ACCOUNTS - Final Accounts

An analysis of turnover by class of business is as follows:

Registered number: 13121344

EMED GROUP LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

EMED GROUP LIMITED

COMPANY INFORMATION

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


Registered number	13121344


Registered office	Angels Wing 1
	Whitehouse Street
	Leeds
	LS10 1AD


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

EMED GROUP 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 - 21

EMED GROUP 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 Limited ("the Company") for the year ended 31 December 2024.

Business review

The Company is an investment holding company. At the year end, the Company reported a profit of £8,545,813 (2023 - loss of £2,814,250) and had net assets of £7,369,099 (2023 - net liabilities £1,176,716).

Principal risks and uncertainties

As an investment holding company, the principal risk that the Company is exposed to is the recoverability of its investment values. The directors carry out annual impairment reviews of these investments 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.

Key performance indicators

Given the straightforward nature of the business, the Company's Directors are of the opinion that analysis using KPIs 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 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 profit for the year, after taxation, amounted to £8,545,813 (2023 - loss £2,814,250).

During the year, dividends of £Nil (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 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 LIMITED

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

Opinion

We have audited the financial statements of EMED Group 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 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 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 LIMITED

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

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EMED GROUP 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 claim;

∙perorming audit work over the risk of management controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside of 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 LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EMED GROUP 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 registered in England and Wales (registered number OC455542)

Page 7

EMED GROUP LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£	£


Turnover	4	111,763	37,500
Gross profit		111,763	37,500
Administrative expenses		(1,266,600)	(202,063)
Operating loss		(1,154,837)	(164,563)
Income from fixed assets investments	8	13,130,151	-
Interest receivable and similar income	9	-	17,761
Interest payable and similar expenses	10	(3,429,501)	(2,667,448)
Profit/(loss) before tax		8,545,813	(2,814,250)
Profit/(loss) for the financial year		8,545,813	(2,814,250)

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 21 form part of these financial statements.

Page 8

EMED GROUP LIMITED

REGISTERED NUMBER: 13121344

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Investments	12		63,297,672		63,297,672
Current assets
Debtors: amounts falling due within one year	13	2,944,279		2,606,684
		2,944,279		2,606,684
Creditors: amounts falling due within one year	14	(58,872,852)		(39,153,794)
Net current liabilities			(55,928,573)		(36,547,110)
Total assets less current liabilities			7,369,099		26,750,562
Creditors: amounts falling due after more than one year	15		-		(27,927,276)

Net assets/(liabilities)			7,369,099		(1,176,714)

Capital and reserves
Called up share capital	17	-	-
Share premium account		2	2
Profit and loss account		7,369,097	(1,176,716)
		7,369,099	(1,176,714)

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 21 form part of these financial statements.

Page 9

EMED GROUP LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Share premium account	Profit and loss account	Total equity
	£	£	£
At 8 January 2023	2	1,637,534	1,637,536
Comprehensive income for the year
Loss for the year	-	(2,814,250)	(2,814,250)
Total comprehensive income for the year	-	(2,814,250)	(2,814,250)

At 1 January 2024	2	(1,176,716)	(1,176,714)
Comprehensive income for the year
Profit for the year	-	8,545,813	8,545,813
Total comprehensive income for the year	-	8,545,813	8,545,813
At 31 December 2024	2	7,369,097	7,369,099

The notes on pages 11 to 21 form part of these financial statements.

Page 10

EMED GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

EMED Group Limited is a private company limited by shares and is incorporated in England & Wales, in the United Kingdom. The address of the registered office is Angels Wing 1, Whitehouse Street, Leeds, LS10 1AD.
The financial statements have been presented in GBP and rounded to the nearest £1.

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 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 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 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

Revenue

Revenue comprises management charges to fellow group undertakings, and is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

2.6

Interest and investment income

Interest income is recognised in profit or loss using the effective interest method.

Income from investments is recognised in the profit and loss when it falls due.

2.7

Finance costs

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

2.8

Pensions

Defined contribution pension plan

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

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.10

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.

Page 12

EMED GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.11

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.

2.12

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.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

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 profit or loss.

