IRIS Accounts Production v25.1.4.42 14173296 Board of Directors Board of Directors 31.12.24 1.1.24 31.12.24 31.12.24 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. true true true false true true false false false false false true false Ordinary A 0 Ordinary B 0 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 14173296 2023-12-31 14173296 2024-12-31 14173296 2024-01-01 2024-12-31 14173296 2022-12-31 14173296 2023-01-01 2023-12-31 14173296 2023-12-31 14173296 ns15:EnglandWales 2024-01-01 2024-12-31 14173296 ns14:PoundSterling 2024-01-01 2024-12-31 14173296 ns10:Director1 2024-01-01 2024-12-31 14173296 ns10:Director2 2024-01-01 2024-12-31 14173296 ns10:Consolidated 2024-12-31 14173296 ns10:ConsolidatedGroupCompanyAccounts 2024-01-01 2024-12-31 14173296 ns10:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 14173296 ns10:Consolidated ns10:MediumEntities 2024-01-01 2024-12-31 14173296 ns10:Consolidated ns10:Audited 2024-01-01 2024-12-31 14173296 ns10:Medium-sizedCompaniesRegimeForAccounts 2024-01-01 2024-12-31 14173296 ns10:Consolidated 2024-01-01 2024-12-31 14173296 ns10:Consolidated ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2024-01-01 2024-12-31 14173296 ns10:Consolidated ns10:Medium-sizedCompaniesRegimeForAccounts 2024-01-01 2024-12-31 14173296 ns10:FullAccounts 2024-01-01 2024-12-31 14173296 ns5:Subsidiary1 2024-01-01 2024-12-31 14173296 ns5:Subsidiary2 2024-01-01 2024-12-31 14173296 1 2024-01-01 2024-12-31 14173296 ns10:OrdinaryShareClass1 2024-01-01 2024-12-31 14173296 ns10:OrdinaryShareClass2 2024-01-01 2024-12-31 14173296 ns10:RegisteredOffice 2024-01-01 2024-12-31 14173296 ns10:Consolidated 2023-01-01 2023-12-31 14173296 ns5:CurrentFinancialInstruments 2024-12-31 14173296 ns5:CurrentFinancialInstruments 2023-12-31 14173296 ns5:ShareCapital 2024-12-31 14173296 ns5:ShareCapital 2023-12-31 14173296 ns5:RetainedEarningsAccumulatedLosses 2024-12-31 14173296 ns5:RetainedEarningsAccumulatedLosses 2023-12-31 14173296 ns5:ShareCapital 2022-12-31 14173296 ns5:RetainedEarningsAccumulatedLosses 2022-12-31 14173296 ns5:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 14173296 ns5:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 14173296 1 2024-01-01 2024-12-31 14173296 ns5:NetGoodwill 2024-01-01 2024-12-31 14173296 ns5:IntangibleAssetsOtherThanGoodwill 2024-01-01 2024-12-31 14173296 ns5:PatentsTrademarksLicencesConcessionsSimilar 2024-01-01 2024-12-31 14173296 ns5:ComputerSoftware 2024-01-01 2024-12-31 14173296 ns5:PlantMachinery 2024-01-01 2024-12-31 14173296 ns5:FurnitureFittings 2024-01-01 2024-12-31 14173296 ns5:MotorVehicles 2024-01-01 2024-12-31 14173296 ns5:CostValuation 2023-12-31 14173296 1 ns5:Subsidiary1 2024-01-01 2024-12-31 14173296 ns5:Subsidiary1 2024-12-31 14173296 ns5:Subsidiary1 2023-12-31 14173296 ns5:Subsidiary1 2023-01-01 2023-12-31 14173296 ns5:Subsidiary2 3 2024-01-01 2024-12-31 14173296 ns5:Subsidiary2 2024-12-31 14173296 ns10:OrdinaryShareClass1 2024-12-31 14173296 ns10:OrdinaryShareClass2 2024-12-31 14173296 ns5:RetainedEarningsAccumulatedLosses 2023-12-31

REGISTERED NUMBER: 14173296 (England and Wales)

| Group Strategic Report, Report of the Directors and |

| Consolidated Financial Statements for the Year Ended 31 December 2024 |

| for |

| IMS Euro Group Ltd |

IMS Euro Group Ltd (Registered number: 14173296)

