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REGISTERED NUMBER: 01356034 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 March 2025

for

Brightwake Limited

| Brightwake Limited (Registered number: 01356034) |

Contents of the Consolidated Financial Statements

for the Year Ended 31 March 2025

Page |

| Company Information | 1 |

| Group Strategic Report | 2 |

| Report of the Directors | 5 |

| Report of the Independent Auditors | 6 |

| Consolidated Income Statement | 9 |

| Consolidated Other Comprehensive Income | 10 |

| Consolidated Balance Sheet | 11 |

| Company Balance Sheet | 12 |

| Consolidated Statement of Changes in Equity | 13 |

| Company Statement of Changes in Equity | 14 |

| Consolidated Cash Flow Statement | 15 |

| Notes to the Consolidated Cash Flow Statement | 16 |

| Notes to the Consolidated Financial Statements | 17 |

| Brightwake Limited |

Company Information

for the Year Ended 31 March 2025

| DIRECTORS: | K A Allen

| Mrs V England

| S Cotton

| SECRETARY: | Miss V C Allen

| REGISTERED OFFICE: | Sidings Road

| Lowmoor Business Park

| Kirkby in Ashfield

| Nottinghamshire

| NG17 7JZ

| REGISTERED NUMBER: | 01356034 (England and Wales)

| AUDITORS: | Sumer Auditco Limited

| Statutory Auditor

| 5 Barnfield Crescent

| Exeter

| Devon

| EX1 1QT

| Brightwake Limited (Registered number: 01356034) |

Group Strategic Report

for the Year Ended 31 March 2025

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

REVIEW OF BUSINESS

A difficult year that due to several factors has limited progress in both our medium and long-term plans, to be one of the best inventors, developers and producers of state-of-the-art medical dressings and devices primarily, under our brands of Advancis Medical, Advancis Surgical and Advancis Veterinary as well as for third parties as a sub-contract manufacturer.

The year was impacted by continued global and political uncertainty exacerbated by speculation that curtailed all our long-term investment plans. The same events were felt by both our customers and suppliers resulting in pressure on the company to not increase sales prices whilst taking on increased purchase prices. We have seen less inflationary impact on raw materials than in previous years. The company has continued to see state level customers most notably in the UK, simply rolling forward existing tenders at prices from 3-5 years ago. The company policy of continued re-investment in the group's infrastructure and R&D pipeline in order to stay at the forefront of innovative product development, has in the previous year been reduced to some extent as the route to market has lengthened in the UK and Europe due to the new Medical Device Regulations (MDR) replacing the Medical Device Directive (MDD). The regulatory transition is schedules for 2028 and the company is progressing well with moving our product portfolio across to the MDR regulations, whilst minimising the cost impact on the business. Successfully navigating the new regulatory landscape and concentrating on our key strengths will be essential in us achieving our goals. Outside of the Medical Field the Group owns Brightwake Fabrications that in 2023 took on the contracts and work of a shareholder family legacy company from liquidation, Balcony Life Limited. This being its second full year in the Group continues to be a challenge as we have moved away from Balconies to Structural Steel in the process learning several hard lessons about the construction industry.

The key group financial highlights are as follows:

All £ |  | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018 |

Turnover |  | 18.9m |  | 20.4m |  | 20.7m |  | 17.2m |  | 18.7m |  | 21.2m |  | 19.5m |  | 18.0m |

Gross Profit Margin |  | 30% |  | 34% |  | 34% |  | 33% |  | 30% |  | 32% |  | 36% |  | 36% |

Operating Profit/(Loss) |  | (1.772m | ) | 180k |  | 508k |  | 108k |  | 336k |  | 425k |  | 845k |  | 340k |

Profit/(Loss) Before Tax |  | (1.780m | ) | 189k |  | 499k |  | 96k |  | 184k |  | 358k |  | 692k |  | 313k |

Net Assets |  | 7.0m |  | 8.4m |  | 8.4m |  | 8.0m |  | 7.9m |  | 7.8m |  | 7.6m |  | 7.0m |

It is worth noting that the 2021 gross profit margin above has been adjusted for furlough monies received.

Turnover in the year fell from £20.4m to £18.9m a reduction of £1.5m (7.5%) the significant reductions were the loss in OEM Sales (£1.9m) due to the significantly reduced demand from a single customer for a single product where their sales were significantly less than expected. Our German Subsidiary also saw sales diminish by £0.4m due to the reimbursement status of our honey products being left in limbo after the collapse in the Bundestag in the final quarter of 2024. Reimbursement status was restored after the year end. Across the rest of the EU through our Dutch and Croatian Subsidiaries saw a small growth of £0.1m. The UK with the NHS strikes ending saw a bounce back on the previous year but still not back to pre-pandemic levels. Through the UK we saw domestic wound care sales increase by £0.2m and tracheostomy sales increase by £0.3m with a further £0.2m from Exports to the US and the RoW. The year highlighted our dependency on single product OEM contracts along with the risk of rapid change in National Product Registrations. Due to the nature of our largest customers negotiating price increases in line with increased labour costs pricing continues to be very difficult, although on exports and OEM's we have been able to push through some increases. Raising prices is exacerbated by many state level customers most notably the NHS Supply Chains retaining their non-inflationary pricing model and rolling over tender prices from pre-pandemic days. Whilst we are seeing a limited return to Dutch Auctions on certain key products, we are also seeing that the lowest cost per unit mentality, starting to give way to a more balanced view looking at performance and the full cost and benefits of the patient recovery pathway. If this is the case, it will hopefully reverse the impact on diminishing quality and innovation in the development of new wound care that the race to be the cheapest was driving. In Germany the change in reimbursement has seen post year end a change from the wholesalers into being more pragmatic on the tough margin, which has stopped the margin erosion from previous years. We are seeing continued growth in the number of European Medical Wholesalers now having their own prescribing community nurse teams which increases our reliance on them as a route to market but does give us the potential for future expansion. Sales in the Fabrications business have improved £0.3m as we start to get a better market presence outside of balconies.

| Brightwake Limited (Registered number: 01356034) |

Group Strategic Report

for the Year Ended 31 March 2025

REVIEW OF BUSINESS (CONTINUED)

Our Sales split in the year saw the split between our own brands and OEM brands being 72% & 28% respectively a change from 58%:42% in 2024. The change is predominantly a result of the lost £1.9m revenue in OEM's.

Gross Margin dropped 3% from 33% to 30% on the loss of German and OEM Sales without the time to adjust the cost base of the company predominantly in terms of labour, but also raw materials supply chain slowing with an average 16 week supply meaning deliveries could not be done in the same quarter.

