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Registered number: 06259954
Spirit Healthcare Ltd
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 March 2025
Spirit Healthcare Ltd
Contents
Contents

| Page
--- | ---
Company Information | 1
Strategic Report | 2
Directors' Report | 3
Independent Auditor's Report | 4—6
Profit and Loss Account | 7
Statement of Comprehensive Income | 8
Balance Sheet | 9
Statement of Changes in Equity | 10
Notes to the Financial Statements | 11—19

Page 1
Spirit Healthcare Ltd
Company Information
For The Year Ended 31 March 2025
Company Information

Directors | Mr C A Barker
| Ms A L Tyler
Company Number | 06259954
Registered Office | Spirit House
| Saffron Way
| Leicester
| LE2 6UP
Accountants | Nuvo Accountancy Limited
| Chartered Certified Accountants
| Suite 5, The Willows, Ransom Wood Business Park
| Southwell Road West
| Mansfield
| NG21 0HJ
Auditors | Nuvo Audit Limited
| First Floor, Sterling House
| Outrams Wharf
| Little Eaton
| Derby
| DE21 5EL

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Spirit Healthcare Ltd
Strategic Report
For The Year Ended 31 March 2025
Strategic Report
The directors present their strategic report for the year ended 31 March 2025.
Principal Activity
The company's principal activity continues to be that of wholesale of pharmaceutical goods.
Review of the Business
We are focused on making the world a healthier and happier place, our mission is to make health easy, affordable and accessible for all. We deliver amazing results through cost-effective medicines optimisation programmes.
Our award-winning products and service are underpinned by market-leading technology and a refreshing, unique approach to healthcare. Since establishment we are very proud to celebrate that the Company has saved the NHS millions of pounds and improved the lives of thousands of patients.
Turnover declined slightly against the prior year. The underlying stability of our existing product base remains strong. We continue to strengthen our product proposition to support future growth and brought to market further new, cost competitive products across our diabetes range that offer cost saving opportunities for the NHS.
The Gross Profit margin decreased to 40.6% (2024: 45.2%), affected by increased shipping costs and changes in our product mix. Operating profit decreased to £1,278,579, impacted by the Gross profit decline and an increase in management recharges. Underlying overheads were stable.
The exceptional item includes the write-off of a related party balance considered to not have a reasonable probability of repayment and the impairment to the value of loans due from group undertakings. They are not related to the ongoing operations of the Company.
Principal Risks and Uncertainties
The key risks are industry regulations, primarily relating to product licensing and product development and research. The Company’s Governance Committee meets on a regular basis to monitor and discuss the risks.
The Company continues to monitor the impact of external factors on supply chain, both delays and shipping costs. We document risks and have contingency plans in place to manage these.
There are also foreign currency exchange risks arising from purchases in foreign currency. The Company enters into forward exchange contracts to mitigate this risk, alongside efficient monitoring and forecasting of cashflow.
Key performance indicators
The company has a corporate dashboard that monitors a variety of key performance indicators. These are reviewed regularly by the leadership team to assess and measure the company’s performance and financial position. These include turnover, profit margins and cashflow and likely indicators of future success. The leadership team are comfortable to forecast continued success based upon these KPIs.
Approved and authorised by the Board on 6 February 2026 and signed on its behalf by:
On behalf of the board

Mr C A Barker Director
6 February 2026

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Spirit Healthcare Ltd
Company No. 06259954
Directors' Report For The Year Ended 31 March 2025
Directors' Report
The directors present their report and the financial statements for the year ended 31 March 2025.
Directors
The directors who held office during the year were as follows:

Mr C A Barker
Ms A L Tyler

Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:

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

Independent Auditors
The auditors, Nuvo Audit Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board

Mr C A Barker Director
6 February 2026

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Independent Auditor's Report
to the Members of
Spirit Healthcare Ltd
Independent Auditor's Report
Opinion
We have audited the financial statements of Spirit Healthcare Ltd for the year ended 31 March 2025 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit/(loss) for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions Relating to Going Concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on Other Matters Prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:

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

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Independent Auditor's Report (continued)
to the Members of
Spirit Healthcare Ltd
Matters on Which We Are Required to Report by Exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

