ACCOUNTS - Final Accounts

All turnover is attributable to the group's principal activity. An analysis of turnover by geographical market is given below.

Registered number: 10759004

GAMA HEALTHCARE CORPORATION LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

GAMA HEALTHCARE CORPORATION LIMITED

COMPANY INFORMATION

Directors	G Braverman
	A Hanouka


Registered number	10759004


Registered office	The Maylands Building
	Maylands Avenue
	Hemel Hempstead Industrial Estate
	Hemel Hempstead
	England
	HP2 7TG


Independent auditors	Barnes Roffe Audit Limited
	Chartered Accountants & Statutory Auditors
	3 Brook Business Centre
	Cowley Mill Road
	Uxbridge
	Middlesex
	UB8 2FX

GAMA HEALTHCARE CORPORATION LIMITED

CONTENTS

	Page
Group strategic report	1 - 3
Directors' report	4 - 6
Independent auditors' report	7 - 11
Consolidated statement of comprehensive income	12
Consolidated statement of financial position	13 - 14
Company statement of financial position	15
Consolidated statement of changes in equity	16 - 17
Company statement of changes in equity	18
Consolidated statement of cash flows	19 - 20
Consolidated analysis of net debt	21
Notes to the financial statements	22 - 48

GAMA HEALTHCARE CORPORATION LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2025

Introduction

The directors present their Group strategic report for the year end 31 March 2025.

Review of business

The year to 31 March 2025 was a very successful year for the Group. Following the strategic review undertaken by the group in March 2024, including an organisational restructuring program, the company has seen a positive turnaround in both turnover and profitability.
In the year to 31 March 2025, the group delivered turnover of £78,872,929 (2024 - £69,979,274), an increase of 12.7%. This increase resulted from the group consolidating its strong market share whilst also maintaining its position as a key supplier of infection prevention products globally.
In the year to 31 March 2025, the group delivered a profit of £12,861,085 (2024 - £2,696,821 loss). demonstrating the profitability of the group following the strategic review and organisational restructuring program, along with the group’s ongoing commitment to managing expenditure and reducing costs.

Principal risks and uncertainties

Credit risk
The Group trades with recognised, creditworthy customers. It is the Group's policy that all customers who wish to trade on credit terms are subject to credit vetting procedures. In addition, receivable balances are monitored on an ongoing basis with the result that the Group's exposure to bad debts is minimal.
Currency risk
The Group makes a proportion of its sales and purchases in foreign currencies. The directors closely monitor the currency risk arising to the Group and mitigate this risk using forward contracts.
IT risk
The Group takes the risk of cyber security seriously and has processes in place internally and with third party partners to minimise this risk.

Page 1

GAMA HEALTHCARE CORPORATION LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Future developments

The Group will continue to consolidate its position and concentrate its efforts on achieving maximum growth in existing market segments, while also developing new products and markets.
The Group has an active research and development facility which is permanently engaged in discovering and developing new innovative products and improving existing ones. This will enable the Group to continually discover effective solutions and ensure it remains at the forefront of healthcare innovation.
Stakeholder engagement
As the Board of GAMA Healthcare Corporation Limited, we have a legal responsibility under section 172 of the Companies Act 2006 to act in the way we consider, in good faith, would be most likely to promote the company’s success for the benefit of its members as a whole, and to have regard to the long-term effect of our decisions on the company and its stakeholders. This statement addresses the ways in which we as a Board perform this responsibility.
Promoting the group’s success for its members
GAMA Healthcare Limited was founded in 2004 by Dr Allen Hanouka and Dr Guy Braverman. Over 20 years since then the group has grown to group-wide revenues of nearly £80 million and has provided employment, training and financial reward for its owners and employees. GAMA Healthcare is a dynamic, innovative group at the forefront of infection prevention technology. GAMA specialises in the manufacture and distribution of revolutionary infection prevention and control products and the provision of exceptional aftercare support. The aim of the group is to prevent infections, to save and improve lives.
We make strategic decisions based on long-term objectives. We utilise our state-of-the art Science and Innovation centre in Halifax to invest in research and development of new, innovative products to further position the Group for growth. This investment in the future will enable GAMA to remain at the forefront of the infection prevention and control market.

Page 2

GAMA HEALTHCARE CORPORATION LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Engaging with stakeholders

Our key stakeholders, and the ways in which we engage with them, are as follows:

∙Our employees – We rely on a highly motivated and skilled team, who are passionate about our aim to prevent infections and to save and improve lives. Recruitment and retention of staff is a critical business activity. We strive to engage with team members by:

−Setting remuneration at market rates and rewarding performance with bonuses at all levels.

−Providing training and career development support.

−Maintaining a safe, pleasant, respectful working environment in each of our offices and facilities.

−Committing to equal opportunity, diversity and open communication with our staff.

−Updating our staff of the group’s plans on a regular basis.

∙Our customers and suppliers – We have invested heavily in research and development so that our products continue to remain at the forefront of infection prevention and control, to enable our customers to prevent infections and to help save and improve lives. We have built a strong reputation for quality with our customers and for fair dealing in all our interactions with customers and suppliers. We work with our customers to provide training and education to help promote best practice and keep patients safe. We train thousands of healthcare professionals every year to help make healthcare environments safer for everyone.

∙GAMA is committed to ensuring compliance with national law and regulations and implementing and maintaining an effective Labour Standards Assurance System.