Our year was further impacted by patent litigation which combined with supporting new businesses and the diminished sales took the group to a substantial loss for the year. The litigation was brought against us at a group and subsidiary level on a single product and whilst we had grounds to fight based on us having pre-dated patents, the fact it was only one product with key sales only in Germany and the US lead to us settling the dispute. The total cost to the group of the settlement, fees and removing the product from sale was circa £600k. In the year we had losses from Croatia of (£0.1m) due to the continued irregular practices within the territory as we have transitioned to a subsidiary entity. Post year end we have seen an uplift in Croatian sales and by adding Slovenia to the territory are looking at a significant improvement over the next 12 months. Support of the fabrications business cost the group (£0.4m) exacerbated by a significant bad debt of (£0.10m) however post year end we have changed people and practices moving fully away from balconies to structural steel, to the point of achieving profitability in the last quarter of 2025. Germany following the lost sales in the last three months of the year lost (£0.2m), which following the reinstatement of reimbursement will be reverse in 2025/26. The UK losses as a result of the lost OEM business and the legal costs of litigation lost (£1.3m). The Netherlands was the one positive with a profit of 0.2m. Overall this leaves the group with loss of (£1.6m).

The result for the year shows EBITDA at (£1.349m) from £798k in 2024

Fully understanding the problem the company faced, the Board put in place recovery measures for the permanent events; the lost OEM sales and the upcoming UK minimum wage and NI changes, whilst looking at preventative measures for the one-off events outside of our control; reimbursement status and patent challenges. Headcount was initially frozen and then naturally reduced without resorting to any redundancies whilst cost saving measures were implemented. Sales initiatives were made to reduce dependency on single markets or single customers, these included reworking our US model, investing in our UK sales team and looking at bringing on multiple other OEM customers and products. By the end of September 2025, the Group was fully restored to a profitable position.

The Board has always insisted on retaining cash reserves to weather bad times, 2024/25 was a bad time and saw Group cash drop to £1m in March 25, however by December 25 this had recovered to in excess of £2.2m

The ongoing change in the UK and EU regulatory framework continues to be of concern going forward especially with the lack of Registered Body Capacity slowing product development. The company is progressing with the change on the vast majority of our products and following a change in regulatory bodies have reduced the forecast £1.2m cost to under £1m across the years 2023 -2028. Whilst the monetary value remains significant, the remaining costs are manageable over the final 2-3 years. For us as a developer of innovative products the concern is the delay in getting new products to market in the UK and Europe and will undoubtedly shift our focus to launching in the US where the route to market through the FDA is significantly quicker.

Growth in our Surgical Brand continues to be stifled by past delays in elective surgeries. Growth continues to be sluggish and as we head into the next financial year the Board is actively looking at other routes to market.

Despite the issues with MDR we continue to focus on developing in-house production lines to help control our costs of manufacturing countering the escalating prices of raw materials and labour allowing us to continue to produce high-specification products whilst competing with emerging markets. We will continue to keep costs under control and key for next few years will be getting the new group companies up to speed.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risk in the next 12 months is undoubtedly Global and Political uncertainty covering everything from pay and business rates, through energy costs and tariffs to the stability of global markets and supply chains; and if and what the impact of any of these will be.

As a business we cannot control national and global events so our course of action will be to retain our vital relationships with customers and suppliers, to grow our order book and manage costs, all the while building our cash reserves.

| Brightwake Limited (Registered number: 01356034) |

Group Strategic Report

for the Year Ended 31 March 2025

OUTLOOK AND FUTURE DEVELOPMENTS

Our key intentions remain the same; establish Brightwake as a global market leader, continue developing our technology, establish Hemosep and the Advancis Surgical Brand as a surgical standard around the world, expand the Advancis Medical Brand in the UK and International Markets whilst bringing to market new and innovative Advanced Woundcare.

Whist the future will be challenging, we look to recover then move forward in the next financial year.

ON BEHALF OF THE BOARD:

S Cotton - Director

26 January 2026

| Brightwake Limited (Registered number: 01356034) |

Report of the Directors

for the Year Ended 31 March 2025

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

DIVIDENDS

A dividend of £10.6714 (2024: £8.8928) per share was paid on 23rd May 2024 based upon the results for the year ended 31st March 2024. No interim dividend was paid for the current year and no final dividend is expected.

DIRECTORS

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

K A Allen

Mrs V England

S Cotton

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

ON BEHALF OF THE BOARD:

S Cotton - Director

26 January 2026

Report of the Independent Auditors to the Members of

Brightwake Limited

Opinion

We have audited the financial statements of Brightwake Limited (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.

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 and 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 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.

Report of the Independent Auditors to the Members of

Brightwake Limited

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 five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Report of the Independent Auditors to the Members of

Brightwake Limited

Auditors' responsibilities for the audit of the financial statements

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

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

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 assessed the susceptibility of the Company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- |  | making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |

- |  | considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |

To address the risk of fraud through management bias and override of controls, we:

- |  | performed analytical procedures to identify any unusual or unexpected relationships; |

- |  | tested journal entries to identify unusual transactions; |

- |  | assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |

- |  | investigated the rationale behind significant or unusual transactions. |

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- |  | agreeing financial statement disclosures to underlying supporting documentation; |

- |  | reading the minutes of meetings of those charged with governance; |

- |  | enquiring of management as to actual and potential litigation and claims; and |

- |  | reviewing correspondence with HMRC, relevant regulators, and the Company's legal advisors. |

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

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.

Adrian Hills BFP FCA (Senior Statutory Auditor)

for and on behalf of Sumer Auditco Limited

Statutory Auditor

5 Barnfield Crescent

Exeter

Devon

EX1 1QT

27 January 2026

| Brightwake Limited (Registered number: 01356034) |

Consolidated

Income Statement

for the Year Ended 31 March 2025

31.3.25 | 31.3.24 |

| Notes | £ | £

TURNOVER | 3 | 18,890,784 |  | 20,441,819 |  |

Cost of sales | (13,201,661 | ) | (13,473,548 | ) |

GROSS PROFIT | 5,689,123 |  | 6,968,271 |  |

Distribution costs | (1,929,327 | ) | (1,621,285 | ) |

Administrative expenses | (5,531,724 | ) | (5,166,553 | ) |

OPERATING (LOSS)/PROFIT | 5 | (1,771,928 | ) | 180,433 |  |

Interest receivable and similar income | 20,157 |  | 17,531 |  |

(1,751,771 | ) | 197,964 |  |

Interest payable and similar expenses | 6 | (28,709 | ) | (8,603 | ) |

(LOSS)/PROFIT BEFORE TAXATION | (1,780,480 | ) | 189,361 |  |

Tax on (loss)/profit | 7 | 273,214 |  | (12,767 | ) |

(LOSS)/PROFIT FOR THE FINANCIAL YEAR | (1,507,266 | ) | 176,594 |  |

(Loss)/profit attributable to:

Owners of the parent | (1,507,266 | ) | 176,594 |  |

| Brightwake Limited (Registered number: 01356034) |

Consolidated

Other Comprehensive Income

for the Year Ended 31 March 2025

31.3.25 | 31.3.24 |

| Notes | £ | £

(LOSS)/PROFIT FOR THE YEAR | (1,507,266 | ) | 176,594 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | (1,507,266 | ) | 176,594 |  |

Total comprehensive income attributable to:

Owners of the parent | (1,507,266 | ) | 176,594 |  |

| Brightwake Limited (Registered number: 01356034) |

Consolidated Balance Sheet

31 March 2025

31.3.25 | 31.3.24 |

| Notes | £ | £ | £ | £

FIXED ASSETS

Intangible assets | 10 | 1,314,513 |  | 1,352,078 |  |

Tangible assets | 11 | 763,727 |  | 503,357 |  |

Investments | 12 | - |  | - |  |

2,078,240 |  | 1,855,435 |  |

CURRENT ASSETS

Stocks | 13 | 3,305,552 |  | 4,367,080 |  |

Debtors | 14 | 3,969,354 |  | 3,534,074 |  |

Cash at bank and in hand | 1,051,831 |  | 1,849,139 |  |

8,326,737 |  | 9,750,293 |  |

CREDITORS

Amounts falling due within one year | 15 | 3,346,259 |  | 3,139,460 |  |

NET CURRENT ASSETS | 4,980,478 |  | 6,610,833 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 7,058,718 |  | 8,466,268 |  |

CREDITORS

Amounts falling due after more than one year | 16 | 280,605 |  | 20,818 |  |

NET ASSETS | 6,778,113 |  | 8,445,450 |  |

CAPITAL AND RESERVES

Called up share capital | 20 | 15,000 |  | 15,000 |  |

Retained earnings | 21 | 6,763,113 |  | 8,430,450 |  |

SHAREHOLDERS' FUNDS | 6,778,113 |  | 8,445,450 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 26 January 2026 and were signed on its behalf by:

S Cotton - Director

| Brightwake Limited (Registered number: 01356034) |

Company Balance Sheet

31 March 2025

31.3.25 | 31.3.24 |

| Notes | £ | £ | £ | £

FIXED ASSETS

Intangible assets | 10 | 1,314,512 |  | 1,352,077 |  |

Tangible assets | 11 | 723,360 |  | 459,506 |  |

Investments | 12 | 13,094 |  | 13,094 |  |

2,050,966 |  | 1,824,677 |  |

CURRENT ASSETS

Stocks | 13 | 3,050,471 |  | 3,810,280 |  |

Debtors | 14 | 5,320,735 |  | 5,144,626 |  |

Cash at bank and in hand | 822,929 |  | 1,162,083 |  |

9,194,135 |  | 10,116,989 |  |

CREDITORS

Amounts falling due within one year | 15 | 3,097,241 |  | 2,921,470 |  |

NET CURRENT ASSETS | 6,096,894 |  | 7,195,519 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 8,147,860 |  | 9,020,196 |  |

CREDITORS

Amounts falling due after more than one year | 16 | (280,605 | ) | (20,818 | ) |

PROVISIONS FOR LIABILITIES | 19 | - |  | (53,046 | ) |

NET ASSETS | 7,867,255 |  | 8,946,332 |  |

CAPITAL AND RESERVES

Called up share capital | 20 | 15,000 |  | 15,000 |  |

Retained earnings | 21 | 7,852,255 |  | 8,931,332 |  |

SHAREHOLDERS' FUNDS | 7,867,255 |  | 8,946,332 |  |

Company's (loss)/profit for the financial year | (919,006 | ) | 510,201 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 26 January 2026 and were signed on its behalf by:

S Cotton - Director

| Brightwake Limited (Registered number: 01356034) |

Consolidated Statement of Changes in Equity

for the Year Ended 31 March 2025

Called up |  |

share | Retained | Total |

capital | earnings | equity |

| £ | £ | £

Balance at 1 April 2023 | 15,000 |  | 8,387,249 |  | 8,402,249 |  |

Changes in equity

Dividends | - |  | (133,393 | ) | (133,393 | ) |

Total comprehensive income | - |  | 176,594 |  | 176,594 |  |

Balance at 31 March 2024 | 15,000 |  | 8,430,450 |  | 8,445,450 |  |

Changes in equity

Dividends | - |  | (160,071 | ) | (160,071 | ) |

Total comprehensive income | - |  | (1,507,266 | ) | (1,507,266 | ) |

Balance at 31 March 2025 | 15,000 |  | 6,763,113 |  | 6,778,113 |  |

| Brightwake Limited (Registered number: 01356034) |

Company Statement of Changes in Equity

for the Year Ended 31 March 2025

Called up |  |

share | Retained | Total |

capital | earnings | equity |

| £ | £ | £

Balance at 1 April 2023 | 15,000 |  | 8,554,524 |  | 8,569,524 |  |

Changes in equity

Dividends | - |  | (133,393 | ) | (133,393 | ) |

Total comprehensive income | - |  | 510,201 |  | 510,201 |  |

Balance at 31 March 2024 | 15,000 |  | 8,931,332 |  | 8,946,332 |  |

Changes in equity

Dividends | - |  | (160,071 | ) | (160,071 | ) |

Total comprehensive income | - |  | (919,006 | ) | (919,006 | ) |

Balance at 31 March 2025 | 15,000 |  | 7,852,255 |  | 7,867,255 |  |

| Brightwake Limited (Registered number: 01356034) |

Consolidated Cash Flow Statement

for the Year Ended 31 March 2025

31.3.25 | 31.3.24 |

| Notes | £ | £

Cash flows from operating activities

Cash generated from operations | 1 | (3,217 | ) | 713,139 |  |

Interest paid | - |  | (1,478 | ) |

Interest element of hire purchase payments paid | (28,709 | ) | (7,125 | ) |

Tax paid | (139,386 | ) | - |  |

Taxation refund | 73,320 |  | 127,382 |  |

Net cash from operating activities | (97,992 | ) | 831,918 |  |

Cash flows from investing activities

Purchase of intangible fixed assets | (316,940 | ) | (541,245 | ) |

Purchase of tangible fixed assets | (96,712 | ) | (164,147 | ) |

Sale of tangible fixed assets | 60,334 |  | 19,250 |  |

Interest received | 20,157 |  | 17,531 |  |

Net cash from investing activities | (333,161 | ) | (668,611 | ) |

Cash flows from financing activities

| Finance capital repayments in year | (188,970 | ) | (60,599 | ) |

Amount withdrawn by directors | (17,114 | ) | (28,932 | ) |

Equity dividends paid | (160,071 | ) | (133,393 | ) |

Net cash from financing activities | (366,155 | ) | (222,924 | ) |

Decrease in cash and cash equivalents | (797,308 | ) | (59,617 | ) |

Cash and cash equivalents at beginning of year | 2 | 1,849,139 |  | 1,908,756 |  |

