ACCOUNTS - Final Accounts

Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor and its associates:

Registered number: 13119105

EMED GROUP SUBCO LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

EMED GROUP SUBCO LIMITED

COMPANY INFORMATION

Directors	R J Harvey (resigned 28 March 2025)
	M Kerins (resigned 28 February 2025)
	C Smith


Registered number	13119105


Registered office	Angels Wing 1
	Whitehouse Street
	Leeds
	LS10 1AD


Independent auditor	MHA
	Victoria Court
	17-21 Ashford Road
	Maidstone
	Kent
	ME14 5DA

EMED GROUP SUBCO LIMITED

CONTENTS

	Page
Strategic Report	1
Directors' Report	2 - 3
Independent Auditor's Report	4 - 7
Statement of Comprehensive Income	8
Balance Sheet	9
Statement of Changes in Equity	10
Notes to the Financial Statements	11 - 17

EMED GROUP SUBCO LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction

The directors present their Annual Report, consisting of the Strategic Report and the Directors' Report, and the audited financial statements of EMED Group Subco Limited for the year ended 31 December 2024.

Business review

The company is an investment holding company. At the year end, the Company reported a loss of £8,144 (2023 - £12,200) and had net liabilities of £16,732 (2023 - £8,588).

Principal risks and uncertainties

As an investment company, the principal risk that the Company is exposed to is the recoverability of its investment and debtor values. The directors carry out annual impairment reviews of these assets and regular performance reviews of the underlying businesses.
The credit, liquidity and cash flow risks are managed on a group-wide basis. Due to the limited level of activity of the Company, these risks are considered to be low.

Financial key performance indicators

Given the straightforward nature of the business, the Company's Directors are of the opinion that analysis using KPI's is not necessary for an understanding of the development, performance or position of the Company.

Directors' statement of compliance with duty to promote the success of the Company

With most principal decisions being made at group level, and considering the limited activity in the Company, the main way in which the Directors can be seen to have acted in good faith and a way most likely to promote the success of the Company for the benefit of its members as a whole, is in the decisions taken around dividend policy during the year ended 31 December 2024. The financial statements of EMED Group Holdings Limited reflect details in how the Directors demonstrate their duties in promoting the success of the Company.
Dividends are declared and paid across the group as and when required to facilitate the strategic and financial objectives of the group.

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

C Smith

Director

Date: 30 September 2025

Page 1

EMED GROUP SUBCO LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report 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 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 of the profit or loss of the Company for that period.

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

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgements 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; and

∙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 transactions and disclose with reasonable accuracy at any time the financial position of the Company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £8,144 (2023 - loss £12,200).

During the year, no dividends (2023 - £Nil) were declared and paid.

Directors

The directors who served during the year were:

R J Harvey (resigned 28 March 2025)

M Kerins (resigned 28 February 2025)

C Smith

Future developments

As discussed in note 2.4, following the acquisition of the Group by Tiger Infrastructure Partners on 28 February 2025, group management are exploring a restructure of the Group and this entity is one of several intermediate holding companies within the Group that might face dissolution in due course. Consequently, there is a material uncertainty which may cast significant doubt as to whether the Company will continue as a going concern.

Page 2

EMED GROUP SUBCO LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Matters covered in the Strategic Report

Certain items required under Schedule 7 to be disclosed in the Directors' Report are set out in the Strategic
Report in accordance with S.414C(II) of the Companies Act 2006; these being the company's Principal Risks and Uncertainties, and Key Performance Indicators.

Disclosure of information to auditor

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's auditor is 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's auditor is aware of that information.

Auditor

The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.
MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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

C Smith

Director

Date: 30 September 2025

Page 3

EMED GROUP SUBCO LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EMED GROUP SUBCO LIMITED

Opinion

We have audited the financial statements of EMED Group Subco Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement 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 Company's affairs as at 31 December 2024 and of its loss for the year then ended;

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

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

Basis for opinion

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

Material uncertainty related to going concern

We draw attention to note 2.4 in the financial statements, which explains that group management are exploring a restructure of the Group and this entity is one of several intermediate holding companies within the Group that might face dissolution in due course. As stated in note 2.4, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

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.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Page 4

EMED GROUP SUBCO LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EMED GROUP SUBCO LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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 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 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 2, 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 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 Company or to cease operations, or have no realistic alternative but to do so.

