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Registration number: 08432392

Salus Healthcare Group Limited
Annual Report and Consolidated Financial Statements
for the Year Ended 28 February 2025

Salus Healthcare Group Limited

Contents

Company Information | 1
Strategic Report | 2 to 3
Directors' Report | 4
Statement of Directors' Responsibilities | 5
Independent Auditor's Report | 6 to 9
Consolidated Profit and Loss Account | 10
Consolidated Statement of Comprehensive Income | 11
Consolidated Balance Sheet | 12 to 13
Balance Sheet | 14
Consolidated Statement of Changes in Equity | 15
Statement of Changes in Equity | 16
Consolidated Statement of Cash Flows | 17
Notes to the Financial Statements | 18 to 35

Salus Healthcare Group Limited

Company Information

Directors | C S Peck T J Powell A D Wood

Registered office | Unit 12 Parc Business Treorci Treorci Rhondda Cynon Taf CF42 6DL

Auditors | Corrigan Accountants Limited 1st Floor 25 King Street Bristol BS1 4PB

Salus Healthcare Group Limited

Strategic Report for the Year Ended 28 February 2025

The directors present their strategic report for the year ended 28 February 2025.

The consolidated financial results of Salus Healthcare Group Ltd are generated from the financial results of its subsidiaries, Oak Tree Mobility Ltd and RG42 Ltd.
The Directors are pleased to report a very successful year of trading with the Group results show a turnover of £25.9m, an increase of £1.1m/4% on the prior year and generating an operating profit of £2.28m, an increase of £0.2m/11% on the previous year. The strong Group performance is due to both subsidiaries performing very well, with improved gross margins in each individual entity and a higher proportion of production being run through the manufacturing company, RG42, having a combined significant impact on Group gross margin. Gross margin increased from 29.8% in the previous year to 33.4% - a fantastic result given inflationary pressures particularly on our manufacturing cost base. Strong cost control has also been maintained despite all the inflationary pressures due to the prevailing macroeconomic conditions during the year. All of this has led to a significant improvement in the Group’s balance sheet position - although still in deficit the position has improved by £1.5m and on this trajectory the Group will be in a net asset position in the near term. The Directors continue to focus on business improvement and efficiency initiatives in order to ensure that both the top and bottom line continue on their growth path.
A well-deserved thanks to our colleagues for their dedication, passion and professionalism and to our suppliers and partners with whom we continue to work in close partnership with. As a consumer facing business where success is based so much on human interaction, our people and partners are our greatest assets, and the Directors extend their gratitude to all our colleagues for their exceptional resourcefulness and innovative ideas which have enabled us to deliver a strong set of results.
Prior year Strategic Reports have acknowledged the UK mobility sector has faced enormous challenges, with widespread input cost inflation and downward pressure on consumer disposable incomes, especially older consumers who spend a higher proportion of their (often fixed) incomes on food and energy. The backdrop to this year has been much the same and our success has also been achieved in the face of these considerable ongoing challenges. The Group continued to guard against the persistent and broad-based cost inflation by pro-actively driving operational improvements, in particular working to improve our IT systems and infrastructure, and cost management whilst simultaneously increasing the Group's self-sufficiency in chairs from its own manufacturing operations, so de-risking the operational supply chain further.
The Group’s manufacturing business continued strongly driven by continual business improvement with a focus on developing the product range to drive turnover, improving gross margin and control of costs. Against the challenging economic backdrop, the Group has faced enormous challenges, being at the front end of both widespread input cost and wage inflation. The Group ends the financial year in a very strong position and is extremely well place to develop further moving forward.

Salus Healthcare Group Limited

Strategic Report for the Year Ended 28 February 2025

Cash generation remained strong, generating £585k from a profit of £1,527k after paying £1,063k in financing costs.
The Group specialises in mobility products for the over 70's, primarily riser recliners chairs, adjustable beds and bath lifts and its business model revolves around sales conducted in the customer's home. The mobility market is highly competitive across all sales channels and the company differentiates itself through investing into the brand positioning and into a highly motivated sales and marketing team supported by outstanding customer services, as demonstrated by high scores on review sites such as Trustpilot and Google.