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

Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Our audit did not identify any key audit matters relating to the detection of irregularities including fraud. However, despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularity likely involve collusion, forgery, intentional misrepresentations, or the override of internal controls.
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:
• Enquiring of management of any known or suspected instances of fraud, as well as considering management's assessment of the susceptibility of the financial statements to fraud.
• Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements.
• Performing substantive testing over a selection of journal entries made in the period, to address the risk of fraud due to management override of controls. With a focus on entries made by unusual team members or entries made at unusual times or on unusual dates.
• Performing analytical procedures to identify any unusual or unexpected relationships that may indicate an increased risk of material misstatement as a result of fraud, or management override.
• Assessing accounting estimates which have a material impact of the year end accounts, to determine if there is indication of management bias.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Page 5
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Independent Auditor's Report (continued)
to the Members of
Spirit Healthcare Ltd
Use Of Our Report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Daniel Johnson FCCA (Senior Statutory Auditor) for and on behalf of Nuvo Audit Limited , Statutory Auditor
6 February 2026
Nuvo Audit Limited First Floor, Sterling House Outrams Wharf Little Eaton Derby DE21 5EL

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Spirit Healthcare Ltd
Profit and Loss Account
For The Year Ended 31 March 2025
Profit and Loss Account

| 2025 |  | 2024 as restated
--- | --- | --- | ---
| Notes | £ |  | £
TURNOVER | 3 | 11,875,232 |  | 12,171,587
Cost of sales |  | (7,052,835 ) |  | (6,669,831 )
GROSS PROFIT |  | 4,822,397 |  | 5,501,756
Administrative expenses |  | (3,543,818 ) |  | (3,382,360 )
OPERATING PROFIT | 4 | 1,278,579 |  | 2,119,396
Exceptional items |  | (3,688,821) |  | -
Loss on disposal of fixed assets |  | (741 ) |  | -
Other interest receivable and similar income | 9 | 687 |  | -
Interest payable and similar charges | 10 | (535,173 ) |  | (549,326 )
(LOSS)/PROFIT BEFORE TAXATION |  | (2,945,469 ) |  | 1,570,070
Tax on (Loss)/profit | 11 | (98,090 ) |  | (533,772 )
(LOSS)/PROFIT AFTER TAXATION BEING (LOSS)/PROFIT FOR THE FINANCIAL YEAR |  | (3,043,559 ) |  | 1,036,298

The notes on pages 11 to 19 form part of these financial statements.
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Spirit Healthcare Ltd
Statement of Comprehensive Income
For The Year Ended 31 March 2025
Statement of Comprehensive Income

| 2025 |  | 2024 as restated
--- | --- | --- | ---
| £ |  | £
LOSS FOR THE FINANCIAL YEAR |  | (3,043,559 ) |  | 1,036,298
OTHER COMPREHENSIVE INCOME FOR THE YEAR |  | - |  | -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |  | (3,043,559 ) |  | 1,036,298

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Spirit Healthcare Ltd
Balance Sheet
As At 31 March 2025
Balance Sheet

| 2025 | 2024 as restated
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Intangible Assets | 13 |  | - |  | 51,346
Tangible Assets | 14 |  | 4,037 |  | 134,627
|  |  | 4,037 |  | 185,973
CURRENT ASSETS
Stocks | 15 | 2,474,824 |  | 2,468,032 |
Debtors | 16 | 13,804,675 |  | 15,940,885 |
Cash at bank and in hand |  | 12,142 |  | 16,460 |
|  | 16,291,641 |  | 18,425,377 |
Creditors: Amounts Falling Due Within One Year | 17 | (7,975,024 ) |  | (6,979,315 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | 8,316,617 |  | 11,446,062
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 8,320,654 |  | 11,632,035
Creditors: Amounts Falling Due After More Than One Year | 18 |  | (1,273,816 ) |  | (1,522,076 )
PROVISIONS FOR LIABILITIES
Provisions For Charges | 21 |  | (20,938 ) |  | (40,500 )
Deferred Taxation | 20 |  | (1,531 ) |  | (1,531 )
NET ASSETS |  |  | 7,024,369 |  | 10,067,928
CAPITAL AND RESERVES
Called up share capital | 22 |  | 171 |  | 171
Share premium account |  |  | 149,949 |  | 149,949
Profit and Loss Account |  |  | 6,874,249 |  | 9,917,808
SHAREHOLDERS' FUNDS |  |  | 7,024,369 |  | 10,067,928

