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Registration number: 14869421

Wick Topco Limited
Annual Report and Consolidated Financial Statements
for the Period from 11 July 2023 to 31 December 2024

Wick Topco Limited

Contents

Company Information | 1
Directors' Report | 2
Consolidated Balance Sheet | 3
Balance Sheet | 4
Consolidated Statement of Cash Flows | 5
Notes to the Financial Statements | 6 to 19

Wick Topco Limited

Company Information

Directors | M Deed I P Plumb G S Sunner S J Christie S W Ferguson G A Silver C R Snellgrove

Registered office | Sidney House Western Way Bury St. Edmunds IP33 3SP

Auditors | Hazlewoods LLP Windsor House Bayshill Road Cheltenham GL50 3AT

Wick Topco Limited

Directors' Report for the Period from 11 July 2023 to 31 December 2024

The directors present their report and the for the period from 11 July 2023 to 31 December 2024.

Directors of the company

The directors who held office during the period were as follows:

M Deed

C A McCormack (appointed 12 July 2023 and resigned 5 January 2026)

I P Plumb (appointed 16 August 2023)

G S Sunner

T Gates (appointed 13 September 2023 and resigned 22 March 2024)

B J Robinson (appointed 12 July 2023 and resigned 8 July 2024)

The following directors were appointed after the period end:

S J Christie (appointed 5 January 2026)

S W Ferguson (appointed 5 January 2026)

G A Silver (appointed 12 May 2025)

C R Snellgrove (appointed 20 February 2026)

S Vernon (appointed 12 May 2025 and resigned 20 February 2026)

Important non adjusting events after the financial period

Following the year, the company entered into an intra-group cross guarantee in respect of bank debt with its subsidiaries, for bank debt advanced to the company. At the date of sign off, the total amount borrowed is £4.35m.

Following the year end and up to date of this report, a further 5 legal entities have been acquired, consisting of 5 practices, for a total consideration of £7,525,000.

Disclosure of information to the auditor

Each director has taken the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Appointment of auditors

Hazlewoods LLP were appointed as auditors to the company during the period and have expressed their willingness to continue in office.

Approved by the Board on 13 March 2026 and signed on its behalf by:

S J Christie
Director

C R Snellgrove
Director

Wick Topco Limited

(Registration number: 14869421)
Consolidated Balance Sheet as at 31 December 2024

| Note | 31 December 2024 £ | Unaudited 10 July 2023 £
Fixed assets |  |  |
Intangible assets | 7 | 19,927,339 | -
Tangible assets | 8 | 1,076,464 | -
|  | 21,003,803 | -
Current assets |  |  |
Stocks | 10 | 375,270 | -
Debtors | 11 | 1,278,470 | 2
Cash at bank and in hand |  | 1,693,049 | -
|  | 3,346,789 | 2
Creditors: Amounts falling due within one year | 12 | (31,846,084) | -
Net current (liabilities)/assets |  | (28,499,295) | 2
Total assets less current liabilities |  | (7,495,492) | 2
Creditors: Amounts falling due after more than one year | 12 | (152,345) | -
Deferred tax liabilities | 6 | (113,511) | -
Net (liabilities)/assets |  | (7,761,348) | 2
Capital and reserves |  |  |
Called up share capital | 15 | 5,528 | 2
Share premium reserve |  | 382,320 | -
Retained earnings |  | (8,149,196) | -
Equity attributable to owners of the company |  | (7,761,348) | 2
Shareholders' (deficit)/funds |  | (7,761,348) | 2

These financial statements have been prepared in accordance with the provisions applicable to groups and companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 March 2026 and signed on its behalf by:

S J Christie
Director

C R Snellgrove
Director

Wick Topco Limited

(Registration number: 14869421)
Balance Sheet as at 31 December 2024

| Note | 31 December 2024 £ | Unaudited 10 July 2023 £
Fixed assets |  |  |
Investments | 9 | 2 | 2
Current assets |  |  |
Debtors | 11 | 26,084,426 | -
Creditors: Amounts falling due within one year | 12 | (28,539,170) | -
Net current liabilities |  | (2,454,744) | -
Net (liabilities)/assets |  | (2,454,742) | 2
Capital and reserves |  |  |
Called up share capital | 15 | 5,528 | 2
Share premium reserve |  | 382,320 | -
Retained earnings |  | (2,842,590) | -
Shareholders' (deficit)/funds |  | (2,454,742) | 2

The company made a loss after tax for the financial period of £2,842,590 (2023 - loss of £Nil).
These financial statements have been prepared in accordance with the provisions applicable to groups and companies subject to the small companies regime.

