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Company registration number: 13574575
Precise Health Limited
Financial statements
Information for filing with the registrar
For the Year Ended 31 December 2024
Coveney Nicholls Partnership LLP
Chartered Accountants & Statutory Auditor
The Old Wheel House
31/37 Church Street
Reigate
Surrey
UK
RH2 0AD
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Precise Health Limited
Registered number:13574575
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Statement of Financial Position
As at 31 December 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 December 2025.
___________________________
Christopher Backhouse
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The notes on pages 2 to 8 form part of these financial statements.
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Notes to the Financial Statements
For the Year Ended 31 December 2024
The company is a private company limited by shares, registered in England and Wales. The address of
the registered office is Suite 1, 7th Floor, 50 Broadway, London, SW1H 0DB.
The principal activity of the company is manufacturing and selling liquid thickener for medical purposes.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
The Company’s goal is to establish a European marketplace for the products that have been developed by its parent company and sold successfully in Australia, Asia and North America for many years.
Accordingly, the Company continues to develop its network of European collaborators/intermediaries and to work in the UK to obtain regulatory approval, in order to facilitate sales into the NHS. Distribution and sales are expected to commence within the next twelve months.
The Company’s parent is committed to supporting the business during this development phase. During this development phase the Company will be reliant on its parent for continued financial support in order to meet its liabilities as they fall due. This is demonstrated by the net liability position of £1,151,680 (2023: £473,534) as at 31 December 2024.
The parent company has committed to providing the Company with sufficient support to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements.
Accordingly the directors continue to prepare the financial statements on a going concern basis.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
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.
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Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
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Foreign currency translation (continued)
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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.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
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.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
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.
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Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
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 reporting 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 reporting 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 reporting date.
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.
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Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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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:
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.
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.
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Cash and cash equivalents
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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.
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.
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Cost of defined contribution scheme
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The average monthly number of employees, including directors, during the year was 3 (2023 - 2).
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Notes to the Financial Statements
For the Year Ended 31 December 2024
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Charge for the year on owned assets
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Prepayments and accrued income
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Notes to the Financial Statements
For the Year Ended 31 December 2024
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Amounts owed to group undertakings
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The above was a loan denominated in Australian Dollars ("A$") payable to the immediate parent company. At the year end total principal outstanding was A$2,285,157. Interest accrued at 9% per annum and amounts to A$178,517 at the year end. The total balance outstanding at the year end amounts to $2,463,674.
The loan is considered to be payable in more than 1 year due to a commitment set out in a letter of support to the Company by the parent company.
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Allotted, called up and fully paid
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100 (2023 - 100) Ordinary shares of £1.00 each
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Notes to the Financial Statements
For the Year Ended 31 December 2024
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Related party transactions
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During the year, the company was in receipt of loans from its parent company, Trisco Foods Pty Ltd. The loan is denominated in Australian dollars. £664,485 (2023: £526,134) was advanced during the year. Interest on the loan is payable at a rate of 9%. A total of £74,651 (2023: £17,761) was charged on the loan during the year and unrealised foreign exchange gains of £64,566 (2023: £12,273) were recorded. A balance of £1,218,235 (2023: £543,665), equivalent to A$2,463,674 (2023: A$992,876), was outstanding at the year end.
The parent company has provided support to the company to enable it to meet its liabilities as they fall due. The loan is considered repayable after more than one year.
Also during the year, the Company was charged £18,660 (2023: £11,077) by a company in which Christopher Backhouse, a director, had a significant interest. A balance of £456 (2023: £107) was outstanding at the period end.
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The company was wholly owned by its parent company, Trisco Foods Pty Ltd, a company incorporated in Australia, which was the parent of the smallest group to prepare consolidated accounts. The registered office of the parent is 54 Ron Boyle Crescent, Carole Park, Queensland, 4300, Australia.
The ultimate controlling party of the subsidary was Trisco Investments Pty Ltd, a company incorporated in Australia, which was the parent of the largest group to prepare consolidated accounts. The registered office of the ultimate controlling party is 54 Ron Boyle Crescent, Carole Park, Queensland, 4300, Australia.
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.
The audit report was signed on 30 December 2025 by John C Mabey (Senior Statutory Auditor) on behalf of Coveney Nicholls Partnership LLP.
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