IRIS Accounts Production v25.4.0.155 SC679902 Board of Directors 31.3.25 1.4.24 31.3.25 31.3.25 true true false true true false false false true false Ordinary 0 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh SC679902 2024-03-31 SC679902 2025-03-31 SC679902 2024-04-01 2025-03-31 SC679902 2023-03-31 SC679902 2023-04-01 2024-03-31 SC679902 2024-03-31 SC679902 ns15:Scotland 2024-04-01 2025-03-31 SC679902 ns14:PoundSterling 2024-04-01 2025-03-31 SC679902 ns10:Director1 2024-04-01 2025-03-31 SC679902 ns10:Consolidated 2025-03-31 SC679902 ns10:ConsolidatedGroupCompanyAccounts 2024-04-01 2025-03-31 SC679902 ns10:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 SC679902 ns10:FRS102 ns10:Consolidated 2024-04-01 2025-03-31 SC679902 ns10:Consolidated ns10:Audited 2024-04-01 2025-03-31 SC679902 ns10:LargeCompaniesRegimeForDirectorsReport 2024-04-01 2025-03-31 SC679902 ns10:LargeCompaniesRegimeForAccounts 2024-04-01 2025-03-31 SC679902 ns10:Consolidated ns10:LargeCompaniesRegimeForDirectorsReport 2024-04-01 2025-03-31 SC679902 ns10:Consolidated ns10:LargeCompaniesRegimeForAccounts 2024-04-01 2025-03-31 SC679902 ns10:FullAccounts 2024-04-01 2025-03-31 SC679902 1 2024-04-01 2025-03-31 SC679902 ns10:OrdinaryShareClass1 2024-04-01 2025-03-31 SC679902 ns10:Consolidated 2024-04-01 2025-03-31 SC679902 ns10:Director2 2024-04-01 2025-03-31 SC679902 ns10:Director3 2024-04-01 2025-03-31 SC679902 ns10:Director4 2024-04-01 2025-03-31 SC679902 ns10:RegisteredOffice 2024-04-01 2025-03-31 SC679902 ns10:Consolidated 2023-04-01 2024-03-31 SC679902 ns5:CurrentFinancialInstruments 2025-03-31 SC679902 ns5:CurrentFinancialInstruments 2024-03-31 SC679902 ns5:ShareCapital 2025-03-31 SC679902 ns5:ShareCapital 2024-03-31 SC679902 ns5:SharePremium 2025-03-31 SC679902 ns5:SharePremium 2024-03-31 SC679902 ns5:RetainedEarningsAccumulatedLosses 2025-03-31 SC679902 ns5:RetainedEarningsAccumulatedLosses 2024-03-31 SC679902 ns5:NetGoodwill 2024-04-01 2025-03-31 SC679902 ns5:PatentsTrademarksLicencesConcessionsSimilar 2024-04-01 2025-03-31 SC679902 ns5:LeaseholdImprovements 2024-04-01 2025-03-31 SC679902 ns5:FurnitureFittings 2024-04-01 2025-03-31 SC679902 ns5:MotorVehicles 2024-04-01 2025-03-31 SC679902 ns5:ComputerEquipment 2024-04-01 2025-03-31 SC679902 ns5:CostValuation ns5:UnlistedNon-exchangeTraded 2024-03-31 SC679902 ns5:UnlistedNon-exchangeTraded 2025-03-31 SC679902 ns5:UnlistedNon-exchangeTraded 2024-03-31 SC679902 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-03-31 SC679902 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-03-31 SC679902 ns10:OrdinaryShareClass1 2025-03-31 SC679902 ns5:RetainedEarningsAccumulatedLosses 2024-03-31 SC679902 ns5:SharePremium 2024-03-31 SC679902 ns5:RetainedEarningsAccumulatedLosses 2024-04-01 2025-03-31

REGISTERED NUMBER: SC679902 (Scotland)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 March 2025

for

Ethigen Holdings Limited

| Ethigen Holdings Limited (Registered number: SC679902) |

Contents of the Consolidated Financial Statements

for the Year Ended 31 March 2025

Page |

| Company Information | 1 |

| Group Strategic Report | 2 |

| Report of the Directors | 4 |

| Report of the Independent Auditors | 7 |

| Consolidated Statement of Income and Retained Earnings | 11 |

| Consolidated Balance Sheet | 12 |

| Company Balance Sheet | 14 |

| Consolidated Cash Flow Statement | 16 |

| Notes to the Consolidated Cash Flow Statement | 17 |

| Notes to the Consolidated Financial Statements | 19 |

| Ethigen Holdings Limited |

Company Information

for the Year Ended 31 March 2025

| DIRECTORS: | Mr Nigel G Kelly

| Mr Dominic Kelly

| Mr Joshua Kelly

| Ms Rachel Kelly

| REGISTERED OFFICE: | 25 Sandyford Place

| Glasgow

| G3 7NG

| REGISTERED NUMBER: | SC679902 (Scotland)

| AUDITORS: | Stevenson & Kyles

| Chartered Accountants

| Statutory Auditor

| 25 Sandyford Place

| Glasgow

| G3 7NG

| Ethigen Holdings Limited (Registered number: SC679902) |

Group Strategic Report

for the Year Ended 31 March 2025

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

REVIEW OF BUSINESS

The directors are pleased with the results for the year ended 31 March 2025. The directors continue to strive for continuous improvement in all areas of the business including quality, building infrastructure and resources in order to maintain growth. The Medicines and Healthcare Regulatory Agency (MHRA) continues to place strict regulations on the industry and tight restrictions remain in place on the import and export of goods.

