Company registration number 12470116 (England and Wales)
ASPEN UK ACQUISITIONS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
ASPEN UK ACQUISITIONS LIMITED
COMPANY INFORMATION
Directors
J Cloar
K Gray
Secretary
MSP Corporate Services Limited
Company number
12470116
Registered office
Eastcastle House
27/28 Eastcastle Street
London
W1W 8DH
Auditor
Grant Thornton UK LLP
Statutory Auditors
120 Bothwell Street
Glasgow
Scotland
G2 7JS
Business address
Port Glasgow Industrial Estate
Dubbs Road
Port Glasgow
Scotland
PA14 5XH
ASPEN UK ACQUISITIONS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 9
Group profit and loss account
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 31
ASPEN UK ACQUISITIONS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

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

Fair review of the business

The group’s financial year ended 31 December 2025 saw an increase in revenue of £617,774 (3.0%), to £20,877,907 compared to £20,260,133 at 31 December 2024. The directors plan to build on this success with a continued strong focus on customer satisfaction through ongoing review and improvement of the quality and the range of products offered, together with exceptional service levels.

Worldwide shipping lead times and prices were adversely affected during the second half of 2024 and the first half of 2025, as heightened risks in the Red Sea, linked to geopolitical unrest in the Middle East, led to shipping companies re-routing vessels. Although these higher prices were experienced during the first half of 2025, US tariff issues led to reduced shipping demand from China, creating excess shipping capacity resulting in freight price reduction.

Increased efficiency and other cost control measures led to an improvement in the group’s gross margin from 37.4% to 38.0%

During the year ended 31 December 2025, no dividends were paid and shareholders funds increased from £3,401,968 to £6,081,307. The increase in funds of £2,679,339 was solely due to profit generated in the year.

Carbon Emissions
During 2025 the group continued to develop a project to both measure and ultimately reduce its carbon footprint. The Carbon Reduction Plan (CRP) was updated and published during the year.

The directors have developed a CRP project with our partner, Positive Planet, to ensure the business is working towards a meaningful pathway to our net carbon zero target. Positive Planet started conducting supply chain measurements during 2025 and this work is ongoing.

The CRP resulted in further carbon reduction during 2024-2025.

Capital Expenditure
The group’s digital transformation and continuous improvement program is ongoing and included successful implementation of new business intelligence tools during the year.

Principal risks and uncertainties

The directors believe the key business risks to be new regulatory hurdles in respect of the Medical Device Regulation (“MDR”) scheme in Europe, Middle East and Africa (“EMEA”) and supply chain interruptions.

The group has achieved all regulatory compliance to date with respect to MDR.

The global situation regarding moving goods from Asia to the UK is well documented and is considered a risk area for the business both in terms of possible supply chain interruptions and the knock-on effect of increasing costs. The group continues to maintain appropriate levels of safety stock to mitigate these risks.

Key performance indicators

The group’s directors believe identifying key performance indicators is important. The directors use several indicators including revenue growth and earnings before interest, tax, depreciation and amortisation (EBITDA) to monitor and improve the group’s development and performance.

The results set out in the group profit and loss account show that turnover for the year ended 31 December 2025 was £20,877,907 (2024: £20,260,133).

EBITDA was £5,403,615 (2024: £4,352,373) for the year ended 31 December 2025, which included exchange gains of £600,002 (2024: losses of £228,745) recognised in respect of translating foreign currency loans from the group’s parent company.

Future developments

The directors are committed to building on the success of 2025 and continuing to provide customers with a premium service and a wide range of products.

ASPEN UK ACQUISITIONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

On behalf of the board

K Gray
Director
20 February 2026
ASPEN UK ACQUISITIONS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

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

Principal activities

The company's principal activity has continued to be that of a non trading holding company that holds the investment in its subsidiaries.

The principal activity of the company's subsidiaries continued to be that of the manufacture and distribution of specialist orthopaedic products to the healthcare industry.

Results and dividends

The results for the year are set out on page 10.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

J Cloar
K Gray
Post reporting date events

The directors can confirm that they are aware of no post balance sheet events that would require disclosure or provision in the financial statements.

Future developments

The directors are optimistic about the group's forthcoming year's performance, as noted in the strategic report.

Financial risk management

The group finances its operations from working capital and financial support from other group companies. Obligations under such borrowing arrangements are met out of the group's working capital. The cash flow risk and price risk are therefore considered to be negligible.

