Meridian Medical Limited

	Page
Company Information	1
Strategic Report	2
Directors' Report	3
Independent Auditor's Report	4—5
Profit and Loss Account	6
Balance Sheet	7
Statement of Changes in Equity	8
Notes to the Financial Statements	9—15

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Strategic Report

For The Year Ended 31 March 2025

Strategic Report

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

Review of the Business

Meridian Medical Limited continued to focus on its core activity as a specialist contract manufacturer of single-use medical devices. Despite a reduction in sales compared to the previous year, the company remained profitable, delivering a trading profit before taxation. With a robust pipeline of new projects scheduled for 2025 and infrastructure investments now in place; the business is well positioned to support sustained growth beyond current demand.

Principal Risks and Uncertainties

While most of our sales are within the UK and conducted in sterling, a significant proportion of our suppliers are based in Europe, introducing some foreign exchange risk. Our customer base is diverse, however our largest customer accounts for 40% of trade debtors. Whilst this customer represents a large amount of the sales, the sales are split over numerous different products. Each new customer project involves a lengthy development phase, and we are continuously working to replace legacy production with new business opportunities.

Throughout the year, we faced various supplier challenges leading to production stoppages and stock shortages. Where feasible, we have increased internal stock levels to mitigate production risks for our customers.

Key Performance Indictors

The main key performance indicators were as follows:

Gross Profit Margin: 2025 - 22.60% (2024 - 26.67%)

Net Profit Margin: 2025 - 0.06% (2024 - 3.71%)

Debtor Days Ratio: 2025 - 37 Days (2024 - 40 Days)

Creditor Days Ratio: 2025 - 37 Days (2024 - 36 Days)

Stock Days Ratio: 2025 - 100 Days (2024 - 86 Days)

The key performance indicators are monitored by the Board to ensure that they are progressing as planned in a timely manner. At this stage the Board is confident that while these targets were not met, that the foundations are in place for the following year.

On behalf of the board

Mr James Fenton

Director

11 December 2025

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Meridian Medical Limited

Company No. 02609505

Directors' Report For The Year Ended 31 March 2025

Directors' Report

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

Principal Activity

The company's principal activity continues to be that of development and manufacture of precision engineered products for the medical profession.

Dividends

The value of dividends paid amounted to £310,000 .

The directors recommended a final dividend of £NIL .

Directors

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

Mr James Fenton

Mr Marcus Fenton

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' 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 the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments 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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Independent Auditors

The auditors, JWR Audit Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

Mr James Fenton

Director

11 December 2025

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Independent Auditor's Report

to the Members of

Meridian Medical Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Meridian Medical Limited for the year ended 31 March 2025 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes of Equity and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

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/(loss) 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 entity's ability to continue as a going concern for a period of at least 12 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. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on Other Matters Prescribed by the Companies Act 2006

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

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on Which We Are Required to Report by Exception

In the light of 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.

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 or 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.

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Independent Auditor's Report (continued)

to the Members of

Meridian Medical Limited

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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.

Auditor's Responsibilities for the Audit of the Financial Statements

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

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations.

We designed audit procedures to respond to the risk, recognising that 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, misrepresentations or through collusion.

Procedures performed by the audit team included:

- Discussions with management regarding known or suspected instances of non-compliance with laws and regulations;

- Evaluation of controls designed to prevent and detect irregularities; and

- Assessing journals entries as part of our planned audit approach.

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.

As in all of our audits we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 that 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.

Katie Wood FCA FCCA (Senior Statutory Auditor)

for and on behalf of JWR Audit Limited , Statutory Auditor

11 December 2025

JWR Audit Limited

24 Picton House, Hussar Court, Westside View

Waterlooville

PO7 7SQ

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Meridian Medical Limited

Profit and Loss Account

For The Year Ended 31 March 2025

Profit and Loss Account

		2025	2024
	Notes	£	£
TURNOVER	3	10,966,278	12,061,743
Cost of sales		(8,449,301 )	(8,844,650 )

GROSS PROFIT		2,516,977	3,217,093

Administrative expenses		(2,591,426 )	(2,755,834 )

OPERATING (LOSS)/PROFIT	4	(74,449 )	461,259
Loss on disposal of fixed assets		-	(18,922 )
Other interest receivable and similar income	9	13,904	12,987
Interest payable and similar charges	10	(4,745 )	(7,705 )

(LOSS)/PROFIT BEFORE TAXATION		(65,290 )	447,619
Tax on (Loss)/profit	11	122,631	48,711

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR		57,341	496,330

The notes on pages 9 to 15 form part of these financial statements.