On behalf of the board

Mr C A Barker Director
6 February 2026

The notes on pages 11 to 19 form part of these financial statements.
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Spirit Healthcare Ltd
Statement of Changes in Equity
For The Year Ended 31 March 2025
Statement of Changes in Equity

| Share Capital | Share Premium | Profit and Loss Account | Total
--- | --- | --- | --- | ---
| £ | £ | £ | £
As at 1 April 2023 | 171 | 149,949 | 8,881,510 | 9,031,630
Profit for the year and total comprehensive income | - | - | 1,036,298 | 1,036,298
As at 31 March 2024 and 1 April 2024 as restated | 171 | 149,949 | 9,917,808 | 10,067,928
Loss for the year and total comprehensive income | - | - | (3,043,559 ) | (3,043,559)
As at 31 March 2025 | 171 | 149,949 | 6,874,249 | 7,024,369

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Spirit Healthcare Ltd
Notes to the Financial Statements
For The Year Ended 31 March 2025
Notes to the Financial Statements
1. General Information
Spirit Healthcare Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 06259954 . The registered office is Spirit House, Saffron Way, Leicester, LE2 6UP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
2.2. Financial Reporting Standard 102 - Reduced Disclosure Exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

- the requirements of Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17 (d);
- the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44, 11.45, 11.47, 11.48 (a) (iii), 11.48 (a) (iv), 11.48 (b) and 11.48 (c);
- the requirements of Section 12 Other Financial Instruments Issues paragraphs 12.27, 12.29 (a), 12.29 (b), 12.29A and 12.30.

2.3. Going Concern Disclosure
In assessing the appropriateness of the going concern assumption, the directors have reviewed cash flow forecasts considering reasonably foreseeable potential scenarios and uncertainties in relation to income and expenditure. Based on these forecasts, the directors have a reasonable expectation that the company can meet its liabilities as they fall due, and the directors have therefore concluded there is not a material uncertainty in relation to going concern and as such has deemed it appropriate for the financial statements to be prepared on the going concern basis.
2.4. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.5. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are internally generated software development costs. It is amortised to profit and loss account over its estimated economic life of 5 years.
2.6. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold | over the lease term
Plant & Machinery | 25% reducing balance
Fixtures & Fittings | 25% reducing balance

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Spirit Healthcare Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
2.7. Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
2.8. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.9. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.10. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.11. Provisions and Contingencies
Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.
Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.
Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as a finance cost.
2.12. Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
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Spirit Healthcare Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
2.13. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.14. Trade Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
2.15. Trade Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
2.16. Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
3. Turnover
Analysis of turnover by class of business is as follows:

| 2025 |  | 2024 as restated
--- | --- | --- | ---
| £ |  | £
Grants received | - |  | 5,223
Sale of goods | 11,875,232 |  | 12,166,364
| 11,875,232 |  | 12,171,587

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Spirit Healthcare Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
4. Operating Profit
The operating profit is stated after charging:

| 2025 |  | 2024 as restated
--- | --- | --- | ---
| £ |  | £
Depreciation of tangible fixed assets | 1,346 |  | 2,041
Amortisation of intangible fixed assets | 51,346 |  | 51,346
Impairment losses - tangible fixed assets | 128,503 |  | -

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

| 2025 |  | 2024 as restated
--- | --- | --- | ---
| £ |  | £
Audit Services
Audit of the company's financial statements | 11,605 |  | 18,650

6. Staff Costs
Staff costs, including directors' remuneration, were as follows:

| 2025 |  | 2024 as restated
--- | --- | --- | ---
| £ |  | £
Wages and salaries | 695,617 |  | 545,285
Social security costs | 53,493 |  | 54,365
Other pension costs | 8,489 |  | 8,912
| 757,599 |  | 608,562

7. Average Number of Employees
Average number of employees, including directors, during the year was: 32 (2024: 35)
32 35
8. Directors' remuneration

| 2025 |  | 2024 as restated
--- | --- | --- | ---
| £ |  | £
Emoluments | 42,749 |  | 24,974

9. Interest Receivable and Similar Income

| 2025 |  | 2024 as restated
--- | --- | --- | ---
| £ |  | £
Bank interest receivable | 687 |  | -

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Spirit Healthcare Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
10. Interest Payable and Similar Charges

| 2025 |  | 2024 as restated
--- | --- | --- | ---
| £ |  | £
Bank loans and overdrafts | 506,792 |  | 549,326
Other finance charges | 28,381 |  | -
| 535,173 |  | 549,326