During the year the Directors specifically focussed on a strategy of:
1) continuing to enhance margins despite inflationary pressures.
2) maintaining and driving operational efficiencies through cost control, process review and other mitigating activities. In particular there was a focus on technology during the year, with a large upgrade in our CRM being undertaken in Q4 for deployment in March 2025, the dividends from which will be seen in the next financial year.
3) enhancing self-sufficiency in chairs manufacturing.
4) strengthening employee engagement across the company.
This strategy has yielded strong results in year, allowing us to continue the momentum from the previous year, and we are now seeing that continue into the subsequent year. The Directors are pleased with the results and future prospects of the company. The core customer base is resilient and continues to value our quality products and personal service on offer. Looking ahead the company is well placed to benefit from the strategic changes over the next 12 months and beyond.

Approved and authorised by the Board on 22 September 2025 and signed on its behalf by:

......................................... T J Powell Director

Salus Healthcare Group Limited

Directors' Report for the Year Ended 28 February 2025

The directors present their report and the for the year ended 28 February 2025.

Directors of the group

The directors who held office during the year were as follows:

C S Peck

T J Powell

A D Wood

Financial instruments

Objectives and policies

The group does not enter into any hedging transactions.

Price risk, credit risk, liquidity risk and cash flow risk

The group has a normal level of exposure to price, credit, liquidity, and cash flow risks arising from trading activities which are conducted in sterling.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved and authorised by the Board on 22 September 2025 and signed on its behalf by:

......................................... T J Powell Director

Salus Healthcare Group Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

• | select suitable accounting policies and 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 group and the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Salus Healthcare Group Limited

Independent Auditor's Report to the Members of Salus Healthcare Group Limited

Opinion

We have audited the financial statements of Salus Healthcare Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 28 February 2025, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• | give a true and fair view of the state of the group's and the parent company's affairs as at 28 February 2025 and of the group's profit for the year then ended;
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
• | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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.

Salus Healthcare Group Limited

Independent Auditor's Report to the Members of Salus Healthcare Group Limited

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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Strategic Report and 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 our 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 and the Directors' Report.

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

• | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
• | the parent company financial statements are not in agreement with the accounting records and returns; or
• | certain disclosures of directors' remuneration specified by law are not made; or
• | we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], 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.

Salus Healthcare Group Limited

Independent Auditor's Report to the Members of Salus Healthcare Group Limited

Auditor 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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory frameworks applicable to the company and the sector in which it operates. We identify the areas of those legal and regulatory frameworks which could reasonably be expected to have a material effect on the financial statements, based on our experience and through discussion with the directors and other management.
We assessed compliance with these laws and regulations through enquiry with management, review of any internal reporting with respect to compliance with laws and regulations, and review of minutes of board meetings.
We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur. In addressing the risk of fraud including the risk of fraud in revenue recognition and management override of controls, we have performed journals testing based on a set of risk criteria and tested to supporting documentation where applicable. Audit procedures also included detailedtransactional testing with a particular focus around the year-end cut off procedures.
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 ratherthan error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at:
https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-andguidance-
for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-foraudit.
aspx. This description forms part of our auditor’s report.

Salus Healthcare Group Limited

Independent Auditor's Report to the Members of Salus Healthcare Group Limited

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.

