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REGISTERED NUMBER: 11817255 (England and Wales)

| Strategic Report, Report of the Directors and |

| Financial Statements |

| for the Year Ended 31 March 2025 |

| for |

| Joint Operations Limited |

| Joint Operations Limited (Registered number: 11817255) |

Contents of the Financial Statements

for the Year Ended 31 March 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 4 |

| Report of the Independent Auditors | 6 |

| Income Statement | 9 |

| Other Comprehensive Income | 10 |

| Balance Sheet | 11 |

| Statement of Changes in Equity | 12 |

| Cash Flow Statement | 13 |

| Notes to the Cash Flow Statement | 14 |

| Notes to the Financial Statements | 15 |

| Joint Operations Limited |

Company Information

for the Year Ended 31 March 2025

| DIRECTORS: | S M Coles

| R M Forster

| REGISTERED OFFICE: | Unit 11 Interface Business Park

| Bincknoll Lane

| Royal Wootton Bassett

| Wiltshire

| SN4 8SY

| REGISTERED NUMBER: | 11817255 (England and Wales)

| Joint Operations Limited (Registered number: 11817255) |

Strategic Report

for the Year Ended 31 March 2025

The directors present their strategic report for the year ended 31 March 2025.

REVIEW OF BUSINESS

Joint Operations has continued its strong organic growth since inception in 2015. In FY 2025 turnover rose 48% to £20.8m (2024: £14.0m) and profit after tax increased 59% to £0.67m. The business expanded across its six specialist divisions: Orthopaedic Joint Preservation, Extremities, Bracing, Burns, Ophthalmology and Neuro-Spine, each delivering resilient growth despite global cost pressures and NHS price constraints.

Within the year, £300,000 was invested in a comprehensive rebranding programme that introduced a new identity, logo, collateral, website and webshop to strengthen the Company’s digital presence and its customer engagement channels.

During the year, the company incurred £200,000 of costs following a strategic decision to exit the wound care market. This move reflects management’s ongoing review of the company’s product portfolio and its commitment to focusing resources on areas offering stronger long-term growth.

Joint Operations operates from its expanded Royal Wootton Bassett facility, designed for high service efficiency, logistics and regulatory compliance. It continues to uphold accredited quality standards including ISO 13485, ISO 9001, ISO 14001, Human Tissue Licence, MHRA WDA(H), Investors in People Gold, Real Living Wage and SME Climate Hub membership.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors have identified the following principal risks and uncertainties affecting the Company:

NHS Funding and Workforce Uncertainty

A substantial portion of the company's revenue is linked to contracts and sales within the UK healthcare system. Ongoing NHS funding pressures, evolving procurement policies, and workforce challenges - including potential industrial action by clinical or logistics staff - create uncertainty in demand patterns and operational continuity. The impact of this uncertainty is a possible reduction or delay in product orders, extended payment cycles and decreased utilisation of medical devices during strike periods. These factors could affect cash flow, inventory management, and revenue recognition. To mitigate this risk, the company maintains regular engagement with NHS procurement teams and supply chain partners to anticipate potential disruptions. The business operates in protected areas of NHS spend and continues to diversify its customer base across private healthcare providers and international markets, activities that combine to reduce reliance on NHS volumes.

Supply Chain and Procurement Risks

The company operates within a global supply chain, sourcing products from multiple international manufacturers which creates exposure to supplier reliability, logistical delays, customs procedures, and currency volatility. Global or regional disruption can cause delays in the supply chain and regulatory changes can interrupt availability of key product lines. Disruption could lead to delayed fulfilment of customer orders, lost revenue and reputational damage, particularly where hospital supply contracts require continuous availability. Increased freight costs or currency movements may further compress margins.

The company maintains a diversified supplier base, with approved secondary suppliers for critical products. Safety stock levels are held for essential lines, and long-term supply agreements help secure continuity and pricing. Currency exposure is mitigated through financial instruments that reduce the impact of exchange rate movements.

