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

G DOC LTD is a company that was formed with the aim of safeguarding the viability of General Practice within Gloucestershire. G DOC LTD is owned by all GP practices within the county — the practices are our shareholders.

Our business model remains the delivery of NHS primary care services. As of 31 March 2025, this centred on the management of four primary care practices serving more than 30,000 patients and the fulfilment of a range of NHS primary-care contracts. Post year end, on 1 August 2025, G DOC LTD acquired Coleford Medical Practice and merged it with Blakeney Surgery to form Dean Medical Practice, increasing our total registered population to approximately 47,000 patients.

All our practices are located in areas of deprivation below the Gloucestershire average. Gloucester Health Access Centre ("GHAC") continues to serve one of the most deprived and highest-need patient populations in the South West, with elevated rates of long-term illness and excess mortality. The Carr-Hill funding formula continues to inadequately compensate for the complexity of these needs, making the provision of high-quality care within the available funding envelope a continuing challenge. Despite this, G DOC LTD remains at the forefront of primary-care delivery in Gloucestershire.

During 2024/25, G DOC LTD launched Gloucestershire’s first GP Collaborative Board, which brings practices together to provide a strong, united voice for General Practice. G DOC LTD holds the operational and financial management responsibility for this Board, reflecting the confidence of our system partners in our leadership and governance.

Our practices continue to perform efficiently and effectively within resource constraints, and G DOC LTD remains fully engaged in tackling systemic health inequalities at both practice and Primary Care Network ("PCN") level. Our work continues to align with the Core20PLUS5 model and includes initiatives on chronic respiratory disease, hypertension case finding, outreach to “PLUS” groups, and cross-cutting programmes in smoking cessation and weight management. Locally, this has been complemented by work on diabetes and respiratory care, and by a focus on the wider determinants of health through the Health & Wellbeing Hub named after our former GP colleague, Dr Rafi. The Hub has continued to grow, offering digital support drop-in sessions to help patients access online healthcare and wider digital services, along with education and employability support.

In addition to our surgeries, G DOC LTD delivers a range of county-wide commissioned services designed to improve access, increase capacity and provide specialist support. These include:

• An Urgent Primary Care Centre as part of the GHAC APMS contract, providing same-day care for non-registered, out-of-area, and overflow patients.

• The Enhanced Access weekend service, delivering additional GP appointments across Gloucester and Cheltenham for all Gloucestershire practices.

• The Parachute Nursing Service, supplying short-notice clinical cover to practices with staffing gaps.

• The COVID Medicines Service, continuing at the lowest funding tier and currently expected to run until December 2025.

• The Long COVID Service, which remains commissioned until 31 March 2026.

• From June 2025, G DOC LTD took over the Special Allocation Scheme, providing managed primary care for patients removed from other GP lists. This has been a successful new service and further demonstrates our capability to deliver complex, sensitive care models.

The Afghan Entitled Personnel contract concluded as planned in April 2025.

The breadth and duration of these contracts, together with ongoing invitations from the Integrated Care Board ("ICB") to explore new proposals, confirm G DOC LTD’s reputation as a trusted, versatile and responsible provider of primary-care services across Gloucestershire.

G DOC LTD directly manages several GP surgeries in Gloucester and the Forest of Dean, providing patient-centred care to some of the most underserved communities in the county. We own one of our surgery buildings, which requires significant investment; funds have been allocated, and a detailed improvement plan is in place.

Overall, G DOC LTD continues to deliver sustainable, high-quality, GP-led care across Gloucestershire. Our teams are committed to supporting patients, tackling deprivation and health inequalities, and working collaboratively across the local health system to safeguard the future of general practice.

The directors monitor risks through the Strategic Board Assurance Framework ("BAF") and Operational Risk Register. The BAF identifies strategic and high-impact risks, while the Risk Register captures operational risks, mitigating actions and risk ratings. Both are regularly reviewed at Board level. The Directors are satisfied that the principal risks have been appropriately captured and mitigated.

1. Financial Risks

The financial environment for primary care remains challenging. G DOC LTD achieved a pre-tax surplus of £531,830 for the year, driven by prudent cost control, improved workforce stability, operational efficiency and contribution from short term contracts. All profits will be re-invested to strengthen our financial resilience and support strategic investment in estates, digital capability and workforce development.

The Board remains cautious about the changing NHS landscape, with several contracts (including the COVID Medicines and Long COVID services) scheduled to conclude by 2026. The surplus generated in 2024/25 provides vital financial security to sustain operations and to invest in our infrastructure.