Contents of the Consolidated Financial Statements

for the Year Ended 31 December 2024

Page |

Company Information | 1 |

Group Strategic Report | 2 |

Report of the Directors | 4 |

Report of the Independent Auditors | 5 |

Consolidated Income Statement | 9 |

Consolidated Other Comprehensive Income | 10 |

Consolidated Balance Sheet | 11 |

Company Balance Sheet | 12 |

Consolidated Statement of Changes in Equity | 13 |

Company Statement of Changes in Equity | 14 |

Consolidated Cash Flow Statement | 15 |

Notes to the Consolidated Cash Flow Statement | 16 |

Notes to the Consolidated Financial Statements | 17 |

IMS Euro Group Ltd

Company Information

for the Year Ended 31 December 2024

| DIRECTORS: | Mr B A I Murray

| Mr S Collard

| REGISTERED OFFICE: | Europa Business Park

| Bird Hall Lane

| Cheadle Heath

| Stockport

| Cheshire

| SK3 0XA

| REGISTERED NUMBER: | 14173296 (England and Wales)

| AUDITORS: | Harts Limited

| Chartered Accountants and Statutory Auditors

| Westminster House

| 10 Westminster Road

| Macclesfield

| Cheshire

| SK10 1BX

IMS Euro Group Ltd (Registered number: 14173296)

Group Strategic Report

for the Year Ended 31 December 2024

The directors presents their strategic report of the group for the 12 months ended 31 December 2024.

REVIEW OF BUSINESS

Turnover increased again year on year, up £5m to £32m. IMS continues to win market share, through providing a compelling combination of excellent customer service, and high quality, value for money products.

Profitability also increased with profit before tax increasing by £0.5m to £2.63m, enabling IMS to continue to reinvest in its people and infrastructure, ensuring it has a robust and efficient platform for continued growth.

As one would expect, working capital has increased to take account of this growth in sales. Debtors levels are consistently between £6m and £7m in both years, whilst careful stock management has enabled stock levels to fall by £0.7m to £5m, despite the higher level of sales. IMS continues to have the breadth and depth of stock to allow it to provide customers with a One Stop Shop for medical consumables products.

Cash generated from operations in the year was £5.1m in 2024, versus £1.9m in the prior year.

The Group's Dutch subsidiary, IMS (Europe) BV, commenced trading in the year. IMS intends to use this subsidiary to roll out its unique and highly scalable business model into the receptive European market. As anticipated this subsidiary was loss making in the year.

PRINCIPAL RISKS AND UNCERTAINTIES

Price volatility, product shortages and delay on imports are still a risk as a result of the Ukraine War and the conflict in the Middle East, however the business has a strong and diverse supply base to mitigate this risk.

The company uses daily, weekly and monthly Key Performance Indicators to monitor profitability and liquidity. Examples of these KPIs are Daily Sales, Product margin percentage, Stock days, Trade debtor days and Trade creditor days.

| Key performance indicator |  | 2024 |  | 2023 |  |

| Gross profit % |  | 32.6% |  | 30.5% |  |

| Profit before tax % |  | 8.1% |  | 7.9% |  |

| Trade debtor days |  | 39.7 days |  | 55.6 days |  |

| Trade creditor days |  | 48.6 days |  | 39.9 days |  |

| Stock trading ratio % |  | 23.1% |  | 30.1% |  |

Currency fluctuations are managed by maintaining reserves of the major trading currencies.

LEGISLATIVE RISKS

All suppliers and products purchased comply with existing legislation.

FINANCIAL RISKS

The company and its divisions continue to be financially strong, generating significant profit and cashflow, adding to an already strong balance sheet.

ECONOMIC RISKS

The company and its divisions are well placed to address future economic challenges through diversification into new markets, tight cost control and increasing liquidity.

IMS Euro Group Ltd (Registered number: 14173296)

Group Strategic Report

for the Year Ended 31 December 2024

INFORMATION SECURITY RISK

Loss of the IT network or data held within it could result in significant reputational and financial damage. The Group's IT systems are all cloud-based and therefore can be accessed from any location with an internet connection. Access to the Group's systems requires multi-factor authentication and firewall software is in place to restrict the imp[act of cyber-attacks. Regular notifications are sent to staff regarding the importance of remaining vigilant of phishing e-mails.

ON BEHALF OF THE BOARD:

Mr B A I Murray - Director

11 September 2025

IMS Euro Group Ltd (Registered number: 14173296)

Report of the Directors

for the Year Ended 31 December 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of a supplier of medical consumables to the veterinary market.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 was £252,977 (2023: £257,580).

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTOR

Mr D W Shamot held office throughout the whole of the current period, resigning on 23rd April 2025. On this same date, Mr B A I Murray and Mr S Collard were appointed directors of the company.