Legal and Regulatory Risks

This risk is of high relevance, given the company's operations across multiple regulated jurisdictions. The business must maintain ongoing compliance with a complex framework of laws and standards, which impose detailed obligations concerning product safety, labelling, and distribution traceability. In addition, the company must comply with commercial legislation, data protection laws and consumer protection requirements. Although all products are sourced from third-party manufacturers, the company can still face liability under product safety and consumer protection legislation. Claims could arise from defective products or improper use, even where direct fault does not rest with the company.

Failure to comply with applicable legal or regulatory standards could result in product withdrawal, suspension of distribution rights, regulatory fines, civil claims, or damage to professional reputation. Such events could disrupt supply to key customers, particularly public healthcare systems, and may limit future market access.

The company maintains a comprehensive Quality Management System, ensuring consistent product traceability and adherence to applicable standards. It employs dedicated regulatory and compliance personnel to monitor changes in legislation and guidance. Comprehensive insurance coverage-including product liability, professional indemnity, and cyber liability-provides financial protection.

| Joint Operations Limited (Registered number: 11817255) |

Strategic Report

for the Year Ended 31 March 2025

KEY PERFORMANCE INDICATORS

The main financial KPIs that are constantly reviewed are as follows:

| 2025 |  | 2024 |

| % |  | % |

Operating margin |  | 6.3 |  | 5.1 |

Net profit margin |  | 3.2 |  | 3.0 |

Return on equity |  | 64.5 |  | 106.3 |

Operating cash conversion (profit after tax) |  | 163.1 |  | (26.7) |

ON BEHALF OF THE BOARD:

R M Forster - Director

4 December 2025

| Joint Operations Limited (Registered number: 11817255) |

Report of the Directors

for the Year Ended 31 March 2025

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of a supplier of specialist medical products and services.

DIVIDENDS

The total distribution of dividends for the year ended 31 March 2025 will be £29,227 (2024: £48,000)

FUTURE DEVELOPMENTS

Joint Operations Ltd is planning a group structure over FY26 and FY27 to integrate its existing connected companies into a unified international structure. This initiative aims to simplify operations, enhance efficiency, and strengthen the company’s platform for sustainable growth.

As part of this process, the German entity has been rebranded from 2MED GmbH to Joint Operations GmbH, aligning with the future group identity. Joint Operations GmbH has demonstrated strong performance, achieving 40% sales growth on revenues of EUR 3.5 million.

Building on this momentum, the directors are evaluating further expansion across the DACH region, with the launch of a new subsidiary in Austria planned for January 2026, followed by a subsequent subsidiary in Switzerland.

DIRECTORS

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

S M Coles

R M Forster

FINANCIAL INSTRUMENTS

Currency risk

The company’s financial risk management objectives are focused on maintaining stability in cash flows and protecting profit margins from the impact of foreign currency volatility. As part of this policy, the company regularly forecasts its foreign currency purchases and sales to identify exposures arising from international trading activities. Where material exposures are identified, the company uses forward contracts to fix exchange rates on forecasted transactions. These instruments provide a consistent and transparent method of managing foreign currency risk. The objective of this approach is to stabilise costs, reduce the impact of currency fluctuations on procurement and sales margins, and ensure greater predictability of financial performance.

As part of usual business the company is exposed to a variety of other financial risks.

Credit risk

Credit risk arises from the possibility that customers may default on payment for goods supplied. The company offers credit terms to the largest majority of its customers and manages this risk by implementing a strict credit control policy that includes performing credit checks before setting appropriate payment terms. The dedicated Credit Control team maintains strong, ongoing relationships with customers and trade receivables are monitored closely to limit exposure.

Liquidity risk

The directors acknowledge their responsibility for ensuring the company can meet its financial obligations as they fall due. The Company manages its liquidity by arranged banking facilities, and contingency borrowing lines. Forecast and actual cash flows are reviewed regularly to align resources with the maturity of financial assets and liabilities.

Cash flow risk

Cash flow risk arises from fluctuations in short-term obligations and delayed payments from customers, which can temporarily affect working capital. As a medical device distributor, the company must balance regular supplier payments with longer customer payment cycles, particularly within the healthcare sector.