∙Our community and the environment – As a group we carry out various charitable initiatives for both our local community and the wider world, including donations to various charities and fundraising for events such as cycling challenges undertaken by our staff, or giving employees a charity day off to undertake work in their local community. We encourage environmental best practice in every area of our business and are always looking for new ways to reduce our impact on the natural world, including a move to recycled packaging, electric cars and a reduction in our carbon footprint. We are proud to act responsibly as an employer, as a manufacturer and as a part of the global infection prevention and control community.

This report was approved by the board on 9 September 2025 and signed on its behalf.

G Braverman

Director

Page 3

GAMA HEALTHCARE CORPORATION LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 MARCH 2025

The directors present their report and the financial statements for the year ended 31 March 2025.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Group's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to 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.

Going concern
The directors note that the group and company are trading adequately and have sufficient working capital and other finance available to continue for a period of not less than 12 months from the date of approval of these financial statements. As such the directors believe that there are no significant uncertainties in their assessment of whether the business is a going concern and therefore have prepared the accounts on a going concern basis.

Results and dividends

The profit for the year, after taxation, amounted to £12,861,085 (2024 - loss £2,696,821).

Dividends of £30,000 (2024 - £50,000) were paid by the group during the year.

Directors

The directors who served during the year were:

G Braverman

A Hanouka

Page 4

GAMA HEALTHCARE CORPORATION LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Matters covered in the Group strategic report

The company has chosen in accordance with section 414C of the Companies Act 2006, to set out the following information which would otherwise be required to be continued in the Directors' report within the Group strategic report: financial risk management and future developments.

Statement of carbon emissions in compliance with Streamlined Energy and Carbon Reporting (“SECR”)
Here follows the SECR compliant with UK legislation set out in the Streamlined Energy and Carbon Reporting (SECR), covering energy use and associated greenhouse gas emissions relating to gas, electricity and transport, intensity ratios and information relating to energy efficiency actions in respect of group entities (excluding those acquired during the year).
Current reporting year

	2025	2024
Total electricity use	438,568 kWh	394,714 kWh
Total gas use	14,771 kWh	16,145 kWh
Total transport fuel	516,405 kWh	472,457 kWh
Total energy from other fuels	0 kWh	0 kWh
Total energy use (all sources)	969,744 kWh	816,316 kWh
Total carbon emissions (electricity)	0 tCO2e	0 tCO2e
Total carbon emissions (gas)	2.7 tCO2e	3.0 tCO2e
Total carbon emissions (transport fuel)	120 tCO2e	122 tCO2e
Total carbon emissions (other sources)	0 tCO2e	0 tCO2e
Total carbon emissions	123 tCO2e	125 tCO2e
Total esta 7te	36,521 sqft	36,521 sqft
Carbon intensity ratio	3.37 kgCO2e per sqft	3.42 kgCO2e per sqft

Carbon and Energy efficiency actions
We are committed to responsible carbon management and will practise energy efficiency throughout our organisation, wherever it is cost effective. We recognise that climate change is one of the most serious environmental challenges currently threatening the global community and we understand we have a role to play in reducing greenhouse gas emissions.
We have implemented the policies below for the purpose of increasing the businesses energy efficiency in the relevant financial year.

∙Maintained hybrid working to reduce commuting and are reviewing this on an ongoing basis.

∙Moved to green electric tariffs to ensure 100% of energy is sourced from certified renewable sources.

∙Moving to electric vehicles from diesel and petrol.

Page 5

GAMA HEALTHCARE CORPORATION LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Methodology used in the calculation of disclosures
The ESOS (Energy Savings Opprtunity Scheme) methodology used in the calculation of disclosures is as specified in 'Complying with the Energy Savings Opportunity Scheme version 6, published by the Environment Agency, 21.01.21' in conjunction with Government GHG (greenhouse gas) reporting conversion factors.
For carbon-only related matters, the SECR methodology as specified in "Environmental reporting guidelines: including Streamlined Energy and Carbon Reporting and greenhouse gas reporting" was used in conjunction with Government GHG reporting conversion factors.
https://assets.publishing .service.gov.uk /government/uploads /system/uploads/attachment_data /file/850130 /Env-reporting -guidance_inc_SECR_31March .pdf

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There are no subsequent events to disclose or that require adjustments to the financial statements.

Auditors

After the year end Barnes Roffe LLP resigned as auditors due to the transfer of its audit business and its successor Barnes Roffe Audit Limited was appointed by the directors under s485 Companies Act 2006.

This report was approved by the board on 9 September 2025 and signed on its behalf.

G Braverman

Director

Page 6

GAMA HEALTHCARE CORPORATION LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GAMA HEALTHCARE CORPORATION LIMITED

Opinion

We have audited the financial statements of GAMA Healthcare Corporation Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2025, which comprise the Group Statement of comprehensive income, the Group and Company Statements of financial position, the Group Statement of cash flows, the Group and Company Statements of changes in equity and the related notes, 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's affairs as at 31 March 2025 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 United Kingdom, including the Financial Reporting Council'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 or 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.

Page 7

GAMA HEALTHCARE CORPORATION LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GAMA HEALTHCARE CORPORATION LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.

Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Group 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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.

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.

