Company registration number 01600280 (England and Wales)
ORTHO-CARE (UK) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
ORTHO-CARE (UK) LIMITED
COMPANY INFORMATION
Directors
Mrs L Mendelsohn
Mr J Redin
Mr C Flear
Secretary
Mrs K Bairstow
Company number
01600280
Registered office
1 Riverside Estate
Saltaire
West Yorkshire
BD17 7DR
Auditor
Sumer Auditco Limited
New Chartford House
Centurion Way
Cleckheaton
Bradford
West Yorkshire
BD19 3QB
ORTHO-CARE (UK) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 22
ORTHO-CARE (UK) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

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

Review of the business

The company, incorporated in 1982 and based in Yorkshire, has developed into one of the United Kingdom’s principal suppliers of orthodontic products. In 2023, the company became a subsidiary of Lifco AB, an industrial group headquartered in Stockholm and listed on the Nasdaq Stockholm exchange. Lifco AB operates a long‑term, decentralised ownership model and holds a diversified international portfolio of niche businesses.

The company’s objective is to support the orthodontic sector by supplying a comprehensive range of both UK‑manufactured and internationally sourced products. The company seeks to maintain and develop long‑term relationships with its customers through reliable service levels, technical support, product knowledge and the introduction of new and innovative products to the market.

Principal risks and uncertainties

The directors have established a risk management framework designed to identify, assess and manage risks relevant to the company’s operations. The principal risks and uncertainties facing the company are as follows:

Business performance risk

Business performance risk relates to the possibility that the company may not achieve expected financial or operational outcomes due to internal factors or competitive market pressures. This risk is managed through appropriate management structures, detailed business planning, monthly reporting and variance analysis, robust financial controls, key performance indicator monitoring and disciplined cash management.

Business continuity risk

The company recognises the importance of maintaining continuity of operations. A business continuity plan is in place to ensure that purchasing, sales, warehousing and distribution activities can continue in the event of significant disruption. The company also maintains business continuity insurance to mitigate the financial impact of adverse events.

Health and safety risk

The company is committed to providing a safe working environment. Failure to adequately manage health and safety could result in injury, legal liability and reputational harm. These risks are controlled through the promotion of a strong health and safety culture and adherence to formalised health and safety policies and procedures.

Employee development

The company’s long‑term success is dependent on its ability to attract, develop and retain suitably qualified personnel. This risk is mitigated through regularly reviewed development plans and the implementation of policies relating to training, management development and performance management.

Financial and business control

Robust internal controls are essential to ensure the accuracy and reliability of financial and operational information used in both day‑to‑day management and long‑term planning. The company maintains strong financial and operational controls supported by experienced personnel, regular performance analysis and clearly defined approval limits.

Social, ethical and environmental risk

Given the size and nature of the company’s operations, management has not identified any significant social, ethical or environmental risks beyond those addressed under the company’s existing policies.

Supply chain risk

The company operates a diversified supply chain. To mitigate supply chain disruption, the company works closely with its suppliers and maintains prudent stock levels of key product lines.

ORTHO-CARE (UK) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Key performance indicators

The directors monitor the performance of the business through a range of financial and non‑financial key performance indicators, reviewed daily, weekly and monthly, including:

- Stakeholder satisfaction

- Regulatory compliance and product quality

- Order intake, back‑order levels and despatch performance

- Financial metrics including revenue, gross profit and operating profit

KPI | 2025 | 2024
Total working days | 260 days | 261 days
Inventory days | 61 days | 75 days
Trade debtor collection days | 24 days | 25 days
Trade creditor collection days | 5 days | 5 days
Gross profit margin (%) | 54% | 51%
Average order (£) | £340 | £341

The directors are satisfied with the company’s performance in the financial year and will continue to evaluate policies and procedures to support continuous improvement during 2026.

Future Developments

The company will continue to invest in product sourcing, infrastructure and staff development to ensure that customer needs are met and that product quality and service standards remain high.

Corporate social responsibility

The company remains committed to reducing its environmental impact and is undertaking ongoing initiatives aimed at lowering its carbon footprint. The company also places emphasis on the development and retention of its employees and maintains a high retention rate supported by training and personal development programmes.

On behalf of the board

Mr C Flear
Director
30 March 2026
ORTHO-CARE (UK) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

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

Principal activities

The principal activity of the company continued to be that of supply of orthodontic products.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £1,468,273. The directors do not recommend payment of a further dividend.

