Acuutech Limited
Annual Report and Financial Statements
For the year ended 31 December 2024
Company Registration No. 03174610 (England and Wales)
Acuutech Limited
Company Information
Directors
P Mehta
B Mehta
Secretary
B Mehta
Company number
03174610
Registered office
5 York House
Langston Road
Loughton
Essex
IG10 3TQ
Auditor
Moore Kingston Smith LLP
The Shipping Building
The Old Vinyl Factory
Blyth Road
Hayes
London
UB3 1HA
Acuutech Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 9
Profit and Loss Account
10
Group statement of comprehensive income
11
Group balance sheet
12 - 13
Company balance sheet
14 - 15
Group statement of changes in equity
16
Company statement of changes in equity
17
Group statement of cash flows
18
Notes to the financial statements
19 - 36
Acuutech Limited
Strategic Report
For the year ended 31 December 2024
Page 1

The directors present the strategic report for the year ended 31 December 2024.

Introduction

The principle activity of the company is managed services, procurement, IT consultancy, maintenance and support with on demand IT services. The directors intend for the company to continue these principle activities for the foreseeable future.

Fair review of the business

The results for the year are shown in full in the profit and loss account and the related notes. Turnover has decreased by 5.05% from £11.6m in 2023 to £11.1m in 2024. Gross profit has increased by 16% from £3,333k in 2023 to £3,865k in 2024. The group, continues to work with a number of leading global clients, focusing on key account retention while meeting new business targets. We have invested in senior expertise to broaden as well as strengthen our service offerings.

Principle risks and uncertainties

Foreign exchange risk

The company has implemented policies that require any realised and unrealised gains and losses to be accounted for on a monthly basis and that exchange exposure is minimised by working with clients to ensure that wherever possible contracts are agreed in local currency.

Credit risk

The company has implemented policies that require appropriate credit checks on potential customers before services are rendered.

Liquidity risk

The Group maintains a mix of short- and long-term funding arrangements, monitors liquidity through rolling 12–18-month cash-flow forecasts and facility headroom analysis, and performs stress testing against downside scenarios. Treasury activities are managed locally by subsidiaries with close Group oversight.

Financial and operational risk

The company's operations expose it to a variety of financial risks that include reputation management risk, foreign exchange risk, credit risk and liquidity risk. The group has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the group by monitoring these risks. The policies set by the Board of Directors are implemented by the group's finance department and the operational management of the business.

Cashflow risk

As the UK office is a European cost centre there is risk that there is insufficient cash to continue operations, however this is mitigated through reliance on support from the ultimate parent and receipts from intercompany services rendered.

Reputation risk

Reputation is considered a strategic asset for the Group, underpinning its ability to win and retain contracts globally. Potential damage could result from operational shortcomings, breaches of confidentiality, or unethical conduct. The Group seeks to minimise this risk by embedding a culture of integrity, compliance, and continuous improvement across all entities.

Future developments

The company has a strong forward order book composed of long-standing clients, many of which have extended their contracts into 2025, with a number of key client wins and retentions.

Acuutech Limited
Strategic Report (Continued)
For the year ended 31 December 2024
Page 2
Financial key performance indicators

Internally, the business is assessed on a number of financial key performance indicators (KPI's) by regional and global management. These include:

- Gross profit margin; 35% in 2024 (28.62% in 2023)

- Loss after tax; Loss of £148k in 2024 (Profit of £394k in 2023).

Management are satisfied with the performance of the company and group. It has been a year of investment and these KPIs reflect that position and are expected to improve into 2025.

On behalf of the board

P Mehta
Director
17 February 2026
Acuutech Limited
Directors' Report
For the year ended 31 December 2024
Page 3

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company and group continued to be that of managed services, procurement, IT consultancy, maintenance and support with on demand IT services.

Results and dividends

The results for the year are set out on page 10.

The group made a loss for the year of £148,015 (2023 - profit of £393,596).

No ordinary dividends were paid. 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:

P Mehta
B Mehta
Auditor

Moore Kingston Smith LLP was appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and parent company, and of the profit or loss of the group for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

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

- state whether applicable U nited K ingdom Accounting Standards 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 group and parent company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Acuutech Limited
Directors' Report (Continued)
For the year ended 31 December 2024
Page 4
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 auditor of the company 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 auditor of the company is aware of that information.