The company manages this risk through regular cash flow forecasting, combining its own financial model with AI-driven analytical tools that predict trends in customer receipts and supplier outflows. This enables early identification of potential shortfalls and supports proactive decision-making.

| Joint Operations Limited (Registered number: 11817255) |

Report of the Directors

for the Year Ended 31 March 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

- | make judgements and accounting estimates that are reasonable and prudent;

- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Sumer Auditco Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

R M Forster - Director

4 December 2025

Report of the Independent Auditors to the Members of

Joint Operations Limited

Qualified opinion

We have audited the financial statements of Joint Operations Limited (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended;

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

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

Basis for qualified opinion

We were not appointed as auditor of the company until after 31 March 2024 and did not observe the counting of physical inventories at the end of that year. We were therefore unable to satisfy ourselves by alternative means concerning the inventory quantities of £2,318,626 held at 31 March 2024 by using other audit procedures. we were As a result, we were unable to determine whether any adjustment to this amount at 31 March 2024 was necessary or whether there was any consequential effect on the cost of sales or profit for the year ended 31 March 2025. Further, were any adjustment to the inventory balance to be required, the relevant amounts disclosed in the strategic report would also need to be amended.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 qualified 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.

Key audit matters

Except for the matter described in the basis for qualified opinion section, we have determined that there are no key audit matters to be communicated in our 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.

As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the inventory quantities of £2,318,626 held at 31 March 2024. We have concluded that where the other information refers to the inventory balance or related balances such as cost of sales, it may be materially misstated for the same reason.

Report of the Independent Auditors to the Members of

Joint Operations Limited

Opinions on other matters prescribed by the Companies Act 2006

Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:

- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

Except for the matter described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report.

Arising solely from the limitation on the scope of our work relating to inventory, referred to above:

- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and

- we were unable to determine whether adequate accounting records have been kept.

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

- | 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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:

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery, employment law and company legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements of the Company. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and taxation legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the audit engagement team included:

Report of the Independent Auditors to the Members of

Joint Operations Limited

- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;

- Understanding of management's internal controls designed to prevent and detect irregularities, and fraud;

- Reviewing the Company's legal costs to check for non-compliance with laws and regulations and fraud;

- Review of tax compliance with the involvement of our tax specialists in the audit;

- Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing of expenses;

- Reviewing assumptions and judgements made by management in its significant accounting estimates:

- Testing transactions entered into outside of the normal course of the Company's business; and

- Identifying and testing journal entries, in particular any journal entries with fraud characteristics

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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.

Other matters which we are required to address

The comparative figures for the year ended 31 March 2024 were not subject to audit.

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.

David Iain Black (Senior Statutory Auditor)

for and on behalf of Sumer Auditco Limited

Statutory Auditors

Hermes House

Fire Fly Avenue

Swindon

Wiltshire

SN2 2GA

4 December 2025

| Joint Operations Limited (Registered number: 11817255) |

Income Statement

for the Year Ended 31 March 2025

| 2025 |  | 2024

| (Unaudited)

| Notes | £ | £ |

TURNOVER | 4 | 20,794,781 |  | 14,019,916 |  |

Cost of sales | 16,625,636 |  | 10,470,892 |  |

GROSS PROFIT | 4,169,145 |  | 3,549,024 |  |

Administrative expenses | 2,857,325 |  | 2,891,308 |  |

1,311,820 |  | 657,716 |  |

Other operating income | - |  | 54,657 |  |

OPERATING PROFIT | 6 | 1,311,820 |  | 712,373 |  |

Interest receivable and similar income | 4,759 |  | 1,665 |  |

1,316,579 |  | 714,038 |  |

Interest payable and similar expenses | 7 | 327,261 |  | 226,651 |  |

PROFIT BEFORE TAXATION | 989,318 |  | 487,387 |  |

Tax on profit | 8 | 320,252 |  | 65,574 |  |

PROFIT FOR THE FINANCIAL YEAR | 669,066 |  | 421,813 |  |

| Joint Operations Limited (Registered number: 11817255) |

Other Comprehensive Income

for the Year Ended 31 March 2025

| 2025 |  | 2024

| (Unaudited)

| Notes | £ | £ |

PROFIT FOR THE YEAR | 669,066 |  | 421,813 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 669,066 |  | 421,813 |  |

| Joint Operations Limited (Registered number: 11817255) |

Balance Sheet

31 March 2025

| 2025 | 2024 |

| (Unaudited) |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 11 | 764,680 |  | 424,174 |  |