2. Operational Risks

Recruitment and retention of skilled clinical and non-clinical staff remain key risks, though these are being effectively managed. The salaried GP model, alongside improved site leadership structures and cross-practice alignment, has strengthened resilience. The successful integration of the Special Allocation Scheme has demonstrated G DOC LTD’s ability to absorb and deliver new services safely. Continued emphasis on consistent policies, shared training, and staff development supports operational flexibility and sustainability.

3. Contract Risks

The GHAC APMS contract, our most significant, remains secure until 2028. The Afghan Entitled Personnel contract ended as planned in April 2025. The COVID Medicines and Long COVID services continue into 2025/26 but may conclude thereafter. While these changes introduce some uncertainty, they are not expected to impact G DOC LTD’s status as a going concern.

The Board continues to engage with the ICB to explore new commissioning opportunities, particularly within Neighbourhood Health. The acquisition of Coleford Medical Practice and the establishment of Dean Medical Practice represent a significant and positive development within our portfolio.

G DOC LTD concludes the 2024/25 financial year in a strong and stable position. Through prudent financial management, robust governance and collaborative leadership, the company continues to deliver high-quality, equitable and sustainable primary care.

Looking ahead, our focus will be on delivering our 2025/26 strategic plan, prioritising Patient Experience, People and Performance. We plan to progress two major capital build projects in the Forest of Dean, expand our digital capabilities, and continue to lead Gloucestershire’s GP Collaborative Board to strengthen system working and sustainability.

While the external environment remains challenging, G DOC LTD is well positioned to adapt and thrive. The Board remains confident that the organisation’s mission, vision and values will continue to guide its work as it champions general practice, supports local communities, and delivers equity of care for all.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 March 2025.

The principal activity of the company continued to be that of the provision of healthcare services and all of the GP practices in Gloucestershire are shareholders. The directors expect these activities to continue in the future.

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

The directors are responsible 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 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; and

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and 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.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

We have audited the financial statements of G DOC LTD (the 'company') for the year ended 31 March 2025 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 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 opinion

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

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit; or

• the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report.

As explained more fully in the directors' responsibilities statement, 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.

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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

• Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

• Reviewing minutes of meetings of those charged with governance;

• Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection; 

• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and

• Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. 

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with 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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

G DOC LTD is a private company limited by shares incorporated in England and Wales. The registered office is Quayside House, Quay Street, Gloucester, Gloucestershire, United Kingdom, GL1 2TZ.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 402 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the there are no subsidiary undertakings which need to be included in a consoliated set of financial statements. The financial statements present information about the company as an individual entity and not about its group.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover comprises revenue recognised by the company in respect of primary healthcare services supplied, when a right to consideration has been obtained in exchange for performance of contractual rights.

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:

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

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.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and relates to drugs stock held.

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 are basic financial assets and include cash in hand and deposits held at call with banks. Cash held in accounts administered on behalf of Primary Care Networks are excluded from amounts recognised as assets and liabilities of the company.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

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 only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

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

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

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

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

NHS Pension scheme

Past and present employees are covered by the provisions of the NHS Pension Scheme. The scheme is an unfunded defined benefit scheme that covers NHS employers, General Practices and other bodies allowed under the direction of the Secretary of State, in England and Wales. The scheme is not designed to be run in a way that would enable NHS bodies to identify their share of the underlying scheme assets and liabilities. Therefore, the scheme is accounted for as if it were a defined contribution scheme: the cost to the company of participating in the scheme is taken as equal to the contributions payable to the scheme for the accounting period.

For early retirements, other than those due to ill health, the additional pension liabilities are not funded by the scheme. The full amount of the liability for the additional costs is charged in expenditure at the time the company commits itself to the retirement, regardless of the method of payment.

Defined contribution pension plan

The company also operates a defined contribution plan for some of 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 payments obligations.

The contributions are recognised as an expense in the Statements of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Related parties

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.

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined benefit schemes amounted to 3 (2024 - 3).

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

Land and buildings are pledged as security for the bank loans of the company under a fixed charge.

All other tangible fixed assets are pledged as security for the bank loans of the company under fixed and floating charges.

Fixed asset investments are pledged as security for the bank loans of the company under fixed and floating charges.

Details of the company's subsidiaries at 31 March 2025 are as follows:

Finished goods and goods for resale are pledged as security for the bank loans of the company under fixed and floating charges.

Debtors are pledged as security for the bank loans of the company under fixed and floating charges.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

The deferred tax asset relates mostly to other timing differences.