Going concern

At 31 December 2024, the Group reported net assets of £4,469,522 (2023: £4,627,246), maintaining a strong balance sheet and solid capital position. The result for the year was a loss of £148,015 (2023: profit of £393,596), reflecting the trading performance during the period.

The directors have carefully reviewed the Group and parent company’s financial position and future prospects in adopting the going concern basis. This review included consideration of:

- Current financial performance, trading activity and available cash resources to meet day-to-day working capital requirements; and

- Detailed cash flow forecasts covering a period of at least 12 months from the date of approval of these financial statements.

Based on this assessment, the directors are satisfied that the Group and parent company are well positioned to meet their liabilities as they fall due and have adequate financial resources for the foreseeable future. The forecasts demonstrate sufficient liquidity and headroom throughout the review period.

Accordingly, the directors have a reasonable expectation that the Group and parent company will continue in operational existence for at least twelve months from the date of approval of these financial statements. The financial statements have therefore been prepared on a going concern basis, with no material uncertainties identified that would cast significant doubt on the Group’s ability to continue as a going concern.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to groups and companies entitled to the exemptions of the small companies regime.

On behalf of the board
P Mehta
Director
17 February 2026
Acuutech Limited
Independent Auditor's Report
To the Members of Acuutech Limited
Page 5
Opinion

We have audited the financial statements of Acuutech Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Group Profit and Loss Account, the Group Statement of Comprehensive Income, the Group Balance Sheet, the Company Balance Sheet, the Group Statement of Changes in Equity, the Company Statement of Changes in Equity, the Group Statement of Cash Flows and notes to the financial statements, 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 group's and the parent company's affairs as at 31 December 2024 and of the group's loss 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 group and parent 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 group's and parent 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.

Other matters

The comparative consolidated figures were unaudited as the company was not required to present consolidated financial statements in the prior period.

Acuutech Limited
Independent Auditor's Report (Continued)
To the Members of Acuutech Limited
Page 6

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:

- T he 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.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company 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' r esponsibilities s tatement, 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 group's and parent 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 group or parent company or to cease operations, or have no realistic alternative but to do so.

Acuutech Limited
Independent Auditor's Report (Continued)
To the Members of Acuutech Limited
Page 7
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.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

- Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

- Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Acuutech Limited
Independent Auditor's Report (Continued)
To the Members of Acuutech Limited
Page 8

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 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 of 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 to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

- We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.

- We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.

- We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

- We inquired of management and those charged with governance as to any known instances of noncompliance or suspected non-compliance with laws and regulations.

- Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, 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.

Use of our report

This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Acuutech Limited
Independent Auditor's Report (Continued)
To the Members of Acuutech Limited
Page 9
Jonathan Roberts (Senior Statutory Auditor)
18 February 2026
for and on behalf of Moore Kingston Smith LLP
Chartered Accountants
The Shipping Building
The Old Vinyl Factory
Blyth Road
Hayes
London
UB3 1HA
Acuutech Limited
Group Profit and Loss Account
For the year ended 31 December 2024
Page 10
2024
2023
Notes
£
£
Turnover
3
11,057,836
11,646,327
Cost of sales
(7,192,672)
(8,313,073)
Gross profit
3,865,164
3,333,254
Distribution costs
(42,524)
(62,171)
Administrative expenses
(3,964,616)
(2,882,644)
Other operating income
18,122
38,860
Operating (loss)/profit
4
(123,854)
427,299
Interest receivable and similar income
8
18,318
17,966
Interest payable and similar expenses
9
(22,542)
(12,596)
(Loss)/profit before taxation
(128,078)
432,669
Tax on (loss)/profit
10
(19,937)
(39,073)
(Loss)/profit for the financial year
(148,015)
393,596
(Loss)/profit for the financial year is attributable to:
- Owners of the parent company
(18,043)
403,821
- Non-controlling interests
(129,972)
(10,225)
(148,015)
393,596

The notes on pages 19 to 36 form part of these financial statements.