The group may also purchase certain raw materials and finished goods in currencies other than its reporting currency, primarily U.S. dollars. Such arrangements may subject the group to fluctuations as a result of exchange rate changes. At this time, the directors do not believe the exposure created by these arrangements to have a material effect on the financial statements.

Auditor

The auditor Grant Thornton UK LLP is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

The directors confirm that:

- so far as each director is aware, there is no relevant audit information of which the company's auditor is unaware; and

- the directors 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 auditor is aware of that information.

ASPEN UK ACQUISITIONS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -
On behalf of the board
K Gray
Director
20 February 2026
ASPEN UK ACQUISITIONS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -

The directors are responsible for preparing the annual 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 group and parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law, including FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland."). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and parent company, 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;

- state whether applicable U nited K ingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

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

ASPEN UK ACQUISITIONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ASPEN UK ACQUISITIONS LIMITED
- 6 -
Opinion

We have audited the financial statements of Aspen UK Acquisitions Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025, which comprise the group profit and loss account, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and 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's affairs as at 31 December 2025 and of the group's profit for the year then ended;

- the financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the ‘Auditor’s responsibilities for the audit of the financial statements’ section of our report. We are independent of the group and the parent 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

We are responsible for concluding on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's and the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the auditor’s opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern.

In our evaluation of the directors’ conclusions, we considered the inherent risks associated with the group's and the parent company's business model including effects arising from macro-economic uncertainties such as pressure on government spending on health, we assessed and challenged the reasonableness of estimates made by the directors and the related disclosures and analysed how those risks might affect the group's and the parent company's financial resources or ability to continue operations over the going concern period.

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.

ASPEN UK ACQUISITIONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ASPEN UK ACQUISITIONS LIMITED
- 7 -

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.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements 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 the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.

Matter on which we are required to report under the Companies Act 2006

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors’ remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

ASPEN UK ACQUISITIONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ASPEN UK ACQUISITIONS LIMITED
- 8 -
Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the group and industry in which it operates through our general commercial and sector experience and discussions with management. We determined the following laws and regulations were most significant: FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Companies Act 2006.

- We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur and the risk of management override controls. Audit procedures performed by the engagement team included:

  - Identifying and testing journal entries, with a focus on large and unusual journals, considered by the engagement team to carry a higher risk of fraud;

  - Assessing the extent of compliance with the relevant laws and regulations as part of our procedures on the related financial statement item;

  - Making enquiries of management as to whether they were aware of any instances of non-compliance with any knowledge of actual, suspected or alleged fraud; and

  - Obtaining an understanding of certain journals made to revenues, and corroborating management’s explanations where relevant.

- These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. Also, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it.

- The engagement partner's assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the team’s:

- Understanding of, and practical experience with audit engagements of a similar nature and complexity through appropriate training and participation;

- Knowledge and experience of the industry in which the client operates; and

- Understanding of the requirements of FRS 102 in conformity with the requirements of the Companies Act 2006 and the application of the legal and regulatory requirements to the group and parent company.

- Team communications in respect of potential non-compliance with laws and regulations and fraud included the possibility of management override of controls and unusual journal posting patterns in respect of revenue.

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 auditor’s report.