CURRENT ASSETS

Stocks | 12 | 3,201,350 |  | 2,318,626 |  |

Debtors | 13 | 6,612,299 |  | 4,300,201 |  |

Cash at bank | 1,361,777 |  | 265,008 |  |

11,175,426 |  | 6,883,835 |  |

CREDITORS

Amounts falling due within one year | 14 | 8,920,665 |  | 4,635,483 |  |

NET CURRENT ASSETS | 2,254,761 |  | 2,248,352 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 3,019,441 |  | 2,672,526 |  |

CREDITORS

Amounts falling due after more than one year | 15 | (1,823,899 | ) | (2,237,510 | ) |

PROVISIONS FOR LIABILITIES | 20 | (159,003 | ) | (38,316 | ) |

NET ASSETS | 1,036,539 |  | 396,700 |  |

CAPITAL AND RESERVES

Called up share capital | 21 | 100 |  | 100 |  |

Retained earnings | 22 | 1,036,439 |  | 396,600 |  |

SHAREHOLDERS' FUNDS | 1,036,539 |  | 396,700 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 4 December 2025 and were signed on its behalf by:

R M Forster - Director

| Joint Operations Limited (Registered number: 11817255) |

Statement of Changes in Equity

for the Year Ended 31 March 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 April 2023 | 100 |  | 22,787 |  | 22,887 |  |

Changes in equity

Dividends | - |  | (48,000 | ) | (48,000 | ) |

Total comprehensive income | - |  | 421,813 |  | 421,813 |  |

Balance at 31 March 2024 | 100 |  | 396,600 |  | 396,700 |  |

Changes in equity

Dividends | - |  | (29,227 | ) | (29,227 | ) |

Total comprehensive income | - |  | 669,066 |  | 669,066 |  |

Balance at 31 March 2025 | 100 |  | 1,036,439 |  | 1,036,539 |  |

| Joint Operations Limited (Registered number: 11817255) |

Cash Flow Statement

for the Year Ended 31 March 2025

| 2025 |  | 2024

| (Unaudited)

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 1,530,975 |  | (111,571 | ) |

Interest paid | (160,843 | ) | (50,984 | ) |

Tax paid | (88,369 | ) | - |  |

Net cash from operating activities | 1,281,763 |  | (162,555 | ) |

Cash flows from investing activities

Purchase of tangible fixed assets | (597,412 | ) | (311,394 | ) |

Sale of tangible fixed assets | - |  | 5,537 |  |

Interest received | 4,759 |  | 1,665 |  |

Net cash from investing activities | (592,653 | ) | (304,192 | ) |

Cash flows from financing activities

New loans in year | 500,000 |  | 1,450,000 |  |

Loan repayments in year | (60,000 | ) | (737,739 | ) |

Capital repayments in year | (6,013 | ) | (22,214 | ) |

Amount introduced by directors | 5,845 |  | - |  |

Amount withdrawn by directors | (2,946 | ) | (21,000 | ) |

Equity dividends paid | (29,227 | ) | (48,000 | ) |

Net cash from financing activities | 407,659 |  | 621,047 |  |

Increase in cash and cash equivalents | 1,096,769 |  | 154,300 |  |

Cash and cash equivalents at beginning of year | 2 | 265,008 |  | 110,708 |  |

Cash and cash equivalents at end of year | 2 | 1,361,777 |  | 265,008 |  |

| Joint Operations Limited (Registered number: 11817255) |

Notes to the Cash Flow Statement

for the Year Ended 31 March 2025

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2025 |  | 2024

| (Unaudited)