......................................
David Wright BSc FCA (Senior Statutory Auditor)
For and on behalf of Corrigan Accountants Limited, Statutory Auditor
1st Floor
25 King Street
Bristol
BS1 4PB

22 September 2025

Salus Healthcare Group Limited

Consolidated Profit and Loss Account for the Year Ended 28 February 2025

| Note | 2025 £ | 2024 £
Turnover | 3 | 25,905,187 | 24,799,688
Cost of sales |  | (17,249,364) | (17,413,127)
Gross profit |  | 8,655,823 | 7,386,561
Administrative expenses |  | (6,376,255) | (5,358,096)
Other operating income | 4 | - | 24,269
Operating profit | 5 | 2,279,568 | 2,052,734
Exceptional items |  | - | 237,724
Other interest receivable and similar income | 6 | 112,005 | 29,284
Interest payable and similar expenses | 7 | (328,930) | (366,278)
|  | (216,925) | (99,270)
Profit before tax |  | 2,062,643 | 1,953,464
Tax on profit | 11 | (536,104) | (430,361)
Profit for the financial year |  | 1,526,539 | 1,523,103
Profit/(loss) attributable to: |  |  |
Owners of the company |  | 1,526,539 | 1,523,103

The group has no recognised gains or losses for the year other than the results above.

Salus Healthcare Group Limited

Consolidated Statement of Comprehensive Income for the Year Ended 28 February 2025

| 2025 £ | 2024 £
Profit for the year | 1,526,539 | 1,523,103
Total comprehensive income for the year | 1,526,539 | 1,523,103
Total comprehensive income attributable to: |  |
Owners of the company | 1,526,539 | 1,523,103

Salus Healthcare Group Limited

(Registration number: 08432392)
Consolidated Balance Sheet as at 28 February 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Intangible assets | 12 | 988,531 | 978,704
Tangible assets | 13 | 42,305 | 41,722
|  | 1,030,836 | 1,020,426
Current assets |  |  |
Stocks | 15 | 627,749 | 470,214
Debtors | 16 | 1,747,270 | 2,260,437
Cash at bank and in hand |  | 4,087,833 | 3,503,136
|  | 6,462,852 | 6,233,787
Creditors: Amounts falling due within one year | 17 | (6,297,730) | (6,640,651)
Net current assets/(liabilities) |  | 165,122 | (406,864)
Total assets less current liabilities |  | 1,195,958 | 613,562
Creditors: Amounts falling due after more than one year | 17 | (1,866,067) | (2,777,732)
Provisions for liabilities | 18 | (3,290) | (2,435)
Net liabilities |  | (673,399) | (2,166,605)
Capital and reserves |  |  |
Called up share capital | 22 | 15,053 | 15,054
Share premium reserve | 23 | 1,672,349 | 1,705,681
Other reserves | 23 | 67,697 | 67,697
Profit and loss account | 23 | (2,428,498) | (3,955,037)
Equity attributable to owners of the company |  | (673,399) | (2,166,605)
Shareholders' deficit |  | (673,399) | (2,166,605)

Salus Healthcare Group Limited

(Registration number: 08432392)
Consolidated Balance Sheet as at 28 February 2025

Approved and authorised by the Board on 22 September 2025 and signed on its behalf by:

......................................... T J Powell Director
......................................... A D Wood Director

Salus Healthcare Group Limited

(Registration number: 08432392)
Balance Sheet as at 28 February 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Investments | 14 | 1,123,521 | 1,123,521
Current assets |  |  |
Debtors | 16 | 1,370 | -
Cash at bank and in hand |  | 94,639 | 309,488
|  | 96,009 | 309,488
Creditors: Amounts falling due within one year | 17 | (1,084,180) | (838,018)
Net current liabilities |  | (988,171) | (528,530)
Total assets less current liabilities |  | 135,350 | 594,991
Creditors: Amounts falling due after more than one year | 17 | (1,838,614) | (2,745,479)
Net liabilities |  | (1,703,264) | (2,150,488)
Capital and reserves |  |  |
Called up share capital | 22 | 15,053 | 15,054
Share premium reserve |  | 1,672,349 | 1,705,681
Other reserves |  | 67,697 | 67,697
Profit and loss account |  | (3,458,363) | (3,938,920)
Shareholders' deficit |  | (1,703,264) | (2,150,488)

The company made a profit after tax for the financial year of £480,557 (2024 - loss of £349,640).

