REGISTERED NUMBER: 08030655 (England and Wales)

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 March 2025

for

Taurus Healthcare Ltd

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

6

Report of the Independent Auditors

8

Consolidated Income Statement

11

Consolidated Other Comprehensive Income

12

Consolidated Balance Sheet

13

Company Balance Sheet

14

Consolidated Statement of Changes in Equity

15

Company Statement of Changes in Equity

16

Consolidated Cash Flow Statement

17

Notes to the Consolidated Cash Flow Statement

18

Notes to the Consolidated Financial Statements

19

DIRECTORS:

Dr N B Fraser

Dr M Hearne

Mr A J Lee

Dr L Parry

Ms N Sankey

Mr G Walker

Dr R Warner

Mrs D Vickers

J Pritchard

REGISTERED OFFICE:

Nelson House

Whitecross Road

Hereford

HR4 0DG

REGISTERED NUMBER:

08030655 (England and Wales)

AUDITORS:

Thorne Widgery Accountancy Ltd

Chartered Accountants

Statutory Auditors

2 Wyevale Business Park

Kings Acre

Hereford

Herefordshire

HR4 7BS

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

The purpose of this foreword is to highlight some areas of importance reported in the accounts and provide a summary ofthe Taurus's overall strategic position.

The accounts have been prepared in line with the UK Generally Accepted Accounting Practice (UKGAAP) with the going concern principle that an entity will remain in business for the foreseeable future.

REVIEW OF BUSINESS

Taurus Healthcare Limited continues to provide valuable healthcare services to the population of Herefordshire, in a challenging environment. Healthcare organisations nationwide have suffered significant funding challenges and the local organisations in Herefordshire particularly suffer from these, plus the challenges of a largely rural and ageing population. The recent economic environment has added to these challenges.

Nevertheless, 2024/25 has seen a notable improvement in the financial performance of Taurus, with a profit before tax of almost £108,000 achieved being a significant turnaround from the loss of just over £197,000 for 2023/24.

This improvement has been primarily driven by a substantial increase in income, which rose by just over £2.5 million compared to the previous year. While expenses also increased by just over £2.2 million during the same period, reflecting the rising costs of service delivery and continued investment in patient care, the overall financial outcome demonstrates effective cost management and the positive impact of strategic decisions made by the Board in recent years.

Unfortunately, however, the financial performance of our recently created subsidiary - Primary Care Analyics (PCA) - was not as expected, with a loss of almost £341,000 incurred. The reasons behind this are outlined in the Strategic Report for PCA, but Taurus became aware in the summer of 2024 that financial plans would not be delivered, with the Taurus Board making decisions to limit the loss in PCA. These decisions included a change in management, plus increased involvement in and scrutiny of PCA by specific Taurus Board members. This resulted in a temporary scaling back of the operations of PCA, and for 2025/26 PCA is on target to deliver a profit of circa £40,000. The Taurus Board also believe the integrated neighbourhood working model outlined in the recently published 10 year plan for the NHS, provides real opportunity for PCA to grow again at the appropriate time.

The consolidated position for Taurus and PCA as a whole for 2024/25 is, therefore, a loss of just under £233,000. However, the return to profit of Taurus, plus the action already taken with regard to PCA leading to an expected and realistic profit level for 2025/26, bode well and provide increased confidence for future operations.

During 2024/25 the Board made further strategic decisions to build on the improved financial position in 2024/25, and seek to further improve this position in 2025/26 and future years. These can be grouped under the following headings:-

Governance

(i) Strengthening the operation of our Integrated Governance Committee via the inclusion of Heads of Functions to provide greater clarity and transparency of reporting and decision making, plus more timely feedback to those delivering services. This provides greater focus on service performance, delivery and risk.

(ii) Expanding the Audit Committee to become a Finance and Audit Committee, plus increasing the frequency of meetings of this Committee from the autumn of 2025. This provides the opportunity for further and more detailed scrutiny of financial performance than can be achieved at the Integrated Governance Committee.

(iii) Returning to monthly Board meetings. These had moved to every other month, but it was felt monthly was needed to ensure a good grip on both operational and financial performance, plus greater opportunity to discuss future strategic opportunities and make strategic decisions.