£ | £ |

| Profit before taxation | 989,318 |  | 487,387 |  |

| Depreciation charges | 252,401 |  | 153,191 |  |

| Loss on disposal of fixed assets | 4,505 |  | 1,051 |  |

| Finance costs | 327,261 |  | 226,651 |  |

| Finance income | (4,759 | ) | (1,665 | ) |

1,568,726 |  | 866,615 |  |

| Increase in stocks | (882,724 | ) | (417,540 | ) |

| Increase in trade and other debtors | (2,312,097 | ) | (1,315,661 | ) |

| Increase in trade and other creditors | 3,157,070 |  | 755,015 |  |

| Cash generated from operations | 1,530,975 |  | (111,571 | ) |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 31 March 2025

| 31.3.25 |  | 1.4.24

£ | £ |

| Cash and cash equivalents | 1,361,777 |  | 265,008 |  |

| Year ended 31 March 2024

| 31.3.24 |  | 1.4.23

| (Unaudited) |

£ | £ |

| Cash and cash equivalents | 265,008 |  | 110,728 |  |

| Bank overdrafts | - |  | (20 | ) |

265,008 |  | 110,708 |  |

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 1.4.24 | Cash flow | At 31.3.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 265,008 |  | 1,096,769 |  | 1,361,777 |  |

265,008 |  | 1,096,769 |  | 1,361,777 |  |

| Debt

| Finance leases | (6,013 | ) | 6,013 |  | - |  |

| Debts falling due within 1 year | (42,510 | ) | (1,016,364 | ) | (1,058,874 | ) |

| Debts falling due after 1 year | (2,234,958 | ) | 411,059 |  | (1,823,899 | ) |

(2,283,481 | ) | (599,292 | ) | (2,882,773 | ) |

| Total | (2,018,473 | ) | 497,477 |  | (1,520,996 | ) |

| Joint Operations Limited (Registered number: 11817255) |

Notes to the Financial Statements

for the Year Ended 31 March 2025

1. | STATUTORY INFORMATION

| Joint Operations Limited 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.

| The presentation currency of the financial statements is the Pound Sterling (£).

2. | 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.

3. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| The financial statements have been prepared under the historical cost convention.

| Significant judgements and estimates

| Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

| The actual amount or values may vary in certain instances from the assumptions and estimates made. Changes will be recorded, with corresponding effect in profit or loss, when, and if, better information is obtained.

| There are no significant assumptions or estimation uncertainties.

| Turnover

| Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

| Sale of goods

| Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

| - the company has transferred the significant risks and rewards of ownership to the buyer;

| - the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

| - the amount of turnover can be measured reliably;

| - it is probable that the company will receive the consideration due under the transaction; and

| - the costs incurred or to be incurred in respect of the transaction can be measured reliably.

| Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Turnover includes sales income earned under a wide variety of contracts to provide specialist surgical products. Turnover is recognised as contract activity progresses to the extent that the company obtains the right to consideration in exchange for its performance under these contracts and so that for incomplete contracts it reflects the partial performance of the contractual obligations. It is measured at the fair value of the right to consideration, by reference to the value of work performed, based on amounts chargeable to customers, excluding VAT.

| Turnover earned but not billed to customers is included in accrued income and amounts billed in advance of the turnover being recognised are included in deferred income.

| Interest income

| Interest income is recognised using the effective interest rate method.

| Joint Operations Limited (Registered number: 11817255) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

3. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

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

| Plant and machinery | - | 33% on straight line basis and 25% on straight line basis

| Fixtures and fittings | - | 33% on straight line basis and 25% on straight line basis

| Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs and borrowing costs capitalised.

| Repairs and maintenance costs are expensed as incurred.

| Stocks

| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. 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 each reporting date, stocks are assessed for impairment. If stock is 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. 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.

| Financial instruments

| The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

| Financial assets

| Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at transaction price, 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.

| Such assets are subsequently carried at amortised cost using the effective interest method.

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

| If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

| Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

| Financial liabilities

| Basic financial liabilities, including trade and other payables, bank loans and overdrafts and loans 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 receipts discounted at a market rate of interest.

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

| 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. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

| Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

| Joint Operations Limited (Registered number: 11817255) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

3. | ACCOUNTING POLICIES - continued

| Current taxation

| The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

| 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 company operates and generates income.

| 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.

| Research and development

| Expenditure on research and development is written off in the year in which it is incurred.

| Foreign currencies

| Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

| At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

| Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account.