Approved and authorised by the Board on 22 September 2025 and signed on its behalf by:

......................................... T J Powell Director
......................................... A D Wood Director

Salus Healthcare Group Limited

Consolidated Statement of Changes in Equity for the Year Ended 28 February 2025
Equity attributable to the parent company

| Share capital £ | Share premium £ | Other reserves £ | Profit and loss account £ | Total £
At 1 March 2024 | 15,054 | 1,705,681 | 67,697 | (3,955,037) | (2,166,605)
Profit for the year | - | - | - | 1,526,539 | 1,526,539
Purchase of own share capital | (1) | (33,332) | - | - | (33,333)
At 28 February 2025 | 15,053 | 1,672,349 | 67,697 | (2,428,498) | (673,399)

| Share capital £ | Share premium £ | Other reserves £ | Profit and loss account £ | Total £
At 1 March 2023 | 15,054 | 1,705,681 | 67,697 | (5,478,140) | (3,689,708)
Profit for the year | - | - | - | 1,523,103 | 1,523,103
At 29 February 2024 | 15,054 | 1,705,681 | 67,697 | (3,955,037) | (2,166,605)

Salus Healthcare Group Limited

Statement of Changes in Equity for the Year Ended 28 February 2025

| Share capital £ | Share premium £ | Other reserves £ | Retained earnings £ | Total £
At 1 March 2024 | 15,054 | 1,705,681 | 67,697 | (3,938,920) | (2,150,488)
Profit for the year | - | - | - | 480,557 | 480,557
Purchase of own share capital | (1) | (33,332) | - | - | (33,333)
At 28 February 2025 | 15,053 | 1,672,349 | 67,697 | (3,458,363) | (1,703,264)

| Share capital £ | Share premium £ | Other reserves £ | Retained earnings £ | Total £
At 1 March 2023 | 15,054 | 1,705,681 | 67,697 | (3,590,224) | (1,801,792)
Loss for the year | - | - | - | (348,696) | (348,696)
At 29 February 2024 | 15,054 | 1,705,681 | 67,697 | (3,938,920) | (2,150,488)

Salus Healthcare Group Limited

Consolidated Statement of Cash Flows for the Year Ended 28 February 2025

| Note | 2025 £ | 2024 £
Cash flows from operating activities
Profit for the year |  | 1,526,539 | 1,523,103
Adjustments to cash flows from non-cash items |  |  |
Depreciation and amortisation | 5 | 201,146 | 235,418
Profit on disposal of tangible assets |  | (770) | (269,626)
Finance income | 6 | (112,005) | (29,284)
Finance costs | 7 | 328,930 | 366,278
Income tax expense | 11 | 536,104 | 430,361
|  | 2,479,944 | 2,256,250
Working capital adjustments |  |  |
(Increase)/decrease in stocks | 15 | (157,535) | 91,962
(Increase)/decrease in trade debtors | 16 | (21,882) | 1,260,226
Decrease in trade creditors | 17 | (553,875) | (1,654,167)
Cash generated from operations |  | 1,746,652 | 1,954,271
Income taxes paid | 11 | (200) | -
Net cash flow from operating activities |  | 1,746,452 | 1,954,271
Cash flows from investing activities |  |  |
Interest received |  | 112,005 | 29,284
Acquisitions of tangible assets |  | (32,490) | (5,504)
Proceeds from sale of tangible assets |  | 770 | 1,122,888
Acquisition of intangible assets | 12 | (179,066) | (13,200)
Acquisition of investments in joint ventures and associates | 14 | - | (134,002)
Net cash flows from investing activities |  | (98,781) | 999,466
Cash flows from financing activities |  |  |
Interest paid | 7 | (328,930) | (366,278)
Payments for purchase of own shares |  | (33,333) | -
Repayment of other borrowings |  | (700,711) | (44,829)
Net cash flows from financing activities |  | (1,062,974) | (411,107)
Net increase in cash and cash equivalents |  | 584,697 | 2,542,630
Cash and cash equivalents at 1 March |  | 3,503,136 | 960,506
Cash and cash equivalents at 28 February |  | 4,087,833 | 3,503,136

Salus Healthcare Group Limited

Notes to the Financial Statements for the Year Ended 28 February 2025

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The company was formerly known as World Class Finance Limited.