Cash and cash equivalents at end of year | 2 | 1,051,831 |  | 1,849,139 |  |

| Brightwake Limited (Registered number: 01356034) |

Notes to the Consolidated Cash Flow Statement

for the Year Ended 31 March 2025

1. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.3.25 | 31.3.24 |

| £ | £

| (Loss)/profit before taxation | (1,780,480 | ) | 189,361 |  |

| Depreciation charges | 615,471 |  | 633,733 |  |

| Profit on disposal of fixed assets | (50,751 | ) | (15,417 | ) |

| Finance costs | 28,709 |  | 8,603 |  |

| Finance income | (20,157 | ) | (17,531 | ) |

(1,207,208 | ) | 798,749 |  |

| Decrease in stocks | 1,061,528 |  | 133,883 |  |

| Decrease in trade and other debtors | 3,746 |  | 607,373 |  |

| Increase/(decrease) in trade and other creditors | 138,717 |  | (826,866 | ) |

| Cash generated from operations | (3,217 | ) | 713,139 |  |

2. | CASH AND CASH EQUIVALENTS

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

| Year ended 31 March 2025

| 31.3.25 |  | 1.4.24

| £ | £

| Cash and cash equivalents | 1,051,831 |  | 1,849,139 |  |

| Year ended 31 March 2024

| 31.3.24 |  | 1.4.23

| £ | £

| Cash and cash equivalents | 1,849,139 |  | 1,908,756 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| Other |

| non-cash |

| At 1.4.24 | Cash flow | changes | At 31.3.25

| £ | £ | £ | £

| Net cash |

| Cash at bank

| and in hand | 1,849,139 |  | (797,308 | ) | 1,051,831 |  |

1,849,139 |  | (797,308 | ) | 1,051,831 |  |

| Debt

| Finance leases | (49,920 | ) | 188,970 |  | (565,969 | ) | (426,919 | ) |

(49,920 | ) | 188,970 |  | (565,969 | ) | (426,919 | ) |

| Total | 1,799,219 |  | (608,338 | ) | (565,969 | ) | 624,912 |  |

| Brightwake Limited (Registered number: 01356034) |

Notes to the Consolidated Financial Statements

for the Year Ended 31 March 2025

1. | STATUTORY INFORMATION

| Brightwake Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the 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 as modified by the revaluation of certain assets.

| The financial statements are presented in Sterling (£).

| The Company is incorporated in England & Wales and its registered office is at Sidings Road, Lowmoor Business Park, Kirkby in Ashfield, Nottinghamshire.

| Basis of consolidation

| The group financial statements consolidate the financial statements of the company and its subsidiary operations. All subsidiary operations have the same financial year. Subsidiary's are entities over which the group can exercise control. Control is the power to govern the financial and operating policies of

| an entity so as to obtain benefits from its activities.

| On consolidation, all group period end balances are excluded from the financial statements unless otherwise stated. The value of investments in the parent company are excluded together with the share capital of each subsidiary. Transactions between group members are excluded including income, expense, dividends

| and profits and losses on assets where appropriate.

| Related party exemption

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

| Significant judgements and estimates

| In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are accounted for in the period in which the estimate is revised if the revision only affects that period, or in the period of revision and future periods if the revision affects both current and future periods.

| The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

| a) Depreciation. The Company's policy is to write off the value of an asset (less any residual value) over its estimated useful life. The company estimates the life of an asset based upon previous experience. Such estimates are judgemental in nature.

| b) Patent cost and amortisation. Once a patent is granted it will have a useful life and as such it is straightforward to compare revenues to asset values and to estimate any write down in value. Before any patent is granted, any costs incurred are carried forward in the expectation of an asset arising. The carry forward of such costs is a key estimate as there is no certainty that an asset will arise.

| c) Stock. The company estimates the value of the write down of its stock based upon a formula related to the length of time the stock has been held and not used. Such a formula is an estimate and may both overstate and understate the provision.

| Brightwake Limited (Registered number: 01356034) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Revenue recognition

| Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied, net of returns, discounts and rebates, excluding VAT.

| Where payments are made on account of material sales, those payments are treated as sundry creditors and costs incurred against that sale (including the profit element) offset against the creditor. The cost and associated profit are accounted for as turnover.

| Sale of goods. Sales are made to customers with no right to return unless certain conditions regarding usage have been met. Sales are usually by credit.

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of a business in 2022, was amortised over its estimated useful life of one year.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

| Short leasehold | - | 20% on cost

| Plant and machinery | - | 33% on reducing balance and 20% on cost

| Fixtures and fittings | - | 20% on cost

| Motor vehicles | - | 25% on cost and 20% on cost

| Tangible assets are carried at cost less accumulated depreciation and accumulated impairment losses.

| Assets held under finance leases are recognised and depreciated in the same way as owned assets.

| At each balance sheet date, the company reviews the carrying value of its fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

| Stocks

| 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 items. The cost formula for valuing stock is on a first-in-first-out (FIFO) basis.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Research and development

| Expenditure on research and development is written off in the year in which it is incurred unless it is of a capital nature when it is treated as a fixed asset. Expenditure is deemed to be of a capital nature when a direct future economic benefit can be ascertained.

| Brightwake Limited (Registered number: 01356034) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Foreign currencies

| 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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Where material exchange differences arising from the translation of foreign subsidiaries are recognised in other comprehensive income and accumulated in equity within the foreign currency translation reserve.

| Hire purchase and leasing commitments

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

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

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

| Pension costs and other post-retirement benefits

| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

| Patents, intellectual property and medical device regulations

| Where costs are incurred in preparing a patent (or trademark) for registration those costs are treated as patent costs and carried forward until the patent is obtained - this can be a period of some years.. No provision is made against these costs until either a) they are written off as a patent will not be obtained or b) a patent is obtained and costs are then written off over the patents useful life. A patent normally has a useful life of 10 years.

| As the UK moves toward new Medical Device Regulation the Company is incurring extensive costs in ensuring all of its products are correctly registered. Without such registration the Company would not be able to continue. It is expected that total registration costs will be circa £1m with this expenditure being incurred over a 5 year period through until 2028. The Company accounting policy is to carry these costs forward until the point of registration at which point they will be amortised equally over a period of ten years or the life of the relevant product - whichever is shorter.

| Financial instruments

| (i) Financial assets

| Basic financial assets, including trade and other receivables are initially recognised at the transaction price and therefore stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the debtors are stated at cost less impairment losses for bad and doubtful debts.

