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ABL Health Limited Registered number: 07074944 Annual report and financial statements For the year ended 30 September 2025
ABL HEALTH LIMITED COMPANY INFORMATION
Directors | Mrs D L Leslie
| Mr J A Leslie
| Mr N D Warnett
| Mr P Richardson
Registered number | 07074944
Registered office | Royal Bolton Hospital
| Redgate Way
| Farnworth
| Bolton
| Lancashire
| BL4 0JL
Independent auditor | Forvis Mazars LLP
| Chartered Accountants & Statutory Auditor
| One St. Peter's Square
| Manchester
| M2 3DE
ABL HEALTH LIMITED CONTENTS
| Page
Strategic Report | 1
Directors' Report | 2 - 3
Independent Auditor's Report | 4 - 7
Statement of Comprehensive Income | 8
Statement of Financial Position | 9
Statement of Changes in Equity | 10
Notes to the Financial Statements | 11 - 27
ABL HEALTH LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025
Introduction
The directors present the Strategic Report for the year ended 30 September 2025.
Business review
The Company is a provider of community healthcare and wellbeing services across the United Kingdom.
Performance for the year
The financial year to 30 September 2025 has been a further year of strong progress and growth for the business. The business continued to extend its service offering into areas of significant potential and was successful again in winning a number of sizeable new contracts, as well as broadening its geographic reach both in year and for the forthcoming financial year. This has resulted in significant year on year revenue growth. Services continue to consistently meet commissioners' expectations in delivering excellent health outcomes. The business continues to be recognised for its exceptional levels of social impact within the communities it serves.
Principal risks and uncertainties
The principal risks that the Company face are: not retaining healthcare/wellbeing provision contracts or winning suitable new ones; and of significant changes in Government policy towards healthcare services. The Company manages these risks through the high quality of service delivered, active monitoring of proposed policy changes and proactive participation in the sector.
Financial key performance indicators
The Company made a Gross Profit of £7,092,418 on a Turnover of £21,086,577 (33.6%) in the year to the 30 September 2025 against £5,878,270 on a Turnover of £16,732,122 (35.1%) in the year to the 30 September 2024. EBITDA was £1,806,226 in the year to the 30 September 2025 against £1,830,281 in the year to the 30 September 2024.
Future developments
The business has continued to build strongly into 2025 with a number of further new contracts secured and service provision continuing to broaden, with excellent opportunities for growth across all service lines. The business has continued to invest in its specialist delivery teams, governance and its management infrastructure in order to ensure that it maintains a solid platform for continued long term growth. This report was approved by the board on 30 March 2026 and signed on its behalf.
Mr P Richardson Director
- 1 -
ABL HEALTH LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025 The directors present their report and the financial statements for the year ended 30 September 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 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 to 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.
Principal activity
The principal activity of the Company is that of the provision of services to tackle health inequalities through the delivery of community healthcare and transforming the way that community healthcare works.
Results and dividends
The profit for the year, after taxation, amounted to £1,295,607 (2024 - £1,274,500). No dividends were paid or declared during the year (2024: £Nil).
Directors
The directors who served during the year were:
Mrs D L Leslie
Mr J A Leslie
Mr N D Warnett
Mr P Richardson
- 2 -
ABL HEALTH LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
Going Concern
These financial statements have been prepared on a going concern basis. The directors, having considered the financial position of the Company for a period of at least twelve months from the date of signing these financial statements, have no reason to believe that a material uncertainty exists that may cast doubt about the ability of the Company to continue as a going concern. Accordingly the directors have a reasonable expectation that the Company will continue in operational existence and thus they adopt the going concern basis of accounting in preparing the financial statements.
Matters covered in the Strategic Report
The Company has chosen in accordance with Companies Act, s.414C(11) to set out in the Company's Strategic Report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the Directors Report. It has done so in respect of the review of the business, financial performance at the reporting date, future developments, and financial and non-financial key performance indicators.
Disclosure of information to auditor
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Auditor
The auditor, Forvis Mazars LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 30 March 2026 and signed on its behalf.