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| Employee benefits

| The company provides a range of benefits to employees, including bonus arrangements, paid holiday arrangements and defined contribution pension plans.

| Short term benefits

| Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.

| Defined contribution pension plans

| The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

| Joint Operations Limited (Registered number: 11817255) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

3. | ACCOUNTING POLICIES - continued

| 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 and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

| 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.

| Dividends

| Dividends and other distributions to the company’s shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the shareholders. These amounts are recognised in the statement of changes in equity.

| Finance costs

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

| 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 company financial statements.

4. | 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:

| 2025 |  | 2024

| (Unaudited)

£ | £ |

| United Kingdom | 20,481,401 |  | 13,703,212 |  |

| Europe | 313,380 |  | 316,704 |  |

20,794,781 |  | 14,019,916 |  |

5. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

| (Unaudited)

£ | £ |

| Wages and salaries | 3,292,374 |  | 2,704,468 |  |

| Social security costs | 358,314 |  | 309,567 |  |

| Other pension costs | 134,507 |  | 56,042 |  |

3,785,195 |  | 3,070,077 |  |

| Joint Operations Limited (Registered number: 11817255) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

5. | EMPLOYEES AND DIRECTORS - continued

| The average number of employees during the year was as follows:

| 2025 |  | 2024

| (Unaudited)

| Administration | 1 |  | 1 |  |

| Finance | 7 |  | 6 |  |

| HR | 2 |  | 1 |  |

| Marketing | 6 |  | 4 |  |

| Quality | 6 |  | 6 |  |

| Sales | 17 |  | 18 |  |

| Tech services | 12 |  | 8 |  |

51 |  | 44 |  |

| Key management compensation

| Key management includes members of senior management. The compensation paid or payable to key management for employee services is shown below:

|  | 2025 |  |  | 2024 |

| (Unaudited | ) |

| £ |  |  | £ |  |

| Salaries and other short-term benefits |  | 185,871 |  |  | 179,429 |

| Social security costs |  | 16,026 |  |  | 15,563 |

| Pension contributions |  | 17,548 |  |  | 4,627 |

|  | 219,445 |  |  | 199,618 |

| 2025 |  | 2024

| (Unaudited)

£ | £ |

| Directors' remuneration | 211,000 |  | 200,000 |  |

| Directors' pension contributions to money purchase schemes | 3,912 |  | - |  |

| Information regarding the highest paid director is as follows:

| 2025 |  | 2024

| (Unaudited)

£ | £ |

| Emoluments etc | 211,000 |  | 200,000 |  |

| Pension contributions to money purchase schemes | 3,912 |  | - |  |

6. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| 2025 |  | 2024

| (Unaudited)

£ | £ |

| Hire of plant and machinery | 17,103 |  | 15,015 |  |

| Other operating leases | 37,863 |  | 94,297 |  |

| Depreciation - owned assets | 252,401 |  | 153,191 |  |

| Loss on disposal of fixed assets | 4,505 |  | 1,051 |  |

| Auditors' remuneration | 20,750 |  | - |  |

| Foreign exchange differences | (715,587 | ) | (278,749 | ) |

| Joint Operations Limited (Registered number: 11817255) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

| (Unaudited)

£ | £ |

| Other interest payable | 181,851 |  | 126,891 |  |

| Invoice factoring charges | 131,383 |  | 69,141 |  |

| Corporation tax interest | 1,114 |  | - |  |

| Loan interest | 12,913 |  | 30,619 |  |

327,261 |  | 226,651 |  |

8. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2025 |  | 2024

| (Unaudited)

£ | £ |

| Current tax:

| UK corporation tax | 183,473 |  | 56,686 |  |

| Prior year tax adjustment | 16,092 |  | - |  |

| Total current tax | 199,565 |  | 56,686 |  |

| Deferred tax | 120,687 |  | 8,888 |  |

| Tax on profit | 320,252 |  | 65,574 |  |

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| 2025 |  | 2024

| (Unaudited)

