REGISTERED NUMBER: 11722385 (England and Wales)

FOR

Page

Company Information  

1

Strategic Report  

2

Report of the Directors  

5

Report of the Independent Auditors  

8

Income Statement  

12

Other Comprehensive Income  

13

Statement of Financial Position  

14

Statement of Changes in Equity  

15

Notes to the Financial Statements

16

DIRECTORS:

Mr Jignesh Pau

Mr Vimal Vrajlal Pau

REGISTERED OFFICE:

Santok House

Unit L, Braintree Industrial Estate

Braintree Road

South Ruislip

Middlesex

HA4 0EJ

REGISTERED NUMBER:

11722385 (England and Wales)

SENIOR STATUTORY AUDITOR:

Prakash Jariwala FCA FCCA

AUDITORS:

STGCA LLP t/a Sterling

Chartered Accountants

& Statutory Auditors

505 Pinner Road

Harrow

Middlesex

HA2 6EH

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

PRINCIPAL RISKS AND UNCERTAINTIES

Market and Demand Risk

The business operates in the wholesale trade of PPE equipment and health products, which is subject to rapid change and evolving customer preferences. A downturn in demand, or a shift in consumer behaviour, could adversely impact revenue.

Mitigation: Continuously monitor market trends, customer preferences, and competitor activity.

Supply Chain and Procurement Risk

The company relies on global supply chains for sourcing products. Disruption due to geopolitical tensions, shipping delays, currency fluctuations, or supplier insolvency may affect product availability, cost, and margins.

Mitigation: Diversify supplier base across multiple regions to reduce dependency on any one source.

Competition Risk

The healthcare market is highly competitive, with pricing pressures from established manufacturers and new entrants. The risk of reduced margins or loss of market share is significant.

Mitigation: Focus on product differentiation and innovation and strengthen brand loyalty through marketing and customer engagement.

Credit and Liquidity Risk

The company extends credit to customers, exposing it to the risk of non-payment. Liquidity pressures could also arise from fluctuations in working capital requirements.

Mitigation: Conduct regular credit checks and set appropriate credit limits. Offer early payment incentives and enforce timely collections.

Regulatory and Compliance Risk

Compliance with import/export regulations, product safety standards, and data protection laws is essential. Breaches could result in fines, reputations damage, or restrictions on trading.

Mitigation: Maintain a compliance management framework and regularly update policies. Engage with legal and regulatory experts to stay updated on changes.

Technological Risk

Obsolescence of products and failure to adapt to new technologies could reduce the relevance of the company's product offering.

Mitigation: The company focuses on diversifying its product offerings to minifies the impact of such obsolescence.

Economic and Inflationary Pressures

Wider macroeconomic factors, including inflation, interest rate changes, and reduced consumer spending, could affect sales volumes and profitability.

Mitigation: Focus on cost efficiency and lean operations to protect margins and diversify product mix to include more affordable options.

Foreign Exchange Risk

Purchases are often denominated in foreign currencies, exposing the company to exchange rate volatility that may impact costs and margins.

Mitigation: The company could consider using hedging instruments eg. forward contracts/options to manage currency exposure but given the current size of the business this has not yet been considered necessary.

DEVELOPMENT AND PERFORMANCE

The company earned net profit before tax of £31,197 (2023: £61,552) on revenue of £478,091 (2023: £572,217). Despite the lower revenue, a relatively greater reduction in direct costs has contributed to a higher gross profit margin, which has increased from 50% to 64%. At the year end, the Company had net current assets of £592,543 (2023: £567,886) which are sufficient for the Company to fulfil  its working capital requirements. An increase in amounts due from connected companies has helped improve the net asset position of the company which stood at £596,321 (2023: £574,603) at year end.

KEY PERFORMANCE INDICATORS ('KPIS')

In the opinion of the directors, key performance indicators of the Company include profit before interest and tax and net profit margin. Both performance indicators worsened during the year mainly due to a significant decrease in turnover  but a relatively lower decrease in costs. The key performance indicators are closely monitored by the directors on a regular basis.

ON BEHALF OF THE BOARD:

Mr Vimal Vrajlal Pau - Director

29 September 2025

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

PRINCIPAL ACTIVITY

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024 (2023: £Nil).

FUTURE DEVELOPMENTS

The Company continues to pursue opportunities to improve its performance and financial position.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

Mr Jignesh Pau

Mr Vimal Vrajlal Pau

POLITICAL DONATIONS AND EXPENDITURE

No political or charitable donations were made in the current or prior year.

FINANCIAL RISK MANAGEMENT

The Directors have considered the Company's exposure to price risk, credit risk, liquidity risk and cash flow risk. The Company's principal financial assets are trade and other receivables, group balances and cash at bank, which are considered to have low credit risk due to the nature of counterparties and historical experience of recoverability.