Mr P Richardson Director
- 3 -
ABL HEALTH LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ABL HEALTH LIMITED Opinion We have audited the financial statements of ABL Health Limited (the ‘Company’) for the year ended 30 September 2025 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and notes to the financial statements, including summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 30 September 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. - 4 -
ABL HEALTH LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ABL HEALTH LIMITED 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 the audit: ∙the information given in the Strategic Report and the Directors' Report 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. Matters on which we are required to report by exception In light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report. 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. - 5 -
ABL HEALTH LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ABL HEALTH LIMITED Responsibilities of Directors As explained more fully in the Directors' Responsibilities Statement set out on page 2, 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 the financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. 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. Based on our understanding of the Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation. To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to: ∙Inquiring of management and, where appropriate, those charged with governance, as to whether the Company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations; ∙Inspecting correspondence, if any, with relevant licensing or regulatory authorities; ∙Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and ∙Considering the risk of acts by the Company which were contrary to applicable laws and regulations, including fraud. We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, and the Companies Act 2006. - 6 -
ABL HEALTH LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ABL HEALTH LIMITED In addition, we evaluated the directors' and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgments and assumptions in significant accounting estimates, revenue recognition (which we pinpointed to the cut-off assertion), and significant one-off or unusual transactions. Our audit procedures in relation to fraud included but were not limited to: ∙Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud; ∙Gaining an understanding of the internal controls established to mitigate risks related to fraud; ∙Discussing amongst the engagement team the risks of fraud; and ∙Addressing the risks of fraud through management override of controls by performing journal entry testing. There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. Use of the audit 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. Neil Barton (Senior Statutory Auditor) for and on behalf of Forvis Mazars LLP Chartered Accountants and Statutory Auditor One St. Peter's Square Manchester M2 3DE 30 March 2026 - 7 -
ABL HEALTH LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 SEPTEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover |  | 21,086,577 | 16,732,122
Cost of sales |  | (13,994,159) | (10,853,852)
Gross profit |  | 7,092,418 | 5,878,270
Administrative expenses |  | (5,614,781) | (4,309,873)
Operating profit | 4 | 1,477,637 | 1,568,397
Interest receivable and similar income | 8 | 17,228 | 9,079
Interest payable and similar expenses | 9 | (11,764) | (13,457)
Profit before tax |  | 1,483,101 | 1,564,019
Tax on profit | 10 | (187,494) | (289,519)
Profit for the financial year |  | 1,295,607 | 1,274,500
There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.
There was no other comprehensive income for 2025 (2024: £NIL).
The notes on pages 11 to 27 form part of these financial statements.
- 8 -
ABL HEALTH LIMITED REGISTERED NUMBER: 07074944 STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 11 |  | 424,457 |  | 312,144
Tangible assets | 12 |  | 1,746,858 |  | 1,696,446
|  |  | 2,171,315 |  | 2,008,590
Current assets |  |  |  |  |
Stocks | 13 | 323,855 |  | 198,463 |
Debtors: amounts falling due within one year | 14 | 6,336,537 |  | 5,916,490 |
Cash at bank and in hand | 15 | 2,926,511 |  | 1,988,117 |
|  | 9,586,903 |  | 8,103,070 |
Creditors: amounts falling due within one year | 16 | (4,431,741) |  | (4,103,636) |
Net current assets |  |  | 5,155,162 |  | 3,999,434
Total assets less current liabilities |  |  | 7,326,477 |  | 6,008,024
Provisions for liabilities |  |  |  |  |
Deferred taxation | 17 |  | (305,175) |  | (282,329)
Net assets |  |  | 7,021,302 |  | 5,725,695
Capital and reserves |  |  |  |  |
Called up share capital | 18 |  | 90 |  | 90
Capital redemption reserve | 19 |  | 10 |  | 10
Profit and loss account | 19 |  | 7,021,202 |  | 5,725,595
|  |  | 7,021,302 |  | 5,725,695
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 March 2026.
Mr P Richardson
Director
The notes on pages 11 to 27 form part of these financial statements.
- 9 -
ABL HEALTH LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 SEPTEMBER 2025
| Called up share capital | Capital redemption reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 October 2023 | 90 | 10 | 4,451,095 | 4,451,195
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 1,274,500 | 1,274,500
Total comprehensive income for the year | - | - | 1,274,500 | 1,274,500
At 1 October 2024 | 90 | 10 | 5,725,595 | 5,725,695
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 1,295,607 | 1,295,607
Total comprehensive income for the year | - | - | 1,295,607 | 1,295,607
At 30 September 2025 | 90 | 10 | 7,021,202 | 7,021,302
| The notes on pages 11 to 27 form part of these financial statements.
- 10 -
ABL HEALTH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
1. | General information
ABL Health Limited ("the Company") is a private company limited by shares, incorporated in England and Wales. The Company’s registered number is 07074944. The address of its registered office is Royal Bolton Hospital Redgate Way, Farnworth, Bolton, Lancashire, BL4 0JL. The principal activity of the Company is that of a provision of tackling health inequalities through the delivery of community healthcare and transforming the way that community healthcare works. The financial statements have been presented in Pound Sterling as this is currency of the primary economic environment in which the Company operates and is rounded to the nearest pound. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Impact Topco Limited as at 30 September 2025 and these financial statements may be obtained from Companies House.