(iv) Increasing Board level leadership into and scrutiny of PCA, with the Taurus Medical Director now the lead Director for PCA.

Financial Resilience

(i) The successful running of the Much Birch Practice in southern Herefordshire that was purchased via novation in February 2024. The Practice delivered a good level of profit in its first full year within the Taurus family, with opportunities existing to increase profit levels in future years.

(ii) The rationalisation of our estate. Taurus had already outgrown its rented headquarters and thus had to rent further premises in Elgar House on a short term lease. In addition, our Out of Hours Service (OOH) was delivered at different premises again. Renting three different premises was not cost effective.

To take advantage of cost savings from having only one property, Nelson House in central Hereford was acquired, with completion reached in early May 2024 and the OOH service moving over in November 2024. Taurus worked with the Care Quality Commission to ensure they were content with the standards in the clinical areas and the Home Office to ensure they were content with regard to the safe storage of drugs and the security of the storage area.

In a full year, Nelson House is expected to reduce running costs by at least £120,000 over the previous rental costs, with a part year benefit already seen in 2024/25.

(iii) The early work up of a significant savings plan for 2025/26 of just over £1,300,000. This savings plan was a key factor in arriving at a Financial Plan for 2025/26 that the Board approved in April, and that aims to deliver an overall profit for the consolidated organisation (Taurus and PCA) of significantly in excess of £100,000.

The savings plan looked at all areas of delivery, and sought to reduce costs without reducing the quality of service delivery. Costs have been reduced at Board level, within the delivery of corporate and back office services, plus within direct service delivery which has become more effectively and efficiently delivered.

The savings plan has also enabled the organisation to cope with external cost pressures, such as the imposition by government in the 2024 Budget of the significant increase in employer national insurance contributions (which has cost in excess of £200,000), plus the significantly higher wage awards given to NHS employees.

To date in 2025/26, in excess of 95% of this savings plan is being delivered, with plans in place to deliver the balance.

Diversification

(i) The creation of a subsidiary company - Primary Care Analytics (PCA) - to operate on a for profit and commercial basis. PCA delivers information solutions to primary care across England, but outside of Herefordshire (the business information function within Taurus continues to support Herefordshire). Although PCA delivered a loss in 2024/25 (being its first full year of operation), learning has been taken from that with PCA temporarily downsizing and expecting to deliver a profit in 2025/26. Further there is an expectation that PCA will grow again in the near future, to support the integrated neighbourhood working required in the recently published 10 year NHS plan.

(ii) The opportunity created by having equipped and ready to use clinical rooms in Nelson House. Whereas some of these rooms will be used during the evenings and on weekends to deliver our OOH service, during the day a number of rooms will be available to others to use on a commercial basis. As there are little or no ready to use clinical rooms available in Herefordshire this provides a real income opportunity, with already diabetic eye retinopathy and cataract services being delivered from some of these rooms.

(iii) The contracts for delivery of the Out of Hours (OOH) service in both Herefordshire and Worcestershire come up for renewal in July 2026. The Herefordshire and Worcestershire Integrated Care Board invited tenders for either or both areas, which were submitted in August, with the outcome expected in mid December to allow for any necessary mobilisation period. Taurus currently provides the OOH service in Herefordshire but not Worcestershire, but has submitted what it believes to be strong bids for both areas (Worcestershire with two partner bodies). Success in both areas will lead to a strengthening of the Taurus balance sheet.

(iv) The 10 year NHS plan envisages neighbourhood hubs providing integrated services, and sets out plans for multi neighbourhood service providers (to cover a whole place, eg Herefordshire) or single neighbourhood service providers (to cover an area equivalent to a single Primary Care Network or PCN). Nelson House is ideal as a multi neighbourhood service provider, and has been selected by NHS England in wave 1 to do so (will come with funding). NHS England are also very interested in the Nelson House funding and costing model as it is very much cheaper than a traditional NHS build or refurbishment, and have visited us to understand more about how this has been achieved. This is expected to lead to investment in developing Nelson House further.

These decisions are expected to have a further positive impact both financially and operationally upon Taurus.