£ | £ |

| Profit before tax | 989,318 |  | 487,387 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 247,330 |  | 121,847 |  |

| Effects of:

| Expenses not deductible for tax purposes | 27,105 |  | 9,433 |  |

| Capital allowances in excess of depreciation | (90,962 | ) | (45,318 | ) |

| Adjustments to tax charge in respect of previous periods | 16,092 |  | (15,612 | ) |

| Deferred tax | 120,687 |  | 8,888 |  |

| R&D claim | - |  | (13,664 | ) |

| Total tax charge | 320,252 |  | 65,574 |  |

9. | DIVIDENDS

| 2025 |  | 2024

| (Unaudited)

£ | £ |

| Ordinary shares of 1 each

| Final | 29,227 |  | 48,000 |  |

| Joint Operations Limited (Registered number: 11817255) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

10. | PRIOR YEAR ADJUSTMENT

| Instruments previously recognised in cost of sales have now been recognised as fixed assets and depreciated over their useful economic life. This has resulted in an increase of both the profit for the year and fixed assets in the prior year of £200,487.

11. | TANGIBLE FIXED ASSETS

| Fixtures |

| Plant and |  | and |

| machinery |  | fittings |  | Totals

£ | £ | £ |

| COST

| At 1 April 2024 | 465,302 |  | 204,246 |  | 669,548 |  |

| Additions | 520,672 |  | 76,740 |  | 597,412 |  |

| Disposals | (4,505 | ) | - |  | (4,505 | ) |

| At 31 March 2025 | 981,469 |  | 280,986 |  | 1,262,455 |  |

| DEPRECIATION

| At 1 April 2024 | 149,536 |  | 95,838 |  | 245,374 |  |

| Charge for year | 171,922 |  | 80,479 |  | 252,401 |  |

| At 31 March 2025 | 321,458 |  | 176,317 |  | 497,775 |  |

| NET BOOK VALUE

| At 31 March 2025 | 660,011 |  | 104,669 |  | 764,680 |  |

| At 31 March 2024 | 315,766 |  | 108,408 |  | 424,174 |  |

12. | STOCKS

2025 | 2024 |

| (Unaudited)

£ | £ |

| Stocks | 3,201,350 |  | 2,318,626 |  |

13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

| (Unaudited)

£ | £ |

| Trade debtors | 4,108,457 |  | 2,655,962 |  |

| Other debtors | 1,788,879 |  | 1,407,911 |  |

| Tax | 54,657 |  | 54,657 |  |

| Prepayments and accrued income | 660,306 |  | 181,671 |  |

6,612,299 |  | 4,300,201 |  |

| Included within trade debtors is an amount of £2,440,482 (2024: £1,046,751) which is subject to an invoice financing facility.

| Joint Operations Limited (Registered number: 11817255) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

| (Unaudited)

£ | £ |

| Other loans (see note 16) | 1,058,874 |  | 42,510 |  |

| Finance leases (see note 17) | - |  | 3,461 |  |

| Trade creditors | 3,553,484 |  | 2,504,448 |  |

| Tax | 184,586 |  | 72,276 |  |

| Social security and other taxes | 124,223 |  | 100,456 |  |

| VAT | 275,072 |  | 196,789 |  |

| Other creditors | 711,610 |  | 112,043 |  |

| Invoice financing | 2,440,482 |  | 1,046,751 |  |

| Directors' current accounts | 48,272 |  | 45,373 |  |

| Accrued expenses | 524,062 |  | 511,376 |  |

8,920,665 |  | 4,635,483 |  |

| Other creditors includes £40,298 (2024: £1,082) of outstanding pension contributions.

15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

| (Unaudited)

£ | £ |

| Other loans (see note 16) | 1,823,899 |  | 2,234,958 |  |

| Finance leases (see note 17) | - |  | 2,552 |  |

1,823,899 |  | 2,237,510 |  |

16. | LOANS

| An analysis of the maturity of loans is given below:

2025 | 2024 |

| (Unaudited)

£ | £ |

| Amounts falling due within one year or on demand:

| Other loans | 1,058,874 |  | 42,510 |  |

| Amounts falling due between one and two years:

| Other loans - 1-2 years | 511,374 |  | 2,234,958 |  |

| Amounts falling due between two and five years:

| Other loans - 2-5 years | 1,312,525 |  | - |  |

| £398,740 of the loan balance is subject to facility payments based on a percentage of the prior year orthopaedic sales annually, with no maturity date. However, this loan can be made repayable on demand should any default event occur.