Page 8

GAMA HEALTHCARE CORPORATION LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GAMA HEALTHCARE CORPORATION LIMITED (CONTINUED)

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 4, 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 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.
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 an Auditors' 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 Group financial statements.
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.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows:

∙The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

∙We identified the laws and regulations applicable to the group through discussion with directors and other management, and from our commercial knowledge and experience of the relevant sector;

∙The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, are as follows:
i) Companies Act 2006.
ii) FRS 102.
iii) Employment legislation.
iv) Tax legislation.

∙We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and reviewing supporting evidence where applicable;

∙Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit team remained alert to instances of non-compliance throughout the audit; and

∙As either auditors of all significant components or having received group reporting in respect of significant components, we were able to cover the above matters at a group and component level and thereby ensure the audit team were aware of the above matters across all group companies.

Page 9

GAMA HEALTHCARE CORPORATION LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GAMA HEALTHCARE CORPORATION LIMITED (CONTINUED)

We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:

∙Making enquiries of management as to where they consider there was susceptibility to fraud and their knowledge of actual suspected and alleged fraud;

∙Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;

∙Reviewing the financial statements and testing the disclosures against supporting documentation;

∙Performing analytical procedures to identify any unusual or unexpected trends or anomalies;

∙Inspecting and testing journal entries to identify unusual or unexpected transactions;

∙Assessing whether judgement and assumptions made in determining significant accounting estimates were indicative of management bias; and

∙Investigating the rationale behind significant transactions, or transactions that are unusual or outside the group’s usual course of business.

The areas that we identified as being susceptible to misstatement through fraud were:

∙Management bias in the estimates and judgements made;

∙Management override of controls; and

∙Posting of unusual journals or transactions.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Auditors' report.

Page 10

GAMA HEALTHCARE CORPORATION LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GAMA HEALTHCARE CORPORATION LIMITED (CONTINUED)

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 an Auditors' 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 Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Elliot S J Arwas (Senior statutory auditor)

for and on behalf of

Barnes Roffe Audit Limited

Chartered Accountants & Statutory Auditors

3 Brook Business Centre

Cowley Mill Road

Uxbridge

Middlesex

UB8 2FX

11 September 2025

Page 11

GAMA HEALTHCARE CORPORATION LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2025

	2025	2024
Note	£	£

Turnover	4	78,872,929	69,979,274
Cost of sales		(37,556,403)	(36,355,715)
Gross profit		41,316,526	33,623,559
Administrative expenses		(27,569,627)	(30,932,414)
Exceptional administrative expenses	14	(310,723)	(2,778,201)
Other operating income/(expenses)	5	180,344	(2,449,291)
Operating profit/(loss)	6	13,616,520	(2,536,347)
Interest receivable and similar income	10	131,667	39,986
Interest payable and similar expenses	11	(1,536)	(17,706)
Profit/(loss) before taxation		13,746,651	(2,514,067)
Tax on profit/(loss)	12	(885,566)	(182,754)
Profit/(loss) for the financial year		12,861,085	(2,696,821)


Foreign exchange gain on consolidation	18,484	125,863
Other comprehensive income for the year	18,484	125,863
Total comprehensive income for the year	12,879,569	(2,570,958)

The notes on pages 22 to 48 form part of these financial statements.

Page 12

GAMA HEALTHCARE CORPORATION LIMITED

REGISTERED NUMBER: 10759004

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2025

		2025		2024
Note	£	£	£	£

Fixed assets
Intangible assets	15		3,941,725		4,664,218
Tangible assets	16		4,457,283		5,076,493
			8,399,008		9,740,711
Current assets
Stocks	18	6,508,860		6,204,126
Debtors: amounts falling due within one year	19	29,939,737		22,552,201
Cash at bank and in hand	20	14,578,380		3,906,399
		51,026,977		32,662,726
Creditors: amounts falling due within one year	21	(22,422,911)		(17,497,136)
Net current assets			28,604,066		15,165,590
Total assets less current liabilities			37,003,074		24,906,301
Provisions for liabilities
Deferred taxation	23	-		(752,796)
Other provisions	24	(400,000)		(400,000)
			(400,000)		(1,152,796)
Net assets			36,603,074		23,753,505

Capital and reserves
Called up share capital	25	100,000	100,000
Revaluation reserve	26	(329,245)	(329,245)
Foreign exchange reserve	26	141,435	122,951
Merger reserve	26	3,651,027	3,651,027
Profit and loss account	26	33,039,857	20,208,772
		36,603,074	23,753,505

Page 13

GAMA HEALTHCARE CORPORATION LIMITED

REGISTERED NUMBER: 10759004

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MARCH 2025

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 September 2025.

G Braverman

Director

The notes on pages 22 to 48 form part of these financial statements.

Page 14

GAMA HEALTHCARE CORPORATION LIMITED

REGISTERED NUMBER: 10759004

COMPANY STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2025

		2025		2024
Note	£	£	£	£

Fixed assets
Investments	17		4,688,916		4,680,433
			4,688,916		4,680,433
Current assets
Debtors: amounts falling due within one year	18	16,423,748		9,686,346
		16,423,748		9,686,346
Creditors: amounts falling due within one year	20	(20,217,554)		(13,387,716)
Net current liabilities			(3,793,806)		(3,701,370)
Total assets less current liabilities			895,110		979,063

Net assets			895,110		979,063

Capital and reserves
Called up share capital	24		100,000		100,000
Profit and loss account brought forward		879,063		973,985
Loss for the year		(53,953)		(44,922)
Other changes in the Profit and loss account		(30,000)		(50,000)
Profit and loss account carried forward	25		795,110		879,063
			895,110		979,063

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 September 2025.