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

| (ii) Financial liabilities

| Basic financial liabilities, including trade and other payables, bank loans and other loans are initially recognised at transaction price, unless the arrangement constitutes a financing transaction.

| Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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

| Brightwake Limited (Registered number: 01356034) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

3. | TURNOVER

| The turnover and loss (2024 - profit) before taxation are attributable to the one principal activity of the group.

| An analysis of turnover by class of business is given below:

31.3.25 | 31.3.24 |

| £ | £

| Manufacture - medical supplies | 18,227,238 |  | 20,073,583 |  |

| Fabrication - metal products | 663,546 |  | 368,236 |  |

18,890,784 |  | 20,441,819 |  |

| An analysis of turnover by geographical market is given below:

31.3.25 | 31.3.24 |

| £ | £

| United Kingdom | 10,145,896 |  | 10,883,533 |  |

| Europe | 7,268,466 |  | 7,863,952 |  |

| South America | 9,072 |  | 15,093 |  |

| Asia | 776,474 |  | 671,315 |  |

| Africa and Australasia | 212,299 |  | 212,130 |  |

| North America | 478,577 |  | 795,796 |  |

18,890,784 |  | 20,441,819 |  |

4. | EMPLOYEES AND DIRECTORS

31.3.25 | 31.3.24 |

| £ | £

| Wages and salaries | 6,618,485 |  | 6,547,657 |  |

| Social security costs | 638,329 |  | 653,796 |  |

| Other pension costs | 280,804 |  | 259,991 |  |

7,537,618 |  | 7,461,444 |  |

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

31.3.25 | 31.3.24 |

| Productive | 144 |  | 153 |  |

| Sales and administration | 79 |  | 71 |  |

| Directors and management | 7 |  | 7 |  |

230 |  | 231 |  |

| The employment costs for key management personnel were £720,393 (2024 - £660,124).

31.3.25 | 31.3.24 |

| £ | £

| Directors' remuneration | 146,649 |  | 133,346 |  |

| Directors' pension contributions to money purchase schemes | 40,279 |  | 39,949 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 1 |  | 1 |  |

| Brightwake Limited (Registered number: 01356034) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

5. | OPERATING (LOSS)/PROFIT

| The operating loss (2024 - operating profit) is stated after charging/(crediting):

31.3.25 | 31.3.24 |

| £ | £

| Hire of plant and machinery | 32,297 |  | 29,684 |  |

| Other operating leases | 258,711 |  | 251,496 |  |

| Depreciation - owned assets | 138,380 |  | 256,820 |  |

| Depreciation - assets on hire purchase contracts | 122,586 |  | 25,324 |  |

| Profit on disposal of fixed assets | (50,751 | ) | (15,417 | ) |

| Patents and licences amortisation | 354,505 |  | 351,590 |  |

| Auditors' remuneration | 29,045 |  | 12,315 |  |

| Taxation compliance services | 3,180 |  | 3,650 |  |

| Other non- audit services | 14,130 |  | 15,000 |  |

| Foreign exchange differences | 77,574 |  | (45,803 | ) |

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

31.3.25 | 31.3.24 |

| £ | £

| Interest on taxation matters | - |  | 1,478 |  |

| Hire purchase | 28,709 |  | 7,125 |  |

28,709 |  | 8,603 |  |

7. | TAXATION

| Analysis of the tax (credit)/charge

| The tax (credit)/charge on the loss for the year was as follows:

31.3.25 | 31.3.24 |

| £ | £

| Current tax:

| UK corporation tax | 11,334 |  | 33,586 |  |

| Deferred tax | (284,548 | ) | (20,819 | ) |

| Tax on (loss)/profit | (273,214 | ) | 12,767 |  |

| Reconciliation of total tax (credit)/charge included in profit and loss

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

31.3.25 | 31.3.24 |

| £ | £

| (Loss)/profit before tax | (1,780,480 | ) | 189,361 |  |

| (Loss)/profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 21.660 %) | (445,120 | ) | 41,016 |  |

| Effects of:

| Expenses not deductible for tax purposes | 3,353 |  | 3,872 |  |

| Income not taxable for tax purposes | (18,095 | ) | - |  |

| Depreciation in excess of capital allowances | 83,904 |  | 85,714 |  |

| Utilisation of tax losses | - |  | (74,126 | ) |

| Research and development enhancement | (36,967 | ) | (57,545 | ) |

| Difference in tax charge due to foreign subsidiary tax rates being different | (6,601 | ) | 7,965 |  |

| Subsidiary tax losses not provided for | - |  | (23,651 | ) |

| Losses available for relief carried forward | 110,022 |  | 29,522 |  |

| Adjustment in respect of prior years | 36,290 |  | - |  |

| Total tax (credit)/charge | (273,214 | ) | 12,767 |  |

| Brightwake Limited (Registered number: 01356034) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

8. | INDIVIDUAL INCOME STATEMENT

| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

9. | DIVIDENDS

31.3.25 | 31.3.24 |

| £ | £

| Ordinary shares of £1 each

| Interim | 160,071 |  | 133,393 |  |

10. | INTANGIBLE FIXED ASSETS

| Group

Patents and |

Goodwill | licences | Totals |

| £ | £ | £

| COST

| At 1 April 2024 | 24,441 |  | 3,060,717 |  | 3,085,158 |  |

| Additions | - |  | 316,940 |  | 316,940 |  |

| Impairments | - |  | (59,254 | ) | (59,254 | ) |

| Reclassification/transfer | - |  | 38,240 |  | 38,240 |  |

| At 31 March 2025 | 24,441 |  | 3,356,643 |  | 3,381,084 |  |

| AMORTISATION

| At 1 April 2024 | 24,441 |  | 1,708,639 |  | 1,733,080 |  |

| Amortisation for year | - |  | 354,505 |  | 354,505 |  |

| Impairments | - |  | (59,254 | ) | (59,254 | ) |

| Reclassification/transfer | - |  | 38,240 |  | 38,240 |  |

| At 31 March 2025 | 24,441 |  | 2,042,130 |  | 2,066,571 |  |

| NET BOOK VALUE

| At 31 March 2025 | - |  | 1,314,513 |  | 1,314,513 |  |

| At 31 March 2024 | - |  | 1,352,078 |  | 1,352,078 |  |

| Brightwake Limited (Registered number: 01356034) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