The address of its registered office is:
Unit 12 Parc Business Treorci
Treorci
Rhondda Cynon Taf
CF42 6DL
Wales

These financial statements were authorised for issue by the Board on 22 September 2025.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

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.

Basis of preparation

These financial statements have been prepared using the historical cost convention.
The financial statements are prepared in pounds sterling which is the functional currency of the group. Monetary amounts in these financial statements are rounded to the nearest £.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 28 February 2025.

Salus Healthcare Group Limited

Notes to the Financial Statements for the Year Ended 28 February 2025

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resource to continue in operational existence for the forseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.
The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.

Salus Healthcare Group Limited

Notes to the Financial Statements for the Year Ended 28 February 2025

Government grants

Government grants are recognised, using the accrual model, at the fair value of the asset received or receivable when there is reasonable assurance that the group will comply with conditions attaching to them and the grants will be received.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Plant and machinery | 25% straight line
Fixtures, fittings and equipment | 25% straight line
Motor vehicles | 25% straight line
Computer equipment | 25% straight line

Salus Healthcare Group Limited

Notes to the Financial Statements for the Year Ended 28 February 2025

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Software | 20% straight line
Goodwill | 10% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

Salus Healthcare Group Limited

Notes to the Financial Statements for the Year Ended 28 February 2025

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors 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 the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Salus Healthcare Group Limited

Notes to the Financial Statements for the Year Ended 28 February 2025

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Share based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
The expense in relation to options over the parent company's shares granted to employees of a subsidiary is recognised by the company as a capital contribution, and presented as an increase in the company's investment in that subsidiary.

3 | Turnover

The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.

4 | Other operating income

The analysis of the group's other operating income for the year is as follows:

| 2025 £ | 2024 £
Miscellaneous other operating income | - | 24,269

Salus Healthcare Group Limited

Notes to the Financial Statements for the Year Ended 28 February 2025

5 | Operating profit

Arrived at after charging/(crediting)

| 2025 £ | 2024 £
Depreciation expense | 43,128 | 80,312
Amortisation expense | 158,017 | 155,106
Foreign exchange losses | 2 | 34
Impairment of trade debtors | - | (17,188)
(Profit)/loss on disposal of tangible assets (not including property) | (770) | 3,320

6 | Other interest receivable and similar income

| 2025 £ | 2024 £
Interest income on bank deposits | 112,005 | 29,284

7 | Interest payable and similar expenses

| 2025 £ | 2024 £
Interest on bank overdrafts and borrowings | - | 18
Interest expense on other finance liabilities | 328,930 | 366,260
| 328,930 | 366,278

8 | Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

| 2025 £ | 2024 £
Wages and salaries | 3,810,458 | 3,348,301
Social security costs | 386,103 | 342,794
Pension costs, defined contribution scheme | 97,594 | 155,173
| 4,294,155 | 3,846,268

Salus Healthcare Group Limited

Notes to the Financial Statements for the Year Ended 28 February 2025

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

| 2025 No. | 2024 No.
Administration and support | 14 | 14
Sales | 66 | 69
Marketing | 7 | 7
Management | 3 | 4
| 90 | 94

9 | Directors' remuneration

The directors' remuneration for the year was as follows:

| 2025 £ | 2024 £
Remuneration | 452,762 | 379,432
Contributions paid to money purchase schemes | 12,413 | 13,416
| 465,175 | 392,848

In respect of the highest paid director:

| 2025 £ | 2024 £
Remuneration | 172,252 | 164,901
Company contributions to money purchase pension schemes | 8,968 | 7,576