DISCLOSURE IN THE STRATEGIC REPORT

In accordance with section 414A of the Companies Act 2006, the group has prepared a strategic report which can be found on page 2 and which includes a fair review of the group’s business and a description of the principal risks and uncertainties facing the group.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 company and the group 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;

- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:

Mr B A I Murray - Director

11 September 2025

Report of the Independent Auditors to the Members of

IMS Euro Group Ltd

Opinion

We have audited the financial statements of IMS Euro Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2024 and of the group's profit for the year then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 the 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 information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:

- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of

IMS Euro Group Ltd

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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page four, 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 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 the 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 the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of

IMS Euro Group Ltd

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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 primary responsibility for the prevention and detection of non-compliance with laws and regulations, including fraud, rests with both those charged with governance of the entity and management.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and considered acts by the company that were contrary to these laws and regulations, including fraud.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of an override of controls) and determined that the principle risks were related to revenue recognition and management override of controls. We also determined that there is a risk of inappropriate journal entries being included.

Appropriate procedures performed by the engagement team included:

- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations;

- Challenging the assumptions and judgements made by management in their significant accounting estimates;

- Reviewing the minutes of meetings of management and/or the Board of Directors;

- Discussions with management, including consideration of known or suspected instances of non compliance with laws and regulations and fraud;

- Performing analytical procedures to identify and unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.

There are inherent limitations in the audit procedures described above. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. 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, intentional misrepresentation or through collusion.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations that could materially impact the financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of

IMS Euro Group Ltd

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Melissa Bowers FCCA (Senior Statutory Auditor)

for and on behalf of Harts Limited

Chartered Accountants and Statutory Auditors

Westminster House

10 Westminster Road

Macclesfield

Cheshire

SK10 1BX

12 September 2025

IMS Euro Group Ltd (Registered number: 14173296)

Consolidated Income Statement

for the Year Ended 31 December 2024

| 31.12.24 |  | 31.12.23

| Notes | £ | £ |

TURNOVER | 3 | 32,333,112 |  | 27,228,601 |  |

Cost of sales | (21,805,079 | ) | (18,929,248 | ) |

GROSS PROFIT | 10,528,033 |  | 8,299,353 |  |

Administrative expenses | (7,990,206 | ) | (6,156,871 | ) |

2,537,827 |  | 2,142,482 |  |

Other operating income | 69,057 |  | 7,328 |  |

OPERATING PROFIT | 5 | 2,606,884 |  | 2,149,810 |  |

Interest receivable and similar income | 33,486 |  | 13,434 |  |

2,640,370 |  | 2,163,244 |  |

Interest payable and similar expenses | 7 | (5,754 | ) | - |  |

PROFIT BEFORE TAXATION | 2,634,616 |  | 2,163,244 |  |

Tax on profit | 8 | (1,130,716 | ) | (772,838 | ) |

PROFIT FOR THE FINANCIAL YEAR | 1,503,900 |  | 1,390,406 |  |

Profit attributable to:

Owners of the parent | 1,435,793 |  | 1,339,991 |  |

Non-controlling interests | 68,107 |  | 50,415 |  |

1,503,900 |  | 1,390,406 |  |

IMS Euro Group Ltd (Registered number: 14173296)

Consolidated Other Comprehensive Income

for the Year Ended 31 December 2024

| 31.12.24 |  | 31.12.23

| Notes | £ | £ |

PROFIT FOR THE YEAR | 1,503,900 |  | 1,390,406 |  |

OTHER COMPREHENSIVE INCOME |

Translation reserve movements | 19,198 |  | - |  |

Income tax relating to other comprehensive income | - |  | - |  |

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX | 19,198 |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 1,523,098 |  | 1,390,406 |  |

Total comprehensive income attributable to:

Owners of the parent | 1,454,991 |  | 1,339,991 |  |

Non-controlling interests | 68,107 |  | 50,415 |  |

1,523,098 |  | 1,390,406 |  |

IMS Euro Group Ltd (Registered number: 14173296)

Consolidated Balance Sheet

31 December 2024

| 31.12.24 |  | 31.12.23

| Notes | £ | £ |

FIXED ASSETS

Intangible assets | 11 | 3,413,385 |  | 4,522,220 |  |

Tangible assets | 12 | 141,860 |  | 60,481 |  |

Investments | 13 | - |  | - |  |

3,555,245 |  | 4,582,701 |  |

CURRENT ASSETS

Stocks | 14 | 5,044,530 |  | 5,694,475 |  |

Debtors | 15 | 6,390,359 |  | 6,868,757 |  |

Cash at bank and in hand | 5,019,376 |  | 1,277,986 |  |

16,454,265 |  | 13,841,218 |  |

CREDITORS

Amounts falling due within one year | 16 | (5,459,889 | ) | (5,156,960 | ) |

NET CURRENT ASSETS | 10,994,376 |  | 8,684,258 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 14,549,621 |  | 13,266,959 |  |

