 (2023: £587,140.90) available for carry forward against future trading profits.

The company operates a defined contribution pension scheme for the director. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date, £NIL (2023: £NIL) were payable to the scheme. The pension cost charge for the year represents the

contributions payable by the company to the scheme and amounted to £2,860 (2023: £7,938).

The company has taken advantage of the exemption not to disclose transactions entered into by two or members of a group where a subsidiary that is party to a transaction is wholly owned by such a member. The company is a wholly owned subsidiary of Safe Orthopaedics SA, a company incorporated in France.

The smallest and largest group for which consolidated financial statements are prepared, and which include the results of this company, is headed by Safe Orthopaedics SA, incorporated in France, with its registered office at rue Rosa Luxemburg, 95610 Éragny, France.

Copies of the consolidated financial statements may be obtained from that address.

The auditors’ report on the financial statements of Safe Orthopaedics Limited for the year ended 31 December 2024 was qualified.

The auditor's report is unqualified and includes the following:

We were not appointed as auditor of the company until after 2 April 2025 and thus did not observe the counting of physical inventories at the end of the year of 31 December 2024. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 December 2024, including for an amount of £265,194 (2023: £199,629). Consequently, we were unable to determine whether any adjustment to this amount was necessary.