11. Tax on Profit

The tax charge on the (loss)/profit for the year was as follows:
| Tax Rate | 2025 |  | 2024 as restated
--- | --- | --- | --- | ---
| 2025 | 2024 | £ |  | £
Current tax
UK Corporation Tax | 25.0% | 25.0% | 99,457 |  | 271,478
Prior period adjustment | (1,367 ) |  | 263,485
| 98,090 |  | 534,963
Deferred Tax
Deferred taxation | - |  | (1,191 )
Total tax charge for the period | 98,090 |  | 533,772
The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the (loss)/profit and the standard rate of corporation tax as follows:
| 2025 |  | 2024
| £ |  | £
Profit before tax | (2,945,469) |  | 1,570,070
Tax on profit at 25% (UK standard rate) | (736,367 ) |  | 392,846
Goodwill/depreciation not allowed for tax | 13,358 |  | 13,347
Expenses not deductible for tax purposes | 922,747 |  | 43
Short term timing differences | - |  | (1,191 )
Research and Development tax credit | - |  | (275 )
Prior period adjustment | (1,367 ) |  | 263,485
Group relief | (100,281 ) |  | (134,483 )
Total tax charge for the period | 98,090 |  | 533,772

12. Prior Period Adjustment
The comparative accounts have been restated to amend the closing stock valuation as at 31 March 2024. The value of stock written off is £555,041 which is reflected in cost of sales and brought forward retained earnings subject to when the stock item was purchased. The impact of this adjustment on brought forward reserves as at 31 March 2024 is £417,595.
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Spirit Healthcare Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
13. Intangible Assets

| Internally generated software development cost
--- | ---
| £
Cost
As at 1 April 2024 | 256,729
As at 31 March 2025 | 256,729
Amortisation
As at 1 April 2024 | 205,383
Provided during the period | 51,346
As at 31 March 2025 | 256,729
Net Book Value
As at 31 March 2025 | -
As at 1 April 2024 | 51,346

14. Tangible Assets

| Land & Property
--- | ---
| Freehold | Plant & Machinery | Fixtures & Fittings | Total
| £ | £ | £ | £
Cost
As at 1 April 2024 | 344,340 | 130,113 | 227,049 | 701,502
Disposals | - | (14,898 ) | - | (14,898 )
As at 31 March 2025 | 344,340 | 115,215 | 227,049 | 686,604
Depreciation
As at 1 April 2024 | 215,837 | 124,348 | 226,690 | 566,875
Provided during the period | - | 1,256 | 90 | 1,346
Impairment losses | 128,503 | - | - | 128,503
Disposals | - | (14,157 ) | - | (14,157 )
As at 31 March 2025 | 344,340 | 111,447 | 226,780 | 682,567
Net Book Value
As at 31 March 2025 | - | 3,768 | 269 | 4,037
As at 1 April 2024 | 128,503 | 5,765 | 359 | 134,627

15. Stocks

| 2025 |  | 2024 as restated
--- | --- | --- | ---
| £ |  | £
Finished goods | 2,474,824 |  | 2,468,032

An impairment charge of £Nil (2024: £Nil) was recognised in cost of sales against stock during the year due to slow moving or obsolete stock.
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Spirit Healthcare Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
16. Debtors

| 2025 |  | 2024 as restated
--- | --- | --- | ---
| £ |  | £
Due within one year
Trade debtors | 2,124,362 |  | 1,963,555
Prepayments and accrued income | 122,921 |  | 143,947
Other debtors | 1,019,458 |  | 2,011,680
Pension scheme prepayments | 14,449 |  | 14,495
Amounts owed by group undertakings | 10,523,485 |  | 11,807,208
| 13,804,675 |  | 15,940,885

Amounts owed by group undertakings are interest free and repayable on demand.
17. Creditors: Amounts Falling Due Within One Year

| 2025 |  | 2024 as restated
--- | --- | --- | ---
| £ |  | £
Trade creditors | 4,599,815 |  | 3,369,309
Bank loans and overdrafts | 774,259 |  | 912,334
Corporation tax | 423,988 |  | 397,517
Other taxes and social security | 109,106 |  | 90,230
VAT | 488,785 |  | 481,473
Other creditors | 1,487,443 |  | 1,349,142
Other creditors - employees | 2,510 |  | 5,086
Accruals and deferred income | 89,118 |  | 374,224
| 7,975,024 |  | 6,979,315