PROVISIONS FOR LIABILITIES | 19 | (21,607 | ) | (9,066 | ) |

NET ASSETS | 14,528,014 |  | 13,257,893 |  |

CAPITAL AND RESERVES

Called up share capital | 20 | 12,000,000 |  | 12,000,000 |  |

Retained earnings | 21 | 2,279,425 |  | 1,077,411 |  |

SHAREHOLDERS' FUNDS | 14,279,425 |  | 13,077,411 |  |

NON-CONTROLLING INTERESTS | 22 | 248,589 |  | 180,482 |  |

TOTAL EQUITY | 14,528,014 |  | 13,257,893 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 11 September 2025 and were signed on its behalf by:

Mr B A I Murray - Director

Mr S Collard - Director

IMS Euro Group Ltd (Registered number: 14173296)

Company Balance Sheet

31 December 2024

| 31.12.24 |  | 31.12.23

| Notes | £ | £ |

FIXED ASSETS

Intangible assets | 11 | - |  | - |  |

Tangible assets | 12 | - |  | - |  |

Investments | 13 | 12,000,000 |  | 12,000,000 |  |

12,000,000 |  | 12,000,000 |  |

CURRENT ASSETS

Cash at bank | 18 |  | - |  |

CREDITORS

Amounts falling due within one year | 16 | - |  | (10,000 | ) |

NET CURRENT ASSETS/(LIABILITIES) | 18 |  | (10,000 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 12,000,018 |  | 11,990,000 |  |

CAPITAL AND RESERVES

Called up share capital | 20 | 12,000,000 |  | 12,000,000 |  |

Retained earnings | 21 | 18 |  | (10,000 | ) |

SHAREHOLDERS' FUNDS | 12,000,018 |  | 11,990,000 |  |

Company's profit/(loss) for the financial year | 10,018 |  | (5,000 | ) |

The financial statements were approved by the Board of Directors and authorised for issue on 11 September 2025 and were signed on its behalf by:

Mr B A I Murray - Director

Mr S Collard - Director

IMS Euro Group Ltd (Registered number: 14173296)

Consolidated Statement of Changes in Equity

for the Year Ended 31 December 2024

| Called up |

| share |  | Retained |  | Non-controlling |  | Total

| capital |  | earnings |  | Total |  | interests |  | equity

£ | £ | £ | £ | £ |

Balance at 1 January 2023 | 12,000,000 |  | (5,000 | ) | 11,995,000 |  | 130,067 |  | 12,125,067 |  |

Changes in equity

Dividends | - |  | (257,580 | ) | (257,580 | ) | - |  | (257,580 | ) |

Total comprehensive income | - |  | 1,339,991 |  | 1,339,991 |  | 50,415 |  | 1,390,406 |  |

Balance at 31 December 2023 | 12,000,000 |  | 1,077,411 |  | 13,077,411 |  | 180,482 |  | 13,257,893 |  |

Changes in equity

Dividends | - |  | (252,977 | ) | (252,977 | ) | - |  | (252,977 | ) |

Total comprehensive income | - |  | 1,454,991 |  | 1,454,991 |  | 68,107 |  | 1,523,098 |  |

Balance at 31 December 2024 | 12,000,000 |  | 2,279,425 |  | 14,279,425 |  | 248,589 |  | 14,528,014 |  |

IMS Euro Group Ltd (Registered number: 14173296)

Company Statement of Changes in Equity

for the Year Ended 31 December 2024

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 January 2023 | 12,000,000 |  | (5,000 | ) | 11,995,000 |  |

Changes in equity

Total comprehensive income | - |  | (5,000 | ) | (5,000 | ) |

Balance at 31 December 2023 | 12,000,000 |  | (10,000 | ) | 11,990,000 |  |

Changes in equity

Total comprehensive income | - |  | 10,018 |  | 10,018 |  |

Balance at 31 December 2024 | 12,000,000 |  | 18 |  | 12,000,018 |  |

IMS Euro Group Ltd (Registered number: 14173296)

Consolidated Cash Flow Statement

for the Year Ended 31 December 2024

| 31.12.24 |  | 31.12.23

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 5,070,778 |  | 1,873,067 |  |