ASPEN UK ACQUISITIONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ASPEN UK ACQUISITIONS LIMITED
- 9 -

Use of our report

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

James Andersen
Senior Statutory Auditor
for and on behalf of Grant Thornton UK LLP
Statutory Auditor, Chartered Accountants
Glasgow
ASPEN UK ACQUISITIONS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
2025
2024
Notes
£
£
Turnover
3
20,877,907
20,260,133
Cost of sales
(12,943,441)
(12,681,356)
Gross profit
7,934,466
7,578,777
Distribution costs
(977,991)
(1,083,834)
Administrative expenses
(3,216,693)
(3,004,881)
Operating profit
4
3,739,782
3,490,062
Interest receivable and similar income
8
41,206
36,391
Interest payable and similar expenses
9
(567,811)
(648,474)
Exchange rate gains / (losses)
600,002
(228,745)
Profit before taxation
3,813,179
2,649,234
Tax on profit
10
(1,133,840)
(847,139)
Total comprehensive profit for the financial year
2,679,339
1,802,095
The company has not reported any other comprehensive income or losses in either the current or prior year and as such no statement of other comprehensive income has been disclosed in these financial statements.
Profit for the financial period is all attributable to the owner of the parent company.
The profit and loss account has been prepared on the basis that all operations are continuing operations.
The notes on pages 16-31 form part of the financial statements.
ASPEN UK ACQUISITIONS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
11
2,179,448
2,840,752
Other intangible assets
11
931,293
1,136,667
Total intangible assets
3,110,741
3,977,419
Tangible assets
12
680,157
801,530
3,790,898
4,778,949
Current assets
Stocks
15
4,266,875
4,149,682
Debtors
16
2,276,377
2,663,160
Cash at bank and in hand
6,582,723
2,665,662
13,125,975
9,478,504
Creditors: amounts falling due within one year
17
(2,537,656)
(2,522,470)
Net current assets
10,588,319
6,956,034
Total assets less current liabilities
14,379,217
11,734,983
Creditors: amounts falling due after more than one year
18
(7,969,974)
(7,934,940)
Provisions for liabilities
Deferred tax liability
20
327,936
398,075
(327,936)
(398,075)
Net assets
6,081,307
3,401,968
Capital and reserves
Called up share capital
21
1,000
1,000
Other reserves
22
4,347,221
4,347,221
Profit and loss reserves
23
1,733,086
(946,253)
Total equity
6,081,307
3,401,968
The notes on pages 16-31 form part of the financial statements.
The financial statements were approved by the board of directors and authorised for issue on 20 February 2026 and are signed on its behalf by:
20 February 2026
K Gray
Director
ASPEN UK ACQUISITIONS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 12 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
13
16,551,002
16,551,002
Creditors: amounts falling due within one year
17
(965,895)
(1,025,527)
Net current liabilities
(965,895)
(1,025,527)
Total assets less current liabilities
15,585,107
15,525,475
Creditors: amounts falling due after more than one year
18
(7,969,974)
(7,934,940)
Net assets
7,615,133
7,590,535
Capital and reserves
Called up share capital
21
1,000
1,000
Capital contribution reserve
22
4,347,221
4,347,221
Profit and loss reserves
23
3,266,912
3,242,314
Total equity
7,615,133
7,590,535
The notes on pages 16-31 form part of the financial statements.

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The company's profit for the year ended 31 December 2025 was £24,598 (2024 - £3,130,160).

The financial statements were approved by the board of directors and authorised for issue on 20 February 2026 and are signed on its behalf by:
20 February 2026
K Gray
Director
Company Registration No. 12470116
ASPEN UK ACQUISITIONS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
Share capital
Capital contribution reserve
Profit & loss reserves
Total
£
£
£
£
Balance at 1 January 2024
1,000
4,347,221
(2,748,348)
1,599,873
Year ended 31 December 2024:
Profit for the year
-
-
1,802,095
1,802,095
Balance at 31 December 2024
1,000
4,347,221
(946,253)
3,401,968
Year ended 31 December 2025:
Profit for the year
-
-
2,679,339
2,679,339
Balance at 31 December 2025
1,000
4,347,221
1,733,086
6,081,307
The notes on pages 16-31 form part of the financial statements.
ASPEN UK ACQUISITIONS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 14 -
Share capital
Capital contribution reserve
Profit & loss reserves
Total
£
£
£
£
Balance at 1 January 2024
1,000
4,347,221
112,154
4,460,375
Year ended 31 December 2024:
Profit for the year
-
-
3,130,160
3,130,160
Balance at 31 December 2024
1,000
4,347,221
3,242,314
7,590,535
Year ended 31 December 2025:
Profit for the year
-
-
24,598
24,598
Balance at 31 December 2025
1,000
4,347,221
3,266,912
7,615,133
The notes on pages 16-31 form part of the financial statements.
ASPEN UK ACQUISITIONS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 15 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
4,918,385
4,468,157
Interest received
41,206
31,703
Income taxes paid
(965,000)
(862,152)
Net cash inflow from operating activities
3,994,591
3,637,708
Investing activities
Purchase of tangible fixed assets
(77,530)
(66,845)
Net cash used in investing activities
(77,530)
(66,845)
Financing activities
Repayment of intercompany borrowings
-
(4,002,690)
Net cash used in financing activities
-
(4,002,690)
Net increase/(decrease) in cash and cash equivalents
3,917,061
(431,827)
Cash and cash equivalents at beginning of year
2,665,662
3,097,489
Cash and cash equivalents at end of year
6,582,723
2,665,662
The notes on pages 16-31 form part of the financial statements.
ASPEN UK ACQUISITIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 16 -
1
Accounting policies
Company information

Aspen UK Acquisitions Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Eastcastle House, 27/28 Eastcastle Street, London, United Kingdom, W1W 8DH.