10 | Auditors' remuneration

| 2025 £ | 2024 £
Other fees to auditors |  |
Audit-related assurance services | 25,150 | 24,400

Salus Healthcare Group Limited

Notes to the Financial Statements for the Year Ended 28 February 2025

11 | Taxation

Tax charged/(credited) in the consolidated profit and loss account

| 2025 £ | 2024 £
Current taxation |  |
UK corporation tax | 200 | -
Deferred taxation |  |
Arising from origination and reversal of timing differences | 535,904 | 430,361
Tax expense in the income statement | 536,104 | 430,361

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - lower than the standard rate of corporation tax in the UK) of 25% (2024 - 24.41%).
The differences are reconciled below:

| 2025 £ | 2024 £
Profit before tax | 2,062,643 | 1,953,464
Corporation tax at standard rate | 515,661 | 476,808
Effect of expense not deductible in determining taxable profit (tax loss) | 18,026 | (49,538)
Deferred tax expense/(credit) from unrecognised temporary difference from a prior period | 2,417 | (7,306)
Deferred tax expense relating to changes in tax rates or laws | - | 10,397
Total tax charge | 536,104 | 430,361

Salus Healthcare Group Limited

Notes to the Financial Statements for the Year Ended 28 February 2025

Deferred tax

Group

Deferred tax assets and liabilities

2025 | Asset £ | Liability £
Accelerated capital allowances | - | (3,883)
Tax losses | 1,167,212 | -
Short term timing differences | 2,322 | -
| 1,169,534 | (3,883)

2024 | Asset £ | Liability £
Accelerated capital allowances | - | (2,435)
Tax losses | 1,604,648 | -
Short term timing differences | 98,342 | -
| 1,702,990 | (2,435)

Salus Healthcare Group Limited

Notes to the Financial Statements for the Year Ended 28 February 2025

12 | Intangible assets

Group

| Goodwill £ | Software £ | Total £
Cost or valuation
At 1 March 2024 | 1,551,069 | 833,059 | 2,384,128
Additions acquired separately | - | 179,066 | 179,066
At 28 February 2025 | 1,551,069 | 1,012,125 | 2,563,194
Amortisation
At 1 March 2024 | 585,565 | 819,859 | 1,405,424
Amortisation charge | 158,017 | 11,222 | 169,239
At 28 February 2025 | 743,582 | 831,081 | 1,574,663
Carrying amount
At 28 February 2025 | 807,487 | 181,044 | 988,531
At 29 February 2024 | 965,504 | 13,200 | 978,704

The company held no intangible fixed assets during the current or previous years.

Salus Healthcare Group Limited

Notes to the Financial Statements for the Year Ended 28 February 2025

13 | Tangible assets

Group

| Plant and machinery £ | Fixtures, fittings and equipment £ | Motor vehicles £ | Computer equipment £ | Total £
Cost or valuation
At 1 March 2024 | 23,570 | 220,030 | 6,255 | 548,382 | 798,237
Additions | 7,973 | - | - | 24,517 | 32,490
At 28 February 2025 | 31,543 | 220,030 | 6,255 | 572,899 | 830,727
Depreciation
At 1 March 2024 | 20,366 | 210,683 | 6,255 | 519,211 | 756,515
Charge for the year | 2,699 | 7,427 | - | 21,781 | 31,907
At 28 February 2025 | 23,065 | 218,110 | 6,255 | 540,992 | 788,422
Carrying amount
At 28 February 2025 | 8,478 | 1,920 | - | 31,907 | 42,305
At 29 February 2024 | 3,204 | 9,347 | - | 29,171 | 41,722

14 | Investments

Group

The group had fixed asset investments at 28 February 2025 with a net book value of £Nil (2024: £Nil).