| 2.3 | Going concern
These financial statements have been prepared on a going concern basis. The directors, having considered the financial position of the Company for a period of at least twelve months from the date of signing these financial statements, have no reason to believe that a material uncertainty exists that may cast doubt about the ability of the Company to continue as a going concern. Accordingly the directors have a reasonable expectation that the Company will continue in operational existence and thus they adopt the going concern basis of accounting in preparing the financial statements. - 11 -
ABL HEALTH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.5 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.6 | Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.8 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. - 12 -
ABL HEALTH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.9 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.10 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. 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 Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.11 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. Amortisation is provided on the following bases:
|  |  |  | Development expenditure | - | 25% | per annum
- 13 -
ABL HEALTH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.12 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Leasehold property | - | Period is straight line across the lease period.
|  |  |  | Plant & machinery | - | 25% reducing balance
|  |  |  | Motor vehicles | - | 25% reducing balance
|  |  |  | Fixtures & fittings | - | 15% reducing balance
|  |  |  | Equipment | - | 25% reducing balance
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.13 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. At each reporting date, stocks are assessed for impairment. If stock is 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.
| 2.14 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.15 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.16 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. - 14 -
ABL HEALTH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.17 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.18 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102. Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. - 15 -
ABL HEALTH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.18 | Financial instruments (continued)
Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic 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 the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. - 16 -
ABL HEALTH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.18 | Financial instruments (continued)
Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In applying the Company's accounting policies, the directors are required to make judgments, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgments, estimates and assumptions are based on the best and most reliable evidence available at the time when decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgments, estimates and assumptions, the actual results and outcomes may differ. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future period. a. Critical judgments in applying the Company's accounting policies Management is of the opinion that there are no critical judgments (other than those involving estimates) that have a significant effect on the amounts recognised in the financial statements. b. Key sources of estimation uncertainty The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are discussed below (i) Determining residual values and useful economic lives of property, plant and equipment The Company depreciate tangible fixed assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on variety of factors, including technological innovation, product life cycles and maintenance programmes. The judgment is applied by management when determining the residual values for tangible fixed assets. When determining the residual value management aim to assess the amount that the Company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful life. Where possible this is done with reference to external market prices. - 17 -
ABL HEALTH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
4. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amortisation | 110,620 | 74,502
| Other operating lease rentals | 398,281 | 345,737
| Depreciation of tangible assets | 217,969 | 187,382
5. | Auditor's remuneration
| During the year, the Company obtained the following services from the Company's auditor:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditor for the audit of the Company's financial statements | 28,600 | 27,500
6. | Employees
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 11,719,248 | 9,147,024
| Social security costs | 1,253,833 | 759,590
| Cost of defined contribution scheme | 446,307 | 461,808
|  | 13,419,388 | 10,368,422
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Administration | 109 | 93
|  | Delivery and operations | 335 | 250
|  | Management | 4 | 4
|  |  | 448 | 347
- 18 -
ABL HEALTH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
7. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 453,504 | 384,223
| Company contributions to defined contribution pension schemes | 53,523 | 124,143
|  | 507,027 | 508,366
| During the year retirement benefits were accruing to 4 directors (2024 - 4) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £127,000 (2024 - £131,293).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £6,060 (2024 - £5,542).
8. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 17,228 | 9,079
9. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 11,764 | 13,457
- 19 -
ABL HEALTH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
10. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 160,128 | 221,481
| Adjustments in respect of previous periods | 4,520 | (14,217)
| Total current tax | 164,648 | 207,264
| Deferred tax |  |
| Origination and reversal of timing differences | 42,278 | 82,255
| Adjustments in respect of prior periods | (19,432) | -
| Total deferred tax | 22,846 | 82,255
| Taxation on profit on ordinary activities | 187,494 | 289,519