Within other creditors is a secured invoice factoring facility of £1,472,854 (2024: £1,281,513) backed by trade debtors of £2,081,149 (2024: £1,559,118).
18. Creditors: Amounts Falling Due After More Than One Year

| 2025 |  | 2024 as restated
--- | --- | --- | ---
| £ |  | £
Bank loans | 1,273,816 |  | 1,522,076

Of the creditors shown above the following amounts are secured against fixed and floating charges.

| 2025 |  | 2024 as restated
--- | --- | --- | ---
| £ |  | £
Bank loans and overdrafts | 1,301,563 |  | 1,630,903

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Spirit Healthcare Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
19. Loans
An analysis of the maturity of loans is given below:

| 2025 |  | 2024 as restated
--- | --- | --- | ---
| £ |  | £
Amounts falling due within one year or on demand:
Bank loans | 774,259 |  | 912,334

| 2025 |  | 2024 as restated
--- | --- | --- | ---
| £ |  | £
Amounts falling due between one and five years:
Bank loans | 1,273,816 |  | 1,522,076

A bank loan totalling £1,166,667 is repayable in instalments, attracts interest at 4.65% above Bank of England base rate and is due to be repaid in April 2028.
A bank loan totalling £406,501 has no fixed duration but is being repaid in instalments and attracts interest between 2.46% - 5% depending on amounts owed.
A bank loan totalling £230,977 is repayable in instalments, attracts interest at 18% and is due to be repaid in December 2029.
A bank loan totalling £134,896 is repayable in instalments, attracts interest at 3.99% above Bank of England base rate and is due to be repaid in May 2025.
A bank loan totalling £109,034 is repayable in instalments, atracts interest at 30% and is due to be repaid in June 2026.
20. Deferred Taxation
The provision for deferred tax is made up as follows:

| 2025 |  | 2024 as restated
--- | --- | --- | ---
| £ |  | £
Other timing differences | 1,531 |  | 1,531

21. Provisions for Liabilities

| Deferred Tax | Other Provisions | Total
--- | --- | --- | ---
| £ | £ | £
As at 1 April 2024 | 1,531 | 40,500 | 42,031
Reversals | - | (19,562 ) | (19,562)
Balance at 31 March 2025 | 1,531 | 20,938 | 22,469

22. Share Capital

| 2025 |  | 2024 as restated
--- | --- | --- | ---
Allotted, called up and fully paid | £ |  | £
171 Ordinary Shares of £ 1.00 each | 171 |  | 171

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Spirit Healthcare Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
23. Contingent Liabilities

| 2025 |  | 2024 as restated
--- | --- | --- | ---
| £ |  | £
At the end of the period | 1,898,846 |  | 2,335,569

The Company has jointly and severally with other Group companies provided a guarantee to the Group’s bankers in respect of loans and facilities provided to other Group companies.
24. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:

| 2025 |  | 2024 as restated
--- | --- | --- | ---
| £ |  | £
Not later than one year | 12,830 |  | 12,830
Later than one year and not later than five years | - |  | 12,830
| 12,830 |  | 25,660

25. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £8,489 (2024: £8,912).
At the balance sheet date contributions of £14,449 (2024: £14,495) were due from the fund and are included in debtors.
26. Related Party Disclosures
The company has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions between itself and it’s fellow group undertakings where transactions made are with wholly owned group companies where 100% of the voting rights are controlled within the Group whose consolidated financial statements are publicly available. The consolidated financial statements of the Group – Spirit Health Group Ltd can be obtained from Companies House.
Included in debtors is £2,172,308 (2024: £2,002,022) owed by companies under common control. Amounts owed are interest free and repayable on demand.
27. Controlling Parties
The company's immediate and ultimate parent undertaking is Spirit Health Group Limited . Spirit Health Group Limited was incorporated in England & Wales. The controlling party is Mr C A Barker by virtue of his conrtolling interest in Spirit Health Group Limited.
The smallest and largest group financial statements which include the results of the company is Spirit Health Group Limited, copies of the group accounts may be obtained from the secretary, Spirit House, Saffron Way, Leicester, UK, LE2 6UP .
28. Exceptional Items

| 2025 |  | 2024
| £ |  | £
Impairment of related party and group loans | 3,688,821 |  | -
| 3,688,821 |  | -

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