Interest paid | (5,754 | ) | - |  |

Tax paid | (920,893 | ) | (621,993 | ) |

Net cash from operating activities | 4,144,131 |  | 1,251,074 |  |

Cash flows from investing activities

Purchase of intangible fixed assets | (34,017 | ) | (12,616 | ) |

Purchase of tangible fixed assets | (119,006 | ) | (36,140 | ) |

Sale of tangible fixed assets | 8,857 |  | - |  |

Interest received | 33,486 |  | 13,434 |  |

Net cash from investing activities | (110,680 | ) | (35,322 | ) |

Cash flows from financing activities

Equity dividends paid | (252,977 | ) | (257,580 | ) |

Net cash from financing activities | (252,977 | ) | (257,580 | ) |

Increase in cash and cash equivalents | 3,780,474 |  | 958,172 |  |

Cash and cash equivalents at beginning of year | 2 | 1,238,902 |  | 280,730 |  |

Cash and cash equivalents at end of year | 2 | 5,019,376 |  | 1,238,902 |  |

IMS Euro Group Ltd (Registered number: 14173296)

Notes to the Consolidated Cash Flow Statement

for the Year Ended 31 December 2024

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 31.12.24 |  | 31.12.23

£ | £ |

| Profit before taxation | 2,634,616 |  | 2,163,244 |  |

| Depreciation charges | 1,180,433 |  | 1,159,398 |  |

| Profit on disposal of fixed assets | (7,593 | ) | - |  |

| Remaining translation gain in year | 17,980 |  | - |  |

| Other adjustments | 6,320 |  | - |  |

| Finance costs | 5,754 |  | - |  |

| Finance income | (33,486 | ) | (13,434 | ) |

3,804,024 |  | 3,309,208 |  |

| Decrease/(increase) in stocks | 649,945 |  | (1,780,281 | ) |

| Decrease/(increase) in trade and other debtors | 478,398 |  | (2,063,273 | ) |

| Increase in trade and other creditors | 138,411 |  | 2,407,413 |  |

| Cash generated from operations | 5,070,778 |  | 1,873,067 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 31 December 2024

| 31.12.24 |  | 1.1.24

£ | £ |

| Cash and cash equivalents | 5,019,376 |  | 1,277,986 |  |

| Bank overdrafts | - |  | (39,084 | ) |

5,019,376 |  | 1,238,902 |  |

| Year ended 31 December 2023

| 31.12.23 |  | 1.1.23

£ | £ |

| Cash and cash equivalents | 1,277,986 |  | 280,730 |  |

| Bank overdrafts | (39,084 | ) | - |  |

1,238,902 |  | 280,730 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.1.24 | Cash flow | At 31.12.24

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 1,277,986 |  | 3,741,390 |  | 5,019,376 |  |

| Bank overdrafts | (39,084 | ) | 39,084 |  | - |  |

1,238,902 |  | 3,780,474 |  | 5,019,376 |  |

| Total | 1,238,902 |  | 3,780,474 |  | 5,019,376 |  |

IMS Euro Group Ltd (Registered number: 14173296)

Notes to the Consolidated Financial Statements

for the Year Ended 31 December 2024

1. | STATUTORY INFORMATION

| IMS Euro Group Ltd 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 General Information page.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Critical accounting 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.

| Key sources of estimation uncertainty

| The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

| A provision in the amount of £303,408 (2023: £319,336) for old and obsolete stock has been estimated by the directors to ensure that the stock is correctly stated at the lower of cost and new realisable value.

| Turnover

| The group recognises the turnover from the sale of goods when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the future economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

| Turnover is normally recognised on despatch of goods or the agreed transfer of ownership if inventory management is requested by the customer on premises at the group.

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of five years.

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Patents and licences are being amortised evenly over their estimated useful life of four years.

| Computer software is being amortised evenly over its estimated useful life of four years.

| Tangible fixed assets

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

| Plant and machinery | - | 50% on cost, 33% on reducing balance, 25% on reducing balance and 20% on reducing balance

| Fixtures and fittings | - | 50% on cost, 33% on reducing balance, 25% on reducing balance and 20% on reducing balance

| Motor vehicles | - | 25% on reducing balance

IMS Euro Group Ltd (Registered number: 14173296)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Stocks

| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Stocks are measured using the weighted average policy.

| Financial instruments

| The company and the group have elected to apply the provisions of Section 11 ‘Basic Financial Instruments’.

| Financial instruments are recognised in the group's balance sheet when it 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.

| Taxation

| Taxation for the year comprises current. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current 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.

| 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

| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

IMS Euro Group Ltd (Registered number: 14173296)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Investments in subsidiaries and associates

| Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

| An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

| Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

3. | TURNOVER

| The turnover and profit before taxation are attributable to the one principal activity of the group.