There has also been tough price competition but the directors were pleased with the performance of existing key generic and branded products that maintained and grew market share. Quality management and enhancement will continue. The directors are pleased with the performance during the period and are confident of the group's future as it evolves. The report and financial statements reflect the business of the group. Highlights for the year include a consistent gross profit margin of 11.94% (2024: 12.01%).

Results

Total revenues of £274m for the 12 months to 31 March 2025 increased by £7m on the previous year

to 31 March 2024. Profit before taxation and exceptional items was £3m (2024 - £8.8m).

Business operation

Our facilities continued to be upgraded to support the increasing level of business. We continue to use the services of external consultants to assist in maintaining health and safety matters to the highest possible standards. The group is well placed to maintain its position within the wholesale pharmaceutical sector. A

new depot was opened in Bolton on 1st October 2024 to service the group's growing customer base

across the UK.

Competition and consumer trends

The wholesale pharmaceutical sector of the UK economy is highly competitive and the group's future financial performance would be at risk if it failed to anticipate business trends. The group obtains feedback from its customers, and uses that feedback to ensure that it continues to offer the type and quality of services that its customers expect. The business now has credit insurance in place for certain customers to cover the possibility of future bad debts.

Health and safety

A major incident resulting from a health and safety failure would be a significant financial risk to the group. To mitigate the risk the group utilises the services of external health and safety consultants to assist in maintaining health and safety matters to the highest possible standards. In particular the group seeks to achieve consistent compliance at all level with the Health and Safety at Work Act 1974, the Management of Health and Safety at Work Regulations 1999 and associated regulations.

Environmental matters

The group is conscious of its responsibilities to the environment. Waste paper and materials are recycled where possible and efforts are being made to reduce energy and water consumption.

Directors' statement of compliance with duty to promote the success of the Company

The directors of the group through considering the views of its employees, customers and suppliers, acting in good faith, have taken informed decisions during the period ending 31 March 2025 to ensure that they have promoted the success of the group for the benefit of its participants and stakeholders. By considering the above areas, paying creditors within normal trading terms and maintaining a high quality service to customers the directors will continue to promote the success of the group.

| Ethigen Holdings Limited (Registered number: SC679902) |

Group Strategic Report

for the Year Ended 31 March 2025

PRINCIPAL RISKS AND UNCERTAINTIES

The group is exposed to a moderate level of price competition for its products as is the nature of the Generics market. The group manages this risk by having competitive pricing for a wide range of products with strong emphasis on quality and a robust supply chain. The group's exposure to credit risk, liquidity risk and cash flow risk is at a low level. The group manages these risks by financing its operations through retained profits with monitoring and forecasting of cash flow.

Foreign exchange risk

The group is exposed to fluctuations in foreign exchange rates. However, the directors do not consider that there are material impacts on results in the immediate future and continue to monitor the situation on a regular basis.

FINANCIAL INSTRUMENTS

The main financial instruments of the group are bank balances, trade debtors and trade creditors. These are managed and monitored through internal control procedures and via management meetings. The directors are in regular communication with key personnel to obtain information on these matters. The group manages its trade creditors by ensuring sufficient funds are available to meet liabilities as they become due or pay in advance as may be required in some contracts. Trade debtors are managed in respect of credit and cash flow by policies controlling credit offered to customers and regular monitoring of amounts receivable.

ON BEHALF OF THE BOARD:

Mr Dominic Kelly - Director

20 February 2026

| Ethigen Holdings Limited (Registered number: SC679902) |

Report of the Directors

for the Year Ended 31 March 2025

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of the wholesale of pharmaceutical goods.

DIVIDENDS

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

FUTURE DEVELOPMENTS

The directors expect to continue making further progress in developing the long term growth of the group, and further expansion within the UK market.

DIRECTORS

The directors during the year under review were:

Mr Nigel G Kelly

Mr Dominic Kelly

Mr Joshua Kelly

Ms Rachel Kelly

The beneficial interests of the directors holding office on 31 March 2025 in the issued share capital of the company were as follows:

| 31.3.25 |  | 1.4.24

Ordinary £1 shares |

Mr Nigel G Kelly | 1,875 |  | 1,875 |  |

Mr Dominic Kelly | 1,875 |  | 1,875 |  |

Mr Joshua Kelly | 1,875 |  | 1,875 |  |

Ms Rachel Kelly | 1,875 |  | 1,875 |  |

GENERAL COMPANY POLICIES

Employee Communications

Colleagues at all levels are kept informed regularly of matters that affect the progress of the group and may be of interest.