G Braverman

Director

The notes on pages 22 to 48 form part of these financial statements.

Page 15


		GAMA HEALTHCARE CORPORATION LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

	Called up share capital	Revaluation reserve	Foreign exchange reserve	Other reserves	Profit and loss account	Total equity
	£	£	£	£	£	£
At 1 April 2024	100,000	(329,245)	122,951	3,651,027	20,208,772	23,753,505
Comprehensive income for the year
Profit for the year	-	-	-	-	12,861,085	12,861,085
Foreign exchange gain on consolidation	-	-	18,484	-	-	18,484
Total comprehensive income for the year	-	-	18,484	-	12,861,085	12,879,569
Contributions by and distributions to owners
Dividends: Equity capital	-	-	-	-	(30,000)	(30,000)
Total transactions with owners	-	-	-	-	(30,000)	(30,000)
At 31 March 2025	100,000	(329,245)	141,435	3,651,027	33,039,857	36,603,074

The notes on pages 22 to 48 form part of these financial statements.

Page 16


		GAMA HEALTHCARE CORPORATION LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2024

	Called up share capital	Revaluation reserve	Foreign exchange reserve	Merger reserves	Profit and loss account	Total equity
	£	£	£	£	£	£
At 1 April 2023	100,000	(329,245)	(2,912)	3,651,027	22,955,593	26,374,463
Comprehensive income for the year
Loss for the year	-	-	-	-	(2,696,821)	(2,696,821)
Foreign exchange gain on consolidation	-	-	125,863	-	-	125,863
Total comprehensive income for the year	-	-	125,863	-	(2,696,821)	(2,570,958)
Contributions by and distributions to owners
Dividends: Equity capital	-	-	-	-	(50,000)	(50,000)
Total transactions with owners	-	-	-	-	(50,000)	(50,000)
At 31 March 2024	100,000	(329,245)	122,951	3,651,027	20,208,772	23,753,505

The notes on pages 22 to 48 form part of these financial statements.

Page 17

GAMA HEALTHCARE CORPORATION LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 April 2023	100,000	973,985	1,073,985
Comprehensive income for the year
Loss for the year	-	(44,922)	(44,922)
Total comprehensive income for the year	-	(44,922)	(44,922)
Contributions by and distributions to owners
Dividends: Equity capital	-	(50,000)	(50,000)
Total transactions with owners	-	(50,000)	(50,000)

At 1 April 2024	100,000	879,063	979,063
Comprehensive income for the year
Loss for the year	-	(53,953)	(53,953)
Total comprehensive income for the year	-	(53,953)	(53,953)
Contributions by and distributions to owners
Dividends: Equity capital	-	(30,000)	(30,000)
Total transactions with owners	-	(30,000)	(30,000)
At 31 March 2025	100,000	795,110	895,110

The notes on pages 22 to 48 form part of these financial statements.

Page 18

GAMA HEALTHCARE CORPORATION LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit/(loss) for the financial year	12,861,085	(2,696,821)
Adjustments for:
Amortisation of intangible assets	994,134	990,645
Depreciation of tangible assets	792,415	1,097,846
Foreign exchange	18,484	125,863
Interest payable	1,536	17,706
Interest receivable	(131,667)	(39,986)
Taxation charge	885,566	182,754
(Increase)/decrease in stocks	(304,734)	1,806,032
Increase in debtors	(7,258,873)	(1,671,797)
Increase in creditors	3,687,876	631,356
Increase in provisions	-	400,000
Corporation tax (paid)/received	(536,024)	247,266
Net cash generated from operating activities	11,009,798	1,090,864

Cash flows from investing activities
Purchase of intangible fixed assets	(272,229)	(135,995)
Sale of intangible assets	-	5,131
Purchase of tangible fixed assets	(166,163)	(319,850)
Sale of tangible fixed assets	444	10,918
Interest received	131,667	39,986
Net cash used in investing activities	(306,281)	(399,810)

Page 19

GAMA HEALTHCARE CORPORATION LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

		2025	2024
		£	£

Cash flows from financing activities
Dividends paid	(30,000)	(50,000)
Interest paid	(1,536)	(17,706)
Net cash used in financing activities	(31,536)	(67,706)
Net increase in cash and cash equivalents	10,671,981	623,348
Cash and cash equivalents at beginning of year	3,906,399	3,283,051
Cash and cash equivalents at the end of year	14,578,380	3,906,399

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	14,578,380	3,906,399
	14,578,380	3,906,399

The notes on pages 22 to 48 form part of these financial statements.

Page 20

GAMA HEALTHCARE CORPORATION LIMITED

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 MARCH 2025


At 1 April 2024	Cash flows	At 31 March 2025
£	£	£

Cash at bank and in hand	3,906,399	10,671,981	14,578,380
	3,906,399	10,671,981	14,578,380

The notes on pages 22 to 48 form part of these financial statements.

