Company registration number 11875702 (England and Wales)
XIEL LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2025
XIEL LTD
COMPANY INFORMATION
Directors
S Hall
(Appointed 21 December 2024)
M O'Herlihy
(Appointed 21 December 2024)
O Goldberg
(Appointed 21 December 2024)
J Knight
(Appointed 21 December 2024)
P Sykes
(Appointed 21 December 2024)
Company number
11875702
Registered office
26-27 Capitol Park Capitol Way
Colindale
London
England
NW9 0EQ
Auditor
Gerald Edelman LLP
73 CORNHILL
LONDON
EC3V 3QQ
Business address
2 Yelling Mill
Yelling Mill Lane
Downside
Shepton Mallet
BA4 4JT
XIEL LTD
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 6
Profit and loss account
7
Balance sheet
8
Notes to the financial statements
9 - 15
XIEL LTD
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 JUNE 2025
- 1 -

The directors present their annual report and financial statements for the period ended 30 June 2025. The directors are pleased with the results for the period. Xiel Ltd (the "Company") is well positioned to achieve further growth in the next financial year.

The Company was purchased on 21 December 2024 by Medical Imaging Solutions Limited, the purchase was for 100% of the share capital. Xiel Ltd extended its period end date to 30 June 2025 to align with the group.

Principal activities

The principal activity of the company continued to be that of the sale and distribution of specialist nuclear medicine and radiotherapy solutions.

Directors

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

S Hall
(Appointed 21 December 2024)
M O'Herlihy
(Appointed 21 December 2024)
O Goldberg
(Appointed 21 December 2024)
J Knight
(Appointed 21 December 2024)
P Sykes
(Appointed 21 December 2024)
N Stevens
(Resigned 21 December 2024)
H Stevens
(Resigned 21 December 2024)
Auditor

Gerald Edelman LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, they will be deemed to be re-appointed.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
S Hall
Director
18 December 2025
XIEL LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2025
- 2 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the 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; and

- 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.

XIEL LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF XIEL LTD
- 3 -

Qualified opinion

We have audited the financial statements of Xiel Ltd (the 'company') for the period ended 30 June 2025 which comprise the profit and loss account, the balance sheet and notes to the financial statements, including 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, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements:

- give a true and fair view of the state of the company's affairs as at 30 June 2025 and of its profit 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 qualified opinion

We were appointed auditor for the company following the acquisition by Medical Imaging Solutions Limited o n 21 December 2024 which led to the company requiring an audit for the first time for the period between 1 April 2024 to 30 June 2025. Comparative figures for the year ended 31 March 2024 were not subject to audit and accordingly we do not express an opinion on them. We were unable to satisfy ourselves by alternative means concerning the value of stock (£365,331) for the year ended 31 March 2024 using other audit procedures. Consequently, we were unable to determine whether any adjustment to this amount was necessary.

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

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of 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.

As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves by alternative means concerning the following balances for the year end 31 March 2024 using other audit procedures: stock (£365,331). We have concluded that where the other information refers to these balances, it may be materially misstated for the same reason.

XIEL LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF XIEL LTD (CONTINUED)
- 4 -

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the directors' r eport for the financial period for which the financial statements are prepared is consistent with the financial statements; and

- the directors' report has been prepared in accordance with applicable legal requirements.

Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the directors’ report.

Matters on which we are required to report by exception

In respect solely of the limitation on our work relating to stock, described above:

- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and

- we were unable to determine whether adequate accounting records had been maintained.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the directors' r eport. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- 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

- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

XIEL LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF XIEL LTD (CONTINUED)
- 5 -

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We planned our audit so that we have a reasonable expectation of detecting material misstatements in the financial statements resulting from irregularities, fraud or non-compliance with law or regulations.

We considered the nature of the company’s industry and its control environment and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management and the directors about their own identification and assessment of the irregularities, including those that are specific to the company’s business sector.

We obtained and understanding of the legal and regulatory framework that the company operates in, and identified the key laws and regulations that:

- had a direct effect on the determination of the material amounts and disclosures in the financial statements. These included UK Companies Act and tax legislation; and

- do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.

We discussed among the engagement team regarding the opportunities and incentives that may exist within the organization for fraud and how and where fraud might occur in the financial statements.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

- reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- enquiring of management concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and

- reading minutes of meetings of those charged with governance.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

XIEL LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF XIEL LTD (CONTINUED)
- 6 -

Other matters which we are required to address

In preparing the financial statements for the year ended 30 June 2025, attention should be drawn to the matter that the corresponding prior period comparative figures in the financial statements for the year ended 31 March 2024, for the Income Statement, Statement of Financial Position and the related notes, are unaudited. For the avoidance of doubt this does not modify our audit opinion for the year ended 30 June 2025.

Use of our report

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

Thomas Harris (Senior Statutory Auditor)
For and on behalf of Gerald Edelman LLP, Statutory Auditor
73 CORNHILL
LONDON
EC3V 3QQ
18 December 2025
XIEL LTD
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 30 JUNE 2025
- 7 -
Period
Year
ended
ended
30 June
Unaudited 31 March
2025
2024
£
£
Turnover
14,864,150
9,708,340
Cost of sales
(9,783,363)
(6,474,225)
Gross profit
5,080,787
3,234,115
Administrative expenses
(2,826,525)
(2,163,726)
Other operating income
-
0
95,087
Operating profit
2,254,262
1,165,476
Interest receivable and similar income
33,052
22,803
Interest payable and similar expenses
(19,908)
-
0
Profit before taxation
2,267,406
1,188,279
Tax on profit
(572,542)
(296,793)
Profit for the financial period
1,694,864
891,486

The profit and loss account has been prepared on the basis that all operations are continuing operations.