Employment policies

The group is an equal opportunity employer and is committed to positive policies in recruitment, training and career development for all colleagues (and potential colleagues) regardless of marital status, religion, colour, race, ethnic origin or disability.

Full consideration is given to application for employment by disabled persons where the requirements of the job can be adequately fulfilled by a disabled person. Where existing colleagues become disabled it is the group's policy, where practical, to provide continuing employment under similar terms and conditions and to provide training and career development.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

The ongoing impact of the global pandemic was managed successfully within the group. Senior management maintained a regular dialogue with customers, suppliers and industry regulators to ensure minimum disruption to the medicines supply chain. Staff were routinely updated with changes to regulations and working practices to maintain a safe environment for the continued operation of the group.

| Ethigen Holdings Limited (Registered number: SC679902) |

Report of the Directors

for the Year Ended 31 March 2025

STREAMLINED ENERGY AND CARBON REPORTING

Fuel Type |  | 2025 |  | 2025 |  | 2024 |  | 2024 |

| KwH |  | CO2 |  | KwH |  | CO2 |

Diesel |  | 1,266,713 |  | 1,316,341 |  | 1,387,787 |  | 1,443,390 |

Electricity |  | 795,859 |  | 748,108 |  | 557,182 |  | 523,751 |

Gas |  | 1,430,302 |  | 333,461 |  | 959,828 |  | 223,775 |

Total kg CO2 |  |  | 2,397,910 |  |  | 2,190,916 |

Intensity Ratio (kg CO2 per employee) |  |  | 5,401 |  |  | 6,260 |

DISCLOSURE IN THE STRATEGIC REPORT

The group has chosen in accordance with the Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch 7 to be contained in the director's report. It has done so in respect of financial instruments.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

- | make judgements and accounting estimates that are reasonable and prudent;

- | state whether applicable accounting standards 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

| Ethigen Holdings Limited (Registered number: SC679902) |

Report of the Directors

for the Year Ended 31 March 2025

AUDITORS

The auditors, Stevenson & Kyles, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr Dominic Kelly - Director

20 February 2026

Report of the Independent Auditors to the Members of

Ethigen Holdings Limited

Opinion

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

In our opinion the financial statements:

- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2025 and of the group's profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

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

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

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Report of the Independent Auditors to the Members of

Ethigen Holdings Limited

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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

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

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

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

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

Responsibilities of directors

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

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

Report of the Independent Auditors to the Members of

Ethigen Holdings Limited

Auditors' responsibilities for the audit of the financial statements

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

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

Auditor's approach to assessing the risks of material misstatement due to irregularities

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity. Those

that have a direct impact include: FRS 102, Companies Act 2006 and UK tax laws. We assessed the risk of

material misstatement in respect of fraud and made enquiries of management as to the existence of, or any

evidence of, actual or suspected instances of fraud.

Audit procedures designed to respond to the risk of non-compliance with laws and regulations

Based on the results of our risk assessment we designed audit procedures to identify non-compliance with

such laws and regulations identified above. We made enquiries of management and those charged with

governance and others responsible for risk of non-compliance.

Audit procedures designed to respond to the risk of fraud

We considered the risk of fraud through management override and in response we incorporated testing of

manual journal entries into our audit approach.

Considerations around likelihood of detection

There are inherent difficulties in the audit process described above to detect the existence of irregularities.

We have mitigated these limitations by reviewing and testing the company's internal controls including the

existence of appropriate segregation of duties and by the nature, timing and extent of the audit procedures

involved.

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

Report of the Independent Auditors to the Members of

Ethigen Holdings Limited

Use of our report

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

Mark Dunn (Senior Statutory Auditor)

for and on behalf of Stevenson & Kyles

Chartered Accountants

Statutory Auditor

25 Sandyford Place

Glasgow

G3 7NG

20 February 2026

| Ethigen Holdings Limited (Registered number: SC679902) |

Consolidated

Statement of Income and

Retained Earnings

for the Year Ended 31 March 2025

| 31.3.25 | 31.3.24 |

| Notes | £ | £ | £ | £ |

TURNOVER | 3 | 274,417,517 |  | 267,397,840 |  |

Cost of sales | 241,648,461 |  | 235,278,941 |  |

GROSS PROFIT | 32,769,056 |  | 32,118,899 |  |

Distribution costs | 11,209,717 |  | 9,151,304 |  |

Administrative expenses | 17,148,487 |  | 12,884,689 |  |

|  |  | 28,358,204 |  |  |  |  | 22,035,993 |  |

OPERATING PROFIT | 5 | 4,410,852 |  | 10,082,906 |  |

Interest receivable and similar income | - |  | 51,837 |  |

4,410,852 |  | 10,134,743 |  |

Interest payable and similar expenses | 6 | 1,716,049 |  | 1,655,779 |  |

PROFIT BEFORE TAXATION | 2,694,803 |  | 8,478,964 |  |

Tax on profit | 7 | 801,409 |  | 2,234,915 |  |

PROFIT FOR THE FINANCIAL YEAR | 1,893,394 |  | 6,244,049 |  |

Retained earnings at beginning of year | 15,778,630 |  | 9,534,581 |  |

RETAINED EARNINGS FOR THE GROUP AT END OF YEAR | 17,672,024 |  | 15,778,630 |  |

Profit attributable to:

Owners of the parent | 1,893,394 |  | 6,244,049 |  |

| Ethigen Holdings Limited (Registered number: SC679902) |

Consolidated Balance Sheet

31 March 2025

| 31.3.25 | 31.3.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 9 | 1,776,289 |  | 2,078,147 |  |

Tangible assets | 10 | 6,854,148 |  | 4,352,249 |  |

Investments | 11 | - |  | - |  |

8,630,437 |  | 6,430,396 |  |

CURRENT ASSETS

Stock | 12 | 27,851,281 |  | 22,072,763 |  |

Debtors | 13 | 56,844,424 |  | 59,398,194 |  |

Cash in hand | 19,042 |  | 28,189 |  |

84,714,747 |  | 81,499,146 |  |

CREDITORS

Amounts falling due within one year | 14 | 66,133,740 |  | 63,614,712 |  |

NET CURRENT ASSETS | 18,581,007 |  | 17,884,434 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 27,211,444 |  | 24,314,830 |  |

CREDITORS

Amounts falling due after more than one year | 15 | (452,866 | ) | (69,426 | ) |

PROVISIONS FOR LIABILITIES | 19 | (1,586,552 | ) | (966,772 | ) |

NET ASSETS | 25,172,026 |  | 23,278,632 |  |

CAPITAL AND RESERVES

Called up share capital | 20 | 10,000 |  | 10,000 |  |

Share premium | 21 | 7,490,002 |  | 7,490,002 |  |

Retained earnings | 21 | 17,672,024 |  | 15,778,630 |  |

SHAREHOLDERS' FUNDS | 25,172,026 |  | 23,278,632 |  |

| Ethigen Holdings Limited (Registered number: SC679902) |

Consolidated Balance Sheet - continued

31 March 2025

The financial statements were approved by the Board of Directors and authorised for issue on 20 February 2026 and were signed on its behalf by:

Mr Dominic Kelly - Director

| Ethigen Holdings Limited (Registered number: SC679902) |

Company Balance Sheet

31 March 2025

| 31.3.25 | 31.3.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 9 | - |  | - |  |

Tangible assets | 10 | - |  | - |  |

Investments | 11 | 30,203,000 |  | 30,203,000 |  |

30,203,000 |  | 30,203,000 |  |

CURRENT ASSETS

Debtors | 13 | 2,287,000 |  | 2,287,000 |  |

Cash at bank | 100 |  | 100 |  |

2,287,100 |  | 2,287,100 |  |

CREDITORS

Amounts falling due within one year | 14 | 2,287,098 |  | 2,287,098 |  |

NET CURRENT ASSETS | 2 |  | 2 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 30,203,002 |  | 30,203,002 |  |

CAPITAL AND RESERVES

Called up share capital | 20 | 10,000 |  | 10,000 |  |

Share premium | 21 | 7,490,002 |  | 7,490,002 |  |

Retained earnings | 21 | 22,703,000 |  | 22,703,000 |  |

SHAREHOLDERS' FUNDS | 30,203,002 |  | 30,203,002 |  |

Company's profit for the financial year | - |  | 2,303,200 |  |

| Ethigen Holdings Limited (Registered number: SC679902) |

Company Balance Sheet - continued

31 March 2025

The financial statements were approved by the Board of Directors and authorised for issue on 20 February 2026 and were signed on its behalf by:

Mr Dominic Kelly - Director

| Ethigen Holdings Limited (Registered number: SC679902) |

Consolidated Cash Flow Statement

for the Year Ended 31 March 2025

| 31.3.25 |  | 31.3.24

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 8,452,190 |  | 4,877,276 |  |

Interest paid | (1,659,151 | ) | (1,627,240 | ) |

Interest element of hire purchase payments paid | (56,898 | ) | (28,539 | ) |

Tax paid | (1,317,418 | ) | (1,741,436 | ) |

Net cash from operating activities | 5,418,723 |  | 1,480,061 |  |

Cash flows from investing activities

Purchase of intangible fixed assets | (63,072 | ) | (55,009 | ) |

Purchase of tangible fixed assets | (4,335,536 | ) | (2,838,410 | ) |

Sale of intangible fixed assets | 10,521 |  | 3,429 |  |

Sale of tangible fixed assets | 72,764 |  | 88,756 |  |

Interest received | - |  | 51,837 |  |

Net cash from investing activities | (4,315,323 | ) | (2,749,397 | ) |

Cash flows from financing activities

Loan repayments in year | - |  | 1,800 |  |

Preference shares redeemed | - |  | (36,000 | ) |

Capital repayments in year | 703,779 |  | (233,906 | ) |

Amount introduced by directors | 328,400 |  | 18,000 |  |

Net cash from financing activities | 1,032,179 |  | (250,106 | ) |

Increase/(decrease) in cash and cash equivalents | 2,135,579 |  | (1,519,442 | ) |