Company

| 2025 £ | 2024 £
Investments in subsidiaries | 1,123,521 | 1,123,521

Subsidiaries | £
Cost or valuation
At 1 March 2024 | 1,123,521
At 28 February 2025 | 1,123,521
Carrying amount
At 28 February 2025 | 1,123,521
At 29 February 2024 | 1,123,521

Salus Healthcare Group Limited

Notes to the Financial Statements for the Year Ended 28 February 2025

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking | Registered office | Holding | Proportion of voting rights and shares held
|  |  | 2025 | 2024
Subsidiary undertakings
Oak Tree Mobility Limited | United Kingdom | Ordinary | 100% | 100%
RG42 Limited | United Kingdom | Ordinary | 100% | 100%

15 | Stocks

| Group | Company
| 2025 £ | 2024 £ | 2025 £ | 2024 £
Raw materials | 176,836 | 186,493 | - | -
Finished goods | 450,913 | 283,721 | - | -
| 627,749 | 470,214 | - | -

16 | Debtors

|  | Group | Company
Current | Note | 2025 £ | 2024 £ | 2025 £ | 2024 £
Trade debtors |  | 19,976 | 47,610 | - | -
Other debtors |  | 229,070 | 160,295 | 1,370 | -
Prepayments |  | 329,283 | 348,542 | - | -
Deferred tax assets | 11 | 1,168,941 | 1,703,990 | - | -
|  | 1,747,270 | 2,260,437 | 1,370 | -

Salus Healthcare Group Limited

Notes to the Financial Statements for the Year Ended 28 February 2025

17 | Creditors

|  | Group | Company
| Note | 2025 £ | 2024 £ | 2025 £ | 2024 £
Due within one year |  |  |  |  |
Loans and borrowings |  | 852,954 | 642,000 | 852,954 | 642,000
Trade creditors |  | 2,354,149 | 1,982,317 | 2,783 | 908
Amounts due to related parties | 26 | - | - | 228,443 | 195,110
Social security and other taxes |  | 113,513 | 84,042 | - | -
Outstanding defined contribution pension costs |  | 13,251 | 9,288 | - | -
Other payables |  | 27,899 | 12,554 | - | -
Accruals |  | 812,034 | 1,183,933 | - | -
Corporation tax | 11 | 710 | 710 | - | -
Customer deposits |  | 2,123,220 | 2,725,807 | - | -
|  | 6,297,730 | 6,640,651 | 1,084,180 | 838,018
Due after one year |  |  |  |  |
Loans and borrowings |  | 1,829,667 | 2,741,332 | 1,802,214 | 2,709,079
Other non-current financial liabilities |  | 36,400 | 36,400 | 36,400 | 36,400
|  | 1,866,067 | 2,777,732 | 1,838,614 | 2,745,479

The loans and borrowings constitute eight loans held with Development Bank of Wales (DBW). These are due to be repaid in equal monthly instalments in the coming years. The interest on these loans is 8%. For an indication of the security held for these loans, see Note 29.

Salus Healthcare Group Limited

Notes to the Financial Statements for the Year Ended 28 February 2025

18 | Provisions for liabilities

Group

| Deferred tax £ | Total £
At 1 March 2024 | 2,435 | 2,435
Increase (decrease) in existing provisions | 1,448 | 1,448
At 28 February 2025 | 3,883 | 3,883

19 | Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £97,594 (2024 - £155,173).
Contributions totalling £13,251 (2024 - £9,288) were payable to the scheme at the end of the year and are included in creditors.

20 | Share-based payments

Scheme details and movements

The movements in the number of share options during the year were as follows:

| 2025 Number | 2024 Number
Exercisable | 4,928,384 | 4,928,384

The movements in the weighted average exercise price of share options during the year were as follows:

| 2025 £ | 2024 £
Exercisable | 0.07 | 0.07

The share options granted in October 2023 are exercisable immediately subject to certain conditions being met. The options are then exercisable up to October 2033.