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Meridian Medical Limited

Balance Sheet

As At 31 March 2025

Balance Sheet

Registered number: 02609505

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	12		560,678		601,856

			560,678		601,856
CURRENT ASSETS
Stocks	13	1,992,157		2,136,264
Debtors	14	1,381,148		1,601,583
Cash at bank and in hand		586,817		664,546

		3,960,122		4,402,393
Creditors: Amounts Falling Due Within One Year	15	(1,194,579 )		(1,418,135 )

NET CURRENT ASSETS (LIABILITIES)			2,765,543		2,984,258

TOTAL ASSETS LESS CURRENT LIABILITIES			3,326,221		3,586,114

Creditors: Amounts Falling Due After More Than One Year	16		-		(2,791 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	18		(27,431 )		(31,874 )

NET ASSETS			3,298,790		3,551,449

CAPITAL AND RESERVES
Called up share capital	20		50,000		50,000
Profit and Loss Account			3,248,790		3,501,449

SHAREHOLDERS' FUNDS			3,298,790		3,551,449

On behalf of the board

Mr James Fenton

Director

11 December 2025

The notes on pages 9 to 15 form part of these financial statements.

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Meridian Medical Limited

Statement of Changes in Equity

For The Year Ended 31 March 2025

Statement of Changes in Equity

	Share Capital	Profit and Loss Account	Total
	£	£	£
As at 1 April 2023	50,000	4,361,850	4,411,850
Profit for the year and total comprehensive income	-	496,330	496,330

Dividends paid	-	(1,356,731)	(1,356,731)

As at 31 March 2024 and 1 April 2024	50,000	3,501,449	3,551,449


Profit for the year and total comprehensive income	-	57,341	57,341

Dividends paid	-	(310,000)	(310,000)

As at 31 March 2025	50,000	3,248,790	3,298,790

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Meridian Medical Limited

Notes to the Financial Statements

For The Year Ended 31 March 2025

Notes to the Financial Statements

1. General Information

Meridian Medical Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02609505 . The registered office is Unit 1 Thorgate Road, Lineside Industrial Estate, Littlehampton, West Sussex, BN17 7LU.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	5% straight line
Plant & Machinery	15% reducing balance & 5% straight line
Fixtures & Fittings	5% straight line

2.4. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.5. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

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

2.6. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.7. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

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Meridian Medical Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.8. Taxation

Income 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 profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Turnover

Analysis of turnover by geographical market is as follows:

	2025	2024
	£	£
United Kingdom	9,490,757	10,601,235
Europe	823,401	1,141,468
Rest of the world	652,120	319,040

	10,966,278	12,061,743

4. Operating (Loss)/profit

The operating (loss)/profit is stated after charging:

	2025	2024
	£	£
Depreciation of tangible fixed assets	43,796	169,841

5. Auditor's Remuneration

Remuneration received by the company's auditors and their associates during the year was as follows:

	2025	2024
	£	£
Audit Services
Audit of the company's financial statements	10,000	-

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Meridian Medical Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

6. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2025	2024
	£	£
Wages and salaries	3,995,700	3,767,700
Social security costs	345,137	334,231
Other pension costs	161,176	145,248

	4,502,013	4,247,179

7. Average Number of Employees

Average number of employees, during the year was:

	2025	2024
Directors	2	2
Staff	133	124

	135	126

8. Directors' remuneration

	2025	2024
	£	£
Emoluments	162,000	197,866
Company contributions to money purchase pension schemes	74,000	70,000

	236,000	267,866

Information regarding the highest paid director was as follows:

	2025	2024
	£	£
Emoluments	90,000	118,509

9. Interest Receivable and Similar Income

	2025	2024
	£	£
Bank interest receivable	13,904	12,987

10. Interest Payable and Similar Charges

	2025	2024
	£	£
Bank loans and overdrafts	2,811	2,861
Finance charges payable under finance leases and hire purchase contracts	1,934	4,844

	4,745	7,705

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Meridian Medical Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

11. Tax on Profit

	Tax Rate		2025	2024
The tax credit on the (loss)/profit for the year was as follows:
	2025	2024	£	£
Current tax
UK Corporation Tax	19.0%	25.0%	2,642	92,454
Prior period adjustment			(120,830 )	-

			(118,188 )	92,454
Deferred Tax
Deferred taxation			(4,443 )	(141,165 )


Total tax charge for the period			(122,631 )	(48,711 )


The actual credit for the year can be reconciled to the expected (credit)/charge for the year based on the (loss)/profit and the standard rate of corporation tax as follows:
			2025	2024
			£	£
Profit before tax			(65,290)	447,619