Page 5

EMED GROUP SUBCO LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EMED GROUP SUBCO LIMITED (CONTINUED)

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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:

∙enquiry of management, those charged with governance around actual and potential litigation and claims;

∙performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;

∙reviewing minutes of meetings of those charged with governance;

∙reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and

∙maintaining professional scepticism throughout the course of our audit work.

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 Auditor's Report.

Page 6

EMED GROUP SUBCO LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EMED GROUP SUBCO 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 Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Duncan Cochrane-Dyet BSc BFP FCA (Senior Statutory Auditor)

for and on behalf of

MHA

Statutory Auditor

Maidstone, United Kingdom

30 September 2025
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)

Page 7

EMED GROUP SUBCO LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
	£	£


Administrative expenses	(8,144)	(12,200)
Operating loss	(8,144)	(12,200)
Loss for the financial year	(8,144)	(12,200)

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 11 to 17 form part of these financial statements.

Page 8

EMED GROUP SUBCO LIMITED

REGISTERED NUMBER: 13119105

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Investments	7		2		2
Current assets
Debtors: amounts falling due within one year	8	20,616,650		20,616,650
		20,616,650		20,616,650
Creditors: amounts falling due within one year	9	(20,633,384)		(20,625,240)
Net current liabilities			(16,734)		(8,590)
Total assets less current liabilities			(16,732)		(8,588)

Net liabilities			(16,732)		(8,588)

Capital and reserves
Called up share capital	10	-	-
Share premium account		2	2
Profit and loss account		(16,734)	(8,590)
		(16,732)	(8,588)

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

C Smith

Director

Date: 30 September 2025

The notes on pages 11 to 17 form part of these financial statements.

Page 9

EMED GROUP SUBCO LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Share premium account	Profit and loss account	Total equity
	£	£	£
At 1 January 2022	2	3,610	3,612
Comprehensive loss for the year
Loss for the year	-	(12,200)	(12,200)

At 1 January 2024	2	(8,590)	(8,588)
Comprehensive loss for the year
Loss for the year	-	(8,144)	(8,144)
At 31 December 2024	2	(16,734)	(16,732)

The notes on pages 11 to 17 form part of these financial statements.

Page 10

EMED GROUP SUBCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

EMED Group Subco Limited is a private company limited by shares and is registered and incorporated incorporated in England and Wales, in the United Kingdom. The address of the registered office is Angels Wing 1, Whitehouse Street, Leeds, LS10 1AD.

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 management to exercise judgement in applying the Company's accounting policies (see note 3).

The Company's functional currency is Pound Sterling and the financial statements are rounded to the nearest £1.

The following principal accounting policies have been applied:

2.2

FRS 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of EMED Group Holdings Limited as at 31 December 2024 and these financial statements may be obtained from Angels Wing 1, Whitehouse Street, Leeds, LS10 1AD.

2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

Page 11

EMED GROUP SUBCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.4

Going concern

Following the acquisition of the Group by Tiger Infrastructure Partners on 28 February 2025, group management are exploring a restructure of the Group and this entity is one of several intermediate holding companies within the Group that might face dissolution in due course. Consequently, there is a material uncertainty which may cast significant doubt as to whether the Company will continue as a going concern.
The accounts are prepared on a going concern basis subject to any decision being made.

2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.6

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.

2.7

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.

2.8

Financial instruments

The Company 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 Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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.

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

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 Company after the deduction of all its liabilities.

Page 12

EMED GROUP SUBCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.8

Financial instruments (continued)

Basic financial liabilities, which include trade and other creditors, bank loans and other loans 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.

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

No significant judgements have been made by management in preparing these financial statements.