Directors

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

Mr R Garford
(Resigned 30 June 2025)
Mr K Scott
(Resigned 30 June 2025)
Mrs L Mendelsohn
Mr J Redin
Mr C Flear
Auditor

Sumer Auditco Limited were appointed as auditor to the company following BHP LLP becoming part of the Sumer Group on 31 December 2025, which required a change in audit firm to comply with applicable regulatory requirements. In accordance with section 487(2) of the Companies Act 2006, Sumer Auditco Limited are deemed to be reappointed annually.

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.

On behalf of the board
Mr C Flear
Director
30 March 2026
ORTHO-CARE (UK) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -

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.

The directors are responsible for the maintenance and integrity of the company website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

ORTHO-CARE (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ORTHO-CARE (UK) LIMITED
- 5 -
Opinion

We have audited the financial statements of Ortho-Care (UK) Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows 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 the financial statements:

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

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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.

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 our audit:

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

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

ORTHO-CARE (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ORTHO-CARE (UK) LIMITED (CONTINUED)
- 6 -
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 identifie d material misstatements in the strategic report or 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:

- 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 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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

•  we identified the laws and regulations applicable to the company through discussions with management, and from our commercial knowledge and experience of the sector;

•  we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environments and health and safety legislation;

•  we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

•  identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

•  making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

•  considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

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

To address the risk of fraud through management bias and override of controls, we:

•  performed analytical procedures to identify any unusual or unexpected relationships;

•  tested journal entries to identify unusual transactions;

• assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and

•  investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

•  agreeing financial statement disclosures to underlying supporting documentation; and

•  enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

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.

Ann Brown (Senior Statutory Auditor)
For and on behalf of Sumer Auditco Limited, Statutory Auditor
Chartered Accountants
New Chartford House
Centurion Way
Cleckheaton
Bradford
West Yorkshire
BD19 3QB
30 March 2026
ORTHO-CARE (UK) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
2025
2024
Notes
£
£
Turnover
2
10,595,228
10,648,225
Cost of sales
(4,920,665)
(5,205,204)
Gross profit
5,674,563
5,443,021
Administrative expenses
(2,857,875)
(3,075,677)
Other operating income
-
0
2,500
Operating profit
3
2,816,688
2,369,844
Interest receivable and similar income
6
137,758
80,829
Profit before taxation
2,954,446
2,450,673
Tax on profit
7
(658,260)
(615,331)
Profit for the financial year
2,296,186
1,835,342

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

ORTHO-CARE (UK) LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
9
80,103
112,788
Current assets
Stocks
10
898,656
1,410,772
Debtors
11
1,104,017
1,084,559
Cash at bank and in hand
4,764,831
3,531,480
6,767,504
6,026,811
Creditors: amounts falling due within one year
12
(591,323)
(625,264)
Net current assets
6,176,181
5,401,547
Total assets less current liabilities
6,256,284
5,514,335
Provisions for liabilities
Deferred tax liability
13
-
0
85,964
-
(85,964)
Net assets
6,256,284
5,428,371
Capital and reserves
Called up share capital
434
434
Share premium account
85,315
85,315
Capital redemption reserve
28
28
Profit and loss reserves
6,170,507
5,342,594
Total equity
6,256,284
5,428,371

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 30 March 2026 and are signed on its behalf by:
Mr C Flear
Director
Company registration number 01600280 (England and Wales)
ORTHO-CARE (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2024
434
85,315
28
3,507,252
3,593,029
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
1,835,342
1,835,342
Balance at 31 December 2024
434
85,315
28
5,342,594
5,428,371
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
-
2,296,186
2,296,186
Dividends
8
-
-
-
(1,468,273)
(1,468,273)
Balance at 31 December 2025
434
85,315
28
6,170,507
6,256,284
ORTHO-CARE (UK) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
18
3,363,590
2,703,192
Income taxes paid
(786,825)
(789,309)
Net cash inflow from operating activities
2,576,765
1,913,883
Investing activities
Purchase of tangible fixed assets
(14,592)
(52,980)
Proceeds from disposal of tangible fixed assets
1,693
15,630
Interest received
137,758
80,829
Net cash generated from investing activities
124,859
43,479
Financing activities
Repayment of derivatives
-
0
(1,781)
Dividends paid
(1,468,273)
-
0
Net cash used in financing activities
(1,468,273)
(1,781)
Net increase in cash and cash equivalents
1,233,351
1,955,581
Cash and cash equivalents at beginning of year
3,531,480
1,575,899
Cash and cash equivalents at end of year
4,764,831
3,531,480
ORTHO-CARE (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
1
Accounting policies
Company information

Ortho-Care (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Riverside Estate, Saltaire, West Yorkshire, BD17 7DR.

1.1
Accounting convention

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

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

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

1.2
Going concern

A 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.