| The remaining loan balances incurs 8.75% interest, with maturity dates of 30-60 months from the date of the loan agreement.

| All loans are unsecured.

| Joint Operations Limited (Registered number: 11817255) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

17. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Finance leases |

2025 | 2024 |

| ) |  | (Unaudited)

£ | £ |

| Net obligations repayable:

| Within one year | - |  | 3,461 |  |

| Between one and five years | - |  | 2,552 |  |

- |  | 6,013 |  |

| Non-cancellable |

| operating leases |

2025 | 2024 |

| (Unaudited)

£ | £ |

| Within one year | 111,368 |  | 256,881 |  |

| Between one and five years | 37,188 |  | 98,972 |  |

148,556 |  | 355,853 |  |

18. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

| (Unaudited)

£ | £ |

| Finance leases | - |  | 6,013 |  |

| Invoice financing | 2,440,482 |  | 1,046,751 |  |

2,440,482 |  | 1,052,764 |  |

| Finance leases are secured against the assets which they relate to.

| The invoice financing facility is secured by a fixed and floating charge on all property and assets, present and future, including freehold and leasehold land and buildings and attached fixtures and fittings, plant and machinery, goodwill, uncalled share capital, stocks and shares, intellectual property, the benefit of any hedging arrangements and all debts which fail to vest to the lender under the invoice financing facility.

| Joint Operations Limited (Registered number: 11817255) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

19. | FINANCIAL INSTRUMENTS

| The carrying value of the company's financial assets and liabilities are summarised by category below:

|  | 2025 |  |  | 2024 |

|  | £ |  |  | £ |

| Financial Assets |  |

| Measured at undiscounted amount receivable |  |

| - Trade and other debtors and accrued income |  | 5,897,336 |  |  | 4,063,873 |

| - Cash at bank and at hand |  | 1,361,777 |  |  | 265,008 |

|  | 7,259,113 |  |  | 4,328,881 |

| Financial liabilities |  |

| Measured at undiscounted amount payable |  |

| - Trade and other creditors |  | (7,277,910 | ) |  | (4,219,991 | )

| - Other loans |  | (2,882,773 | ) |  | (2,283,481 | )

|  | (10,160,683 | ) |  | (6,503,472 | )

| Financial assets that are debt instruments measured at amortised cost comprise cash and trade and other receivables.

| Financial liabilities that are debt instruments measured at amortised cost comprise bank overdrafts and loans, trade and other payables, obligations under finance leases and accruals.

20. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

| (Unaudited)

£ | £ |

| Deferred tax | 159,003 |  | 38,316 |  |

| Deferred |

| tax |

£ |

| Balance at 1 April 2024 | 38,316 |  |

| Charge to Income Statement during year | 120,687 |  |

| Balance at 31 March 2025 | 159,003 |  |

21. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 100 | Ordinary | 1 | 100 |  | 100 |  |

22. | RESERVES

| Retained

| earnings

£ |

| At 1 April 2024 | 396,600 |  |

| Profit for the year | 669,066 |  |

| Dividends | (29,227 | ) |

| At 31 March 2025 | 1,036,439 |  |

| Joint Operations Limited (Registered number: 11817255) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

23. | RELATED PARTY DISCLOSURES

| Entities under common control

2025 | 2024 |

| (Unaudited)

£ | £ |

| Sales | 270,916 |  | 11,109 |  |

| Purchases | 4,008,379 |  | 2,347,788 |  |

| Amount due from related party | 2,117,439 |  | 1,392,190 |  |

| Amount due to related party | 522,056 |  | 55,464 |  |

| The company transacts with other entities which are controlled by the directors and shareholders. These entities are deemed to be under common control. All transactions were conducted on an arm's length basis on normal trading terms.

| Amounts outstanding at the year end represent trading balances, are unsecured, interest free and repayable under normal trading terms.

| Other related parties

2025 | 2024 |

| (Unaudited)

£ | £ |

| Purchases | 32,500 |  | 93,000 |  |

| Amount due to related party | 18,000 |  | 54,000 |  |

24. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling parties are Richard Forster and Laura Forster.