Company No: 05714397 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTOR

Mr J Gilbrook

REGISTERED OFFICE	1 Chancerygate Way
	Farnborough
	Hampshire
	GU14 8FF
	United Kingdom

COMPANY NUMBER

05714397 (England and Wales)

ACCOUNTANT	Shaw Gibbs Limited
	264 Banbury Road
	Oxford
	OX2 7DY
	United Kingdom

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	3	40,000		50,000
Tangible assets	4	14,297		19,548
		54,297		69,548
Current assets
Stocks		3,165,188		2,440,612
Debtors
- due within one year	5	3,897,837		2,978,618
- due after more than one year	5	4,818		2,116
Cash at bank and in hand		1,385,703		1,111,118
		8,453,546		6,532,464
Creditors: amounts falling due within one year	6	( 4,708,258)		( 3,525,143)
Net current assets		3,745,288		3,007,321
Total assets less current liabilities		3,799,585		3,076,869
Creditors: amounts falling due after more than one year	7	( 42,000)		( 125,375)
Net assets		3,757,585		2,951,494
Capital and reserves
Called-up share capital		100		100
Profit and loss account		3,757,485		2,951,394
Total shareholder's funds		3,757,585		2,951,494

For the financial year ending 28 February 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Comprehensive Income has not been delivered.

The financial statements of WEL Medical Ltd (registered number: 05714397) were approved and authorised for issue by the Director on 18 November 2025. They were signed on its behalf by:

Mr J Gilbrook Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

WEL Medical Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 1 Chancerygate Way, Farnborough, Hampshire, GU14 8FF, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

10 years straight line

Goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Vehicles	25 % reducing balance
Fixtures and fittings	4 years straight line
Computer equipment	3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances and amounts due from fellow group undertakings, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans, and amounts due from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

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

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Related party transactions

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.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	27		26

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 March 2024	100,000		100,000
At 28 February 2025	100,000		100,000
Accumulated amortisation
At 01 March 2024	50,000		50,000
Charge for the financial year	10,000		10,000
At 28 February 2025	60,000		60,000
Net book value
At 28 February 2025	40,000		40,000
At 29 February 2024	50,000		50,000

4. Tangible assets

	Vehicles		Fixtures and fittings		Computer equipment		Total
	£		£		£		£
Cost
At 01 March 2024	8,875		192,571		76,807		278,253
Additions	0		1,799		3,645		5,444
Disposals	0		0		( 1,018)		( 1,018)
At 28 February 2025	8,875		194,370		79,434		282,679
Accumulated depreciation
At 01 March 2024	8,376		189,851		60,478		258,705
Charge for the financial year	124		1,456		8,097		9,677
At 28 February 2025	8,500		191,307		68,575		268,382
Net book value
At 28 February 2025	375		3,063		10,859		14,297
At 29 February 2024	499		2,720		16,329		19,548

5. Debtors

	2025		2024
	£		£
Debtors: amounts falling due within one year
Trade debtors	1,168,735		707,486
Amounts owed by Group undertakings	843,430		714,830
Other debtors	1,885,672		1,556,302
	3,897,837		2,978,618
Debtors: amounts falling due after more than one year
Deferred tax asset	4,818		2,116

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	36,000		36,000
Trade creditors	3,095,151		2,477,360
Amounts owed to Group undertakings	59,186		36,675
Corporation tax	312,996		290,623
Other taxation and social security	883,159		258,961
Other creditors	321,766		425,524
	4,708,258		3,525,143

7. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans	42,000		78,000
Other creditors	0		47,375
	42,000		125,375

During 2022, the company applied for and received a loan of £180,000 from the Coronavirus Bounce Back Loan Scheme (BBLS). The loan is secured by fixed and floating charges over the company’s assets, bears interest at a rate of 2.19%, and is repayable in monthly instalments. The loan will be repaid in full by April
2027.