Cash and cash equivalents at beginning of year | 2 | (26,053,758 | ) | (24,534,316 | ) |

Cash and cash equivalents at end of year | 2 | (23,918,179 | ) | (26,053,758 | ) |

| Ethigen Holdings Limited (Registered number: SC679902) |

Notes to the Consolidated Cash Flow Statement

for the Year Ended 31 March 2025

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 31.3.25 |  | 31.3.24

£ | £ |

| Profit before taxation | 2,694,803 |  | 8,478,964 |  |

| Depreciation charges | 2,089,115 |  | 1,265,504 |  |

| Loss/(profit) on disposal of fixed assets | 26,167 |  | (13,304 | ) |

| Finance costs | 1,716,049 |  | 1,655,779 |  |

| Finance income | - |  | (51,837 | ) |

6,526,134 |  | 11,335,106 |  |

| (Increase)/decrease in stock | (5,778,518 | ) | 2,140,041 |  |

| Decrease/(increase) in trade and other debtors | 3,219,074 |  | (8,977,648 | ) |

| Increase in trade and other creditors | 4,485,500 |  | 379,777 |  |

| Cash generated from operations | 8,452,190 |  | 4,877,276 |  |

2. | CASH AND CASH EQUIVALENTS

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

| Year ended 31 March 2025

| 31.3.25 |  | 1.4.24

£ | £ |

| Cash and cash equivalents | 19,042 |  | 28,189 |  |

| Bank overdrafts | (23,937,221 | ) | (26,081,947 | ) |

(23,918,179 | ) | (26,053,758 | ) |

| Year ended 31 March 2024

| 31.3.24 |  | 1.4.23

£ | £ |

| Cash and cash equivalents | 28,189 |  | 1,427,635 |  |

| Bank overdrafts | (26,081,947 | ) | (25,961,951 | ) |

(26,053,758 | ) | (24,534,316 | ) |

| Ethigen Holdings Limited (Registered number: SC679902) |

Notes to the Consolidated Cash Flow Statement

for the Year Ended 31 March 2025

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 1.4.24 | Cash flow | At 31.3.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 28,189 |  | (9,147 | ) | 19,042 |  |

| Bank overdrafts | (26,081,947 | ) | 2,144,726 |  | (23,937,221 | ) |

(26,053,758 | ) | 2,135,579 |  | (23,918,179 | ) |

| Debt

| Finance leases | (454,562 | ) | (703,779 | ) | (1,158,341 | ) |

(454,562 | ) | (703,779 | ) | (1,158,341 | ) |

| Total | (26,508,320 | ) | 1,431,800 |  | (25,076,520 | ) |

| Ethigen Holdings Limited (Registered number: SC679902) |

Notes to the Consolidated Financial Statements

for the Year Ended 31 March 2025

1. | STATUTORY INFORMATION

| Ethigen Holdings Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the General Information page.

| The presentation currency of the financial statements is the Pound Sterling (£).

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

| Basis of consolidation

| The group financial statements incorporate the financial statements of the company and its subsidiary. All intra-group transactions and balances between group companies are eliminated on consolidation. All financial statements are made up to 31 March 2025.

| Related party exemption

| The group has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

| Significant judgements and estimates

| Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:

| Tangible fixed assets

| Depreciation is provided in order to write down the assets over their estimated useful lives as set out in the accounting policies. The selection of these estimated useful lives requires the exercise of judgement. The group is required to assess whether there is indication of impairment to the carrying value of assets. In making that assessment judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by value in use.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| The group recognises revenue when the significant risks and rewards of ownership have been transferred to the buyer, the amount of revenue can be measured reliably, and it is probable that economic benefits will flow to the entity.

| Ethigen Holdings Limited (Registered number: SC679902) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Goodwill

| Goodwill arising on the acquisition of businesses or subsidiary undertakings, representing any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, is capitalised and written off on a straight line basis over its estimated useful economic life, which is estimated as 10 years. Provision is made for any impairment.

| Licenses

| Licences are amortised on a straight line basis of 20% over their expected useful lives.

| Tangible fixed assets

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

| Leasehold improvements | - | 10% on cost

| Fittings and equipment | - | 15% on reducing balance

| Motor vehicles | - | 25% on reducing balance

| Computer equipment | - | 25% on cost

| Assets are held at cost less accumulated depreciation and accumulated impairment losses.

| Stocks

| Stock are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.

| Financial instruments

| Basic financial instruments, including debtors and creditors with no stated interest rate and receivable or payable within one year, are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in administrative expenses. Cash and cash equivalents comprise cash in hand and at bank.

| Taxation

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

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

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

| Ethigen Holdings Limited (Registered number: SC679902) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Deferred tax

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

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

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

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Hire purchase and leasing commitments

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

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

| Pension costs and other post-retirement benefits

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

| Investments

| Investments are initially measured at cost and subsequently measured at cost less impairment. The Directors consider at each period-end whether there is any evidence of a material impairment based on their assessment of market conditions and any matters specifically affecting that category of asset.

| Grant income

| Where applicable, grants from the government are recognised at their fair value where there is a reasonable assurance that the grant will be received and that the group will comply with all attached conditions. Where the grant income relates to a particular expense item, the grant income is recognised in the profit and loss account over the same period as the expense it is intended to compensate.