The Company maintains sufficient cash resources and has access to adequate funding to meet its obligations as they fall due. Liquidity is monitored regularly to ensure that the Company is able to meet its short-term and long-term commitments.

Based on this assessment, the Directors are satisfied that the Company's exposure to price risk, credit risk, liquidity risk and cash flow risk is not material and does not present a significant threat to the Company's ability to continue as a going concern.

The company's financial risk management objective and policies are included in the strategic report.

GOING CONCERN

The Company has net assets at 31 December 2024 of £596,321 (2023: £574,603). The Directors are required to consider the going concern status of the business and accordingly, have prepared financial forecasts for a period of at least 12 months from the date of approval of these financial statements, taking into account anticipated economic and trading conditions. The forecasts indicate that, for the foreseeable future, the business is expected to generate positive cash flows after capital expenditure and to be able to meet its liabilities as they fall due. Notwithstanding this, the company is part of a group with funding and treasury controlled by its ultimate parent company, Santok (UK) Limited, and as such, is dependent on sufficient funds remaining in the business to enable it to operate.

The Group directors have prepared financial forecasts for a period of at least 12 months from the date of approval of these financial statements for the entire group, taking into account anticipated economic and trading conditions. These forecasts have been sensitised to take account of a range of potential trading and operating risks, together with actions, within the control of the business, that would be the mitigating response to those downside risks. The ultimate parent company has provided written assurance that it will ensure adequate funding remains within the company and the Directors are therefore satisfied that the business is a going concern and have prepared these financial statements on that basis.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

AUDITORS

The auditors,  STGCA LLP t/a Sterling, will be deemed to continue in office under the Companies Act 2006 s478(2).

ON BEHALF OF THE BOARD:

Mr Vimal Vrajlal Pau - Director

29 September 2025

Opinion

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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.  We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

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

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.  We have nothing to report in this regard.

Other Companies Act 2006 reporting

In our opinion, based on the work undertaken in the course of the audit:

-

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

-

the Strategic Report and the Report of the Directors 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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-

adequate accounting records have not been kept, 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 Statement of Directors' Responsibilities set out on page six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

Auditors' responsibilities for the audit of the financial statements

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

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

Our approach to assessing the risk of material misstatement due to irregularities including Fraud:

- we identified the laws and regulations applicable to the company through discussions with management and also used our commercial and sector experience of the industry;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, UK General Data Protection Regulation, the Companies Act 2006, the Corporation Tax Act, UK anti-money laundering regime, employment  and health & safety legislation;

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

- identified laws and regulations were communicated within our team and remained alert to any indications of non-compliance throughout the audit;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries with

Directors and management;

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

- we also made enquiries with Directors and management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud.

Responding to the risk of material misstatement due to Fraud

To respond to the identified risk of material misstatement due to fraud we assessed events and conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. We implemented the following risk assessment procedures:

- enquiry with management and those charged with governance regarding any known or suspected instances of fraud;

- discussion amongst the engagement team as to how and where fraud might occur in the financial statements;

- tested journal entries to identify significant or unusual transactions and investigated the rationale behind those

transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative  of

potential bias; and

- performed analytical procedures to identify any unusual or unexpected relationship.

Responding to the risk of material misstatement due to non-compliance with Laws and Regulations

We implemented following risk assessment procedures:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading Board minutes; and

- enquiring of management as to actual and potential litigation and claims.

Ability of the audit to detect fraud or breaches of the Laws and Regulations

Owing to the inherent limitations in an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have planned and performed the audit in accordance with the auditing standards. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment, forgery, collusion, misrepresentation, or intentional omission.

Our audit procedures are planned to detect material misstatements. We are not responsible for preventing fraud  or

non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

We assessed the susceptibility of the entity's financial statements to material misstatement, including how fraud  might occur. Audit procedures performed by the engagement team included:

- Identifying and assessing the measures management has in place to prevent and detect fraud, Understanding how  those charged with governance considered and addressed the potential for override of controls or other  inappropriate influence over the financial reporting process;

- Challenging assumptions and judgements made by management in its significant estimates; and

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

Due to 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 regulations. 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. Therefore, if a breach  of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect  that breach. The risk is also greater regarding irregularities occurring to fraud other 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 Report of the Auditors.