| An analysis of turnover by class of business is given below:

| 31.12.24 |  | 31.12.23

£ | £ |

| Sales of goods | 32,333,112 |  | 27,228,601 |  |

32,333,112 |  | 27,228,601 |  |

| An analysis of turnover by geographical market is given below:

| 31.12.24 |  | 31.12.23

£ | £ |

| United Kingdom | 31,456,397 |  | 26,678,214 |  |

| Europe | 861,191 |  | 532,463 |  |

| Rest of the world | 15,524 |  | 17,924 |  |

32,333,112 |  | 27,228,601 |  |

4. | EMPLOYEES AND DIRECTORS

| 31.12.24 |  | 31.12.23

£ | £ |

| Wages and salaries | 3,712,981 |  | 3,005,603 |  |

| Social security costs | 343,521 |  | 247,830 |  |

| Other pension costs | 294,587 |  | 258,045 |  |

4,351,089 |  | 3,511,478 |  |

| The average number of employees during the year was as follows:

| 31.12.24 |  | 31.12.23

| Direct | 63 |  | 45 |  |

| Indirect | 40 |  | 36 |  |

103 |  | 81 |  |

IMS Euro Group Ltd (Registered number: 14173296)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

4. | EMPLOYEES AND DIRECTORS - continued

| The parent company has no employees.

| 31.12.24 |  | 31.12.23

£ | £ |

| Director's remuneration | 4,012 |  | 10,061 |  |

| Director's pension contributions to money purchase schemes | 338 |  | 805 |  |

5. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| 31.12.24 |  | 31.12.23

£ | £ |

| Hire of plant and machinery | 37,801 |  | 37,843 |  |

| Other operating leases | 857,559 |  | 385,611 |  |

| Depreciation - owned assets | 36,363 |  | 16,079 |  |

| Profit on disposal of fixed assets | (7,593 | ) | - |  |

| Goodwill amortisation | 1,125,341 |  | 1,125,341 |  |

| Patents and licences amortisation | 3,183 |  | - |  |

| Computer software amortisation | 14,328 |  | 17,979 |  |

6. | AUDITORS' REMUNERATION

| 31.12.24 |  | 31.12.23

£ | £ |

| Fees payable to the company's auditors for the audit of the company's financial statements | 24,200 |  | 20,000 |  |

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 31.12.24 |  | 31.12.23

£ | £ |

| Bank interest | 5,754 |  | - |  |

8. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 31.12.24 |  | 31.12.23

£ | £ |

| Current tax:

| UK corporation tax | 1,124,495 |  | 779,158 |  |

| (Over) Under provision in prior year | - |  | (4,135 | ) |

| Total current tax | 1,124,495 |  | 775,023 |  |

| Deferred tax | 6,221 |  | (2,185 | ) |

| Tax on profit | 1,130,716 |  | 772,838 |  |

IMS Euro Group Ltd (Registered number: 14173296)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

8. | TAXATION - continued

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| 31.12.24 |  | 31.12.23

£ | £ |

| Profit before tax | 2,634,616 |  | 2,163,244 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 23.500 %) | 658,654 |  | 508,362 |  |

| Effects of:

| Expenses not deductible for tax purposes | 3,016 |  | 268,874 |  |

| Capital allowances in excess of depreciation | - |  | (5,857 | ) |

| Depreciation in excess of capital allowances | 324,755 |  | - |  |

| Adjustments to tax charge in respect of previous periods | (8,822 | ) | (4,135 | ) |

| Pension provision | (4,352 | ) | 5,594 |  |

| Foreign subsidiary losses carried forward | 157,465 |  | - |  |

| Total tax charge | 1,130,716 |  | 772,838 |  |

| Tax effects relating to effects of other comprehensive income |

| 31.12.24 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Translation reserve movements | 19,198 |  | - |  | 19,198 |  |

9. | INDIVIDUAL INCOME STATEMENT

| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

| The parent company's result for the year can be found on the company balance sheet on page 12.

10. | DIVIDENDS

| 31.12.24 |  | 31.12.23

£ | £ |

| Ordinary A shares of 1 each

| Interim | 252,977 |  | 257,580 |  |

IMS Euro Group Ltd (Registered number: 14173296)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