Acuutech Limited
Group Statement of Comprehensive Income
For the year ended 31 December 2024
Page 11
2024
2023
£
£
(Loss)/profit for the year
(148,015)
393,596
Other comprehensive income
Currency translation loss taken to retained earnings
(9,709)
(16,400)
Total comprehensive income for the year
(157,724)
377,196
Total comprehensive income for the year is attributable to:
- Owners of the parent company
(27,752)
387,421
- Non-controlling interests
(129,972)
(10,225)
(157,724)
377,196

The notes on pages 19 to 36 form part of these financial statements.

Acuutech Limited
Group Balance Sheet
As at 31 December 2024
Page 12
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
3,257,296
3,066,993
Tangible assets
12
196,028
272,920
3,453,324
3,339,913
Current assets
Stocks
15
1,381
2,769
Debtors
16
1,483,579
2,042,938
Cash at bank and in hand
2,095,231
2,158,626
3,580,191
4,204,333
Creditors: amounts falling due within one year
17
(1,718,590)
(2,080,585)
Net current assets
1,861,601
2,123,748
Total assets less current liabilities
5,314,925
5,463,661
Creditors: amounts falling due after more than one year
18
(20,209)
(29,736)
Provisions for liabilities
Deferred tax liability
20
(825,194)
(806,679)
(825,194)
(806,679)
Net assets
4,469,522
4,627,246
Capital and reserves
Called up share capital
22
100
100
Other reserves
(26,109)
(16,400)
Profit and loss reserves
4,565,042
4,583,085
Equity attributable to owners of the parent company
4,539,033
4,566,785
Non-controlling interests
(69,511)
60,461
Total equity
4,469,522
4,627,246

The notes on pages 19 to 36 form part of these financial statements.

Acuutech Limited
Group Balance Sheet (Continued)
As at 31 December 2024
Page 13

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 17 February 2026 and are signed on its behalf by:
17 February 2026
P Mehta
Director
Company Registration No. 03174610
Acuutech Limited
Company Balance Sheet
As at 31 December 2024
Page 14
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
3,257,296
3,066,993
Tangible assets
12
138,507
186,744
Investments
13
32,836
32,836
3,428,639
3,286,573
Current assets
Debtors
16
1,881,734
1,350,009
Cash at bank and in hand
1,318,736
1,378,835
3,200,470
2,728,844
Creditors: amounts falling due within one year
17
(1,457,732)
(1,159,198)
Net current assets
1,742,738
1,569,646
Total assets less current liabilities
5,171,377
4,856,219
Creditors: amounts falling due after more than one year
18
(20,209)
(29,736)
Provisions for liabilities
Deferred tax liability
20
815,807
806,679
(815,807)
(806,679)
Net assets
4,335,361
4,019,804
Capital and reserves
Called up share capital
22
100
100
Profit and loss reserves
4,335,261
4,019,704
Total equity
4,335,361
4,019,804

The notes on pages 19 to 36 form part of these financial statements.

Acuutech Limited
Company Balance Sheet (Continued)
As at 31 December 2024
Page 15

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £315,557 (2023 - £403,497 profit).

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

The financial statements were approved by the board of directors and authorised for issue on 17 February 2026 and are signed on its behalf by:
17 February 2026
P Mehta
Director
Company Registration No. 03174610
Acuutech Limited
Group Statement of Changes in Equity
For the year ended 31 December 2024
Page 16
Share capital
Currency translation reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
£
£
£
£
£
£
Balance at 1 January 2023
100
-
4,179,264
4,179,364
70,686
4,250,050
Year ended 31 December 2023:
Profit for the year
-
-
403,821
403,821
(10,225)
393,596
Other comprehensive income:
Currency translation differences
-
-
(16,400)
(16,400)
-
(16,400)
Total comprehensive income for the year
-
-
387,421
387,421
(10,225)
377,196
Transfer of currency translation differences
-
(16,400)
16,400
-
-
-
Balance at 31 December 2023
100
(16,400)
4,583,085
4,566,785
60,461
4,627,246
Year ended 31 December 2024:
Loss for the year
-
-
(18,043)
(18,043)
(129,972)
(148,015)
Other comprehensive income:
Currency translation differences
-
-
(9,709)
(9,709)
-
(9,709)
Total comprehensive income for the year
-
-
(27,752)
(27,752)
(129,972)
(157,724)
Transfer of currency translation differences
-
(9,709)
9,709
-
-
-
Balance at 31 December 2024
100
(26,109)
4,565,042
4,539,033
(69,511)
4,469,522

The notes on pages 19 to 36 form part of these financial statements.