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.

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

Page 13

EMED GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.12

Financial instruments (continued)

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

There have been no material judgements made by management in preparing these financial statements.

Management services	111,763	37,500
	111,763	37,500

All turnover arose within the United Kingdom.

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

4,750

7,826

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 14

EMED GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

6.	Employees
		2024	2023
		£	£

Wages and salaries	61,367	-
Social security costs	8,227	-
Cost of defined contribution scheme	6,420	-
	76,014	-

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

	2024	2023
	No.	No.

Directors	3	3

7.	Directors' remuneration
		2024	2023
		£	£

Directors' emoluments	61,367	-
Company contributions to defined contribution pension schemes	6,420	-
	67,787	-

During the year retirement benefits were accruing to 2 directors (2023 - NIL) in respect of defined contribution pension schemes.

8.	Income from investments
		2024	2023
		£	£

Dividends received from subsidiary undertakings	13,130,151	-
	13,130,151	-

Page 15

EMED GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

9.	Interest receivable
		2024	2023
		£	£

	Other interest receivable	-	17,761
		-	17,761

10.	Interest payable and similar expenses
		2024	2023
		£	£

Other loan interest payable	3,379,727	2,667,448
Other interest payable	49,774	-
	3,429,501	2,667,448



Total current tax	-	-

	Deferred tax
	Total deferred tax	-	-


	Tax on profit/(loss)	-	-

Page 16

EMED GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11.Taxation (continued)

Profit/(loss) on ordinary activities before tax

8,545,813

(2,814,250)

Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)	2,136,453	(661,927)
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	287,089	323,186
Exempt distribution income	(3,282,538)	-
Movement in deferred tax not recognised	91,820	-
Group relief surrendered	767,176	338,741
Total tax charge for the year	-	-

Factors that may affect future tax charges

There are no factors that may affect future tax charges.

12.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 January 2024	63,297,672
	At 31 December 2024	63,297,672

Page 17

EMED GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

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

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 this subsidiary is held indirectly through a wholly owned subsidiary undertaking.

Page 18

EMED GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

13.

Debtors

					2024	2023
					£	£


Trade debtors	279,116	145,000
Amounts owed by group undertakings	2,453,052	2,453,052
Other debtors	212,111	8,632
	2,944,279	2,606,684

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

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

Other loans	28,648,222	2,287,049
Trade creditors	841,648	-
Amounts owed to group undertakings	29,333,159	36,849,779
Other taxation and social security	31,902	-
Other creditors	8,171	-
Accruals and deferred income	9,750	16,966
	58,872,852	39,153,794

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

15.	Creditors: Amounts falling due after more than one year
		2024	2023
		£	£

Other loans	-	26,765,653
Other creditors	-	1,161,623
	-	27,927,276

Page 19

EMED GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Amounts falling due within one year
Other loans	28,648,222	2,287,049
Amounts falling due 1-2 years
Other loans	-	2,168,685
Amounts falling due 2-5 years
Other loans	-	24,596,968

	28,648,222	29,052,702

The loan facility was entered into during the prior year as part of the Group's refinancing. The loans taken out under the facility were subject to interest at the Bank of England Base Rate plus 7.50%, and were repayable in monthly instalments from February 2024 with full settlement by January 2028. The facilities were subject to various financial covenants and were secured all property and undertakings of all Group companies, by way of fixed and floating charges.
After the year end, amounts shown in other loans were settled in full as part of a group-wide restructure and refinance following the acquisition of the Group on 28 February 2025 by Tiger Infrastructure Partners.
Loan facilities in Pegasus Bidco Limited, a group company following the acquisition of the Group, are secured against all property and undertakings of the company by way of fixed and floating charges.

17.	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 £10,000,000.

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EMED GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

18.	Pension commitments

The Company 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 Company to the fund and amounted to £6,420 (2023 - £Nil). Contributions totalling £8,171 (2023 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.

19.	Parent undertaking and controlling party

The immediate parent undertaking is EMED Group Subco Limited.
The ultimate parent undertaking and 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 accounts are available from this address, or from the Companies House website.
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.

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