Approved and authorised by the Board on 13 March 2026 and signed on its behalf by:

S J Christie
Director

C R Snellgrove
Director

Wick Topco Limited

Consolidated Statement of Cash Flows for the Period from 11 July 2023 to 31 December 2024

| Note | 2024 £ | 2023 £
Cash flows from operating activities
Loss for the period |  | (8,149,196) | -
Adjustments to cash flows from non-cash items |  |  |
Depreciation and amortisation |  | 2,316,737 | -
Finance costs |  | 2,990,854 | -
Income tax expense | 6 | 17,172 | -
Foreign exchange gains/losses |  | 61 | -
|  | (2,824,372) | -
Working capital adjustments |  |  |
Decrease in stocks | 10 | 49,018 | -
Decrease/(increase) in trade debtors | 11 | 4,752,500 | (2)
Decrease in trade creditors | 12 | (1,654,197) | -
Cash generated from operations |  | 322,949 | (2)
Income taxes paid | 6 | (290,049) | -
Net cash flow from operating activities |  | 32,900 | (2)
Cash flows from investing activities |  |  |
Acquisitions of tangible assets |  | (456,952) | -
Acquisition of subsidiaries (net of cash acquired) less deferred consideration |  | (23,812,979) | -
Net cash flows from investing activities |  | (24,269,931) | -
Cash flows from financing activities |  |  |
Interest paid |  | (152,069) | -
Proceeds from issue of ordinary shares, net of issue costs |  | 387,846 | 2
Proceeds from issue of preference shares |  | 25,700,385 | -
Payments to finance lease creditors |  | (6,082) | -
Net cash flows from financing activities |  | 25,930,080 | 2
Net increase in cash and cash equivalents |  | 1,693,049 | -
Cash and cash equivalents at 11 July |  | - | -
Cash and cash equivalents at 31 December |  | 1,693,049 | -

Wick Topco Limited

Notes to the Financial Statements for the Period from 11 July 2023 to 31 December 2024

| 1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Sidney House
Western Way
Bury St. Edmunds
IP33 3SP
England

| 2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2024.
No Profit and Loss Account is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a loss after tax for the financial period of £2,842,590 (2023 - loss of £Nil).

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Wick Topco Limited

Notes to the Financial Statements for the Period from 11 July 2023 to 31 December 2024

Disclosure of long or short period

The financial statements cover a period of 540 days. The accounting period has been lengthened to bring the year end in line with that of the rest of the group.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Short leasehold property | Over the term of the lease
Fixtures and surgery equipment | Straight line over 5 years
Motor vehicles | Straight line over 5 years

Wick Topco Limited

Notes to the Financial Statements for the Period from 11 July 2023 to 31 December 2024

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Goodwill | 10 years straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Wick Topco Limited

Notes to the Financial Statements for the Period from 11 July 2023 to 31 December 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

Wick Topco Limited

Notes to the Financial Statements for the Period from 11 July 2023 to 31 December 2024

Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Wick Topco Limited

Notes to the Financial Statements for the Period from 11 July 2023 to 31 December 2024

| 3 | Staff costs

The average number of persons employed by the group (including directors) during the period, analysed by category was as follows:

| 11 July 2023 to 31 December 2024 No. | Unaudited 15 May to 10 July 2023 No.
Administration and support | 304 | 2

Company
The company incurred no staff costs and had no employees other than the directors.

| 4 | Directors' remuneration

The directors' remuneration for the period was as follows:

| 11 July 2023 to 31 December 2024 £ | Unaudited 15 May to 10 July 2023 £
Remuneration | 538,831 | -
Contributions paid to money purchase schemes | 5,390 | -
| 544,221 | -

During the period the number of directors who were receiving benefits and share incentives was as follows:

| 11 July 2023 to 31 December 2024 No. | Unaudited 15 May to 10 July 2023 No.
Accruing benefits under money purchase pension scheme | 4 | -

In respect of the highest paid director:

| 11 July 2023 to 31 December 2024 £ | Unaudited 15 May to 10 July 2023 £
Remuneration | 267,397 | -
Company contributions to money purchase pension schemes | 2,379 | -

| 5 | Auditors' remuneration

| 11 July 2023 to 31 December 2024 £ | Unaudited 15 May to 10 July 2023 £
Audit of these financial statements | 21,000 | -

Wick Topco Limited

Notes to the Financial Statements for the Period from 11 July 2023 to 31 December 2024

| 6 | Taxation

Deferred tax

Group

Deferred tax assets and liabilities

2024 | Liability £
Accelerated capital allowances | 113,511

| 7 | Intangible assets

Group

| Goodwill £
Cost or valuation
Additions acquired separately and at 31 December 2024 | 21,891,359
Amortisation
Amortisation charge and at 31 December 2024 | 1,964,020
Carrying amount
At 31 December 2024 | 19,927,339