3. | TURNOVER

| The turnover and profit before taxation are attributable to the one principal activity of the group.

| The geographical analysis of turnover has not been given as in the opinion of the directors such disclosure would be seriously detrimental to the group.

| Ethigen Holdings Limited (Registered number: SC679902) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

4. | EMPLOYEES AND DIRECTORS

| 31.3.25 |  | 31.3.24

£ | £ |

| Wages and salaries | 15,510,249 |  | 13,057,082 |  |

| Social security costs | 1,486,299 |  | 1,433,512 |  |

| Other pension costs | 228,530 |  | 164,880 |  |

17,225,078 |  | 14,655,474 |  |

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

| 31.3.25 |  | 31.3.24

| Managerial & Administration | 106 |  | 96 |  |

| Distribution | 338 |  | 254 |  |

444 |  | 350 |  |

| The average number of employees by undertakings that were proportionately consolidated during the year was 444 (2024 - 350 ) .

| 31.3.25 |  | 31.3.24

£ | £ |

| Directors' remuneration | 230,114 |  | 204,559 |  |

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

| Money purchase schemes | 3 |  | 2 |  |

| Information regarding the highest paid director is as follows:

| 31.3.25 |  | 31.3.24

£ | £ |

| Emoluments etc | 95,785 |  | 94,905 |  |

5. | OPERATING PROFIT

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

| 31.3.25 |  | 31.3.24

£ | £ |

| Depreciation - owned assets | 1,445,942 |  | 674,142 |  |

| Depreciation - assets on hire purchase contracts | 288,764 |  | 226,706 |  |

| Loss/(profit) on disposal of fixed assets | 26,167 |  | (13,304 | ) |

| Goodwill amortisation | 293,743 |  | 293,743 |  |

| Licences amortisation | 60,666 |  | 70,913 |  |

| Auditors' remuneration | 26,568 |  | 26,039 |  |

| Rent | 763,050 |  | 638,678 |  |

| Ethigen Holdings Limited (Registered number: SC679902) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

5. | OPERATING PROFIT - continued

|  | 2025 |  |  | 2024 |  |

| Auditors' Remuneration |  |  | £ |  |  | £ |  |

| Audit fees |  |  | 24,568 |  |  | 24,039 |  |

| Taxation |  |  | 2,000 |  |  | 2,000 |  |

|  | 26,568 |  |  | 26.039 |  |

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 31.3.25 |  | 31.3.24

£ | £ |

| Bank interest | 1,619,986 |  | 1,627,240 |  |

| Interest paid on corp tax | 39,165 |  | - |  |

| Hire purchase interest | 56,898 |  | 28,539 |  |

1,716,049 |  | 1,655,779 |  |

7. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 31.3.25 |  | 31.3.24

£ | £ |

| Current tax:

| UK corporation tax | 181,629 |  | 1,754,224 |  |

| Deferred tax | 619,780 |  | 480,691 |  |

| Tax on profit | 801,409 |  | 2,234,915 |  |

| Ethigen Holdings Limited (Registered number: SC679902) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

7. | TAXATION - continued

| Reconciliation of total tax charge included in profit and loss

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

| 31.3.25 |  | 31.3.24

£ | £ |

| Profit before tax | 2,694,803 |  | 8,478,964 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %) | 673,701 |  | 2,119,741 |  |

| Effects of:

| Expenses not deductible for tax purposes | 125,387 |  | 109,820 |  |

| Income not taxable for tax purposes | - |  | (21,054 | ) |

| Depreciation in excess of capital allowances | 2,321 |  | 26,408 |  |

| Total tax charge | 801,409 |  | 2,234,915 |  |

8. | INDIVIDUAL INCOME STATEMENT

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

9. | INTANGIBLE FIXED ASSETS

| Group

| Goodwill |  | Licences |  | Totals

£ | £ | £ |

| COST

| At 1 April 2024 | 2,937,429 |  | 859,935 |  | 3,797,364 |  |

| Additions | - |  | 63,072 |  | 63,072 |  |

| Disposals | - |  | (41,810 | ) | (41,810 | ) |

| At 31 March 2025 | 2,937,429 |  | 881,197 |  | 3,818,626 |  |

| AMORTISATION

| At 1 April 2024 | 979,143 |  | 740,074 |  | 1,719,217 |  |

| Amortisation for year | 293,743 |  | 60,666 |  | 354,409 |  |

| Eliminated on disposal | - |  | (31,289 | ) | (31,289 | ) |

| At 31 March 2025 | 1,272,886 |  | 769,451 |  | 2,042,337 |  |

| NET BOOK VALUE

| At 31 March 2025 | 1,664,543 |  | 111,746 |  | 1,776,289 |  |

| At 31 March 2024 | 1,958,286 |  | 119,861 |  | 2,078,147 |  |

| Ethigen Holdings Limited (Registered number: SC679902) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