Some headline financial comparators between 2024/25 and 2023/24 are:-

(i) Taurus (excluding PCA) returned a profit of £108,000 in 2024/25, compared to a loss of £197,000 in 2023/24.

(ii) Income increased by 14% while expenditure increased by 12%, with both now sitting at just over £20,000,000.

(iii) The main factors giving rise to the income and expenditure increases were the full year effect of having the Much Birch Practice, the impact of providing some new services (eg Workforce Health Checks, Work Well Services and the Menopause Project), plus wage award payments.

(iv) Director costs reduced by just over £93,000 (10.7%).

(v) Wages, social security and pensions costs (excluding Directors) increased by just under £1,173,000 (15.9%), as a result of wage award costs plus increased employee numbers overall (up from 339 to 353).

(vi) GP locum costs reduced by just over £471,000 (22.1%), due to moving more towards a salaried workforce.

(vii) Fixed assets significantly increased, due to the purchase of Nelson House.

(viii) Drug stock levels at Much Birch remained at a very similar level.

(ix) Cash balance is significantly reduced, due to the purchase and refurbishment/upgrade of Nelson House.

(x) Taurus is now more highly geared, given the mortgage and loan relating to Nelson House.

Taurus is moving forward with excellent, high quality and hard working employees, a strong governance framework, reduced infrastructure and support costs, a well structured and deliverable savings plan, plus a building fit for purpose and offering excellent clinical facilities to deliver services and attract further services.

As a result of these factors plus the financial resilience and diversification actions set out above, Taurus looks forward with confidence to a financially sustainable and profitable future.

ON BEHALF OF THE BOARD:

Dr M Hearne - Director

10 December 2025

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

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2025.

DIRECTORS

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

Dr N B Fraser

Dr M Hearne

Mr A J Lee

Dr L Parry

Ms N Sankey

Mr G Walker

Dr R Warner

Mrs D Vickers

J Pritchard

Other changes in directors holding office are as follows:

Miss N Marriott - resigned 6 June 2024

Dr S Gibby - resigned 6 June 2024

Prof T J Thompson - resigned 31 October 2024

Dr V F Wilkins - resigned 14 February 2025

Mr S Roger Vickers - resigned 14 February 2025

Mr J M Imperato - resigned 31 October 2024

Dr P Harris , Dr E C G Conquest and Mrs K M Mills ceased to be directors after 31 March 2025 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of 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 judgements and accounting estimates that are reasonable and prudent;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Thorne Widgery Accountancy Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Dr M Hearne - Director

10 December 2025

Opinion

We have audited the financial statements of Taurus Healthcare Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2025 and of the group's 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 Auditors' 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.

Material uncertainty 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.

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

We draw attention to the Income Statement in the financial statements, which indicates that the group incurred a further net loss of £232,890 during the year ended 31 March 2025 and a net loss of £197,483 during the prior year. At that date the company’s net current assets stood at £130,844 at 31 March 2024, with net current liabilities £1,173,311 at 31 March 2025. A profit is predicted by management for the year ended 31 March 2026. Heavy reliance is placed on funding from Government Agencies and the renewal of future funding is uncertain at the date of signing these financial statements. Further details are stated in the accounting policies under "going concern", where the directors give more detail of the current position, together with their plans, however these events, indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern.

Our opinion is not modified in respect of this matter.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors 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 Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

Auditors' responsibilities for the audit of the financial statements

Based on our understanding of the Company, we identified that the principal risks of non-compliance with laws and regulations related to breaches of UK regulatory principles, such as those governed by the British Standards Institution, and we considered the extent to which non-compliance might have a material effect on the financial statements of the Company. We also considered those laws and regulations that have a direct impact on the financial statements of the Company such as the Companies Act 2006, the Care Quality Commission and UK tax legislation.

We have also evaluated management's incentives and opportunities for fraudulent manipulation of the financial

statements (including the risk of override of controls) and determined that the principal risks are related to

management bias in accounting estimates and judgemental areas of the financial statements.