Use of our report

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

Prakash Jariwala FCA FCCA (Senior Statutory Auditor)

for and on behalf of STGCA LLP t/a Sterling

Chartered Accountants

& Statutory Auditors

505 Pinner Road

Harrow

Middlesex

HA2 6EH

29 September 2025

TURNOVER

3

478,091

572,217

Cost of sales

(171,774

)

(285,593

)

GROSS PROFIT

306,317

286,624

Administrative expenses

(275,120

)

(225,072

)

OPERATING PROFIT and

PROFIT BEFORE TAXATION

31,197

61,552

Tax on profit

6

(9,479

)

(14,870

)

PROFIT FOR THE FINANCIAL YEAR

21,718

46,682

PROFIT FOR THE YEAR

21,718

46,682

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME

FOR THE YEAR

21,718

46,682

FIXED ASSETS

Tangible assets

7

5,038

6,717

CURRENT ASSETS

Stocks

8

104,854

89,079

Debtors

9

1,715,083

1,534,895

Cash at bank and in hand

40,915

23,048

1,860,852

1,647,022

CREDITORS

Amounts falling due within one year

10

(1,268,309

)

(1,079,136

)

NET CURRENT ASSETS

592,543

567,886

TOTAL ASSETS LESS CURRENT

LIABILITIES

597,581

574,603

PROVISIONS FOR LIABILITIES

11

(1,260

)

-

NET ASSETS

596,321

574,603

CAPITAL AND RESERVES

Called up share capital

12

100

100

Retained earnings

13

596,221

574,503

SHAREHOLDER FUNDS

596,321

574,603

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

Mr Vimal Vrajlal Pau - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

100

527,821

527,921

Changes in equity

Total comprehensive income

-

46,682

46,682

Balance at 31 December 2023

100

574,503

574,603

Changes in equity

Total comprehensive income

-

21,718

21,718

Balance at 31 December 2024

100

596,221

596,321

1.

STATUTORY INFORMATION

MTK Life Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.

ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The

Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

These financial statements are prepared on a going concern basis.

These financial statements are prepared under the historical cost convention, as modified by the recognition of certain financial assets and liabilities measured at fair value.

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in a separate policy below.

Financial Reporting Standard 102 - reduced disclosure exemptions

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

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d);

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

•

the requirement of paragraph 33.7.

The information requirements above are included in the consolidated financial statements of Santok (UK) Limited (incorporated in the United Kingdom) as at 31 December 2024 and these financial statements may be obtained from Companies House or from the registered office at Santok House Unit L, Braintree Industrial Estate, Braintree Road, South Ruislip, HA4 0EJ.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

The preparation of the financial statements under FRS 102 requires the use of estimates and assumption.  The following areas involve significant estimation uncertainty that could result in a material adjustment to  the

carrying amounts of assets or liabilities.

The Company has also made assumptions regarding the useful life of tangible fixed assets and these too  are

reviewed on an ongoing basis.

The Company assesses the recoverability of trade receivables based on historical experience, the age of  balances and specific knowledge of counterparties’ financial positions. Provisions for impairment are made where there  is evidence that recievables may not be fully recoverable.

Turnover and revenue recognition

Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the Company and value added taxes.

The Company recognises revenue when:

(a) the significant risks and rewards of ownership have been transferred to the buyer

(b) the company retains no continuing involvement or control over the goods

(c) the amount of revenue can be measured reliably

(d) it is probable that future economic benefits will flow to the entity

The Company sells goods through internet based transactions. Revenue is recognised when the risks and rewards of the stock is passed to the customer. For deliveries to the customer this is the point of acceptance of the goods by the customer.

Tangible fixed assets

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell and after making due allowance for obsolete and slow moving items.

Stocks are recognised as an expense in the period in which the related revenue is recognised.

Cost is determined on the first-in, first-out (FIFO) method. Cost includes the purchase price, including taxes and duties and transport and handling directly attributable to bringing the stock to its present location and condition.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account.

Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

Taxation

Deferred tax

Foreign currencies

Trade and other debtors / creditors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any  impairment losses in the case of trade debtors.

At the end of each reporting period debtors 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.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Related party transactions

The Company discloses transactions with related parties which are not wholly owned within the same group. Where appropriate, transactions of a similar nature are aggregated unless, in the opinion of the directors, separate disclosure is necessary to understand the effect of the transactions on the financial statements.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less.

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

3.

TURNOVER

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

An analysis of turnover by geographical market is given below:

31/12/24

31/12/23

£

£

United Kingdom

478,091

572,217

478,091

572,217

4.

EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 31 December 2024 nor for the year ended 31 December 2023.

The average number of employees during the year was NIL (2023 - NIL).

31/12/24

31/12/23

£

£

Directors' remuneration

-

-

The directors of the Company are employees of Santok (UK) Limited whose remuneration is borne by that Company. A portion of their total compensation has been allocated to the entity accordingly via the management charge.