11. | INTANGIBLE FIXED ASSETS

| Group

| Patents |

| and |  | Computer |

| Goodwill |  | licences |  | software |  | Totals

£ | £ | £ | £ |

| COST

| At 1 January 2024 | 5,626,705 |  | - |  | 38,835 |  | 5,665,540 |  |

| Additions | - |  | 12,732 |  | 21,285 |  | 34,017 |  |

| At 31 December 2024 | 5,626,705 |  | 12,732 |  | 60,120 |  | 5,699,557 |  |

| AMORTISATION

| At 1 January 2024 | 1,125,341 |  | - |  | 17,979 |  | 1,143,320 |  |

| Amortisation for year | 1,125,341 |  | 3,183 |  | 14,328 |  | 1,142,852 |  |

| At 31 December 2024 | 2,250,682 |  | 3,183 |  | 32,307 |  | 2,286,172 |  |

| NET BOOK VALUE

| At 31 December 2024 | 3,376,023 |  | 9,549 |  | 27,813 |  | 3,413,385 |  |

| At 31 December 2023 | 4,501,364 |  | - |  | 20,856 |  | 4,522,220 |  |

12. | TANGIBLE FIXED ASSETS

| Group

| Fixtures |

| Plant and |  | and |  | Motor |

| machinery |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ |

| COST

| At 1 January 2024 | 37,536 |  | 37,397 |  | 1,627 |  | 76,560 |  |

| Additions | 11,716 |  | 84,113 |  | 23,177 |  | 119,006 |  |

| Disposals | - |  | - |  | (15,200 | ) | (15,200 | ) |

| At 31 December 2024 | 49,252 |  | 121,510 |  | 9,604 |  | 180,366 |  |

| DEPRECIATION

| At 1 January 2024 | 5,596 |  | 10,120 |  | 363 |  | 16,079 |  |

| Charge for year | 11,944 |  | 22,302 |  | 2,117 |  | 36,363 |  |

| Eliminated on disposal | - |  | - |  | (13,936 | ) | (13,936 | ) |

| At 31 December 2024 | 17,540 |  | 32,422 |  | (11,456 | ) | 38,506 |  |

| NET BOOK VALUE

| At 31 December 2024 | 31,712 |  | 89,088 |  | 21,060 |  | 141,860 |  |

| At 31 December 2023 | 31,940 |  | 27,277 |  | 1,264 |  | 60,481 |  |

IMS Euro Group Ltd (Registered number: 14173296)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

13. | FIXED ASSET INVESTMENTS

| Company

| Shares in

| group

| undertakings

£ |

| COST

| At 1 January 2024

| and 31 December 2024 | 12,000,000 |  |

| NET BOOK VALUE

| At 31 December 2024 | 12,000,000 |  |

| At 31 December 2023 | 12,000,000 |  |

| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

| Subsidiaries

| IMS Euro Limited

| Registered office: Europa Business Park Bird Hall Lane, Cheadle Heath, Stockport, United Kingdom, SK3 0XA

| Nature of business: Veterinary medical consumables supplier

| %

| Class of shares: | holding |

| Ordinary | 98.00 |

| 31.12.24 |  | 31.12.23

£ | £ |

| Aggregate capital and reserves | 11,918,912 |  | 8,766,529 |  |

| Profit for the year | 3,405,360 |  | 2,520,746 |  |

| IMS (Europe) BV

| Registered office: Kraaiendonk 46 5428 NZ Venhorst

| Nature of business: Veterinary medical consumables supplier

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| 31.12.24 |

£ |  |

| Aggregate capital and reserves | (766,939 | ) |

| Loss for the year | (766,940 | ) |

14. | STOCKS

| Group |

| 31.12.24 |  | 31.12.23 |

£ | £ |

| Finished goods | 5,044,530 |  | 5,694,475 |  |

IMS Euro Group Ltd (Registered number: 14173296)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |

| 31.12.24 |  | 31.12.23 |

£ | £ |

| Trade debtors | 3,510,867 |  | 4,150,748 |  |

| Other debtors | 2,261,633 |  | 2,215,915 |  |

| Prepayments & accrued income | 617,859 |  | 502,094 |  |

6,390,359 |  | 6,868,757 |  |

| Other debtors include amount £1,971,641 (2023: £1,900,561) receivable from Shamot Group Holdings Ltd (formerly IMS Euro Holdings Limited), a company under common control during the year.

16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

| 31.12.24 |  | 31.12.23 |  | 31.12.24 |  | 31.12.23 |

£ | £ | £ | £ |

| Bank loans and overdrafts (see note 17) | - |  | 39,084 |  | - |  | - |  |

| Trade creditors | 2,693,901 |  | 2,262,587 |  | - |  | - |  |

| Corporation tax | 548,889 |  | 345,287 |  | - |  | - |  |

| Social security and other taxes | 16,209 |  | - |  | - |  | - |  |

| Pension creditor | 22,784 |  | 39,269 |  | - |  | - |  |

| VAT | 488,088 |  | 326,111 |  | - |  | - |  |

| Other creditors | 112,744 |  | 610,779 |  | - |  | - |  |

| Accrued expenses | 1,577,274 |  | 1,533,843 |  | - |  | 10,000 |  |

5,459,889 |  | 5,156,960 |  | - |  | 10,000 |  |

| Other creditors include amount £62,860 (2023: £74,279) payable to Shamot Investment Group Ltd (formerly IMS Euro Properties Limited), a company under common control during the year.