Audit procedures performed by the engagement team included:

- Discussions with the Board and Management involved in the Risk and Compliance functions and the Company's legal function, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;

- Evaluation and testing of the operating effectiveness of management's controls designed to prevent and detect irregularities;

- Assessment of matters reported on the Company's fraud register and the results of management's investigation of such matters;

- Identifying and testing journal entries based on risk criteria;

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

- Testing transactions entered into outside the normal course of the Company's business as appropriate.

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

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Lisa Weaver FCCA (Senior Statutory Auditor)

for and on behalf of Thorne Widgery Accountancy Ltd

Chartered Accountants

Statutory Auditors

2 Wyevale Business Park

Kings Acre

Hereford

Herefordshire

HR4 7BS

17 December 2025

TURNOVER

3

20,827,361

18,016,954

Cost of sales

(122,531

)

-

GROSS PROFIT

20,704,830

18,016,954

Distribution costs

(332

)

-

Administrative expenses

(20,950,757

)

(18,242,570

)

OPERATING LOSS

6

(246,259

)

(225,616

)

Interest receivable and similar income

13,369

28,133

LOSS BEFORE TAXATION

(232,890

)

(197,483

)

Tax on loss

7

-

-

LOSS FOR THE FINANCIAL YEAR

(232,890

)

(197,483

)

Loss attributable to:

Owners of the parent

(232,890

)

(197,483

)

LOSS FOR THE YEAR

(232,890

)

(197,483

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(232,890

)

(197,483

)

Total comprehensive income attributable to:

Owners of the parent

(232,890

)

(197,483

)

FIXED ASSETS

Intangible assets

9

4,920

4,920

Tangible assets

10

2,976,923

768,333

Investments

11

-

-

2,981,843

773,253

CURRENT ASSETS

Stocks

12

33,139

33,290

Debtors

13

1,709,902

1,146,260

Cash at bank and in hand

515,434

2,039,000

2,258,475

3,218,550

CREDITORS

Amounts falling due within one year

14

(3,431,786

)

(3,087,706

)

NET CURRENT (LIABILITIES)/ASSETS

(1,173,311

)

130,844

TOTAL ASSETS LESS CURRENT LIABILITIES

1,808,532

904,097

CREDITORS

Amounts falling due after more than one year

15

(1,551,689

)

(405,881

)

NET ASSETS

256,843

498,216

CAPITAL AND RESERVES

Called up share capital

19

126,890

135,373

Capital redemption reserve

20

88,271

138,061

Retained earnings

20

41,682

224,782

SHAREHOLDERS' FUNDS

256,843

498,216

The financial statements were approved by the Board of Directors and authorised for issue on 10 December 2025 and were signed on its behalf by:

Dr M Hearne - Director

FIXED ASSETS

Intangible assets

9

4,920

4,920

Tangible assets

10

2,976,923

768,333

Investments

11

1

-

2,981,844

773,253

CURRENT ASSETS

Stocks

12

33,139

33,290

Debtors

13

2,068,459

1,146,260

Cash at bank and in hand

489,167

2,039,000

2,590,765

3,218,550

CREDITORS

Amounts falling due within one year

14

(3,425,389

)

(3,087,707

)

NET CURRENT (LIABILITIES)/ASSETS

(834,624

)

130,843

TOTAL ASSETS LESS CURRENT LIABILITIES

2,147,220

904,096

CREDITORS

Amounts falling due after more than one year

15

(1,551,689

)

(405,881

)

NET ASSETS

595,531

498,215

CAPITAL AND RESERVES

Called up share capital

19

126,890

135,373

Capital redemption reserve

20

88,271

138,061

Retained earnings

20

380,370

224,781

SHAREHOLDERS' FUNDS

595,531

498,215

Company's profit/(loss) for the financial year

105,799

(197,484

)

The financial statements were approved by the Board of Directors and authorised for issue on 10 December 2025 and were signed on its behalf by:

Dr M Hearne - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2023

-

422,265

138,061

560,326

Changes in equity

Issue of share capital

135,373

-

-

135,373

Total comprehensive income

-

(197,483

)

-

(197,483

)

Balance at 31 March 2024

135,373

224,782

138,061

498,216

Changes in equity

Issue of share capital

(8,483

)

-

-

(8,483

)

Total comprehensive income

-

(183,100

)

(49,790

)

(232,890

)