Page 21

GAMA HEALTHCARE CORPORATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1.	General information

GAMA Healthcare Corporation Limited is a company limited by shares, incorporated in England and Wales. The address of the registered office is The Maylands Building, Maylands Avenue, Hemel Hempstead Industrial Estate, Hemel Hempstead, England, HP2 7TG.
The group specialises in manufacturing and distributing unique quality products within the healthcare industry. The company is a holding company.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

2.2

Going concern

The directors note that the group and company are trading adequately and have sufficient working capital and other finance available to continue for a period of not less than 12 months from the date of approval of these financial statements. As such the directors believe that there are no significant uncertainties in their assessment of whether the business is a going concern and therefore have prepared the accounts on a going concern basis.

2.3

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
Group reorganisations are accounted for under the merger accounting method when the relevant conditions have been met.

Page 22

GAMA HEALTHCARE CORPORATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.4

Associates and joint ventures

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.
An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.

2.5

Foreign currency translation

Functional and presentation currency

The Group's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each year end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of comprehensive income except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of comprehensive income within 'other operating income'.

On consolidation, the results of overseas operations are translated into sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 23

GAMA HEALTHCARE CORPORATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.6

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Group has transferred the significant risks and rewards of ownership to the buyer;

∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Group will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.7

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of comprehensive income over its useful economic life. Goodwill is amortised over 10 years.
Other intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Development expenditure is amortised over 10 years once the asset is ready for use.

2.8

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 24

GAMA HEALTHCARE CORPORATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.9

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future years. The finance element of the rental payment is charged to the Statement of comprehensive income so as to produce a constant periodic rate of charge on the net obligation outstanding in each year.

2.10

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives of 10 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

2.11

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

2.12

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.13

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

Page 25

GAMA HEALTHCARE CORPORATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.14

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.15

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

2.16

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 26

GAMA HEALTHCARE CORPORATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.16

Tangible fixed assets (continued)

Freehold property is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Long-term leasehold property	-	Over the lease term
Plant and machinery	-	25% on cost
Motor vehicles	-	33% on cost
Fixtures and fittings	-	50% on cost
Office equipment	-	25% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

2.17

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at fair value less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Statement of financial position date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in Other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in the Statement of comprehensive income.

2.18

Investments

Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the year. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

2.19

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of comprehensive income.

Page 27

GAMA HEALTHCARE CORPORATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.20

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.21

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

2.22

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.23

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to the Statement of comprehensive income.

2.24

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Statement of financial position when the Group becomes party to the contractual provisions of the instrument.

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

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Page 28

GAMA HEALTHCARE CORPORATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.24

Financial instruments (continued)

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the Statement of comprehensive income. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the Statement of comprehensive income.

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 29

GAMA HEALTHCARE CORPORATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.24

Financial instruments (continued)

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the Statement of comprehensive income. They are subsequently measured at fair value with changes in the Statement of comprehensive income.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the Statement of comprehensive income. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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

2.25

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 30

GAMA HEALTHCARE CORPORATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, the directors have had to make the following judgments in applying the above financial policies that have had the most significant effect on the amounts recognised in the financial statements:

1.Determine whether there are indicators of impairment of the group's tangible and intangible assets, including goodwill. Factors taken into consideration in reaching such a decision include the economic viability and expected future performance of the asset.

Other key sources of estimation uncertainty:

1.Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market, the remaining life of the asset and projected disposal values.

2.The directors have also made key assumptions in the determination of the provisions required to reflect stock at the lower of cost and net realisable value taking into account factors such as slow moving items, obsolescence and damaged goods.

3.The group asserts a degree of judgment in deciding which exchange rates to use. There is little uncertainty given the rates used are from a reputable source.

4.Management uses valuation techniques to determine the fair value of derivative financial instruments based on active market quotes. The Group's foreign currency forward contracts have been fair valued using observable forward exchange rates and interest rates corresponding to the maturity of the contract.

5.Deferred tax assets are recognised for deductible temporary differences and losses only if the group considers it is probable that future taxable amounts will be available to utilise those temporary differences and losses.

6.Capitalised development costs are recognised as intangible assets. The directors have exercised judgement and considered criteria set out in FRS 102 when considering the extent of development costs to capitalise. The directors considers the time allocated by relevant staff member to the development activities as distinct from day to day activities when assessing the expenditure to capitalise.

Page 31

GAMA HEALTHCARE CORPORATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025


United Kingdom	47,272,885	43,223,324
Rest of Europe	5,971,125	5,561,913
Asia	3,273,393	2,708,011
Australia	14,243,780	11,903,047
Rest of the world	8,111,746	6,582,979
	78,872,929	69,979,274

5.	Other operating income/(expenses)
		2025	2024
		£	£

Sundry income	-	6,166
R&D expenditure credit	311,942	-
Change in fair value of financial instruments	(131,598)	(2,455,457)
	180,344	(2,449,291)

Hire of plant and machinery	1,986	18,838
Exchange differences	692,244	1,668,101
Depreciation of tangible fixed assets	792,415	1,097,846
Amortisation of intangible assets	994,134	990,645
Operating leases - rental	265,422	425,590

Page 32

GAMA HEALTHCARE CORPORATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

	The audit of the Group's financial statements	9,690	9,230
	The audit of subsidiaries' financial statements	41,715	39,725

Employees


		2025	2024
		£	£


Wages and salaries	14,328,096	15,320,346
Social security costs	1,445,642	1,561,246
Cost of defined contribution scheme	624,033	819,620
	16,397,771	17,701,212

The average monthly number of employees, including the directors, during the year was as follows:

	2025	2024
	No.	No.