10. | INTANGIBLE FIXED ASSETS - continued

| Company

Patents and |

Goodwill | licences | Totals |

| £ | £ | £

| COST

| At 1 April 2024 | 24,441 |  | 3,060,716 |  | 3,085,157 |  |

| Additions | - |  | 316,940 |  | 316,940 |  |

| Impairments | - |  | (59,254 | ) | (59,254 | ) |

| Reclassification/transfer | - |  | 38,240 |  | 38,240 |  |

| At 31 March 2025 | 24,441 |  | 3,356,642 |  | 3,381,083 |  |

| AMORTISATION

| At 1 April 2024 | 24,441 |  | 1,708,639 |  | 1,733,080 |  |

| Amortisation for year | - |  | 354,505 |  | 354,505 |  |

| Impairments | - |  | (59,254 | ) | (59,254 | ) |

| Reclassification/transfer | - |  | 38,240 |  | 38,240 |  |

| At 31 March 2025 | 24,441 |  | 2,042,130 |  | 2,066,571 |  |

| NET BOOK VALUE

| At 31 March 2025 | - |  | 1,314,512 |  | 1,314,512 |  |

| At 31 March 2024 | - |  | 1,352,077 |  | 1,352,077 |  |

11. | TANGIBLE FIXED ASSETS

| Group

Fixtures |  |

Short | Plant and | and | Motor |  |

leasehold | machinery | fittings | vehicles | Totals |

| £ | £ | £ | £ | £

| COST

| At 1 April 2024 | 119,731 |  | 4,689,291 |  | 193,348 |  | 216,686 |  | 5,219,056 |  |

| Additions | - |  | 241,520 |  | 2,292 |  | 287,107 |  | 530,919 |  |

| Disposals | - |  | - |  | - |  | (168,379 | ) | (168,379 | ) |

| At 31 March 2025 | 119,731 |  | 4,930,811 |  | 195,640 |  | 335,414 |  | 5,581,596 |  |

| DEPRECIATION

| At 1 April 2024 | 95,672 |  | 4,240,289 |  | 182,814 |  | 196,924 |  | 4,715,699 |  |

| Charge for year | 3,157 |  | 199,150 |  | 4,187 |  | 54,472 |  | 260,966 |  |

| Eliminated on disposal | - |  | - |  | - |  | (158,796 | ) | (158,796 | ) |

| At 31 March 2025 | 98,829 |  | 4,439,439 |  | 187,001 |  | 92,600 |  | 4,817,869 |  |

| NET BOOK VALUE

| At 31 March 2025 | 20,902 |  | 491,372 |  | 8,639 |  | 242,814 |  | 763,727 |  |

| At 31 March 2024 | 24,059 |  | 449,002 |  | 10,534 |  | 19,762 |  | 503,357 |  |

| Depreciation and amortisation is included in cost of sales or administrative expenses within the financial statements, depending upon whether the cost is directly related to sales.

| Brightwake Limited (Registered number: 01356034) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

11. | TANGIBLE FIXED ASSETS - continued

| Group

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and | Motor |

machinery | vehicles | Totals |

| £ | £ | £

| COST

| At 1 April 2024 | 126,618 |  | - |  | 126,618 |  |

| Additions | 220,151 |  | 264,757 |  | 484,908 |  |

| Reclassification/transfer | 81,061 |  | - |  | 81,061 |  |

| At 31 March 2025 | 427,830 |  | 264,757 |  | 692,587 |  |

| DEPRECIATION

| At 1 April 2024 | 49,443 |  | - |  | 49,443 |  |

| Charge for year | 76,483 |  | 46,103 |  | 122,586 |  |

| At 31 March 2025 | 125,926 |  | 46,103 |  | 172,029 |  |

| NET BOOK VALUE

| At 31 March 2025 | 301,904 |  | 218,654 |  | 520,558 |  |

| At 31 March 2024 | 77,175 |  | - |  | 77,175 |  |

| Assets purchased in a previous year but financed in the current year are disclosed as reclassified.

| Company

Fixtures |  |

Short | Plant and | and | Motor |  |

leasehold | machinery | fittings | vehicles | Totals |

| £ | £ | £ | £ | £

| COST

| At 1 April 2024 | 93,973 |  | 4,661,435 |  | 177,504 |  | 216,686 |  | 5,149,598 |  |

| Additions | - |  | 235,846 |  | - |  | 287,107 |  | 522,953 |  |

| Disposals | - |  | - |  | - |  | (168,379 | ) | (168,379 | ) |

| At 31 March 2025 | 93,973 |  | 4,897,281 |  | 177,504 |  | 335,414 |  | 5,504,172 |  |

| DEPRECIATION

| At 1 April 2024 | 93,973 |  | 4,229,839 |  | 169,356 |  | 196,924 |  | 4,690,092 |  |

| Charge for year | - |  | 191,764 |  | 3,280 |  | 54,472 |  | 249,516 |  |

| Eliminated on disposal | - |  | - |  | - |  | (158,796 | ) | (158,796 | ) |

| At 31 March 2025 | 93,973 |  | 4,421,603 |  | 172,636 |  | 92,600 |  | 4,780,812 |  |

| NET BOOK VALUE

| At 31 March 2025 | - |  | 475,678 |  | 4,868 |  | 242,814 |  | 723,360 |  |

| At 31 March 2024 | - |  | 431,596 |  | 8,148 |  | 19,762 |  | 459,506 |  |

| Brightwake Limited (Registered number: 01356034) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

11. | TANGIBLE FIXED ASSETS - continued

| Company

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and | Motor |

machinery | vehicles | Totals |

| £ | £ | £

| COST

| At 1 April 2024 | 126,618 |  | - |  | 126,618 |  |

| Additions | 220,151 |  | 264,757 |  | 484,908 |  |

| Reclassification/transfer | 81,061 |  | - |  | 81,061 |  |

| At 31 March 2025 | 427,830 |  | 264,757 |  | 692,587 |  |

| DEPRECIATION

| At 1 April 2024 | 49,443 |  | - |  | 49,443 |  |

| Charge for year | 76,483 |  | 46,103 |  | 122,586 |  |

| At 31 March 2025 | 125,926 |  | 46,103 |  | 172,029 |  |

| NET BOOK VALUE

| At 31 March 2025 | 301,904 |  | 218,654 |  | 520,558 |  |

| At 31 March 2024 | 77,175 |  | - |  | 77,175 |  |

| Assets purchased in a previous year but financed in the current year are disclosed as reclassified.