Balance at 31 March 2025

126,890

41,682

88,271

256,843

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2023

-

422,265

138,061

560,326

Changes in equity

Issue of share capital

135,373

-

-

135,373

Total comprehensive income

-

(197,484

)

-

(197,484

)

Balance at 31 March 2024

135,373

224,781

138,061

498,215

Changes in equity

Issue of share capital

(8,483

)

-

-

(8,483

)

Total comprehensive income

-

155,589

(49,790

)

105,799

Balance at 31 March 2025

126,890

380,370

88,271

595,531

Cash flows from operating activities

Cash generated from operations

1

774,496

2,526,896

Net cash from operating activities

774,496

2,526,896

Cash flows from investing activities

Purchase of intangible fixed assets

-

(4,920

)

Purchase of tangible fixed assets

(2,302,948

)

(646,482

)

Interest received

13,369

28,133

Net cash from investing activities

(2,289,579

)

(623,269

)

Cash flows from financing activities

Share issue

(8,483

)

135,373

Net cash from financing activities

(8,483

)

135,373

(Decrease)/increase in cash and cash equivalents

(1,523,566

)

2,039,000

Cash and cash equivalents at beginning of year

2

2,039,000

-

Cash and cash equivalents at end of year

2

515,434

2,039,000

1.	RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.3.25

31.3.24

£

£

Loss before taxation

(232,890

)

(197,483

)

Depreciation charges

94,358

73,256

Finance income

(13,369

)

(28,133

)

(151,901

)

(152,360

)

Decrease/(increase) in stocks

151

(33,290

)

Increase in trade and other debtors

(563,642

)

(1,146,260

)

Increase in trade and other creditors

1,489,888

3,858,806

Cash generated from operations

774,496

2,526,896

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

515,434

2,039,000

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

2,039,000

-

3.	ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank and in hand

2,039,000

(1,523,566

)

515,434

2,039,000

(1,523,566

)

515,434

Debt

Debts falling due after 1 year

(389,582

)

(1,145,808

)

(1,535,390

)

(389,582

)

(1,145,808

)

(1,535,390

)

Total

1,649,418

(2,669,374

)

(1,019,956

)

1.	STATUTORY INFORMATION

Taurus Healthcare Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The consolidated group financial statements consist of the financial statements of the parent company Taurus Healthcare Ltd together with the entity controlled by the parent company (its subsidiary), namely Primary Care Analytics Ltd (Company number 15049035). All financial statements are made up to 31 . March 2025.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group's financial statements from the date that control commences until the date that control ceases. A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Going Concern

The 2024/25 accounts have been prepared on a Going Concern basis as the directors believe that Taurus will operate successfully for the foreseeable future, both from a service delivery and financial perspective.

During 2024/25 itself, income for Taurus grew by just over £2.5 million with expenditure growing by £2.2 million. Therefore, the in year Taurus position improved to a profit of almost £106,000 from a loss of just over £197,000 in 2023/24, with this reflecting effective cost management and the positive impact of strategic decisions made by the Board in recent years.

Unfortunately, however, the financial performance of our recently created subsidiary - Primary Care Analyics (PCA) - was not as expected, with a loss of almost £339,000 incurred.

The consolidated position for Taurus and PCA as a whole for 2024/25 is, therefore, a loss of just under £233,000. However, the return to profit of Taurus, plus the action already taken with regard to PCA leading to an expected and realistic profit level for 2025/26, bode well and provide increased confidence for future operations.

Nevertheless, during 2024/25 the Board made further strategic decisions to build on the improved financial position in 2024/25, and seek to further improve this position in 2025/26 and future years. These can be grouped under the following headings:

- Governance

- Financial Resilience

- Diversification

These decisions are expected to have a further positive impact both financially and operationally upon Taurus.

The Directors and Management believe Taurus is moving forward with excellent, high quality and hard working employees, a strong governance framework, reduced infrastructure and support costs, a well structured and deliverable savings plan, plus a building fit for purpose and offering excellent clinical facilities to deliver services and attract further services.

As a result of these factors plus the financial resilience and diversification actions set out above, Taurus looks forward with confidence to a financially sustainable and profitable future.