Epsomedical (Acquisitions) Limited Group accounts (Group and Company)

COMPANY REGISTRATION NUMBER: 08519320

Epsomedical (Acquisitions) Limited

Financial Statements

31 March 2025

Epsomedical (Acquisitions) Limited

Financial Statements

Year ended 31 March 2025

Contents	Page

Strategic report	1

Directors' report	3

Independent auditor's report to the members	5

Consolidated statement of income and retained earnings	9

Company statement of income and retained earnings	10

Consolidated statement of financial position	11

Company statement of financial position	12

Consolidated statement of cash flows	13

Notes to the financial statements	14

Epsomedical (Acquisitions) Limited

Strategic Report

Year ended 31 March 2025

REVIEW OF THE BUSINESS The group operates day surgery units in Surrey offering NHS patients elective outpatient clinics, diagnostics and day case theatre procedures. The group has been a pioneer in introducing modern management systems which have transformed the way services are provided, allowing steady improvements to be introduced year on year in terms of patient care, staff productivity, management information and compliance with NHS and regulatory standards. The group achieves consistently high patient satisfaction levels and is rated "Good" overall by the healthcare regulator, CQC. RESULTS AND PERFORMANCE The financial year 2024-25 showed a 5% increase in turnover, the majority of which was derived from NHS referrals. Direct costs rose proportionally whereas operational and administrative overheads increased by 8% due to higher property, utility and office costs. The group continues to keep tight control of costs by effecting continuous improvements in productivity and efficiency. BUSINESS ENVIRONMENT Referrals in 2024/25 were up 9% on the previous period, returning to pre-COVID levels. Most referrals come from GPs and Opticians either directly or via electronic-Referral Services ("eRS") and patients have a right to a choice of provider at the point of referral. The overall increase in referrals masks a continued reduction in Cataract referrals caused by the expansion of other independent provider capacity in the South in recent years. Cataracts have always been a flagship procedure for Epsomedical so we have gradually adjusted the mix of specialities we treat in order to ensure the most efficient use of our resources and facilities. During the year the group has continued to assist local NHS Trusts to manage their waiting lists. As the national wait list continues to rise, there is increased pressure on systems to reduce the number of patients waiting and the wait time for treatment. The new government has set NHS targets of a return to an 18 week Referral-To-Treatment ("RTT") time for 92% of patients by March 2029 and treatment of almost all patients waiting over 52 weeks. We continue to play our part in this national push to to improve wait times for patients and help clear backlogs of patients waiting at NHS Trusts. Patients are increasingly aware of their right to choose their secondary care provider and we expect referral rates to continue to rise in the current year. However an increase in referrals may not result in a corresponding increase in activity as there is pressure in the current trading year from NHS England for independent providers to increase wait times for patients and slow down activity so that the NHS does not exceed overall funding allocations. Private patient activity remains negligible at 1-2% of revenues and our clinical policies and processes are predominantly driven by NHS standards and regulations. PRINCIPAL RISKS AND UNCERTAINTIES NHS contracting arrangements with Independent Providers tend to be short term. We would welcome the opportunity to enter into longer term contracts that provide security and enable us to invest more in equipment and to plan improvements to and expansion of services over the coming years. NHS net price inflators have not kept pace with inflation and the regional pricing adjustments designed to compensate for higher cost of living in areas like Surrey and London have been cut each year for many years. We will continue to improve our productivity and efficiency to offset the effects of these pressures. We also hope that the NHS affords all providers the same pricing adjustments where cost pressures arise from government policy.

This report was approved by the board of directors on 16 December 2025 and signed on behalf of the board by:

Ms A R Pearce

Director

Registered office:

Cobham Hospital

168 Portsmouth Road

Cobham

Surrey

KT11 1HS

Epsomedical (Acquisitions) Limited

Directors' Report

Year ended 31 March 2025

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

Directors

The directors who served the company during the year were as follows:

Ms A R Pearce	(Appointed 29 October 2024)
Dr M R Jenkins	(Appointed 29 October 2024)
Mr T J L Taylor	(Resigned 30 October 2024)
Dr R J Cowlard	(Resigned 30 October 2024)

Dividends

Particulars of recommended dividends are detailed in note 13 to the financial statements.