Fees payable to the Company's auditor and its associates for the audit of the Company's financial statements

6,024

7,358

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 13

EMED GROUP SUBCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Employees

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

	2024	2023
	No.	No.

Directors	3	3

The directors are remunerated by Ezec Medical Transport Services - trading as EMED Group Ltd, an indirect subsidiary company.



Total current tax	-	-

	Deferred tax
	Total deferred tax	-	-


	Tax on loss	-	-

Loss on ordinary activities before tax

(8,144)

(12,200)

Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)	(2,036)	(2,870)
Effects of:
Group relief surrendered	2,036	2,870
Total tax charge for the year	-	-

Page 14

EMED GROUP SUBCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

6.Taxation (continued)

Factors that may affect future tax charges

There are no factors that may affect future tax charges

7.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 January 2024	2
	At 31 December 2024	2

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

EMED Group Limited	Angels Wing 1, Whitehouse Street, Hunslet, Leeds, United Kingdom, LS10 1AD	Ordinary	100%
*EMED Holdings Limited	Angels Wing 1, Whitehouse Street, Hunslet, Leeds, United Kingdom, LS10 1AD	Ordinary	100%
*Ezec Medical Transport Services - Trading as EMED Group Limited	Angels Wing 1, Whitehouse Street, Hunslet, Leeds, United Kingdom, LS10 1AD	Ordinary	100%
*ERS Transition - Trading as EMED Group Limited	Angels Wing, 1 Whitehouse Street, Hunslet, Leeds, United Kingdom, LS10 1AD	Ordinary	100%

*The interest in these subsidiaries is held indirectly through wholly owned subsidiary undertakings.
After the year end, the Company acquired 9,998 shares in EMED Group Limited for consideration of £10,000,000.

Page 15

EMED GROUP SUBCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Debtors

					2024	2023
					£	£


Amounts owed by group undertakings	20,616,650	20,616,650
	20,616,650	20,616,650

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

9.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Amounts owed to group undertakings	20,624,384	20,618,040
Accruals and deferred income	9,000	7,200
	20,633,384	20,625,240

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
Loans held in EMED Group Limited, a group company, were secured against all property and undertakings of the company by way of fixed and floating charges until the settlement of those loans on 28 February 2025, following the acquisition of EMED Group Holdings Limited by Tiger Infrastructure Partners.
Loan facilities in Pegasus Bidco Limited, a group company following the acquisition described above, are secured against all property and undertakings of the company by way of fixed and floating charges.

10.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

2 (2023 - 2) Ordinary shares of £0.01 each	-	-

The Ordinary shares have attached to them full voting, dividend and capital distribution (including upon winding up) rights; they do not confer any rights of redemption.
After the year end, 9,998 Ordinary shares were issued at their nominal value for total consideration of £100,000.

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EMED GROUP SUBCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11.	Parent undertaking and ultimate controlling party

The immediate parent undertaking is EMED Group Midco Limited.
The ultimate parent undertaking and the parent of the largest and smallest group for which consolidated accounts are available, is EMED Group Holdings Limited. Both companies are registered at Angels Wing 1, Whitehouse Street, Leeds, LS10 1AD.
The consolidated financial statements are available from this address or Companies House.
At the year end, the ultimate controlling party was considered to be Cairngorm Capital Partners III LP. On 28 February 2025, Tiger Infrastructure Partners completed the acquisition of the Group. Accordingly, the immediate parent undertaking of EMED Group Holdings Limited is Pegasus Bidco Limited, a company registered in England & Wales at Angels Wing 1, Whitehouse Street, Leeds, LS10 1AD, which is a subsidiary undertaking of the ultimate ownership limited partnership Tiger Infrastructure Partner Fund IV AIV (Cayman) LP registered in Cayman. The General Partner of the limited partnership is Tiger Infrastructure Associates GP IV LP which is controlled by Emil Henry LLC, both registered in Delaware USA. The controlling party of Emil Henry LLC is Emil W. Henry, Jr.

Page 17