Wick Topco Limited

Notes to the Financial Statements for the Period from 11 July 2023 to 31 December 2024

| 8 | Tangible assets

Group

| Land and buildings £ | Furniture, fittings and equipment £ | Motor vehicles £ | Total £
Cost or valuation
Additions | 127,055 | 502,227 | - | 629,282
Acquired through business combinations | 55,696 | 743,612 | 591 | 799,899
Disposals | (6,739) | - | - | (6,739)
At 31 December 2024 | 176,012 | 1,245,839 | 591 | 1,422,442
Depreciation
Charge for the period | 9,256 | 336,655 | 591 | 346,502
Eliminated on disposal | (524) | - | - | (524)
At 31 December 2024 | 8,732 | 336,655 | 591 | 345,978
Carrying amount
At 31 December 2024 | 167,280 | 909,184 | - | 1,076,464

Leased assets
Included within the net book value of tangible fixed assets is £113,478 (2023 - £Nil) in respect of assets held under finance leases and similar hire purchase contracts. Depreciation for the year on these assets was £34,254 (2023 - £Nil).

| 9 | Investments

Company

| 31 December 2024 £ | Unaudited 10 July 2023 £
Investments in subsidiaries | 2 | 2

Subsidiaries | £
Cost and carrying amount
At 11 July 2023 and at 31 December 2024 | 2

Wick Topco Limited

Notes to the Financial Statements for the Period from 11 July 2023 to 31 December 2024

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking | Registered office | Holding | Proportion of voting rights and shares held
|  |  | 2024 | 2023
Subsidiary undertakings
Kin Vet Community Holdings Limited | England and Wales | Ordinary | 100% | 100%
Kin Vet Community Limited | England and Wales | Ordinary | 100% | 0%
Kin Pet Care Limited * | England and Wales | Ordinary | 100% | 0%
Mercer And Hughes Limited * | England and Wales | Ordinary | 100% | 0%
Penrose Veterinary Group Limited * | England and Wales | Ordinary | 100% | 0%
Swayne & Partners Limited * | England and Wales | Ordinary | 100% | 0%
Willett House Vets Limited * | England and Wales | Ordinary | 100% | 0%
Willett House Holdings Limited * | England and Wales | Ordinary | 100% | 0%

* - held indirectly by Wick Topco Limited.
All subsidiaries are registered at Room 403, 4th Floor, Capital House, Chapel Street, London, NW1 5DH.
The principal activity of Willet House Holdings Limited is that of a dormant company. The principal activity of Kin Vet Community Holdings Limited is that of a holding company. The principal activity of all other subsidiaries is the provision of veterinary services.

| 10 | Stocks

| Group | Company
| 31 December 2024 £ | Unaudited 10 July 2023 £ | 31 December 2024 £ | Unaudited 10 July 2023 £
Inventory | 375,270 | - | - | -

Wick Topco Limited

Notes to the Financial Statements for the Period from 11 July 2023 to 31 December 2024

| 11 | Debtors

| Group | Company
| 31 December 2024 £ | Unaudited 10 July 2023 £ | 31 December 2024 £ | Unaudited 10 July 2023 £
Trade debtors | 639,406 | - | - | -
Amounts owed by group undertakings | - | - | 26,069,216 | -
Other debtors | 276,170 | 2 | 15,210 | -
Prepayments | 362,894 | - | - | -
| 1,278,470 | 2 | 26,084,426 | -

| 12 | Creditors

|  | Group | Company
| Note | 31 December 2024 £ | Unaudited 10 July 2023 £ | 31 December 2024 £ | Unaudited 10 July 2023 £
Due within one year |  |  |  |  |
Loans and borrowings | 13 | 28,565,072 | - | 28,539,170 | -
Trade creditors |  | 657,746 | - | - | -
Social security and other taxes |  | 957,820 | - | - | -
Outstanding defined contribution pension costs |  | 16,516 | - | - | -
Other payables |  | 772,124 | - | - | -
Accruals |  | 671,353 | - | - | -
Corporation tax liability |  | 205,453 | - | - | -
|  | 31,846,084 | - | 28,539,170 | -
Due after one year |  |  |  |  |
Loans and borrowings | 13 | 152,345 | - | - | -

Wick Topco Limited

Notes to the Financial Statements for the Period from 11 July 2023 to 31 December 2024

| 13 | Loans and borrowings

Current loans and borrowings

| Group | Company
| 31 December 2024 £ | Unaudited 10 July 2023 £ | 31 December 2024 £ | Unaudited 10 July 2023 £
Hire purchase contracts | 25,902 | - | - | -
Redeemable preference shares | 28,539,170 | - | 28,539,170 | -
| 28,565,072 | - | 28,539,170 | -

Non-current loans and borrowings

| Group | Company
| 31 December 2024 £ | Unaudited 10 July 2023 £ | 31 December 2024 £ | Unaudited 10 July 2023 £
Hire purchase contracts | 152,345 | - | - | -

Hire purchase contracts are secured against the assets to which they relate to.

