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REGISTERED NUMBER: 04522585 (England and Wales)

| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |

| FINANCIAL STATEMENTS |

| FOR THE PERIOD |

| 1ST JUNE 2024 TO 31ST MARCH 2025 |

| FOR |

| MEDSOL GROUP LTD |

| MEDSOL GROUP LTD (REGISTERED NUMBER: 04522585) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE PERIOD 1ST JUNE 2024 TO 31ST MARCH 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 5 |

| Report of the Independent Auditors | 7 |

| Income Statement | 10 |

| Other Comprehensive Income | 11 |

| Balance Sheet | 12 |

| Statement of Changes in Equity | 13 |

| Notes to the Financial Statements | 14 |

| MEDSOL GROUP LTD |

COMPANY INFORMATION

FOR THE PERIOD 1ST JUNE 2024 TO 31ST MARCH 2025

| DIRECTORS: | J P Brown

| I Oxley

| Mrs P E Jarvis

| D S Simpkin

| REGISTERED OFFICE: | 27 Duke Street

| Chelmsford

| Essex

| CM1 1HT

| REGISTERED NUMBER: | 04522585 (England and Wales)

| AUDITORS: | ESW Limited

| Chartered Accountants

| & Registered Auditors

| 162-164 High Street

| Rayleigh

| Essex

| SS6 7BS

| BANKERS: | HSBC Bank PLC

| Coventry DSC

| Harry Weston Road

| Binley

| Coventry

| CV3 2TQ

| MEDSOL GROUP LTD (REGISTERED NUMBER: 04522585) |

STRATEGIC REPORT

FOR THE PERIOD 1ST JUNE 2024 TO 31ST MARCH 2025

The directors present their strategic report for the period 1st June 2024 to 31st March 2025.

Medsol Group Ltd continues to operate as a specialist provider of medical recruitment services, supplying temporary and permanent healthcare professionals to both private and NHS healthcare facilities across the United Kingdom. Our services play a vital role in addressing critical staffing challenges within the healthcare sector.

REVIEW OF BUSINESS

During the period, the company operated in a materially changing healthcare staffing environment. National policy initiatives aimed at reducing NHS agency expenditure resulted in sustained reductions in temporary staffing demand and increased pricing pressure across segments of the market.

Turnover for the period was £17.1m (2024: £28.4m). The reduction reflects both the shorter reporting period and reduced agency volumes. The company made a small operating loss of £2,300 (2024: £331,000 operating profit), reflecting margin compression within temporary staffing markets and increased cost pressures.

The Directors determined that changes within the NHS agency market represent a structural shift rather than a short-term fluctuation. Towards the latter part of the reporting period, the Group initiated a structured strategic transformation programme designed to realign its cost base and diversify revenue streams.

The financial results for the year show:

- Revenue decreased by 40% to £17.1m (2024: £28.4m)

- Gross profit decreased to £2.5m (2024: £3.8m)

- Operating loss £2.3k (2024: £331k operating profit)

- Gross margin increased to 14.7% (2024: 13.5%)

STRATEGIC TRANSFORMATION AND IMPLEMENTATION TIMELINE

The transformation programme commenced late in the reporting period and is expected to take approximately 12 months to be fully implemented and embedded across the company's operations.

The majority of restructuring activity, including workforce realignment and associated redundancy costs, will occur during the year ending 2026. Accordingly:

- Most restructuring costs will be recognised in the subsequent financial year.

- The full operational and financial benefits of the programme are not expected to be reflected until the year ending 2027.

The objective of the programme is to reduce structural exposure to NHS temporary staffing markets while strengthening the long-term sustainability and resilience of the company.

OPERATIONAL REALIGNMENT

Planned measures include:

- Streamlining of management layers

- Consolidation of operational teams

- Reduction of duplicated support functions

- Alignment of overhead costs to anticipated lower agency volumes

These measures are intended to ensure that the company's fixed cost base remains proportionate to market demand and supports prudent financial management.