Acuutech Limited
Company Statement of Changes in Equity
For the year ended 31 December 2024
Page 17
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
100
3,616,207
3,616,307
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
403,497
403,497
Balance at 31 December 2023
100
4,019,704
4,019,804
Year ended 31 December 2024:
Profit and total comprehensive income
-
315,557
315,557
Balance at 31 December 2024
100
4,335,261
4,335,361

The notes on pages 19 to 36 form part of these financial statements.

Acuutech Limited
Group Statement of Cash Flows
For the year ended 31 December 2024
Page 18
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
645,293
200,419
Interest paid
(22,542)
(12,596)
Income taxes refunded
58,352
40,542
Net cash inflow from operating activities
681,103
228,365
Investing activities
Purchase of intangible assets
(674,675)
(723,356)
Purchase of tangible fixed assets
(45,740)
(152,467)
Proceeds from disposal of tangible fixed assets
-
1,615
Interest received
18,318
17,966
Net cash used in investing activities
(702,097)
(856,242)
Financing activities
Payment of finance leases obligations
(34,033)
(101,770)
Dividends paid to equity shareholders
-
0
(80,000)
Net cash used in financing activities
(34,033)
(181,770)
Net decrease in cash and cash equivalents
(55,027)
(809,647)
Cash and cash equivalents at beginning of year
2,158,626
2,994,673
Effect of foreign exchange rates
(8,368)
(26,400)
Cash and cash equivalents at end of year
2,095,231
2,158,626

The notes on pages 19 to 36 form part of these financial statements.

Acuutech Limited
Notes to the Group Financial Statements
For the year ended 31 December 2024
Page 19
1
Accounting policies
Company information

Acuutech Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 5 York House, Langston Road, Loughton, Essex, IG10 3TQ.

The group consists of Acuutech Limited and all of its subsidiaries.

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 group. 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.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes.

1.2
Basis of consolidation

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

The consolidated group financial statements consist of the financial statements of the parent company Acuutech Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Acuutech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 20
1.3
Going concern

At 31 December 2024, the Group reported net assets of £4,469,522 (2023: £4,627,246), maintaining a strong balance sheet and solid capital position. The result for the year was a loss of £148,015 (2023: profit of £393,596), reflecting the trading performance during the period.

The directors have carefully reviewed the Group and parent company’s financial position and future prospects in adopting the going concern basis. This review included consideration of:

- Current financial performance, trading activity and available cash resources to meet day-to-day working capital requirements; and

- Detailed cash flow forecasts covering a period of at least 12 months from the date of approval of these financial statements.

Based on this assessment, the directors are satisfied that the Group and parent company are well positioned to meet their liabilities as they fall due and have adequate financial resources for the foreseeable future. The forecasts demonstrate sufficient liquidity and headroom throughout the review period.

Accordingly, the directors have a reasonable expectation that the Group and parent company will continue in operational existence for at least twelve months from the date of approval of these financial statements. The financial statements have therefore been prepared on a going concern basis, with no material uncertainties identified that would cast significant doubt on the Group’s ability to continue as a going concern.

1.4
Turnover

Turnover represents sales to external customers at invoiced amounts less value added tax or local taxes on sales, excluding amounts collected on behalf of third parties. The Company assesses its turnover arrangements against specific criteria to determine if it is acting as a principal or agent. Turnover for managed services and other contract revenue is recognised over the contracted term of supply. Turnover from procurement is recognised when the risks and rewards of ownership have passed to the customer. Other turnover from consultancy, support and on demand services is recognised as the work is performed. Turnover recognised but not invoiced at the statement of financial position date is included in accrued income. Turnover invoiced but not recognisable at the reporting date is included under deferred income.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Amortisation 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:

Intellectual property
10% straight line basis
Acuutech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 21
1.6
Tangible fixed assets

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

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:

Plant and equipment
25% straight line basis
Fixtures and fittings
25% straight line basis
Computer equipment
25% straight line basis
Office equipment
25% straight line basis

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 recognised in the profit and loss account.