Disclosure of information in the strategic report

The directors have disclosed information about the review of the business, its results and performance, business environment and principal risks and uncertainties in the Strategic Report on pages 1 and 2.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, 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 group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and 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. Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

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

This report was approved by the board of directors on 16 December 2025 and signed on behalf of the board by:

Ms A R Pearce

Director

Registered office:

Cobham Hospital

168 Portsmouth Road

Cobham

Surrey

KT11 1HS

Epsomedical (Acquisitions) Limited

Independent Auditor's Report to the Members of Epsomedical (Acquisitions) Limited

Year ended 31 March 2025

Opinion

We have audited the financial statements of Epsomedical (Acquisitions) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the consolidated statement of income and retained earnings, company statement of income and retained earnings, consolidated statement of financial position, company statement of financial position, consolidated statement of cash flows 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, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 31 March 2025 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 group's or the parent 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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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

Responsibilities of directors

As explained more fully in the 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 group's and the parent 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 group or the parent 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 together with FRS102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Policy). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the company's ability to operate or to avoid a material penalty. The laws and regulations we considered in this context for the UK operations were, General Data Protection Regulation (GDPR), and employment legislation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of income, estimates surrounding legal provisions and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence and reading minutes of meetings of those charged with governance. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - 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. 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. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our 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 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.

Christopher Cook BA (Hons) FCA

(Senior Statutory Auditor)

For and on behalf of

Cook & Co Accountants LLP

Chartered Accountants & statutory auditor

Riverside Business Centre

River Lawn Road

Tonbridge

Kent

TN9 1EP

16 December 2025

Epsomedical (Acquisitions) Limited

Consolidated Statement of Income and Retained Earnings

Year ended 31 March 2025

		2025	2024
Note		£	£
Turnover	4	10,726,409	10,186,514

Cost of sales	6,963,315	6,629,768
	-------------	-------------
Gross profit	3,763,094	3,556,746

Administrative expenses		2,278,985	2,110,644
Other operating income	5	–	5,000
		------------	------------
Operating profit	6	1,484,109	1,451,102

Other interest receivable and similar income	10	72,790	55,511
Interest payable and similar expenses	11	–	1,488
		------------	------------
Profit before taxation		1,556,899	1,505,125

Tax on profit	12	385,433	323,426
		------------	------------
Profit for the financial year and total comprehensive income		1,171,466	1,181,699
		------------	------------

Dividends paid and payable	13	–	( 500,004)

Retained earnings at the start of the year	3,552,897	2,871,202
	------------	------------
Retained earnings at the end of the year	4,724,363	3,552,897
	------------	------------

All the activities of the group are from continuing operations.

Epsomedical (Acquisitions) Limited

Company Statement of Income and Retained Earnings

Year ended 31 March 2025

		2025	2024
Note		£	£
Profit for the financial year and total comprehensive income		1,041,848	1,353,024
Dividends paid and payable	13	–	( 500,004)

Retained earnings at the start of the year	6,979,201	6,126,181
	------------	------------
Retained earnings at the end of the year	8,021,049	6,979,201
	------------	------------

Epsomedical (Acquisitions) Limited

Consolidated Statement of Financial Position

31 March 2025

	2025	2024
Note	£	£

Fixed assets

Tangible assets	15		614,643	588,073

Current assets

Stocks	18	175,448	165,662
Debtors	19	5,488,624	1,447,356
Cash at bank and in hand		1,727,381	4,520,896
		------------	------------
		7,391,453	6,133,914

Creditors: amounts falling due within one year	20	1,190,386		1,077,743
		------------		------------
Net current assets			6,201,067	5,056,171
			------------	------------
Total assets less current liabilities			6,815,710	5,644,244
			------------	------------
Net assets			6,815,710	5,644,244
			------------	------------

Capital and reserves

Called up share capital	22	26,144	26,144
Share premium account	23	2,065,203	2,065,203
Profit and loss account	23	4,724,363	3,552,897
		------------	------------
Shareholders funds		6,815,710	5,644,244
		------------	------------

These financial statements were approved by the board of directors and authorised for issue on 16 December 2025 , and are signed on behalf of the board by:

Ms A R Pearce

Director

Company registration number: 08519320

Epsomedical (Acquisitions) Limited

Company Statement of Financial Position

31 March 2025

	2025	2024
Note	£	£

Fixed assets

Investments	17		6,114,100	6,114,100

Current assets

Debtors	19	2,942,595	–
Cash at bank and in hand		1,055,701	4,068,487
		------------	------------
		3,998,296	4,068,487

Creditors: amounts falling due within one year	20	–		1,112,039
		------------		------------
Net current assets			3,998,296	2,956,448
			-------------	------------
Total assets less current liabilities			10,112,396	9,070,548
			-------------	------------

Capital and reserves

Called up share capital	22	26,144	26,144
Share premium account	23	2,065,203	2,065,203
Profit and loss account	23	8,021,049	6,979,201
		-------------	------------
Shareholders funds		10,112,396	9,070,548
		-------------	------------

The profit for the financial year of the parent company was £ 1,041,848 (2024: £ 1,353,024 ).