The Directors recognise that workforce restructuring can impact employees and are committed to managing the process responsibly and in accordance with applicable employment legislation.

| MEDSOL GROUP LTD (REGISTERED NUMBER: 04522585) |

STRATEGIC REPORT

FOR THE PERIOD 1ST JUNE 2024 TO 31ST MARCH 2025

REVENUE DIVERSIFICATION

In parallel with cost realignment, the company has initiated diversification initiatives to broaden revenue sources and reduce reliance on traditional NHS agency activity.

Private Healthcare Recruitment

The company has expanded recruitment services into the independent healthcare sector, supplying clinicians and nursing staff to private hospital providers. This sector provides diversification of income and reduced exposure to NHS agency controls.

Overseas Recruitment

Development of overseas recruitment channels has commenced to support workforce supply in both NHS and private settings. This initiative is intended to broaden the company recruitment base and support longer-term placement models.

Complex Care Development

Preparatory work has commenced to support entry into complex care services. This represents a move towards longer-term, contract-based revenue models commissioned by local authorities and integrated care systems.

GROUP INTEGRATION AND SHARED SERVICES

Towards the end of the period, the company began implementing greater integration of resources across other subsidiaries within the group through a shared services model. Functions being consolidated include:

- Finance

- Governance and compliance

- Marketing and business development

- IT infrastructure

This integration is intended to reduce duplication, improve governance consistency and enhance scalability.

LIQUIDITY AND FINANCIAL MANAGEMENT

During the period, the company actively managed working capital and cash flow in response to market conditions. Banking facilities remained in place at the year end, and the Directors continue to monitor liquidity closely as part of the transformation programme.

The Directors have reviewed cash flow forecasts and trading projections and remain satisfied that the company continues to operate as a going concern.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks facing the company include:

- Continued reduction in NHS agency expenditure

- Margin compression within temporary staffing markets

- Competitive pressures across insourcing frameworks

- Cash flow management during the transition period

The strategic transformation programme and diversification initiatives described above are intended to mitigate these risks by reducing reliance on a single revenue stream and strengthening operational flexibility.

FUTURE OUTLOOK

The forthcoming financial year will focus on execution of the transformation programme. The Directors expect that restructuring activity will be substantially completed during the year ending 2026, with the benefits of cost realignment and diversification expected to become more fully reflected in financial performance by the year ending 2027.

While trading conditions within NHS agency staffing remain challenging, the Directors believe that the actions initiated during and subsequent to the reporting period position the company to operate within a lower-agency-spend environment with a more diversified and resilient operating model.

The Board remains committed to prudent financial management and maintaining the long-term sustainability of the

company.

| MEDSOL GROUP LTD (REGISTERED NUMBER: 04522585) |

STRATEGIC REPORT

FOR THE PERIOD 1ST JUNE 2024 TO 31ST MARCH 2025

ON BEHALF OF THE BOARD:

Mrs P E Jarvis - Director

6th March 2026

| MEDSOL GROUP LTD (REGISTERED NUMBER: 04522585) |

REPORT OF THE DIRECTORS

FOR THE PERIOD 1ST JUNE 2024 TO 31ST MARCH 2025

The directors present their report with the financial statements of the company for the period 1st June 2024 to 31st March 2025.

PRINCIPAL ACTIVITY

Medsol Group Ltd continues to operate as a specialist provider of medical recruitment services, supplying temporary and permanent healthcare professionals to both private and NHS healthcare facilities across the United Kingdom. Our services play a vital role in addressing critical staffing challenges within the healthcare sector.

DIVIDENDS

During the period total interim dividends of £401.67 per share were paid. The directors recommend that no final

dividend be paid.

DIRECTORS

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

J P Brown

I Oxley

Mrs P E Jarvis

D S Simpkin

FINANCIAL INSTRUMENTS

Financial risk management

The company's operations expose it to a variety of financial risks that include the effect of changes in liquidity risk and

interest rate risk. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the group by monitoring levels of debt finance and the related finance costs.

Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the company's finance department.