17. | LOANS

| An analysis of the maturity of loans is given below:

| Group |

| 31.12.24 |  | 31.12.23 |

£ | £ |

| Amounts falling due within one year or on | demand: |

| Bank overdrafts | - |  | 39,084 |  |

18. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

IMS Euro Group Ltd (Registered number: 14173296)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

| Group

| Non-cancellable operating | leases |

| 31.12.24 |  | 31.12.23

£ | £ |

| Within one year | 691,359 |  | 527,393 |  |

| Between one and five years | 700,420 |  | 41,563 |  |

| In more than five years | - |  | 90 |  |

1,391,779 |  | 569,046 |  |

| Lease payments recognised as an expense during the year were £859,750 (2023: £423,454).

19. | PROVISIONS FOR LIABILITIES

| Group |

| 31.12.24 |  | 31.12.23 |

£ | £ |

| Deferred tax | 21,607 |  | 9,066 |  |

| Group

| Deferred |

| tax |

£ |

| Balance at 1 January 2024 | 9,066 |  |

| Provided during year | 12,541 |  |

| Balance at 31 December 2024 | 21,607 |  |

20. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.12.24 |  | 31.12.23

| value: | £ | £ |

| 6,060,000 | Ordinary A | 1 | 5,940,000 |  | 5,940,000 |  |

| 5,940,000 | Ordinary B | 1 | 6,060,000 |  | 6,060,000 |  |

12,000,000 |  | 12,000,000 |  |

| There are no restrictions on these shares.

| On 8th May 2025, the Ordinary A and Ordinary B shares were reclassed to all be designated as Ordinary shares.

IMS Euro Group Ltd (Registered number: 14173296)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

21. | RESERVES

| Group

| Retained

| earnings

£ |

| At 1 January 2024 | 1,077,411 |  |

| Profit for the year | 1,435,793 |  |

| Dividends | (252,977 | ) |

| Translation gains/(losses) | 19,198 |  |

| At 31 December 2024 | 2,279,425 |  |

| Company

| Retained

| earnings

£ |

| At 1 January 2024 | (10,000 | ) |

| Profit for the year | 10,018 |  |

| At 31 December 2024 | 18 |  |

22. | NON-CONTROLLING INTERESTS

| IMS Euro Group Limited owns 98% of the issued shares of IMS Euro Limited.

| There has been an increase in the non-controlling interest for the current year of £68,107 (2023: £50,415). The brought forward non-controlling interests were £180,482 (2023: £130,067), thus the year end balance is £248,589 (2023: (£180,482).

23. | OTHER FINANCIAL COMMITMENTS

| There is a debenture dated 24th October 2022 relating to IMS Euro Group Ltd, including a fixed and floating charge over all assets of the company, in favour of HSBC UK Bank PLC.

| There is a debenture relating to IMS Euro Ltd including a fixed charge over all present freehold and leasehold property; the first charge is over the book and other debts, chattels, goodwill and uncalled capital, both present and future; and there is a floating charge over all assets and undertaking both present and future dated 24 December 2001.

| The group has in place a bank guarantee for €87,664 (£72,450) in respect of IMS (Europe) B.V's lease agreement for their main premises in Venhorst, NL, which expires on 31st December 2028.

24. | RELATED PARTY DISCLOSURES

| During the year, the group were invoiced amounts totalling £469,924 (2023: £218,592) by Shamot Investment Group Ltd (formerly IMS Euro Properties Limited), which is a company controlled by Durgham Shamot, who was a director throughout the whole of the current and prior year. At the balance sheet date, there was a balance payable to Shamot Investment Group Ltd of £62,860 (2023: £74,166).

| At the balance sheet date, the group was owed £1,971,641 (2023: £1,832,029) by Shamot Group Holdings Ltd (formerly IMS Euro Holdings Limited) which was a company under the control of Durgham Shamot.

| Durgham Shamot was sole director of the company until 23rd April 2025. See post balance sheet events note for further details.

IMS Euro Group Ltd (Registered number: 14173296)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

25. | POST BALANCE SHEET EVENTS

| On 23rd April 2025, 100% of the share capital of the Company was purchased by IMS Euro Bidco Limited, a company incorporated in England and Wales, which is regarded as the immediate parent company. IMS Euro Topco Limited, a company incorporated in England and Wales, is regarded as the ultimate parent company. The registered office address of both the immediate and ultimate parent company is Europa Business Park, Bird Hall Lane, Cheadle Heath, Stockport, SKA 0XA.

| Following the change in ownership, the Group is controlled by Elysian Capital III LP of 1 Southampton Street, London, ACRE 0LR, on the basis that it holds a controlling interest in the voting rights of the share capital of IMS Euro Topco Limited, the Group's ultimate parent company.