12. | FIXED ASSET INVESTMENTS

| Group

Unlisted |

investments |

| £

| COST OR VALUATION

| At 1 April 2024

| and 31 March 2025 | 285,135 |  |

| PROVISIONS

| At 1 April 2024

| and 31 March 2025 | 285,135 |  |

| NET BOOK VALUE

| At 31 March 2025 | - |  |

| At 31 March 2024 | - |  |

| Cost or valuation at 31 March 2025 is represented by:

Unlisted |

investments |

| £

| Cost | 285,135 |  |

| Brightwake Limited (Registered number: 01356034) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

12. | FIXED ASSET INVESTMENTS - continued

| Company

Shares in |

group | Unlisted |

undertakings | investments | Totals |

| £ | £ | £

| COST OR VALUATION

| At 1 April 2024

| and 31 March 2025 | 13,094 |  | 285,135 |  | 298,229 |  |

| PROVISIONS

| At 1 April 2024

| and 31 March 2025 | - |  | 285,135 |  | 285,135 |  |

| NET BOOK VALUE

| At 31 March 2025 | 13,094 |  | - |  | 13,094 |  |

| At 31 March 2024 | 13,094 |  | - |  | 13,094 |  |

| Cost or valuation at 31 March 2025 is represented by:

Shares in |

group | Unlisted |

undertakings | investments | Totals |

| £ | £ | £

| Cost | 13,094 |  | 285,135 |  | 298,229 |  |

| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

| Subsidiaries

| Advancis Medical Germany Gmbh

| Registered office: Germany

| Nature of business: Sale of medical products

% |

| Class of shares: | holding |

| Ordinary | 100.00 |

31.3.25 | 31.3.24 |

| £ | £

| Aggregate capital and reserves | (312,794 | ) | 65,739 |  |

| Loss for the year | (378,553 | ) | (64,805 | ) |

| Advancis Medical Nederland B.V.

| Registered office: Holland

| Nature of business: Sale of medical products

% |

| Class of shares: | holding |

| Ordinary | 100.00 |

31.3.25 | 31.3.24 |

| £ | £

| Aggregate capital and reserves | 243,448 |  | 131,495 |  |

| Profit for the year | 111,953 |  | 176,547 |  |

| Brightwake Limited (Registered number: 01356034) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

12. | FIXED ASSET INVESTMENTS - continued

| Brightwake Fabrications Limited

| Registered office: As parent

| Nature of business: Design and manufacture of precision engineering

% |

| Class of shares: | holding |

| Ordinary | 100.00 |

31.3.25 | 31.3.24 |

| £ | £

| Aggregate capital and reserves | (640,777 | ) | (378,296 | ) |

| Loss for the year | (243,932 | ) | (272,356 | ) |

| Advancis Medical Adria d.o.o

| Registered office: Croatia

| Nature of business: Sale of medical products

% |

| Class of shares: | holding |

| Ordinary | 100.00 |

31.3.25 | 31.3.24 |

| £ | £

| Aggregate capital and reserves | (283,769 | ) | (134,108 | ) |

| Loss for the year | (150,128 | ) | (136,306 | ) |

| The Company holds a 14% stake in a UK Company (cost £285,135). Because of the uncertainty over that Company's future, the Investment has been written down to nil in previous years.

13. | STOCKS

|  | Group |  | Company |  |

|  | 31.3.25 |  | 31.3.24 |  | 31.3.25 |  | 31.3.24 |  |

|  | £ |  | £ |  | £ |  | £ |  |

| Raw materials and packaging |  | 1,438,459 |  | 1,500,358 |  | 1,438,459 |  | 1,500,358 |  |

| Work in progress |  | 619,728 |  | 548,400 |  | 619,728 |  | 548,400 |  |

| Finished goods |  | 1,247,365 |  | 2,318,323 |  | 992,284 |  | 1,761,523 |  |

|  | 3,305,552 |  | 4,367,081 |  | 3,050,471 |  | 3,810,281 |  |

| Work In Progress relates to raw materials and finished goods held at the Company's factory and not its warehouse. The value of part completed goods within this amount is not material.

14. | DEBTORS

| Group |  | Company |

31.3.25 | 31.3.24 | 31.3.25 | 31.3.24 |

| £ | £ | £ | £

| Amounts falling due within one year: |

| Trade debtors | 2,459,910 |  | 2,172,011 |  | 1,767,654 |  | 1,738,539 |  |

| Amounts owed by group undertakings | - |  | - |  | 2,529,655 |  | 2,291,967 |  |

| Other debtors | 379,554 |  | 351,013 |  | 97,335 |  | 309,693 |  |

| Directors' loan accounts | 412,739 |  | 395,625 |  | 412,739 |  | 395,625 |  |

| Tax | 86,344 |  | 273,882 |  | 86,344 |  | 105,709 |  |

| Deferred tax asset | 312,526 |  | 27,978 |  | 116,074 |  | - |  |

| Prepayments and accrued income | 186,898 |  | 187,958 |  | 179,551 |  | 177,486 |  |

3,837,971 |  | 3,408,467 |  | 5,189,352 |  | 5,019,019 |  |

| Brightwake Limited (Registered number: 01356034) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

14. | DEBTORS - continued

| Group |  | Company |

31.3.25 | 31.3.24 | 31.3.25 | 31.3.24 |

| £ | £ | £ | £

| Amounts falling due after more than one | year: |

| Tax | 131,383 |  | 125,607 |  | 131,383 |  | 125,607 |  |

| Aggregate amounts | 3,969,354 |  | 3,534,074 |  | 5,320,735 |  | 5,144,626 |  |

| Deferred tax asset

| Group |  | Company |

31.3.25 | 31.3.24 | 31.3.25 | 31.3.24 |

| £ | £ | £ | £

| Accelerated capital allowances | (108,672 | ) | (53,046 | ) | (100,372 | ) | - |  |

| Tax losses carried forward | 421,198 |  | 81,024 |  | 216,446 |  | - |  |

312,526 |  | 27,978 |  | 116,074 |  | - |  |

| Amounts owed by or to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

| Included in "Company Amounts owed by group undertakings" is an amount of £1,012,086 relating to a subsidiary whose Balance Sheet shows an insolvent position (see note 12). The holding company intends to support this Company through its current trading position and projections for that Company shows a profit for the next 12 months.