Liquidity risk

The company actively maintains a mixture of long-term and short-term debt finance that is designed to ensure the company has sufficient available funds for operations and planned extensions.

Interest rate cash flow risk

The company only has interest bearing liabilities.

Credit risk

The company has implemented policies that require appropriate credit checks on potential customers in the private sector before sales are made. The amount of exposure to individual customers is subject to a limit, which is reassessed regularly by the board.

| MEDSOL GROUP LTD (REGISTERED NUMBER: 04522585) |

REPORT OF THE DIRECTORS

FOR THE PERIOD 1ST JUNE 2024 TO 31ST MARCH 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

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

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 company'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 company's auditors are aware of that information.

AUDITORS

The auditors, ESW Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mrs P E Jarvis - Director

6th March 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

MEDSOL GROUP LTD

Opinion

We have audited the financial statements of Medsol Group Ltd (the 'company') for the period ended 31st March 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 company's affairs as at 31st March 2025 and of its loss for the period 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

MEDSOL GROUP LTD

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the 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, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of directors

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

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

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:

The company is subject to numerous laws and regulations that could reasonably be expected to have a material effect on the financial statements. From our general commercial experience and discussion with management, we identified the following laws and regulations; healthcare provider regulations, employment and agency workers laws and regulations, health and safety, employment taxes, financial reporting and distributable profits.

Our audit procedures to address potential fraud and non-compliance with laws and regulations included:

- Enquiry of management and staff

- Review of legal documentation and correspondence

- Analytical review to identify unexpected account movements and investigation of variances

- Assessment of potential management override by review of journals and unusual accounting entries

- Identification and review of transactions with related parties

- Review of year end cut-off and after date transactions

- Reconciliation of intercompany balances

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

MEDSOL GROUP LTD

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters 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.

Stephen Cracknell FCA (Senior Statutory Auditor)

for and on behalf of ESW Limited

Chartered Accountants

& Registered Auditors

162-164 High Street

Rayleigh

Essex

SS6 7BS

6th March 2026

| MEDSOL GROUP LTD (REGISTERED NUMBER: 04522585) |

INCOME STATEMENT

FOR THE PERIOD 1ST JUNE 2024 TO 31ST MARCH 2025

| Period |

| 1.6.24 |

| to |  | Year Ended

| 31.3.25 |  | 31.5.24

| Notes | £ | £ |

TURNOVER | 3 | 17,058,016 |  | 28,362,225 |  |

Cost of sales | (14,545,185 | ) | (24,542,308 | ) |

GROSS PROFIT | 2,512,831 |  | 3,819,917 |  |

Administrative expenses | (2,515,141 | ) | (3,489,029 | ) |

OPERATING (LOSS)/PROFIT | 5 | (2,310 | ) | 330,888 |  |

Interest payable and similar expenses | 6 | (57,412 | ) | (48,108 | ) |

(LOSS)/PROFIT BEFORE TAXATION | (59,722 | ) | 282,780 |  |

Tax on (loss)/profit | 7 | (6,658 | ) | (70,455 | ) |

(LOSS)/PROFIT FOR THE FINANCIAL PERIOD | (66,380 | ) | 212,325 |  |

| MEDSOL GROUP LTD (REGISTERED NUMBER: 04522585) |

OTHER COMPREHENSIVE INCOME

FOR THE PERIOD 1ST JUNE 2024 TO 31ST MARCH 2025

| Period |

| 1.6.24 |

| to |  | Year Ended

| 31.3.25 |  | 31.5.24

| Notes | £ | £ |

(LOSS)/PROFIT FOR THE PERIOD | (66,380 | ) | 212,325 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | (66,380 | ) | 212,325 |  |

| MEDSOL GROUP LTD (REGISTERED NUMBER: 04522585) |

BALANCE SHEET

31ST MARCH 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Intangible assets | 9 | 619 |  | 1,392 |  |