Preference shares classified as debt

| Group and Company 2024 | Group and Company 2023
| No | £ | No | £
A preference shares of £1 each | 25,138,239 | 25,138,239 | - | -
B preference shares of £1 each | 562,146 | 562,146 | - | -
| 25,700,385 | 25,700,385 | - | -

The A and B preference shares are unsecured and carry a 11% annual cumulative dividend (calculated by preference to the issue price of £1 each), which is payable on redemption of the shares. The shares can be redeemed at the option of the holders of the shares. The preference shares above represent the nominal value of the shares of £27,303,065 (2023 - £Nil) plus accrued dividends £2,842,590 (2023 - £Nil).

Wick Topco Limited

Notes to the Financial Statements for the Period from 11 July 2023 to 31 December 2024

| 14 | Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the group to the scheme and amounted to £333,433 (2023 - £Nil).
Contributions totalling £16,516 (2023 - £Nil) were payable to the scheme at the end of the period and are included in creditors.

| 15 | Share capital

Allotted, called up and fully paid shares

| 31 December 2024 | 10 July 2023
| No. | £ | No. | £
A Ordinary Shares of £0.01 (2023 - £0) each | 461,761 | 4,618 | - | -
B Ordinary Shares of £0.01 (2023 - £0) each | 17,854 | 179 | - | -
C Ordinary Shares of £0.01 (2023 - £0) each | 73,233 | 732 | - | -
Ordinary Shares of £0 (2023 - £1) each | - | - | 2 | 2
| 552,848 | 5,528 | 2 | 2

New shares allotted

During the period 461,561 A Ordinary Shares having an aggregate nominal value of £4,616 were allotted for an aggregate consideration of £461,561.
During the period 17,854 B Ordinary Shares having an aggregate nominal value of £179 were allotted for an aggregate consideration of £17,854.
During the period 73,233 C Ordinary shares having an aggregate nominal value of £732 were allotted for an aggregate consideration of £73,233.

Rights, preferences and restrictions
The different classes of shares referred to above carry separate rights as disclosed in the company's articles of association.

Wick Topco Limited

Notes to the Financial Statements for the Period from 11 July 2023 to 31 December 2024

| 16 | Analysis of changes in net debt

Group

| At 11 July 2023 £ | Financing cash flows £ | Acquisition of subsidiaries £ | New finance leases £ | Other non-cash changes £ | At 31 December 2024 £
Cash and cash equivalents |  |  |  |  |  |
Cash | - | (1,551,514) | 3,244,563 | - | - | 1,693,049
Borrowings |  |  |  |  |  |
Preference shares | - | (25,696,580) | - | - | (2,842,590) | (28,539,170)
Lease liabilities | - | 6,082 | (3,736) | (172,330) | - | (169,984)
| - | (25,690,498) | (3,736) | (172,330) | (2,842,590) | (28,709,154)
| - | (27,242,012) | 3,240,827 | (172,330) | (2,842,590) | (27,016,105)

Other non-cash changes relate to accrued preference share dividends.

Wick Topco Limited

Notes to the Financial Statements for the Period from 11 July 2023 to 31 December 2024

| 17 | Related party transactions

Group and Company

Summary of transactions with other related parties

During the period, ultimate controlling party charged the group £147,043 (2023 - £Nil) in monitoring fees and recharged other expenses of £17,193 (2023 - £Nil).

| 18 | Non adjusting events after the financial period

Following the year, the company entered into an intra-group cross guarantee in respect of bank debt with its subsidiaries, for bank debt advanced to the company. At the date of sign off, the total amount borrowed is £4.35m.
Following the year end and up to date of this report, a further 5 legal entities have been acquired, consisting of 5 practices, for a total consideration of £7,525,000.

| 19 | Parent and ultimate parent undertaking

The company is considered to have no single controlling party.

| 20 | Disclosure under Section 444 (5B) CA 2006 relating to the independent auditor's report

As permitted by Section 444 CA 2006, these accounts do not contain a copy of the company’s Profit and Loss account. Accordingly, the Independent Auditors’ Report has also been omitted.
The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 13 March 2026 was Simon Worsley, who signed for and on behalf of Hazlewoods LLP.