XIEL LTD
BALANCE SHEET
AS AT
30 JUNE 2025
30 June 2025
- 8 -
30 June 2025
Unaudited 31 March 2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
101,536
100,680
Current assets
Stocks
5
1,339,106
365,331
Debtors
6
2,844,423
2,221,306
Cash at bank and in hand
554,317
2,677,574
4,737,846
5,264,211
Creditors: amounts falling due within one year
7
(2,654,797)
(3,410,300)
Net current assets
2,083,049
1,853,911
Total assets less current liabilities
2,184,585
1,954,591
Provisions for liabilities
8
(16,239)
(16,239)
Net assets
2,168,346
1,938,352
Capital and reserves
Called up share capital
11
10,000
10,000
Profit and loss account
2,158,346
1,928,352
Total equity
2,168,346
1,938,352

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 18 December 2025 and are signed on its behalf by:
S Hall
Director
Company registration number 11875702 (England and Wales)
XIEL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2025
- 9 -
1
Accounting policies
Company information

Xiel Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 26-27 Capitol Park Capitol Way, Colindale, London, England, NW9 0EQ.

1.1
Reporting period

Following the entity becoming part of the wider MIS Healthcare Limited group, it extended it's financial period to end on the 30 June 2025 so that it aligned to the wider group. The current year figures therefore cover the 15 month period ended on 30 June 2025 where as the comparative covers the 12 months to 31 March 2024.

1.2
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

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

1.3
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Revenue

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised on delivery of the goods or services when the significant risks and rewards of ownership have been transferred to the buyer.

1.5
Tangible fixed assets

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

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

Leasehold land and buildings
30% straight line
Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Motor vehicles
25% reducing balance

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

XIEL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 10 -
1.6
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 company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

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

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

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

1.9
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 in the company's balance sheet 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.

XIEL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 11 -
Basic financial assets

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

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

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10
Equity instruments

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

1.11
Taxation

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

Current tax

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

Deferred tax

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

XIEL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 12 -

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

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

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

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

1.13
Retirement benefits

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

1.14
Leases
As lessee

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

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

I n the opinion of the directors there are no critical accounting judgements or key sources of estimation uncertainty.

XIEL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2025
- 13 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

Unaudited
2025
2024
Number
Number
Total
24
23
4
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2024 (unaudited)
29,255
54,484
74,541
18,000
176,280
Additions
2,829
26,449
3,898
-
0
33,176
At 30 June 2025
32,084
80,933
78,439
18,000
209,456
Depreciation and impairment
At 1 April 2024 (unaudited)
14,045
11,695
37,035
12,825
75,600
Depreciation charged in the period
7,399
15,719
3,082
1,563
27,763
Eliminated in respect of disposals
-
0
-
0
4,557
-
0
4,557
At 30 June 2025
21,444
27,414
44,674
14,388
107,920
Carrying amount
At 30 June 2025
10,640
53,519
33,765
3,612
101,536
At 31 March 2024 (unaudited)
15,210
42,789
37,506
5,175
100,680
5
Stocks
Unaudited
2025
2024
£
£
Stocks
1,339,106
365,331
XIEL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2025
- 14 -
6
Debtors
Unaudited
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,461,674
1,494,282
Corporation tax recoverable
46,168
-
0
Amounts owed by group undertakings
847,627
-
0
Other debtors
488,954
727,024
2,844,423
2,221,306

Amounts owed by group undertakings are repayable on demand and interest free.

7
Creditors: amounts falling due within one year
Unaudited
2025
2024
£
£
Trade creditors
1,231,088
768,333
Corporation tax
-
0
288,550
Other taxation and social security
125,600
420,961
Other creditors
1,298,109
1,932,456
2,654,797
3,410,300
8
Provisions for liabilities
Unaudited
2025
2024
£
£
Deferred tax liabilities
9
16,239
16,239
9
Deferred taxation

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

Unaudited
Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
16,239
16,239
There were no deferred tax movements in the period.
XIEL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2025
- 15 -
10
Retirement benefit schemes
Unaudited
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
71,582
76,310

The company operates a defined contribution pension scheme for all qualifying employees.

11
Called up share capital
Unaudited
Unaudited
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,000
10,000
10,000
10,000
12
Financial commitments, guarantees and contingent liabilities

There are two charges against the company due to it being part of a group for which this is an undertaking which the charge relates to. There are fixed and floating charges that cover all the property or undertakings of the company as well as a negative pledge. The maximum exposure is circa £21m.

13
Operating lease commitments
As lessee

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

Unaudited
2025
2024
£
£
Total commitments
145,383
-
0
14
Related party transactions

The disclosure requirement of section 1A of FRS 102 allows the company not to disclose transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly-owned by such a member.

15
Parent company

The company's ultimate controlling party is Cooperatieve H2 Equity Partners Fund Vi U.A. by the virtue of its holding in MIS Healthcare Limited. On 21 December 2024 Xiel Limited was acquired by Medical Imaging Solutions Limited, which is a 100% subsidiary of MIS Healthcare Limited.

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