The group consists of Aspen UK Acquisitions Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The company's subsidiaries as listed in Note 14 have not been individually audited, and have taken an exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies under parental guarantee.

The company has taken advantage of FRS 102 paragraph 33.1A, in respect of not disclosing related party transactions between wholly owned group companies.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of exemptions from the following disclosure requirements within its own financial statements:

- Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash f low and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’;

- Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

ASPEN UK ACQUISITIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -
1.2
Basis of consolidation

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

The consolidated group financial statements consist of the financial statements of the parent company Aspen UK Acquisitions Limited together with all entities controlled by the parent company (its subsidiaries).

All financial statements are made up to 31 December 2025.

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

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.3
Going concern

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the group’s ability to continue as a going concern. In reviewing the results from 2025 and preparing forecasts of future performance of the group, the directors believe the group will continue to generate positive cash flows.

The directors have considered several different business scenarios and have concluded that the group has access to sufficient cash resources to be able to continue as a going concern.

When preparing future forecasts and considering different business scenarios, the directors have assessed a period to 30 June 2027.

Therefore the directors have adopted the going concern basis of preparation in these financial statements, which assumes that liabilities will be discharged in the normal course of business.

1.4
Turnover

Turnover represents amounts receivable for goods net of VAT and trade discounts and has been wholly derived from the group's principal activity.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on delivery of goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

ASPEN UK ACQUISITIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 18 -
1.5
Cost of sales
Cost of sales represent amounts payable for goods net of VAT and trade discounts in respect of materials used in the production of the group's products; charges in respect of carriage costs incurred in bringing materials to the group's premises; as well as postage, packing and carriage costs incurred in shipping goods to the group's customers.
1.6
Administrative expenses
Administrative expenses reflect amounts payable by the group net of VAT and trade discounts that are not related to the production or distribution of the group's products.
1.7
Distribution costs
Distribution costs reflect amounts payable by the group net of VAT and trade discounts in respect of remunerating the group's sales team and associated expenses.
1.8
Research and development expenditure

Research expenditure is written off to profit or loss in the year in which it is incurred.

1.9
Intangible fixed assets

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are reviewed for indicators of impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
33.33% straight line
Trademarks
10% straight line
ASPEN UK ACQUISITIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 19 -
1.10
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings freehold
2% straight line
Leasehold improvements
Straight line over the lease term
Fixtures, fittings & equipment
3-7 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.11
Fixed asset investments

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.12
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the 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 an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.13
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.14
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

ASPEN UK ACQUISITIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 20 -
1.15
Financial instruments

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

ASPEN UK ACQUISITIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 21 -
1.16
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.17
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised.

1.18
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.19
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.20
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

1.21
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss. Gains and losses arising on foreign exchange in respect of sales and purchases are recognised in cost of sales, whereas gains and losses arising on foreign exchange in respect of retranslation of financial liabilities are not considered to be part of operating activities and are presented separately.

ASPEN UK ACQUISITIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The group has no material judgements or estimates in the current year.

3
Turnover
2025
2024
£
£
Turnover analysed by class of business
Manufacture and distribution of specialist orthopaedic products
20,877,907
20,260,133
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
17,406,962
16,768,484
Switzerland
1,176,827
1,009,160
Rest of Europe
2,035,288
2,089,056
Rest of World
258,830
393,433
20,877,907
20,260,133
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging:
Exchange losses arising on operating activities
76,145
153,402
Depreciation of owned tangible fixed assets
177,734
209,751
Employee termination costs
19,164
17,485
Amortisation of intangible assets
886,096
881,305
Operating lease charges for plant and machinery
107,901
135,402
ASPEN UK ACQUISITIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 23 -
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the group financial statements
85,465
83,461
For other services
Taxation compliance services
16,250
14,500
6
Employees

The average monthly number of persons employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Management and administration
34
32
-
-
Production
48
53
-
-
Total
82
85
0
0

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
3,158,781
3,177,317
-
0
-
0
Social security costs
393,375
329,593
-
-
Pension costs
57,416
70,410
-
0
-
0
3,609,572
3,577,320
-
0
-
0
7
Directors' remuneration

As total directors' remuneration for the years ended 31 December 2025 and 2024, respectively, was £Nil, no disclosure is required.