- 20 -
ABL HEALTH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 10.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 1,483,101 | 1,564,019
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 370,775 | 391,005
| Effects of: |  |
| Fixed asset differences | 3,184 | 22,626
| Adjustments to tax charge in respect of prior periods | 4,520 | (14,217)
| Adjustments to tax charge in respect of previous periods - deferred tax | (19,432) | -
| Group relief surrendered/(claimed) | (171,553) | (109,895)
| Total tax charge for the year | 187,494 | 289,519
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. - 21 -
ABL HEALTH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
11. | Intangible assets
|  | Development expenditure
|  | £
| Cost |
| At 1 October 2024 | 501,453
| Additions | 222,933
| At 30 September 2025 | 724,386
| Amortisation |
| At 1 October 2024 | 189,309
| Charge for the year | 110,620
| At 30 September 2025 | 299,929
| Net book value |
| At 30 September 2025 | 424,457
| At 30 September 2024 | 312,144
- 22 -
ABL HEALTH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
12. | Tangible fixed assets
|  | Leasehold Property | Motor vehicles | Fixtures & fittings | Plant and machinery | Equipment | Total
|  | £ | £ | £ | £ | £ | £
| Cost |  |  |  |  |  |
| At 1 October 2024 | 1,132,768 | 14,900 | 163,399 | 994,351 | 157,551 | 2,462,969
| Additions | - | - | 10,502 | 246,914 | 19,465 | 276,881
| Disposals | - | (14,900) | - | - | - | (14,900)
| At 30 September 2025 | 1,132,768 | - | 173,901 | 1,241,265 | 177,016 | 2,724,950
| Depreciation |  |  |  |  |  |
| At 1 October 2024 | 109,423 | 4,005 | 107,675 | 459,111 | 86,309 | 766,523
| Charge for the year | 12,733 | 2,395 | 10,628 | 172,274 | 19,939 | 217,969
| Disposals | - | (6,400) | - | - | - | (6,400)
| At 30 September 2025 | 122,156 | - | 118,303 | 631,385 | 106,248 | 978,092
| Net book value |  |  |  |  |  |
| At 30 September 2025 | 1,010,612 | - | 55,598 | 609,880 | 70,768 | 1,746,858
| At 30 September 2024 | 1,023,345 | 10,895 | 55,724 | 535,240 | 71,242 | 1,696,446
13. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Finished goods and goods for resale | 323,855 | 198,463
- 23 -
ABL HEALTH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
14. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 369,784 | 272,276
| Amounts owed by parent entities | 5,396,901 | 4,737,367
| Prepayments and accrued income | 569,852 | 906,847
|  | 6,336,537 | 5,916,490
| Amounts owed by parent entities are interest free and repayable on demand.
15. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 2,926,511 | 1,988,117
16. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 553,382 | 623,742
| Corporation tax | 151,747 | 208,580
| Other taxation and social security | 326,825 | 193,402
| Other creditors | 82,242 | 12,287
| Accruals and deferred income | 3,317,545 | 3,065,625
|  | 4,431,741 | 4,103,636
| Following the acquisition on 29 May 2024, Bay Tree Private Equity LLP issued a fixed and floating charge over all property of the Company.
- 24 -
ABL HEALTH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
17. | Deferred taxation
|  | 2025 | 2024
|  | £ | £
| At beginning of year | (282,329) | (200,074)
| Charged to the profit or loss | (22,846) | (82,255)
| At end of year | (305,175) | (282,329)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (312,000) | (285,081)
| Short term timing differences | 6,825 | 2,752
|  | (305,175) | (282,329)
18. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 90 (2024 - 90) Ordinary shares of £1.00 each | 90 | 90
| All Ordinary shares have full rights in the Company with respect to voting, dividends and distributions.
19. | Reserves
Capital redemption reserve This reserve is a non-distributable reserve into which amounts are transferred following the redemption or purchase of the Company's own shares. Profit & loss account This reserve includes the cumulative profits or losses less dividends. - 25 -
ABL HEALTH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
20. | Contingent liabilities
As at 30 September 2025 Impact Bidco Limited has bank loan balances outstanding of £5,825,000 (2024: £5,825,000). These loans were secured by way of fixed and floating charges over the assets of the Company and the assets of other group companies as follows: Impact Topco Limited, Impact Midco 2 Limited, Impact Midco 1 Limited, Impact Bidco Limited and ABL789 Holdings Limited.
21. | Pension commitments
The Company operates a defined contribution plan for all employees of the Company. Contributions made into this plan are paid by the Company at rates specified in the rules of the schemes. The total amount recognised in profit and loss during the year was £446,307 (2024: £461,808). At 30 September 2025 the amount of pensions outstanding on the balance sheet date was £77,544 (2024: £11,010).
22. | Commitments under operating leases
| At 30 September 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 289,740 | 174,931
| Between 2 and 5 years | 361,297 | 164,877
| Later than 5 years | 7,383 | -
|  | 658,420 | 339,808
23. | Related party transactions
| The Company has taken advantage of the exemption conferred by FRS 102 Section 33 not to disclose transactions with wholly owned members of the group. Key management personnel are deemed to be the directors. During the year recharges were made to an entity with a common directorship amounting to £22,533 (2024: £23,924). The balance owed as at 30 September 2025 was £1,798 (2024: £Nil).
- 26 -
ABL HEALTH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
24. | Controlling party
The immediate parent company for ABL Health Limited is ABL789 Holdings Limited, a company incorporated in England and Wales with registered address: Royal Bolton Hospital Redgate Way, Farnworth, Bolton, England, BL4 0JL. The smallest and largest group in which the results for ABL Health Limited are consolidated for the current financial period is that headed by Impact Topco Limited. The ultimate controlling company is Bay Tree Impact Co-Invest LP, incorporated in England and Wales, by virtue of the majority shareholding. The address of its registered office is 4th Floor 95 Chancery Lane, London, England, WC2A 1DT.
- 27 -