Directors	2	2
Operating	46	48
Administrative	5	8
Finance, Legal and IT	28	35
Sales and marketing	80	110
Research and development	24	35
Others	20	37

	205	275

The Company has no employees other than the directors, who did not receive any remuneration (2024 - Nil).

Page 33

GAMA HEALTHCARE CORPORATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

9.	Directors' remuneration
		2025	2024
		£	£


Directors' emoluments	23,078	22,559
Company contributions to defined contribution pension schemes	468	431
	23,546	22,990

During the year retirement benefits were accruing to 2 directors (2024 - 2) in respect of defined contribution pension schemes.

10.	Interest receivable
		2025	2024
		£	£

	Other interest receivable	131,667	39,986
		131,667	39,986

11.	Interest payable and similar expenses
		2025	2024
		£	£

Bank loan interest payable	11	9,002
Other loan interest payable	349	329
Other interest payable	1,176	8,375
	1,536	17,706

Page 34

GAMA HEALTHCARE CORPORATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Corporation tax
Current tax on profits for the year	1,704,552	210,117
Adjustments in respect of previous years	-	179
	1,704,552	210,296
Foreign tax
Foreign tax on income for the year	17,400	19,700
Total current tax	1,721,952	229,996

Deferred tax
Origination and reversal of timing differences (note 23)	(836,386)	(47,242)
Total deferred tax	(836,386)	(47,242)


		885,566	182,754

Page 35

GAMA HEALTHCARE CORPORATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

12.Taxation (continued)

Profit/(loss) on ordinary activities before tax

13,746,651

(2,514,067)

Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	3,436,663	(628,517)
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	329,465	375,740
Depreciation for year differing to capital allowances	(4,629)	101,415
Other timing differences leading to an increase in taxation	392,002	133,160
Tax losses carried forward	(662,929)	4,267
Group relief	-	44,309
Prior year	-	179
Utilisation of tax losses	(2,272,666)	(44,309)
Unrealised foreign exchange differences	(34,732)	581,716
Overseas tax	17,400	19,700
R&D uplift	-	(404,906)
Patent box deduction	(315,008)	-
Total tax charge for the year	885,566	182,754

Factors that may affect future tax charges

The group has taxable losses carried forward of approximately £2,657,916 (2024 - £12,252,465) available to offset against future taxable trading profits.

Page 36

GAMA HEALTHCARE CORPORATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

13.	Dividends
		2025	2024
		£	£

	Dividends paid	30,000	50,000
		30,000	50,000

The directors had an interest in dividends during the year of £Nil (2024 - £Nil).

14.	Exceptional items
		2025	2024
		£	£

	Exceptional items	310,723	2,778,201
		310,723	2,778,201

The current year exceptional items include redundancy costs of £191,643, fees relating to one-off leasehold renegotiations of £65,080, and a one-off supplier payment of £54,000.
The prior year exceptional items included redundancy costs of £2,010,884, one-off consulting costs of £367,317 and dilapidation provision of £400,000.

Page 37

GAMA HEALTHCARE CORPORATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

15.	Intangible assets
	Group and Company

	Patents & licenses	Development	Goodwill	Total
	£	£	£	£
Cost
At 1 April 2024	1	4,800,171	6,120,063	10,920,235
Additions	-	272,229	-	272,229
Foreign exchange movement	-	(348)	(553)	(901)
At 31 March 2025	1	5,072,052	6,119,510	11,191,563
Amortisation
At 1 April 2024	1	1,631,043	4,624,973	6,256,017
Charge for the year	-	382,982	611,152	994,134
Foreign exchange movement	-	(313)	-	(313)
At 31 March 2025	1	2,013,712	5,236,125	7,249,838
Net book value
At 31 March 2025	-	3,058,340	883,385	3,941,725
At 31 March 2024	-	3,169,128	1,495,090	4,664,218

There are no intangible fixed assets in the company.

Page 38

GAMA HEALTHCARE CORPORATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

16.	Tangible fixed assets
	Group

	Freehold property	Leasehold property	Plant and machinery	Motor vehicles	Fixtures and fittings	Total
	£	£	£	£	£	£
Cost or valuation
At 1 April 2024	3,000,000	2,117,081	2,161,091	64,509	4,584,321	11,927,002
Additions	-	-	2,236	-	163,927	166,163
Disposals	-	-	(12,686)	-	(6,244)	(18,930)
Exchange adjustments	-	(43)	(207)	-	-	(250)
At 31 March 2025	3,000,000	2,117,038	2,150,434	64,509	4,742,004	12,073,985
Depreciation
At 1 April 2024	-	898,786	2,034,531	64,509	3,852,683	6,850,509
Charge for the year	-	188,016	60,999	-	543,400	792,415
Disposals	-	-	(18,486)	-	-	(18,486)
Exchange adjustments	-	-	(7,736)	-	-	(7,736)
At 31 March 2025	-	1,086,802	2,069,308	64,509	4,396,083	7,616,702
Net book value
At 31 March 2025	3,000,000	1,030,236	81,126	-	345,921	4,457,283
At 31 March 2024	3,000,000	1,218,295	126,560	-	731,638	5,076,493

The 2025 valuations were made by directors, on an open-market-value-for-existing-use basis.
If the freehold property had not been included at valuation it would have been included under the historical cost convention at a net book value of £3,464,427 (2024 - £3,464,427).