10. | TANGIBLE FIXED ASSETS

| Group

| Fittings |

| Leasehold |  | and |  | Motor |  | Computer |

| improvements |  | equipment |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 April 2024 | 1,149,035 |  | 3,196,650 |  | 3,455,008 |  | 1,210,557 |  | 9,011,250 |  |

| Additions | - |  | 2,656,845 |  | 1,371,415 |  | 307,276 |  | 4,335,536 |  |

| Disposals | - |  | - |  | (362,659 | ) | - |  | (362,659 | ) |

| At 31 March 2025 | 1,149,035 |  | 5,853,495 |  | 4,463,764 |  | 1,517,833 |  | 12,984,127 |  |

| DEPRECIATION

| At 1 April 2024 | 1,121,162 |  | 1,036,880 |  | 1,617,448 |  | 883,511 |  | 4,659,001 |  |

| Charge for year | 9,828 |  | 727,470 |  | 783,239 |  | 214,169 |  | 1,734,706 |  |

| Eliminated on disposal | - |  | - |  | (263,728 | ) | - |  | (263,728 | ) |

| At 31 March 2025 | 1,130,990 |  | 1,764,350 |  | 2,136,959 |  | 1,097,680 |  | 6,129,979 |  |

| NET BOOK VALUE

| At 31 March 2025 | 18,045 |  | 4,089,145 |  | 2,326,805 |  | 420,153 |  | 6,854,148 |  |

| At 31 March 2024 | 27,873 |  | 2,159,770 |  | 1,837,560 |  | 327,046 |  | 4,352,249 |  |

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

| Motor

| vehicles

£ |

| COST

| At 1 April 2024 | 1,128,835 |  |

| Additions | 1,155,055 |  |

| Transfer to ownership | (141,643 | ) |

| At 31 March 2025 | 2,142,247 |  |

| DEPRECIATION

| At 1 April 2024 | 448,768 |  |

| Charge for year | 288,764 |  |

| Transfer to ownership | (147,426 | ) |

| At 31 March 2025 | 590,106 |  |

| NET BOOK VALUE

| At 31 March 2025 | 1,552,141 |  |

| At 31 March 2024 | 680,067 |  |

| Ethigen Holdings Limited (Registered number: SC679902) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

11. | FIXED ASSET INVESTMENTS

| Company

| Unlisted

| investments

£ |

| COST

| At 1 April 2024

| and 31 March 2025 | 30,203,000 |  |

| NET BOOK VALUE

| At 31 March 2025 | 30,203,000 |  |

| At 31 March 2024 | 30,203,000 |  |

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

| Subsidiary

| Ethigen Limited

| Registered office: Scotland

| Nature of business: Wholesale of pharmaceutical goods

| %

| Class of shares: | holding |

| Ordinary A | 100.00 |

| Ordinary B | 100.00 |

12. | STOCK

| Group |

| 31.3.25 |  | 31.3.24 |

£ | £ |

| Stock | 27,851,281 |  | 22,072,763 |  |

| Stock recognised in cost of sales during the period as an expense was £241,648,461 (2024 - £235,278,941).

| Ethigen Holdings Limited (Registered number: SC679902) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

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

£ | £ | £ | £ |

| Trade debtors | 53,598,548 |  | 56,530,089 |  | - |  | - |  |

| Amounts owed by group undertakings | - |  | - |  | 2,287,000 |  | 2,287,000 |  |

| Sundry debtors | 2,580,572 |  | 2,868,105 |  | - |  | - |  |

| Tax | 665,304 |  | - |  | - |  | - |  |

56,844,424 |  | 59,398,194 |  | 2,287,000 |  | 2,287,000 |  |

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

| Group |  | Company |

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

£ | £ | £ | £ |

| Bank loans and overdrafts (see note 16) | 23,937,221 |  | 26,081,947 |  | - |  | - |  |

| Hire purchase contracts (see note 17) | 705,475 |  | 385,136 |  | - |  | - |  |

| Trade creditors | 34,306,722 |  | 29,822,128 |  | - |  | - |  |

| Sundry creditors | 330 |  | 330 |  | - |  | - |  |

| Taxation | - |  | 470,485 |  | - |  | - |  |

| Social security and other taxes | 994,365 |  | 862,164 |  | - |  | - |  |

| Other creditors | 98 |  | 98 |  | 98 |  | 98 |  |

| Redeemable preference shares | - |  | 2,267,200 |  | - |  | 2,267,200 |  |

| Other creditors | 1,940,600 |  | 1,800 |  | 1,940,600 |  | 1,800 |  |

| Directors' loan accounts | 346,400 |  | 18,000 |  | 346,400 |  | 18,000 |  |

| Accrued charges | 3,902,529 |  | 3,705,424 |  | - |  | - |  |

66,133,740 |  | 63,614,712 |  | 2,287,098 |  | 2,287,098 |  |

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

| Group |

| 31.3.25 |  | 31.3.24 |

£ | £ |

| Hire purchase contracts (see note 17) | 452,866 |  | 69,426 |  |

| Ethigen Holdings Limited (Registered number: SC679902) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