1.7
Fixed asset investments

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

Fixed asset investments are initially measured at cost and subsequently assessed for impairment at each reporting date in accordance with FRS 102. Where there is objective evidence that an investment is impaired, its carrying amount is reduced to the recoverable amount, and the impairment loss is recognised in the Statement of Profit or Loss.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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.

1.9
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.

Acuutech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 22
1.10
Cash and cash equivalents

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.

1.11
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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 m ethod 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.

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 group 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.

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 group after deducting all of its liabilities.

Acuutech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 23
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group 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 group.

1.13
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 profit and loss account 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 group’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.

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.

Acuutech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 24
1.15
Retirement benefits

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

1.16
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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 d asset are consumed.

1.17
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 profit or loss.

Acuutech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2024
Page 25
2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

Depreciation, amortisation and impairment

The annual depreciation and amortisation charges in respect of tangible and intangible assets are based on the directors' best estimate of useful economic useful lives and residual values of each asset class. The useful economic lives and residual assets of each asset class are reassessed annually. Annual impairment reviews are performed on each class of asset to ensure that the carrying values are appropriate as described in Notes 1.5 and 1.6.

Debtor provisions

The company makes an estimate of the recoverable value of trade debtors. When assessing impairment of trade debtors the directors consider factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. Provisions are made when there is significant uncertainty over the timing or likelihood of the recovery of debts.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
IT equipment sales and support services
11,057,836
11,646,327
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
7,557,325
7,789,635
Singapore
2,690,002
2,698,941
United States of America
810,509
1,157,751
11,057,836
11,646,327
Acuutech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2024
3
Turnover and other revenue
(Continued)
Page 26
2024
2023
£
£
Other revenue
Interest income
18,318
17,966
Commissions received
6,105
22,890
4
Operating (loss)/profit
2024
2023
£
£
Operating (loss)/profit for the year is stated after charging:
Exchange losses
54,683
29,963
Fees payable to the group's auditor for the audit of the group's financial statements
58,750
-
Depreciation of tangible fixed assets
121,291
143,828
Amortisation of intangible assets
484,372
432,048
Operating lease charges
125,663
86,191
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
58,750
77,387
For other services
Other taxation services
2,700
12,840
All other non-audit services
10,250
5,827
12,950
18,667
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
60
54
32
32
Acuutech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2024
6
Employees
(Continued)
Page 27

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,035,436
2,712,073
1,877,362
1,794,985
Social security costs
310,465
260,978
197,907
189,336
Pension costs
26,968
28,234
26,968
28,234
3,372,869
3,001,285
2,102,237
2,012,555
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
335,290
294,407
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
220,411
191,295
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
18,318
17,966
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
18,318
17,966
9
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
22,542
12,596
Acuutech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2024
Page 28
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,422
(46,877)
Deferred tax
Origination and reversal of timing differences
18,515
85,950
Total tax charge
19,937
39,073