Salus Healthcare Group Limited

Notes to the Financial Statements for the Year Ended 28 February 2025

21 | Financial instruments

Group

Categorisation of financial instruments

| 2025 £ | 2024 £
Financial assets that are debt instruments measured at amortised cost Debt instruments measured at amortised cost | 19,976 | 47,610
Financial liabilities measured at amortised cost Measured at amortised cost | 7,256,330 | 8,074,157

22 | Share capital

Allotted, called up and not fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary of £0.0000007 each | 2,221,561 | 1.56 | 3,649,422 | 2.55
Ordinary A of £0.0100000 each | 1,505,079 | 15,050.79 | 1,505,079 | 15,050.79
| 3,726,640 | 15,052 | 5,154,501 | 15,053

The A Ordinary shares and Ordinary shares carry equal voting rights. A Ordinary shares carry a right to a preferential dividend and a preferential return on capital in the event of winding up or sales of the company.
On 10th July 2024, the Company repurchased 1,427,861 Ordinary shares with an aggregate nominal value of £1.00 for aggregate consideration of £33,333.34.

23 | Reserves

Profit and loss account: This reserve records retained earnings and accumulated losses.
Share premium account: This reserve records the amount above the nominal value received for shares sold, less transaction costs.

Salus Healthcare Group Limited

Notes to the Financial Statements for the Year Ended 28 February 2025

24 | Analysis of changes in net debt

Group

| At 1 March 2024 £ | Financing cash flows £ | At 28 February 2025 £
Cash and cash equivalents |  |  |
Cash equivalents | 3,503,136 | 584,697 | 4,087,833
Borrowings |  |  |
Debt due after one year | (3,383,332) | 700,711 | (2,682,621)
| 119,804 | 1,285,408 | 1,405,212

25 | Obligations under leases and hire purchase contracts

Group

Operating leases

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
Not later than one year | 149,358 | 13,015
| 149,358 | 13,015

The company had no operating lease commitments.
The amount of non-cancellable operating lease payments recognised as an expense during the year was £139,175 (2024 - £126,499).

26 | Related party transactions

Group

Key management compensation

| 2025 £ | 2024 £
Aggregate compensation | 469,390 | 392,848

Salus Healthcare Group Limited

Notes to the Financial Statements for the Year Ended 28 February 2025

Summary of transactions with subsidiaries

As at the year-end the Oak Tree Mobility Limited (Subsidiary company) were owed £228,444 (2024: £195,110) by Salus Healthcare Group Limited (Parent company) (formerly known as World Class Finance Limited, with the name change effective from 4th July 2024). No interest is payable on this balance.

During the period, RG42 Limited (Subsidiary company) paid a dividend of £791,758 to Salus Healthcare Group Limited.

Summary of transactions with other related parties

During the period, Oak Tree Mobility Limited made purchases from RG42 Limited of £3,588,207 (2024: £3,235,862). Oak Tree Mobility Limited also charged RG42 Limited a management charge of £194,579 (2024: £203,230) and recharged insurance costs of £12,853 (2024: £12,853) and vehicle hire costs of £11,359 (2024: £6,763). At the period end, Oak Tree Mobility Limited owed £226,650 (2024: £1,337,842) to RG42 Limited.

27 | Controlling party

Salus Healthcare Group Limited is the most senior entity producing publicly available financial statements. The group is controlled by the directors by virtue of their holding in Salus Healthcare Group Limited.

28 | Exceptional items

| 2025 £ | 2024 £
Gain on the sale of the property | - | 272,946
Other costs | - | (35,222)
| - | 237,724

29 | Outstanding charges

Salus Healthcare Group Ltd - There were two outstanding charges at the year-end. One with Barclays Bank and one with DBW Investments (3) Limited. Further detail of these is publicly available on Companies House.
Oak Tree Mobility Ltd - There were six outstanding charges at the year-end. Four with Barclays Bank PLC and two with DBW Investments (3) Limited. Further detail of these is publicly available on Companies House.
RG42 Ltd - There was one outstanding charge at the year-end, with DBW Investments (3) Limited. Further detail of this is publicly available on Companies House.