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

| Group |  | Company |

31.3.25 | 31.3.24 | 31.3.25 | 31.3.24 |

| £ | £ | £ | £

| Hire purchase contracts (see note 17) | 146,314 |  | 29,102 |  | 146,314 |  | 29,102 |  |

| Trade creditors | 2,448,484 |  | 2,115,290 |  | 2,273,478 |  | 2,024,044 |  |

| Tax | 47,200 |  | 96,330 |  | 18,901 |  | 66,104 |  |

| Social security and other taxes | 171,253 |  | 155,162 |  | 130,456 |  | 127,580 |  |

| VAT | 24,375 |  | 122,709 |  | 102,011 |  | 147,332 |  |

| Other creditors | 341,083 |  | 337,000 |  | 267,981 |  | 247,441 |  |

| Accrued expenses | 167,550 |  | 283,867 |  | 158,100 |  | 279,867 |  |

3,346,259 |  | 3,139,460 |  | 3,097,241 |  | 2,921,470 |  |

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

| Group |  | Company |

31.3.25 | 31.3.24 | 31.3.25 | 31.3.24 |

| £ | £ | £ | £

| Hire purchase contracts (see note 17) | 280,605 |  | 20,818 |  | 280,605 |  | 20,818 |  |

| Brightwake Limited (Registered number: 01356034) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

17. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Hire purchase |

| contracts |

31.3.25 | 31.3.24 |

| £ | £

| Net obligations repayable:

| Within one year | 146,314 |  | 29,102 |  |

| Between one and five years | 280,605 |  | 20,818 |  |

426,919 |  | 49,920 |  |

| Company

| Hire purchase |

| contracts |

31.3.25 | 31.3.24 |

| £ | £

| Net obligations repayable:

| Within one year | 146,314 |  | 29,102 |  |

| Between one and five years | 280,605 |  | 20,818 |  |

426,919 |  | 49,920 |  |

| Group

Non-cancellable |

operating leases |

31.3.25 | 31.3.24 |

| £ | £

| Within one year | 41,153 |  | 13,260 |  |

| Between one and five years | 3,060 |  | 38,868 |  |

44,213 |  | 52,128 |  |

| Company

Non-cancellable |

operating leases |

31.3.25 | 31.3.24 |

| £ | £

| Within one year | 3,182 |  | 892 |  |

| Between one and five years | - |  | 22,275 |  |

3,182 |  | 23,167 |  |

18. | SECURED DEBTS

| The following secured debts are included within creditors:

| Group |  | Company |

31.3.25 | 31.3.24 | 31.3.25 | 31.3.24 |

| £ | £ | £ | £

| Hire purchase contracts | 426,919 |  | 49,920 |  | 426,919 |  | 49,920 |  |

| Hire purchase and other asset loans are secured against the assets which the loans were used to purchase.

| Brightwake Limited (Registered number: 01356034) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

19. | PROVISIONS FOR LIABILITIES

| Company |

31.3.25 | 31.3.24 |

| £ | £

| Deferred tax

| Accelerated capital allowances | - |  | 53,046 |  |

| Group

Deferred tax |

| £

| Balance at 1 April 2024 | (27,978 | ) |

| Recognition of trading losses | (340,177 | ) |

| Advance capital allowances | 55,629 |  |

| Balance at 31 March 2025 | (312,526 | ) |

| Company

Deferred tax |

| £

| Balance at 1 April 2024 | 53,046 |  |

| Recognition of trading losses | 47,326 |  |

| Advance capital allowances | (216,446 | ) |

| Balance at 31 March 2025 | (116,074 | ) |

20. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.3.25 | 31.3.24 |

value: |  | £ | £

| 15,000 | Ordinary | £1 | 15,000 |  | 15,000 |  |

| Ordinary shares rank equally in respect of all rights and rewards.

21. | RESERVES

| Group

Retained |

earnings |

| £

| At 1 April 2024 | 8,430,450 |  |

| Deficit for the year | (1,507,266 | ) |

| Dividends | (160,071 | ) |

| At 31 March 2025 | 6,763,113 |  |

| Company

Retained |

earnings |

| £

| At 1 April 2024 | 8,931,332 |  |

| Deficit for the year | (919,006 | ) |

| Dividends | (160,071 | ) |

| At 31 March 2025 | 7,852,255 |  |

| Brightwake Limited (Registered number: 01356034) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

21. | RESERVES - continued

22. | CAPITAL COMMITMENTS

31.3.25 | 31.3.24 |

| £ | £

| Contracted but not provided for in the

| financial statements | - |  | 70,949 |  |

23. | OTHER FINANCIAL COMMITMENTS

| Brightwake Limited has provided a guarantee to Brightwake Fabrications Limited under Section 479C of the Companies Act 2006. This guarantee is in respect of all debts of that company. Brightwake Fabrications Limited has taken exemption from audit under Section 479A of the Companies Act 2006.

24. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to directors subsisted during the years ended 31 March 2025 and 31 March 2024:

31.3.25 | 31.3.24 |

| £ | £

| K A Allen

| Balance outstanding at start of year | 357,931 |  | 333,761 |  |

| Amounts advanced | 8,742 |  | 24,170 |  |

| Amounts repaid | - |  | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 366,673 |  | 357,931 |  |

| S Cotton

| Balance outstanding at start of year | 37,692 |  | 32,932 |  |

| Amounts advanced | 8,375 |  | 4,760 |  |

| Amounts repaid | - |  | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 46,067 |  | 37,692 |  |

| The directors withdrew monies in the year mainly in respect of their personal expenses.

| Directors loans accrue interest at the standard HMRC interest rate and are repayable on demand.

25. | RELATED PARTY DISCLOSURES

| The holding company rents its premises from a pension fund set up for the benefit of the directors. The annual rental is £222,000 (2024 - £222,000). There was no rent outstanding at the year end. The property was previously occupied under a lease which has now expired. Current occupation is by way of ongoing agreement.

| At the year end the Company has an amount due to it of £48,134 (2024 - £95,290) in respect of monies paid out on behalf of the Directors Pension Scheme.

| The Company is owed monies from a Company which has a common director. The amount loaned at the year end is £26,741 (2024 - £26,741) and is interest fee and repayable on demand. An amount of £93,334 (2024 - £85,063) is also owed by the Company in respect of services rendered. Services rendered during the year amounted to £6,892 (2024 - £106,800).

| The Company has loaned monies to a Company in which it holds a small investment. The amount loaned at 31st March 2025 was Nil (2024 - £30,000.) The loan is interest free and repayable on demand.

26. | ULTIMATE CONTROLLING PARTY

| The controlling party is K A Allen.