Tangible assets | 10 | 42,618 |  | 50,334 |  |

43,237 |  | 51,726 |  |

CURRENT ASSETS

Debtors | 11 | 2,551,914 |  | 3,717,680 |  |

Cash at bank | 5,008 |  | 22,790 |  |

2,556,922 |  | 3,740,470 |  |

CREDITORS

Amounts falling due within one year | 12 | (2,513,333 | ) | (3,597,898 | ) |

NET CURRENT ASSETS | 43,589 |  | 142,572 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 86,826 |  | 194,298 |  |

PROVISIONS FOR LIABILITIES | 16 | (5,032 | ) | (5,957 | ) |

NET ASSETS | 81,794 |  | 188,341 |  |

CAPITAL AND RESERVES

Called up share capital | 17 | 100 |  | 100 |  |

Retained earnings | 18 | 81,694 |  | 188,241 |  |

SHAREHOLDERS' FUNDS | 81,794 |  | 188,341 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 6th March 2026 and were signed on its behalf by:

Mrs P E Jarvis - Director

| MEDSOL GROUP LTD (REGISTERED NUMBER: 04522585) |

STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD 1ST JUNE 2024 TO 31ST MARCH 2025

| Called up |  | Capital |

| share |  | Retained |  | redemption |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 1st June 2023 | 100 |  | 73,580 |  | 533,425 |  | 607,105 |  |

Changes in equity

Dividends | - |  | (631,089 | ) | - |  | (631,089 | ) |

Total comprehensive income | - |  | 745,750 |  | (533,425 | ) | 212,325 |  |

Balance at 31st May 2024 | 100 |  | 188,241 |  | - |  | 188,341 |  |

Changes in equity

Dividends | - |  | (40,167 | ) | - |  | (40,167 | ) |

Total comprehensive income | - |  | (66,380 | ) | - |  | (66,380 | ) |

Balance at 31st March 2025 | 100 |  | 81,694 |  | - |  | 81,794 |  |

| MEDSOL GROUP LTD (REGISTERED NUMBER: 04522585) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD 1ST JUNE 2024 TO 31ST MARCH 2025

1. | STATUTORY INFORMATION

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

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

| Financial Reporting Standard 102 - reduced disclosure exemptions

| 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. The company has therefore taken advantage of exemptions from the following disclosure requirements:

| - Section 4 'Statement of Financial Position' - Reconciliation of the opening and closing number of shares;

| - Section 7 'Statement of Cash Flows' - Presentation of a statement of cash flow and related notes and disclosures;

| - Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' - Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

| - Section 33 'Related Party Disclosures' - Compensation for key management personnel.

| Turnover

| Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and trade discounts.

| Turnover from the rendering of services is recognised in the period in which the service has been completed.

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Other intangible assets are being amortised evenly over their estimated useful life of 10 years.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Fixtures and fittings | - | 15% on reducing balance

| Computer equipment | - | 33% on reducing balance

| Impairment of fixed assets

| At each reporting period end date, the company reviews the carrying amounts of its tangible 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 group estimates the recoverable amount of the cash-generating unit to which the asset belongs.

| MEDSOL GROUP LTD (REGISTERED NUMBER: 04522585) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1ST JUNE 2024 TO 31ST MARCH 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12

| 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

| Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

| Financial assets and liabilities are offset, with 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 trade and other 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 method.

| 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 company after deducting all of its liabilities.

| Basic financial liabilities

| Basic financial liabilities, including trade and other creditors and bank loans, 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 payments discounted at a market rate of interest.

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

| Equity instruments

| Equity instruments issued by the company are recorded at the fair value of 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 company.

| Taxation

| Taxation for the period comprises current and deferred tax. Tax is recognised in the 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.

| MEDSOL GROUP LTD (REGISTERED NUMBER: 04522585) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1ST JUNE 2024 TO 31ST MARCH 2025