Tax on profit at 19% (UK standard rate)			(12,405 )	111,905
Goodwill/depreciation not allowed for tax			8,321	42,460
Expenses not deductible for tax purposes			19	1,365
Tax losses utilised			-	(2,205 )
Capital allowances			(498 )	(33,637 )
Research and Development tax credit			-	(24,779 )
Prior period adjustment			(120,830 )	-
Deferred tax from unrecognised timing difference from a prior period			(4,442 )	(141,165 )
Group relief			7,204	-
Current tax from unrecognised timing difference from a prior period			-	(2,655 )

Total tax charge for the period			(122,631)	(48,711)

12. Tangible Assets

	Land & Property
	Freehold	Plant & Machinery	Fixtures & Fittings	Total
	£	£	£	£
Cost
As at 1 April 2024	524,009	140,022	93,942	757,973
Additions	2,619	-	-	2,619

As at 31 March 2025	526,628	140,022	93,942	760,592

Depreciation
As at 1 April 2024	49,651	51,153	55,313	156,117
Provided during the period	26,026	13,074	4,697	43,797

As at 31 March 2025	75,677	64,227	60,010	199,914

...CONTINUED

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Meridian Medical Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

Net Book Value
As at 31 March 2025	450,951	75,795	33,932	560,678

As at 1 April 2024	474,358	88,869	38,629	601,856

Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:

	2025	2024
	£	£
Plant & Machinery	60,864	71,605

13. Stocks

	2025	2024
	£	£
Materials	1,206,243	1,340,552
Finished goods	537,304	319,939
Work in progress	248,610	475,773

	1,992,157	2,136,264

14. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	1,179,195	1,415,115
Other debtors	201,953	186,468

	1,381,148	1,601,583

15. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	2,791	33,497
Trade creditors	640,751	691,223
Amounts owed to group undertakings	155,343	-
Other creditors	19,327	20,210
Corporation tax	2,642	120,395
Taxation and social security	311,945	413,803
Accruals and deferred income	61,780	139,007

	1,194,579	1,418,135

16. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	-	2,791

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Meridian Medical Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

17. Obligations Under Finance Leases and Hire Purchase

	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	2,791	33,497
Later than one year and not later than five years	-	2,791

	2,791	36,288

	2,791	36,288

18. Deferred Taxation

The provision for deferred tax is made up as follows:

	2025	2024
	£	£
Other timing differences	27,431	31,874

19. Provisions for Liabilities


	Deferred Tax	Total
	£	£
As at 1 April 2024	31,874	31,874
Reversals	(4,443 )	(4,443)

Balance at 31 March 2025	27,431	27,431

20. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
500,000 Ordinary Shares of £ 0.10 each	50,000	50,000

21. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2025	2024
	£	£
Not later than one year	111,463	90,463
Later than one year and not later than five years	314,871	248,417
Later than five years	280,000	-

	706,334	338,880

22. Pension Commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

During the year the charge to the profit and loss account in respect of defined contribution schemes was £161,176 (2024: £145,248).

At the balance sheet date contributions of £13,541 (2024: £12,167) were due to the fund and are included in creditors.

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Meridian Medical Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

23. Related Party Disclosures

The company has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.

During the year the company paid £48,000 to the Directors, in relation to a unit which is rented to the company from the Directors SIPP. The rent paid was at market rate.

24. Controlling Parties

The company's immediate parent undertaking is Fentech UK Holdings Limited .

The ultimate parent undertaking and that of the smallest and largest group for which group accounts are drawn up of which the company is a member is Fentech UK Holdings Limited (incorporated in England & Wales). Its registered office is Unit 1 Thorgate Road, Lineside Industrial Estate, Littlehampton, West Sussex, England, BN17 7LU .

Copies of the group accounts may be obtained from the company's registered office.

The Directors do not consider there to be one ultimate controlling party due to the virtue of the shareholding in the ultimate parent company.

25. Securities and charges

There is an Unlimited Multilateral Guarantee, in favour of third parties, dated 08 August 2024 in place given by Meridian Medical Limited and its parent company, Fentech UK Holdings Limited.

This comprises a debenture including a Fixed Charge over all present freehold and leasehold property; First Fixed Charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and First Floating Charge over all assets and undertaking both present and future dated 26 July 2024 and in favour of HSBC.

There is a charge over cash deposits in favour of HSBC allowing HSBC to set off or transfer the cash deposits. The charge was in place at the year end and settled in full on 22 July 2025.

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