The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
(Loss)/profit before taxation
(128,078)
432,669
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
(32,020)
101,764
Tax effect of expenses that are not deductible in determining taxable profit
4,684
(26,663)
Unutilised tax losses carried forward
3,453
-
0
Adjustments in respect of prior years
-
0
3,378
Effect of change in corporation tax rate
-
648
Group relief
-
0
1,317
Other permanent differences
88
(108)
Effect of overseas tax rates
120,384
-
0
Under/(over) provided in prior years
-
0
363
Additional deduction for R&D expenditure
(76,652)
(103,333)
Surrender of tax losses for R&D tax credit refund
-
0
56,139
Remeasurement of deferred tax for changes in tax rates
-
0
5,087
Fixed asset differences
-
0
481
Taxation charge
19,937
39,073
Acuutech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2024
Page 29
11
Intangible fixed assets
Group
Computer software
Intellectual property
Total
£
£
£
Cost
At 1 January 2024
4,772,047
-
0
4,772,047
Additions - internally developed
-
0
674,675
674,675
Transfers
(4,772,047)
4,772,047
-
0
At 31 December 2024
-
0
5,446,722
5,446,722
Amortisation and impairment
At 1 January 2024
1,705,054
-
0
1,705,054
Amortisation charged for the year
-
0
484,372
484,372
Transfers
(1,705,054)
1,705,054
-
0
At 31 December 2024
-
0
2,189,426
2,189,426
Carrying amount
At 31 December 2024
-
0
3,257,296
3,257,296
At 31 December 2023
3,066,993
-
0
3,066,993
Company
Computer software
Intellectual property
Total
£
£
£
Cost
At 1 January 2024
4,772,047
-
0
4,772,047
Additions - internally developed
-
0
674,675
674,675
Transfers
(4,772,047)
4,772,047
-
0
At 31 December 2024
-
0
5,446,722
5,446,722
Amortisation and impairment
At 1 January 2024
1,705,054
-
0
1,705,054
Amortisation charged for the year
-
0
484,372
484,372
Transfers
(1,705,054)
1,705,054
-
0
At 31 December 2024
-
0
2,189,426
2,189,426
Carrying amount
At 31 December 2024
-
0
3,257,296
3,257,296
At 31 December 2023
3,066,993
-
0
3,066,993
Acuutech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2024
11
Intangible fixed assets
(Continued)
Page 30

Management reassessed the classification and categorisation of intangible assets during the period and concluded that all intangible assets relate to intellectual property, as this better reflects the nature of the asset and it was management's intention to disclose as such, now corrected going forward. Therefore an adjustment was made to transfer all intangible assets from computer software to intellectual property.

12
Tangible fixed assets
Group
Office renovation
Plant and equipment
Fixtures and fittings
Computer equipment
Office equipment
Total
£
£
£
£
£
£
Cost
At 1 January 2024
15,437
1,024,000
83,553
161,397
107,778
1,392,165
Additions
-
0
43,748
-
0
1,992
-
0
45,740
Disposals
(1,168)
-
0
-
0
-
0
-
0
(1,168)
Exchange adjustments
(240)
-
0
(530)
(587)
(1,676)
(3,033)
At 31 December 2024
14,029
1,067,748
83,023
162,802
106,102
1,433,704
Depreciation and impairment
At 1 January 2024
15,437
837,793
80,167
147,703
38,145
1,119,245
Depreciation charged in the year
-
0
91,831
1,389
5,482
22,589
121,291
Eliminated in respect of disposals
(1,168)
-
0
-
0
-
0
-
0
(1,168)
Exchange adjustments
(240)
-
0
(483)
(374)
(595)
(1,692)
At 31 December 2024
14,029
929,624
81,073
152,811
60,139
1,237,676
Carrying amount
At 31 December 2024
-
0
138,124
1,950
9,991
45,963
196,028
At 31 December 2023
-
0
186,207
3,386
13,694
69,633
272,920
Acuutech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2024
12
Tangible fixed assets
(Continued)
Page 31
Company
Plant and equipment
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 January 2024
1,024,000
49,475
123,678
1,197,153
Additions
43,748
-
0
-
0
43,748
At 31 December 2024
1,067,748
49,475
123,678
1,240,901
Depreciation and impairment
At 1 January 2024
837,793
48,957
123,659
1,010,409
Depreciation charged in the year
91,831
135
19
91,985
At 31 December 2024
929,624
49,092
123,678
1,102,394
Carrying amount
At 31 December 2024
138,124
383
-
0
138,507
At 31 December 2023
186,207
518
19
186,744
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
32,836
32,836
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
32,836
Carrying amount
At 31 December 2024
32,836
At 31 December 2023
32,836

Acuutech Select Limited, company number 09656761 was exempt from the requirements of the Companies Act 2006 relating to the audit of individual accounts by virtue of s479C of the Act.