3. | TURNOVER

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

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

| Period |

| 1.6.24 |

| to | Year Ended

| 31.3.25 |  | 31.5.24

£ | £ |

| Rendering of services | 17,058,016 |  | 28,362,225 |  |

17,058,016 |  | 28,362,225 |  |

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

| Period |

| 1.6.24 |

| to | Year Ended

| 31.3.25 |  | 31.5.24

£ | £ |

| United Kingdom | 17,058,016 |  | 28,362,225 |  |

17,058,016 |  | 28,362,225 |  |

4. | EMPLOYEES AND DIRECTORS

| Period |

| 1.6.24 |

| to | Year Ended

| 31.3.25 |  | 31.5.24

£ | £ |

| Wages and salaries | 16,082,436 |  | 26,698,187 |  |

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

| Period |

| 1.6.24 |

| to | Year Ended

| 31.3.25 |  | 31.5.24

| Agency workers | 20 |  | 37 |  |

| Management | 4 |  | 4 |  |

| Administration | 4 |  | 15 |  |

| Sales | 20 |  | 40 |  |

48 |  | 96 |  |

| MEDSOL GROUP LTD (REGISTERED NUMBER: 04522585) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1ST JUNE 2024 TO 31ST MARCH 2025

4. | EMPLOYEES AND DIRECTORS - continued

| Period |

| 1.6.24 |

| to | Year Ended

| 31.3.25 |  | 31.5.24

£ | £ |

| Directors' remuneration | 36,958 |  | 53,987 |  |

5. | OPERATING (LOSS)/PROFIT

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

| Period |

| 1.6.24 |

| to | Year Ended

| 31.3.25 |  | 31.5.24

£ | £ |

| Depreciation - owned assets | 10,929 |  | 14,087 |  |

| Other intangible assets amortisation | 773 |  | 928 |  |

| Auditors' remuneration | 12,057 |  | 11,000 |  |

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| Period |

| 1.6.24 |

| to | Year Ended

| 31.3.25 |  | 31.5.24

£ | £ |

| HMRC fines and interest | 57,412 |  | 48,108 |  |

7. | TAXATION

| Analysis of the tax charge

| The tax charge on the loss for the period was as follows:

| Period |

| 1.6.24 |

| to | Year Ended

| 31.3.25 |  | 31.5.24

£ | £ |

| Current tax:

| UK corporation tax | - |  | 69,694 |  |

| Under provision prior year | 7,583 |  | - |  |

| Total current tax | 7,583 |  | 69,694 |  |

| Deferred tax | (925 | ) | 761 |  |

| Tax on (loss)/profit | 6,658 |  | 70,455 |  |

| MEDSOL GROUP LTD (REGISTERED NUMBER: 04522585) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1ST JUNE 2024 TO 31ST MARCH 2025

7. | TAXATION - continued

| Reconciliation of total tax charge included in profit and loss

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

| Period |

| 1.6.24 |

| to | Year Ended

| 31.3.25 |  | 31.5.24

£ | £ |

| (Loss)/profit before tax | (59,722 | ) | 282,780 |  |

| (Loss)/profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | (14,931 | ) | 70,695 |  |

| Effects of:

| Expenses not deductible for tax purposes | 94 |  | - |  |

| Capital allowances in excess of depreciation | - |  | (1,000 | ) |

| Depreciation in excess of capital allowances | 1,218 |  | - |  |

| Deferred tax | (925 | ) | 760 |  |

| Taxable losses carried forward | 13,619 |  | - |  |

| Under provision prior year | 7,583 |  | - |  |

| Total tax charge | 6,658 |  | 70,455 |  |

8. | DIVIDENDS

| Period |

| 1.6.24 |

| to | Year Ended

| 31.3.25 |  | 31.5.24

£ | £ |

| Ordinary shares of £1 each

| Interim | 40,167 |  | 631,089 |  |

| MEDSOL GROUP LTD (REGISTERED NUMBER: 04522585) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1ST JUNE 2024 TO 31ST MARCH 2025