These financial statements were approved by the board of directors and authorised for issue on 16 December 2025 , and are signed on behalf of the board by:

Ms A R Pearce

Director

Company registration number: 08519320

Epsomedical (Acquisitions) Limited

Consolidated Statement of Cash Flows

Year ended 31 March 2025

	2025	2024
	£	£

Cash flows from operating activities

Profit for the financial year	1,171,466	1,181,699

Adjustments for:
Depreciation of tangible assets	213,163	201,863
Amortisation of intangible assets	–	52,148
Other interest receivable and similar income	( 72,790)	( 55,511)
Interest payable and similar expenses	–	1,488
Gains on disposal of tangible assets	( 29,671)	( 32,140)
Tax on profit	385,433	323,426
Accrued expenses	62,883	4,873

Changes in:
Stocks	( 9,786)	( 23,564)
Trade and other debtors	( 4,041,268)	( 247,234)
Trade and other creditors	3,160	( 47,730)
	------------	------------
Cash generated from operations	( 2,317,410)	1,359,318

Interest paid	–	( 1,488)
Interest received	72,790	55,511
Tax paid	( 338,833)	( 387,681)
	------------	------------
Net cash (used in)/from operating activities	( 2,583,453)	1,025,660
	------------	------------

Cash flows from investing activities

Purchase of tangible assets	( 239,733)	( 347,659)
Proceeds from sale of tangible assets	29,671	47,304
	------------	------------
Net cash used in investing activities	( 210,062)	( 300,355)
	------------	------------

Cash flows from financing activities

Dividends paid	–	( 500,004)
	------------	------------
Net cash used in financing activities	–	( 500,004)
	------------	------------

Net (decrease)/increase in cash and cash equivalents	( 2,793,515)	225,301
Cash and cash equivalents at beginning of year	4,520,896	4,295,595
	------------	------------
Cash and cash equivalents at end of year	1,727,381	4,520,896
	------------	------------

Epsomedical (Acquisitions) Limited

Notes to the Financial Statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Cobham Hospital, 168 Portsmouth Road, Cobham, Surrey, KT11 1HS.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:

(a) Disclosures in respect of each class of share capital have not been presented.

(b) No cash flow statement has been presented for the company.

(c) Disclosures in respect of financial instruments have not been presented.

(d) No disclosure has been given for the aggregate remuneration of key management personnel.

Consolidation

The financial statements consolidate the financial statements of Epsomedical (Acquisitions) Limited and all of its subsidiary undertakings.

The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.

The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	10% straight line
Fixtures and fittings	-	10/20% Straight line
Motor vehicles	-	20% straight line
Equipment	-	10/20/33% Straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Turnover

Turnover arises from:

	2025	2024
	£	£
Rendering of services	10,726,409	10,186,514
	-------------	-------------

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

5. Other operating income

	2025	2024
	£	£
Other operating income - donations	–	5,000
	----	-------

6. Operating loss

Operating profit or loss is stated after charging/crediting:

	2025	2024
	£	£
Amortisation of intangible assets	–	52,148
Depreciation of tangible assets	213,163	201,863
Gains on disposal of tangible assets	( 29,671)	( 32,140)
Impairment of trade debtors	–	(1)
	---------	---------

7. Auditor's remuneration

	2025	2024
	£	£
Fees payable for the audit of the financial statements	5,504,495	4,800
	------------	-------

8. Staff costs

The average number of persons employed by the group during the year, including the directors, amounted to:

	2025	2024
	No.	No.
Number of clinical and non-clinical staff	90	79
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2025	2024
	£	£
Wages and salaries	2,701,553	2,433,665
Social security costs	258,247	227,770
Other pension costs	144,763	143,107
	------------	------------
	3,104,563	2,804,542
	------------	------------

9. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2025	2024
	£	£
Remuneration	100,000	6,003
	---------	-------

10. Other interest receivable and similar income

	2025	2024
	£	£
Interest on cash and cash equivalents	53,836	54,418
Interest receivable on Tax Refund	18,954	823
Other interest receivable and similar income	–	270
	--------	--------
	72,790	55,511
	--------	--------

11. Interest payable and similar expenses

	2025	2024
	£	£
Interest on late paid tax	–	1,488
	----	-------

12. Tax on profit

Major components of tax expense

	2025	2024
	£	£

Current tax:

UK current tax expense	385,433	343,251
Adjustments in respect of prior periods	–	( 19,825)
	---------	---------
Total current tax	385,433	323,426
	---------	---------
Tax on profit	385,433	323,426
	---------	---------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is lower than (2024: lower than) the standard rate of corporation tax in the UK of 25 % (2024: 24.99 %).

	2025	2024
	£	£
Profit on ordinary activities before taxation	1,556,899	1,505,125
	------------	------------
Profit on ordinary activities by rate of tax	389,225	376,053
Adjustment to tax charge in respect of prior periods	–	( 19,825)
Effect of capital allowances and depreciation	( 3,792)	( 31,497)
Utilisation of tax losses	–	( 1,305)
	------------	------------
Tax on profit	385,433	323,426
	------------	------------

13. Dividends

	2025	2024
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )	–	500,004
	----	---------

14. Intangible assets

Group	Goodwill
	£
Cost
At 1 April 2024 and 31 March 2025	2,085,930
	------------
Amortisation
At 1 April 2024 and 31 March 2025	2,085,930
	------------
Carrying amount
At 1 April 2024 and 31 March 2025	–
	------------
At 31 March 2024	–
	------------

The company has no intangible assets.