Acuutech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2024
Page 32
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Acuutech Select Limited
Unit 5-6, York House, Loughton, IG10 3TQ, United Kingdom
Ordinary
100
Acuutech Ventures Inc
3610 South Sandman, Suite 200, Houston, Texas, 77098 USA
Ordinary
70
Acuutech Pte Limited
100 Cecil Street, #09-02, The Globe, Singapore, 069532
Ordinary
90
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
1,381
2,769
-
0
-
0
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
391,137
1,097,844
483,758
674,446
Corporation tax recoverable
52,290
110,644
49,823
110,094
Amounts owed by group undertakings
-
-
564,414
20,315
Other debtors
22,449
27,556
5,230
4,280
Prepayments and accrued income
1,017,703
806,894
778,509
540,874
1,483,579
2,042,938
1,881,734
1,350,009
Acuutech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2024
Page 33
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
19
41,579
66,085
41,579
66,085
Trade creditors
482,057
729,057
645,709
530,616
Amounts owed to group undertakings
-
0
-
0
57,909
-
0
Corporation tax payable
1,420
-
0
-
0
-
0
Other taxation and social security
255,253
213,887
229,181
181,908
Other creditors
80,165
134,493
14,032
17,020
Accruals and deferred income
858,116
937,063
469,322
363,569
1,718,590
2,080,585
1,457,732
1,159,198

Obligations under finance lease and hire purchase contracts are secured against the individual assets to which they relate.

18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
19
20,209
29,736
20,209
29,736

Obligations under finance lease and hire purchase contracts are secured against the individual assets to which they relate.

19
Finance lease obligations
Group
Company
2024
2023
2024
2023
Amounts due:
£
£
£
£
Current liabilities
41,579
66,085
41,579
66,085
Non-current liabilities
20,209
29,736
20,209
29,736
61,788
95,821
61,788
95,821
Acuutech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2024
19
Finance lease obligations
(Continued)
Page 34
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
41,579
66,085
41,579
66,085
In two to five years
20,209
29,736
20,209
29,736
61,788
95,821
61,788
95,821

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

20
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
825,194
806,679
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
815,807
806,679
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 January 2024
806,679
806,679
Charge to profit or loss
18,515
9,128
Liability at 31 December 2024
825,194
815,807
Acuutech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2024
Page 35
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
26,968
28,234

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
100 ordinary shares of £1 each
100
100
100
100
23
Events after the reporting date

In May 2025 the company secured a capital growth scheme loan of £1,000,000. The loan is secured by way of fixed and floating charges against the assets of the company.

24
Related party transactions

During the year, Xafinity Pension Trustees Limited, a Company of which the two directors are beneficiaries, let out office premises to the Company at a market value of £36,465 (2023 - £35,360).

During the year, P & B Enterprise, a partnership under control of the directors, let out office premises to the Company at a market value of £36,465 (2023 - £35,360).

During the year, Acuutech Ventures Inc., a subsidiary of the Company, purchased £758,948 in services from the Company (2023 - £89,451). There are £418,469 outstanding balances (2023 - £17,311) owing by this party at the year end. Also included in amounts owed by group undertakings is a balance of £109,752, which represents a interest free loan granted to Acuutech Ventures Inc during the year.

During the year, Acuutech Pte Ltd., a subsidiary of the Company, sold £290,963 in services to the Company (2023 - £340,401) and purchased £146,484 in services from the Company (2023 - £196,662). Included within creditors is amounts owed to Acuutech Pte Ltd. of £57,989 (2023 - £52,921).

25
Controlling party

The company/group is under the control of Mr B Mehta and Mrs P Mehta, the director s of the c ompany.

Acuutech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2024
Page 36
26
Cash generated from group operations
2024
2023
£
£
(Loss)/profit after taxation
(148,015)
393,596
Adjustments for:
Taxation charged
19,937
39,073
Finance costs
22,542
12,596
Investment income
(18,318)
(17,966)
Amortisation and impairment of intangible assets
484,372
432,048
Depreciation and impairment of tangible fixed assets
121,291
143,828
Movements in working capital:
Decrease in stocks
1,388
115
Decrease/(increase) in debtors
501,005
(496,239)
Decrease in creditors
(338,909)
(306,632)
Cash generated from operations
645,293
200,419
27
Analysis of changes in net funds - group
1 January 2024
Cash flows
Exchange rate movements
31 December 2024
£
£
£
£
Cash at bank and in hand
2,158,626
(53,686)
(9,709)
2,095,231
Obligations under finance leases
(95,821)
34,033
-
(61,788)
2,062,805
(19,653)
(9,709)
2,033,443
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