9. | INTANGIBLE FIXED ASSETS

| Other

| intangible

| assets

£ |

| COST

| At 1st June 2024

| and 31st March 2025 | 4,639 |  |

| AMORTISATION

| At 1st June 2024 | 3,247 |  |

| Amortisation for period | 773 |  |

| At 31st March 2025 | 4,020 |  |

| NET BOOK VALUE

| At 31st March 2025 | 619 |  |

| At 31st May 2024 | 1,392 |  |

10. | TANGIBLE FIXED ASSETS

| Fixtures |

| and |  | Computer |

| fittings |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1st June 2024 | 43,030 |  | 58,036 |  | 101,066 |  |

| Additions | - |  | 3,213 |  | 3,213 |  |

| At 31st March 2025 | 43,030 |  | 61,249 |  | 104,279 |  |

| DEPRECIATION

| At 1st June 2024 | 18,160 |  | 32,572 |  | 50,732 |  |

| Charge for period | 3,104 |  | 7,825 |  | 10,929 |  |

| At 31st March 2025 | 21,264 |  | 40,397 |  | 61,661 |  |

| NET BOOK VALUE

| At 31st March 2025 | 21,766 |  | 20,852 |  | 42,618 |  |

| At 31st May 2024 | 24,870 |  | 25,464 |  | 50,334 |  |

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

2025 | 2024 |

£ | £ |

| Trade debtors | 1,564,765 |  | 3,192,825 |  |

| Amounts owed by group undertakings | 368,490 |  | 152,230 |  |

| Prepayments and accrued income | 618,659 |  | 372,625 |  |

2,551,914 |  | 3,717,680 |  |

| MEDSOL GROUP LTD (REGISTERED NUMBER: 04522585) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1ST JUNE 2024 TO 31ST MARCH 2025

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

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts (see note 13) | 474,296 |  | - |  |

| Trade creditors | 311,462 |  | 237,571 |  |

| Amounts owed to group undertakings | - |  | 324,099 |  |

| Social security and other taxes | 354,908 |  | 1,036,517 |  |

| Other creditors | 307,909 |  | 20,925 |  |

| Factor advance | 937,369 |  | 1,794,398 |  |

| Accruals and deferred income | 127,389 |  | 184,388 |  |

2,513,333 |  | 3,597,898 |  |

13. | LOANS

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

2025 | 2024 |

£ | £ |

| Amounts falling due within one year or on demand:

| Bank overdrafts | 474,296 |  | - |  |

14. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2025 | 2024 |

£ | £ |

| Within one year | 84,480 |  | 84,480 |  |

| Between one and five years | - |  | 84,480 |  |

84,480 |  | 168,960 |  |

15. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Factor advance | 937,369 |  | 1,794,398 |  |

| The factor advance is secured by a fixed and floating charge dated 24 August 2017 over the company's assets.

| Company overdraft facilities are secured by a fixed and floating charge dated 15 June 2020 over the company's assets, and cross guarantees given by all of the group members.

16. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax | 5,032 |  | 5,957 |  |

| MEDSOL GROUP LTD (REGISTERED NUMBER: 04522585) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1ST JUNE 2024 TO 31ST MARCH 2025

16. | PROVISIONS FOR LIABILITIES - continued

| Deferred |

| tax |

£ |

| Balance at 1st June 2024 | 5,957 |  |

| Provided during period | (925 | ) |

| Balance at 31st March 2025 | 5,032 |  |

17. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 100 | Ordinary | £1 | 100 |  | 100 |  |

18. | RESERVES

| Retained

| earnings

£ |

| At 1st June 2024 | 188,241 |  |

| Deficit for the period | (66,380 | ) |

| Dividends | (40,167 | ) |

| At 31st March 2025 | 81,694 |  |

19. | CONTINGENT LIABILITIES

| The company has given a guarantee against the bank overdraft facilities to other group members.

20. | RELATED PARTY DISCLOSURES

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

21. | PARENT COMPANY

| The company's immediate and ultimate parent undertaking is GPS Medsol Holdings Limited, a company incorporated in England and Wales which is the smallest and largest group for which consolidated accounts including Medsol Group Limited are prepared. The consolidated accounts of GPS Medsol Holdings Limited are available from its registered office, 27 Duke Street, Chelmsford, England, CM1 1HT.