15. Tangible assets

Group	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Apr 2024	435,843	322,499	244,516	32,327	2,134,085	3,169,270
Additions	36,057	–	–	–	203,676	239,733
	---------	---------	---------	--------	------------	------------
At 31 Mar 2025	471,900	322,499	244,516	32,327	2,337,761	3,409,003
	---------	---------	---------	--------	------------	------------
Depreciation
At 1 Apr 2024	410,444	322,499	237,570	1,984	1,608,700	2,581,197
Charge for the year	6,572	–	3,114	6,496	196,981	213,163
	---------	---------	---------	--------	------------	------------
At 31 Mar 2025	417,016	322,499	240,684	8,480	1,805,681	2,794,360
	---------	---------	---------	--------	------------	------------
Carrying amount
At 31 Mar 2025	54,884	–	3,832	23,847	532,080	614,643
	---------	---------	---------	--------	------------	------------
At 31 Mar 2024	25,399	–	6,946	30,343	525,385	588,073
	---------	---------	---------	--------	------------	------------

The company has no tangible assets.

16. Capital commitments

At the year end the group had the following capital commitments:

1. Software implementation costs of £14,364.

2. Paying a capital sum in respect of the renewal of the lease at Cobham of £210,747.

17. Investments

The group has no investments.

Company	Shares in group undertakings
	£
Cost
At 1 April 2024 and 31 March 2025	6,114,100
	------------
Impairment
At 1 April 2024 and 31 March 2025	–
	------------

Carrying amount
At 1 April 2024 and 31 March 2025	6,114,100
	------------
At 31 March 2024	6,114,100
	------------

Subsidiaries, associates and other investments

Details of the investments in which the parent company has an interest of 20% or more are as follows:

	Class of share	Percentage of shares held
Subsidiary undertakings
Epsomedical Limited	Ordinary	100

18. Stocks

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Raw materials and consumables	175,448	165,662	–	–
	---------	---------	----	----

19. Debtors

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Trade debtors	748,264	1,065,196	–	–
Amounts owed by group undertakings	4,207,081	–	2,942,595	–
Prepayments and accrued income	388,990	378,071	–	–
Other debtors	144,289	4,089	–	–
	------------	------------	------------	----
	5,488,624	1,447,356	2,942,595	–
	------------	------------	------------	----

20. Creditors: amounts falling due within one year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Trade creditors	509,347	519,007	–	–
Amounts owed to group undertakings	–	–	–	1,100,000
Accruals and deferred income	431,704	368,821	–	–
Corporation tax	151,906	105,306	–	12,039
Social security and other taxes	73,383	62,850	–	–
Pensions creditor	23,470	21,183	–	–
Other creditors	576	576	–	–
	------------	------------	----	------------
	1,190,386	1,077,743	–	1,112,039
	------------	------------	----	------------

21. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 144,763 (2024: £ 143,107 ).

22. Called up share capital

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	26,144	26,144	26,144	26,144
	--------	--------	--------	--------

23. Reserves

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

24. Analysis of changes in net debt

	At 1 Apr 2024	Cash flows	At 31 Mar 2025
	£	£	£
Cash at bank and in hand	4,520,896	(2,793,515)	1,727,381
	------------	------------	------------

Epsomedical (Acquisitions) Limited

Notes to the Financial Statements (continued)

Year ended 31 March 2025

25. Operating leases

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

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Not later than 1 year	536,182	510,951	–	–
Later than 1 year and not later than 5 years	2,082,288	443,474	–	–
Later than 5 years	4,995,091	1,054,167	–	–
	------------	------------	----	----
	7,613,561	2,008,592	–	–
	------------	------------	----	----

26. Related party transactions

Company

The company was not under the control of any individual throughout the previous year. On 29th October 2024 the company became a wholly owned subsidiary of Epsomedical Holdings Limited, a company in which Ms A R Pearce is the controlling shareholder. Epsomedical (Acquisitions) Limited owns 100% of the share capital of Epsomedical Limited, which owns 100% of the share capital of Cobham Day Surgery Limited and Epsom Day Surgery Limited. At 31st March 2025 the company owed the following amounts: Cobham Day Surgery Limited £NIL (2024 - £100,000) Epsom Day Surgery Limited £NIL (2024 - £820,000) Epsomedical Limited £NIL (2024 - £180,000) At 31st March 2025 the company was owed the following amount: Epsomedical Holdings Limited £2,942,595 (2024 - £NIL)