16. | LOANS

| An analysis of the maturity of loans is given below:

| Group |

| 31.3.25 |  | 31.3.24 |

£ | £ |

| Amounts falling due within one year or | on demand: |

| Bank overdrafts | 23,937,221 |  | 26,081,947 |  |

17. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Hire purchase |

| contracts |

| 31.3.25 |  | 31.3.24 |

£ | £ |

| Net obligations repayable:

| Within one year | 705,475 |  | 385,136 |  |

| Between one and five years | 452,866 |  | 69,426 |  |

1,158,341 |  | 454,562 |  |

| Group

| Non-cancellable |

| operating leases |

| 31.3.25 |  | 31.3.24

£ | £ |

| Within one year | 632,842 |  | 670,245 |  |

| Between one and five years | 2,666,232 |  | 2,774,885 |  |

| In more than five years | 4,027,889 |  | 4,545,710 |  |

7,326,963 |  | 7,990,840 |  |

| The operating lease commitment relates mainly to the lease of the property from where the group conducts its business, but also includes other operating leases. Lease payments recognised as an expense are included within the Income Statement. The total interest element outstanding at 31 March 2025, relating to Hire Purchase Contracts is £56,898 (2024 - £28,539).

| Ethigen Holdings Limited (Registered number: SC679902) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

18. | SECURED DEBTS

| The following secured debts are included within creditors:

| Group |

| 31.3.25 |  | 31.3.24 |

£ | £ |

| Bank overdraft | 23,937,221 |  | 26,081,947 |  |

| Hire purchase contracts | 1,158,341 |  | 454,562 |  |

25,095,562 |  | 26,536,509 |  |

| Bank borrowings are secured by a bond and floating charge and a first security over the trade debtors.

| Hire Purchase Contracts are secured over the related assets.

19. | PROVISIONS FOR LIABILITIES

| Group |

| 31.3.25 |  | 31.3.24 |

£ | £ |

| Deferred tax | 1,586,552 |  | 966,772 |  |

| Group

| Deferred |

| tax |

£ |

| Balance at 1 April 2024 | 966,772 |  |

| Provided during year | 619,780 |  |

| Balance at 31 March 2025 | 1,586,552 |  |

| The amount for provisions for liabilities includes the following deferred tax liabilities by type of timing difference:

|  | 2025 |  | 2024 |  |

| £ |  | £ |  |

| Accelerated capital allowances |  | 1,586,552 |  | 966,772 |  |

| The amount of the net reversal of deferred tax expected to occur next year is £377,333 (2024 - £195,368) in respect of existing timing differences on tangible fixed assets.

20. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

| 10,000 | Ordinary | £1 | 10,000 |  | 10,000 |  |

| Ethigen Holdings Limited (Registered number: SC679902) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

20. | CALLED UP SHARE CAPITAL - continued

| The shares have full rights with regards to voting, dividends and participation.

21. | RESERVES

| Group

| Retained |  | Share |

| earnings |  | premium |  | Totals

£ | £ | £ |

| At 1 April 2024 | 15,778,630 |  | 7,490,002 |  | 23,268,632 |  |

| Profit for the year | 1,893,394 |  | 1,893,394 |  |

| At 31 March 2025 | 17,672,024 |  | 7,490,002 |  | 25,162,026 |  |

| Company

| Retained |  | Share |

| earnings |  | premium |  | Totals

£ | £ | £ |

| At 1 April 2024 | 22,703,000 |  | 7,490,002 |  | 30,193,002 |  |

| Profit for the year | - | - |

| At 31 March 2025 | 22,703,000 |  | 7,490,002 |  | 30,193,002 |  |

| Called Up Share Capital - represents the nominal value of shares that have been issued.

| Retained Earnings - represents all accumulated profit and loss less dividends paid.

22. | RELATED PARTY DISCLOSURES

| Other related parties

| 31.3.25 |  | 31.3.24

£ | £ |

| Purchases | 1,071,588 |  | 1,203,073 |  |

| Rent | 78,154 |  | 345,000 |  |

| Amount due to related party | 78,154 |  | 267,229 |  |

| During the year, a total of key management personnel compensation of £ 379,516 (2024 - £ 627,948 ) was paid.

23. | ULTIMATE CONTROLLING PARTY

| The company is controlled by the Directors.