Bank loans are secured by fixed charges over the land and buildings and under fixed and floating charges over the remaining assets of the company.

In July 2022, the company obtained three bank loans to finance the purchase freehold land and building. The borrowings of the company are made up of the following amounts:

Principal loan amount £725,500

This loan is for a 25 year term with the interest rate fixed to an amount equal to the aggregate of an interest margin of 2.63% per annum and the rate quoted by the Bank's Commercial Bank division at or about the time of borrowing until the Review Date, being July 2032. The rate of interest payable on the loan from the Review Date will be a variable interest rate equal to the aggregate of an interest margin of 2.60% per annum and the Bank of England Base rate.

The amount repayable on this loan outstanding at the balance sheet date was £686,312 and it is repayable by instalments of both capital and interest with a final repayment date in July 2047.

Principal loan amount £522,950

This loan is for a 25 year term with a variable interest rate equal to the aggregate of an interest margin of 2.60% per annum and the Bank of England Base rate.

The amount repayable on this loan outstanding at the balance sheet date was £499,833 and it is repayable by instalments of both capital and interest with a final repayment date in July 2047.

Principal loan amount £203,000

This loan is for a 15 year term with a variable interest rate equal to the aggregate of an interest margin of 2.25% per annum and the Bank of England Base rate.

The amount repayable on this loan outstanding at the balance sheet date was £179,871 and it is repayable by instalments of both capital and interest with a final repayment date in July 2037.

Arrangement fees

Arrangement fees incurred in securing the above loans have been offset against the loans themselves and are being released to profit or loss over the term of the respective loans. These amounts totalled £18,995 as at the balance sheet date.

The provision at the balance sheet date of £25,000 relates to estimation of professional fees the company expects to incur in relation to the closure of a Primary Care Network in which it was involved.

Each share has a full rights in the company with respect to voting, dividends and distributions.

The capital redemption reserve reflects the nominal value of own shares purchased and cancelled.

Retained earnings includes all current and prior year retained profits and losses.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

The NHS Pension Scheme is an unfunded multi‑employer defined benefit scheme, the provisions of which are contained in the NHS Pension Scheme Regulations (SI 1995 No. 300). The Scheme is notionally funded, with payment liabilities underwritten by the Exchequer. Scheme accounts are prepared annually by the NHS Pensions Agency and are examined by the Comptroller and Auditor General. The Government Actuary's Department values the NHS Pension Scheme every four years, and those quadrennial reports are published. The Scheme has a money purchase Additional Voluntary Contribution arrangement which is available to employees to enhance their pension benefits.

Between valuations the Government Actuary's Department provides an update of the scheme liabilities on an annual basis. The latest assessment of the liabilities of the Scheme is contained in the Report of the Actuary, which forms part of the NHS Pension Scheme & Compensation for Premature Retirement Scheme Resource Accounts, published annually. These accounts can be viewed on the NHS Pensions Agency website at www.nhspa.gov.uk. Copies can also be obtained from the Stationery Office.

Under NHS Pension Scheme regulations, the Agency and participating employees are required to pay contributions, as specified by the Secretary of State for Health. These contributions are used to defray the costs of providing the NHS Pension Scheme benefits. For the year ended 31 March 2025, employees were required to pay tiered contributions of between 5.2% and 12.5% of pensionable pay. The employer's contribution amounted to 14.38% of pensionable pay. With effect from 1 April 2017, employers have also been required to pay an additional 0.08% administration levy to pay for the administration of the scheme. All of these costs are charged to profit or loss as and when they become due.

The company is unable to identify its share of the underlying assets and liabilities of the scheme. The company considers that the scheme should be accounted for as defined contribution in nature as required by Financial Reporting Standard 102 section 28.

The total amount payable in company contributions to the fund during the year was £782,580 (2024: £706,594).

There were total outstanding contributions at 31 March 2025 of £210,770 (2024: £223,677).

As at 31 March 2025, the company had no capital commitments (2024: £Nil).

As at 31 March 2025, the company had no contingent liabilities (2024: £Nil).

After the balance sheet date but before the date of this report, the NHS contracts for a GP surgery were transferred to the company on 1 August 2025.

Furthermore, and in conjunction with the above on 1 August 2025 the company acquired certain assets for consideration of £15,321.

The remuneration of key management personnel is as follows.

During the year, the company made purchases of £14,495 (2024: £11,978) from MDDUS Services Limited, a company in which the director, Dr J L Bayley, is a non-executive director.