Page 39

GAMA HEALTHCARE CORPORATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

17.	Fixed asset investments

	Company

		Investments in subsidiary companies
		£
	Cost
	At 1 April 2024	4,680,433
	Additions	8,483
	At 31 March 2025	4,688,916

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Registered office	Principal activity	Class of shares	Holding

GAMA Healthcare Limited	The Maylands Building Maylands Avenue, Hemel Hempstead Industrial Estate, Hemel Hempstead, England, HP2 7TG	Promotion and sale of medical products	Ordinary	100%
GAMA Healthcare (Foshan) Limited	Room 2601-2603, Block 4, Poly Commercial & Trade Center, No.3 Guo Tai Nan Road, Daliang, Foshan City, Guangdong Province, China, 528399	Promotion and sale of medical products	Ordinary	100%
Carell Limited	The Maylands Building Maylands Avenue, Hemel Hempstead Industrial Estate, Hemel Hempstead, England, HP2 7TG	Dormant	Ordinary	100%
GAMA Corporation Pty Limited	Se 1 33-37 Duerdin St Notting Hill, Victoria, 3168 Australia	Holding company	Ordinary	100%
GAMA Healthcare Pty Limited	Se 1 33-37 Duerdin St Notting Hill, Victoria, 3168 Australia	Promotion and sale of medical products (subsidiary of GAMA Corporation Pty Limited)	Ordinary	100%

Page 40

GAMA HEALTHCARE CORPORATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Subsidiary undertakings (continued)

Name

Registered office

Principal activity

Class of shares

Holding

GAMA Property Corporation Limited	The Maylands Building Maylands Avenue, Hemel Hempstead Industrial Estate, Hemel Hempstead, England, HP2 7TG	Investment and rental of real estate	Ordinary	100%
Fellows Research Centre Limited	The Maylands Building Maylands Avenue, Hemel Hempstead Industrial Estate, Hemel Hempstead, England, HP2 7TG	Research and experimental development on natural sciences and engineering	Ordinary	100%
GAMA Healthcare (Ireland) Ltd	First Floor, Penrose One, Penrose Dock, Cork, Ireland	Dormant	Ordinary	100%
GAMA Healthcare (US) Inc	321 W Winnie LN Ste 104, Carson City, NV, 89703	Dormant	Ordinary	100%
GAMA Healthcare Europe S.L.	Calle Gobelas 35, Madrid, 28023, Spain	Promotion and sale of medical products	Ordinary	100%

18.	Stocks
		Group	Group
		2025	2024
		£	£

Finished goods and goods for resale	6,508,860	6,204,126
	6,508,860	6,204,126

Page 41

GAMA HEALTHCARE CORPORATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

19.

Debtors

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£


Trade debtors	10,466,223	10,648,556	-	-
Amounts owed by related undertakings	4,922,983	4,922,983	4,922,983	4,922,983
Other debtors	13,055,639	5,786,992	11,500,765	4,763,363
Prepayments and accrued income	1,366,229	1,193,670	-	-
Deferred taxation (note 23)	128,663	-	-	-
	29,939,737	22,552,201	16,423,748	9,686,346

Trade debts under an invoicing finance facility at 31 March 2025 totalled £7,246,551 (2024 - £8,239,559). The trade debtors balance above is presented net of advance payments received from customers, which are not included within the invoicing finance facility.

20.	Cash and cash equivalents
		Group	Group
		2025	2024
		£	£

Cash at bank and in hand	14,578,380	3,906,399
	14,578,380	3,906,399

21.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Trade creditors	6,461,938	5,395,172	-	-
Amounts owed to group undertakings	-	-	18,483,188	12,170,459
Corporation tax	2,569,163	1,331,264	1,734,366	1,217,257
Other taxation and social security	953,484	920,007	-	-
Other creditors	2,892,893	1,576,541	-	-
Accruals and deferred income	9,545,433	8,274,152	-	-
	22,422,911	17,497,136	20,217,554	13,387,716

Page 42

GAMA HEALTHCARE CORPORATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

22.	Financial instruments
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

	Financial assets
	Financial assets that are debt instruments measured at amortised cost	28,430,830	21,358,531	16,423,748	9,686,346

Financial liabilities
Financial liabilities measured at fair value through profit or loss	154,504	138,927	-	-
Financial liabilities measured at amortised cost	12,018,150	6,971,713	18,483,188	12,170,459
	12,172,654	7,110,640	18,483,188	12,170,459

Financial assets that are debt instruments measured at amortised cost comprise trade debtors, other debtors, and amounts owed by related undertakings.
Financial liabilities measured at fair value through profit or loss comprise forward contracts contained within other creditors.
Financial liabilities measured at amortised cost comprise trade creditors, other creditors and amounts owed to group undertakings.