1.3
Turnover

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 when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

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

ORTHO-CARE (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -
1.4
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:

Fixtures and fittings
25% reducing balance
Computers
33% straight line
Motor vehicles
35% 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.

1.5
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.

1.6
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.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

ORTHO-CARE (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -
1.7
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.

1.8
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.

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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

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

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

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

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

ORTHO-CARE (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -
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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
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.

ORTHO-CARE (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -
1.10
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.

1.11
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.

1.12
Retirement benefits

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

1.13
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the a recent transactions in entity's shares. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

1.14
Leases

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

ORTHO-CARE (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 17 -
2
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Sale of goods
10,595,228
10,648,225
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
9,052,395
8,956,614
Europe
1,261,165
1,384,276
Rest of the World
281,668
307,335
10,595,228
10,648,225
2025
2024
£
£
Other revenue
Interest income
137,758
80,829
3
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(49,196)
15,859
Fees payable to the company's auditor for the audit of the company's financial statements
24,150
23,000
Depreciation of tangible fixed assets
45,584
55,120
Profit on disposal of tangible fixed assets
-
(1,525)
Operating lease charges
79,620
240,000
4
Employees

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

2025
2024
Number
Number
40
40
ORTHO-CARE (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
4
Employees
(Continued)
- 18 -

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
1,594,985
1,474,783
Social security costs
199,046
167,850
Pension costs
73,740
67,052
1,867,771
1,709,685
5
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
130,880
100,833
6
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
137,758
80,829
7
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
744,224
616,318
Deferred tax
Origination and reversal of timing differences
(85,964)
(987)
Total tax charge
658,260
615,331
ORTHO-CARE (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
7
Taxation
(Continued)
- 19 -

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

2025
2024
£
£
Profit before taxation
2,954,446
2,450,673
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
738,612
612,668
Tax effect of expenses that are not deductible in determining taxable profit
1,599
2,663
Fixed asset adjustment
(104,493)
-
0
Movement in deferred tax not recognised
22,542
-
0
Taxation charge for the year
658,260
615,331
8
Dividends
2025
2024
£
£
Final paid
1,468,273
-
0
9
Tangible fixed assets
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2025
488,785
190,983
111,590
791,358
Additions
1,128
13,464
-
0
14,592
Disposals
-
0
(1,693)
-
0
(1,693)
At 31 December 2025
489,913
202,754
111,590
804,257
Depreciation and impairment
At 1 January 2025
455,362
178,701
44,507
678,570
Depreciation charged in the year
8,486
12,197
24,901
45,584
At 31 December 2025
463,848
190,898
69,408
724,154
Carrying amount
At 31 December 2025
26,065
11,856
42,182
80,103
At 31 December 2024
33,423
12,282
67,083
112,788
ORTHO-CARE (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
10
Stocks
2025
2024
£
£
Finished goods and goods for resale
898,656
1,410,772
11
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
992,661
1,001,677
Prepayments and accrued income
111,356
82,882
1,104,017
1,084,559
12
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
100,232
104,299
Corporation tax
12,718
55,319
Other taxation and social security
329,959
307,627
Other creditors
20,920
21,699
Accruals and deferred income
127,494
136,320
591,323
625,264
13
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
-
85,964
2025
Movements in the year:
£
Liability at 1 January 2025
85,964
Credit to profit or loss
(85,964)
Liability at 31 December 2025
-

ORTHO-CARE (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
14
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
73,740
67,052

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

15
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, which fall due as follows:

2025
2024
£
£
Within 1 year
198,049
194,795
Years 2-5
304,002
465,443
502,051
660,238
16
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Purchases
Purchases
2025
2024
£
£
Rent paid for use of office space
160,000
160,000

The rent was charged at market-rate terms and was payable quarterly in advance. No balances were outstanding at the year-end.

17
Ultimate controlling party

The ultimate parent company undertaking is Lifco AB, a company incorporated in Sweden. The parent's registered office is Box 730, 931 27, Skelleftea, Sweden.

ORTHO-CARE (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
18
Cash generated from operations
2025
2024
£
£
Profit after taxation
2,296,186
1,835,342
Adjustments for:
Taxation charged
658,260
615,331
Investment income
(137,758)
(80,829)
Gain on disposal of tangible fixed assets
-
(1,525)
Depreciation and impairment of tangible fixed assets
45,584
55,120
Movements in working capital:
Decrease in stocks
512,116
172,929
(Increase)/decrease in debtors
(19,458)
53,974
Increase in creditors
8,660
52,850
Cash generated from operations
3,363,590
2,703,192
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