8
Interest receivable and similar income
2025
2024
£
£
Interest income
Other interest income
41,206
36,391
ASPEN UK ACQUISITIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 24 -
9
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Other interest payable
-
0
4,689
Interest payable to group undertakings
567,811
643,785
567,811
648,474
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
1,205,155
923,554
Adjustments in respect of prior periods
(1,176)
(3,618)
Total current tax
1,203,979
919,936
Deferred tax
Origination and reversal of timing differences
(68,909)
(75,215)
Adjustment in respect of prior periods
(1,230)
2,418
Total deferred tax
(70,139)
(72,797)
Total tax charge
1,133,840
847,139

The actual tax charge for the year was higher than the standard rate of tax in the UK of 25.00% (2024 - 25.00%), explained by the reconciliation below.

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
3,813,179
2,649,234
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
953,295
662,309
Tax effect of expenses that are not deductible in determining taxable profit
169,398
168,327
Fixed asset differences
14,008
17,703
Marginal relief
(455)
-
0
Over provided in prior years
(1,176)
(3,618)
Deferred tax adjustments in respect of prior years
(1,230)
2,418
Taxation charge
1,133,840
847,139
ASPEN UK ACQUISITIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 25 -
11
Intangible fixed assets
Group
Goodwill
Software
Trademarks
Total
£
£
£
£
Cost
At 1 January 2025
6,355,724
-
0
2,200,000
8,555,724
Additions
-
0
19,418
-
0
19,418
At 31 December 2025
6,355,724
19,418
2,200,000
8,575,142
Amortisation
At 1 January 2025
3,514,972
-
0
1,063,333
4,578,305
Amortisation charged for the year
661,304
4,792
220,000
886,096
At 31 December 2025
4,176,276
4,792
1,283,333
5,464,401
Carrying amount
At 31 December 2025
2,179,448
14,626
916,667
3,110,741
At 31 December 2024
2,840,752
-
0
1,136,667
3,977,419
The company had no intangible fixed assets at 31 December 2025 or 31 December 2024.

On 5 March 2020 the company generated goodwill of £7,465,724, arising on the acquisition of Yorkmarsh Limited. The goodwill represents the excess of the consideration price over the fair value of the net assets acquired. Additional goodwill of £418,000 was recognised to reflect the calculation of the deferred tax liability on business combinations. In subsequent years the value of goodwill was amended in respect of a fair value adjustment.

On 5 March 2020 the company acquired trademarks valued at £2,200,000 as part of the acquisition of Yorkmarsh Limited. The trademarks are critical to the success of the brand given the customers' name recognition of its products.

ASPEN UK ACQUISITIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 26 -
12
Tangible fixed assets
Group
Land and buildings freehold
Leasehold improvements
Fixtures, fittings & equipment
Total
£
£
£
£
Cost
At 1 January 2025
480,000
49,641
704,189
1,233,830
Additions
-
-
62,105
62,105
Disposals
-
0
-
0
(73,534)
(73,534)
At 31 December 2025
480,000
49,641
692,760
1,222,401
Depreciation
At 1 January 2025
58,274
47,938
326,088
432,300
Depreciation charges in the year
11,984
1,703
164,047
177,734
Eliminated in respect of disposals
-
0
-
0
(67,790)
(67,790)
At 31 December 2025
70,258
49,641
422,345
542,244
Carrying amount
At 31 December 2025
409,742
-
270,415
680,157
At 31 December 2024
421,726
1,703
378,101
801,530
The company had no tangible fixed assets at 31 December 2025 or 31 December 2024.
ASPEN UK ACQUISITIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 27 -
13
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
16,551,002
16,551,002
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 31 December 2025 and 31 December 2024
16,551,002
Carrying amount
At 31 December 2025 and 31 December 2024
16,551,002
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2025 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Indirect
Yorkmarsh Limited
1 - Below
Non trading
Ordinary
100.00
-
Promedics Orthopaedics Limited
1 - Below
Manufacturing and distribution of medical products
Ordinary
0
100.00
Kare Limited
2 - Below
Non trading
Ordinary
0
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Eastcastle House, 27/28 Eastcastle Street, London, W1W 8DH
2
Block 7, Dubbs Road, Port Glasgow, PA14 5UX

The following subsidiaries are exempt from audit under section 479A of the Companies Act 2006 as the parent company has given a guarantee in respect of all outstanding liabilities at the subsidiaries' financial year ends:

Yorkmarsh Limited 06450241

Promedics Orthopaedics Limited 06455477

Kare Limited SC155046

15
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Work in progress
35,526
33,787
-
-
Finished goods and goods for resale
4,231,349
4,115,895
-
0
-
0
4,266,875
4,149,682
-
-
ASPEN UK ACQUISITIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 28 -
16
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,080,675
2,292,906
-
0
-
0
Unpaid share capital
102
102
-
0
-
0
Amounts owed by group undertakings
1,799
-
-
-
Prepayments and accrued income
193,801
370,152
-
0
-
0
2,276,377
2,663,160
-
-
17
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
£
£
£
£
Trade creditors
211,682
398,114
-
0
-
0
Amounts owed to group undertakings
958,303
1,143,240
958,302
1,025,527
Corporation tax payable
637,533
398,554
7,593
-
0
Other taxation and social security
329,815
214,785
-
-
Other creditors
243,173
306,030
-
0
-
0
Accruals
157,150
61,747
-
0
-
0
2,537,656
2,522,470
965,895
1,025,527
18
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Other borrowings
19
7,969,974
7,934,940
7,969,974
7,934,940

ASPEN UK ACQUISITIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 29 -
19
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Loans from group undertakings
7,969,974
7,934,940
7,969,974
7,934,940
Payable after one year
7,969,974
7,934,940
7,969,974
7,934,940

Loans from group undertakings comprise a loan of £7,969,974 (2024 - £7,934,940) advanced from the group's ultimate controlling party. The balance is comprised of the principal loan of £7,402,453 (2024 - £7,921,737) and accrued interest of £567,521 (2024 - £13,203).

The rate of interest charged on the loan is 7.5% per annum.

The loan and any interest accrued thereon is fully repayable on the 10th December 2028.

20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2025
2024
2025
2024
Group
£
£
£
£
Accelerated capital allowances
82,313
97,452
-
-
Deferred tax on business combinations
245,623
300,623
-
-
327,936
398,075
-
-
21
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
22
Other reserves

The group's other reserves represent a capital contribution reserve which arose as a result of a loan from the group's ultimate parent company being converted to equity. The reserve represents an irrevocable gift granted to the group from its ultimate parent company.

23
Profit and loss reserves

The profit and loss reserve represents distributable profits and losses generated from the group's trade, and from profit or loss on exchange differences on translation of the group's intercompany loan.

ASPEN UK ACQUISITIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 30 -
24
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
146,683
143,805
-
-
Between two and five years
104,154
59,547
-
-
250,837
203,352
-
-
25
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2025
2024
£
£
Aggregate compensation
317,579
329,102
Other information

The company has taken an exemption from disclosing related party transactions with entities that are within the same wholly owned group.

26
Controlling party
The group is a wholly-owned subsidiary of Aspen Foreign Acquisition LLC, a company registered in Delaware, United States of America.
The smallest group in which the results of the company are consolidated is Aspen UK Acquisitions Limited. The largest group in which the results of the company are consolidated is Aspen Holding, LLC. Financial statements for this entity can be obtained from its registered address: 251 Little Falls Drive, Wilmington, DE 19808.
The company is ultimately controlled by Cortec Management VI LLC, a company incorporated in the United States of America, by virtue of the group being structured in such a way that it indirectly controls a majority shareholding in the company.
ASPEN UK ACQUISITIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 31 -
27
Cash generated from group operations
2025
2024
£
£
Profit for the year after tax
2,679,339
1,802,095
Adjustments for:
Taxation charged
1,133,840
847,139
Net finance costs
526,605
612,084
Exchange rate (gains)/losses
(600,002)
228,745
Loss on disposal of fixed assets
1,752
5,649
Amortisation of intangible assets
886,096
881,305
Depreciation of tangible fixed assets
177,734
209,751
Movements in working capital:
(Increase)/decrease in stocks
(117,194)
573,442
Decrease/(increase) in debtors
386,782
(635,999)
Decrease in creditors
(156,567)
(56,054)
Cash generated from operations
4,918,385
4,468,157
28
Analysis of changes in net debt - group
1 January 2025
Cash flows
Exchange rate movements
31 December 2025
£
£
£
£
Cash at bank and in hand
2,665,662
3,917,061
-
6,582,723
Borrowings excluding overdrafts
(7,934,940)
-
(35,034)
(7,969,974)
(5,269,278)
3,917,061
(35,034)
(1,387,251)
29
Analysis of changes in net debt - company
1 January 2025
Exchange rate movements
31 December 2025
£
£
£
Borrowings excluding overdrafts
(7,934,940)
(35,034)
(7,969,974)
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