Page 43

GAMA HEALTHCARE CORPORATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

23.	Deferred taxation
	Group

	2025	2024
	£	£

At beginning of year	752,796	791,668
Credited to the Statement of comprehensive income	(836,386)	(47,242)
Foreign exchange adjustment	(45,073)	8,370
At end of year	(128,663)	752,796

Company

		2025	2024
	At end of year	-	-

The deferred taxation balance is made up as follows:
	Group	Group
	2025	2024
	£	£

(Decelerated)/accelerated capital allowances	(88,805)	91,099
Losses carried forward	(662,929)	-
Potential capital gains tax	661,697	661,697
Other timing differences	38,626	-
	(128,663)	752,796

Page 44

GAMA HEALTHCARE CORPORATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

24.	Provisions
	Group

		Provision for dilapidation
		£

	At 1 April 2024	400,000
	At 31 March 2025	400,000

The provision is in relation to dilapidations for offices occupied under an operating lease.

25.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

4,000,000 Ordinary AA shares of £0.01 each	40,000	40,000
2,750,000 Ordinary AB shares of £0.01 each	27,500	27,500
712,500 Ordinary AC shares of £0.01 each	7,125	7,125
2,037,500 Ordinary AD shares of £0.01 each	20,375	20,375
500,000 Ordinary B shares of £0.01 each	5,000	5,000

	100,000	100,000

All classes of shares are separate classes of shares for the purpose of declaration of dividends. The declaration of a dividend in respect of one class of share shall not compel a dividend at the same rate to be declared in respect of any other class of shares. All classes of shares rank pari passu in all other respects.
On 10 January 2024, 95,000 Ordinary A shares of £1 each and 5,000 Ordinary B shares of £1 each were sub-divided into 9,500,000 Ordinary A shares of £0.01 each and 500,000 Ordinary B shares of £0.01 each respectively.
On the same day, 9,500,000 Ordinary A shares of £0.01 each were re-designated as follows:

∙4,000,000 Ordinary AA shares of £0.01 each.

∙2,750,000 Ordinary AB shares of £0.01 each.

∙712,500 Ordinary AC shares of £0.01 each.

∙2,037,500 Ordinary AD shares of £0.01 each.

Page 45

GAMA HEALTHCARE CORPORATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

26.

Reserves

Revaluation reserve

This is a non-distributable reserve related to the revaluation of land and buildings included in tangible fixed assets.

Foreign exchange reserve

The foreign exchange reserve consists of foreign exchange gains and losses arising upon consolidation.
Merger reserve
This relates to the difference between the nominal value of the shares issued plus the fair value of any other consideration given, and the nominal value of the shares received in exchange, when merger accounting has been applied.

Profit and loss account

Profit and loss account includes all current and prior year retained profits and losses.

27.

Share-based payments

On 21 May 2024, the company granted options to purchase 245,902 of Ordinary C shares at a subscription price of 1p per share.

The principal terms and conditions of the grant are such whereby all options are to be settled by the physical delivery of shares.

As at 31 March 2025, all of the above share options remain unexercised. The financial statements do not reflect the charge in respect of the above on the basis of materiality.

28.	Pension commitments

The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £624,033 (2024 - £819,620). Contributions totalling £105,402 (2024 - £290,254) are payable at the reporting date.

Page 46

GAMA HEALTHCARE CORPORATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

29.	Commitments under operating leases
	At 31 March 2025 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group
		2025	2024
		£	£

Land and buildings
Not later than 1 year	1,023,194	1,139,968
Later than 1 year and not later than 5 years	2,324,838	1,618,198
Later than 5 years	277,385	1,827,027
	3,625,417	4,585,193

		Group	Group
		2025	2024
		£	£

Other
Not later than 1 year	230,109	190,061
Later than 1 year and not later than 5 years	252,003	92,452
	482,112	282,513

The company has no operating lease commitments.

30.	Transactions with directors

Included within other debtors is a balance of £8,592,258 (2024 - £3,554,948) due from directors.

Page 47

GAMA HEALTHCARE CORPORATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

31.

Related party transactions

The company has taken advantage of the exemption allowed by Financial Reporting Standard 102, not to disclose any transactions between the company and its wholly owned subsidiaries.

At the year end a group company owed £102,372 (2024 - £132,332) to GAMA Healthcare (Foshan) Limited, a group subsidiary, included in amounts owed to group undertakings.

At the year end, AGA Nanotech Limited, a company with common directors owed £1,358,140 (2024 - £1,230,327) to the group, included in other debtors. A provision of £1,358,140 (2024 - £1,230,327) has been booked in respect of this amount.

At the year end, AGA 2 Tech Limited, a company with common directors owed £38,516 (2024 - £38,516) to the group, included in other debtors.

At the year end an amount of £746,309 (2024 - £743,880) is owed by Braver Property Group Limited, a company with a common director.

At the year end an amount of £242,988 (2024 - £240,839) is owed by Braver Investment Group Limited, a company with a common director.

At the year end an amount of £811,906 (2024 - £809,684) is owed by Han Group Limited, a company in which a director is also a director.

At the year end an amount of £2,050,000 (2024 - £3,150,000) is owed by Han Properties Limited, a company with a common director.

Included within other debtors is an amount of £77,525 (2024 - £76,034) owed by GAMA Investment Group Ltd, a company with common directors.

Included within other creditors is an amount of £Nil (2024 - £Nil) owed to the directorsdirectors. Interest of £12,372 (2024 - £12,372) remained accrued in respect of amounts owed to directors.

32.	Post balance sheet events

There are no subsequent events to disclose or that require adjustments to the financial statements.

33.	Controlling party

There is no ultimate controlling party.

Page 48