Athona Limited
Annual Report and Financial Statements
For the year ended 31 July 2025
Company Registration No. 04854351 (England and Wales)
Athona Limited
Company Information
Directors
S D London
T London
Secretary
D Shoben
Company number
04854351
Registered office
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Auditor
Moore Kingston Smith LLP
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Business address
2nd Floor, Kingsgate House
1 King Edward Road
Brentwood
Essex
CM14 4HG
Athona Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 25
Athona Limited
Strategic Report
For the year ended 31 July 2025
Page 1

The directors present the strategic report and financial statements for the year ended 31 July 2025.

The principal activity of the company throughout the year was the operation of healthcare recruitment.

Review of the Business

The healthcare business reported turnover of £28,928,533 (202 4: £46,032,655) for the year, which was 37.2% lower compared to the prior year. However, cost of sales were tightly monitored and controlled which resulted in the gross profit margin for the healthcare business increasing to 18.04% (2024: 16.15%), with gross profit of £5,219,104 (2024: £7,433,894). Despite a reduction in overhead expenses, EBIT was lower than the prior year for the healthcare business by £1,005,675.

In terms of compliance, the Locum Doctors, AHP and Nursing divisions have continued to maintain their high standards of compliance with the National Staffing Frameworks Workforce Alliance (formerly CPP and CCS) and H.T.E. Following a successful audit of the business’s ISO9001:2015 Quality Management System which passed with no nonconformities identified we were recommended for continued registration.

The company values communication between senior management and employees on all matters affecting the welfare of the business. In October 2024, Athona Limited transferred a majority stake to an Employee Ownership Trust (EOT), highlighting its commitment to its employees and enhancing its potential for long-term growth. Monthly management meetings are held between the Directors and Business Managers to allow the free flow of information and ideas.

Principal Risks and Uncertainties

The company’s principal financial instruments comprise its trade debtors and trade creditors. The business finance agreement with RBS Invoice Finance Limited, through which it factors its trade debt, is secured by a fixed and floating charge over the assets of the company.

The company is aware of the risk of bad debt. The Directors have established relationships with clients and are also identifying any credit issues in a timely manner.

Financial Risk Management Objectives and Policies

The company seeks to manage and minimise financial risk by ensuring that sufficient funding is available at all times to meet foreseeable needs.

The company manages business risk by maintaining very strong relationships with clients, suppliers and employees, and also by making changes in response to market conditions in the recruitment industry.

Key Performance Indicators

The company's key performance indicators are as follows -

2025
2024
Turnover
£28,928,533
£46,032,655
Gross profit
£5,219,104
£7,433,894
Gross profit margin
18.04%
16.15%
EBIT
(£10,324)
£995,351
Athona Limited
Strategic Report (Continued)
For the year ended 31 July 2025
Page 2
Future Developments

The company is continuing to saturate current market sectors by increasing the candidate and client base within specific geographical regions. By moving into new market sectors, the aim is to minimise the risk of being dependent on the current sectors.

The company has historically dealt with clients in both public and private sectors, however currently and going forward we are seeing continued growth in our private sector clients.

The company has continued to support a number of Service Level Agreements during the year, and has maintained its sole supplier status for a number of clients.

Owing to the factors outlined above, the outlook for the company is very positive and strong for the future.

On behalf of the board

S D London
Director
24 March 2026
Athona Limited
Directors' Report
For the year ended 31 July 2025
Page 3

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

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends amounting to £559,865 (2024: £627,389) were declared for the year. The directors do not recommend payment of a final dividend.

Directors

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

S D London
T London
Auditor

In accordance with the company's articles, a resolution proposing that Moore Kingston Smith LLP be reappointed as auditor of the company will be put at a General Meeting.

Statement of directors' responsibilities

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;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- 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.

Strategic report

The company has chosen in accordance with Companies Act 2006, 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 risk management and future developments.

Athona Limited
Directors' Report (Continued)
For the year ended 31 July 2025
Page 4
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
S D London
Director
24 March 2026
Athona Limited
Independent Auditor's Report
To the Members of Athona Limited
Page 5
Opinion

We have audited the financial statements of Athona Limited (the 'company') for the year ended 31 July 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 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 31 July 2025 and of its loss 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.

Athona Limited
Independent Auditor's Report (Continued)
To the Members of Athona Limited
Page 6

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.

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.

Athona Limited
Independent Auditor's Report (Continued)
To the Members of Athona Limited
Page 7
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.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Athona Limited
Independent Auditor's Report (Continued)
To the Members of Athona Limited
Page 8

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

- We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.

- We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.

- We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

- We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

- Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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.

Steven Rushmer (Senior Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP
24 March 2026
Chartered Accountants
Statutory Auditor
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Athona Limited
Statement of Comprehensive Income
For the year ended 31 July 2025
Page 9
2025
2024
Notes
£
£
Turnover
3
28,928,533
46,032,655
Cost of sales
(23,709,429)
(38,598,761)
Gross profit
5,219,104
7,433,894
Administrative expenses
(5,567,127)
(6,695,413)
Other operating income
337,699
256,870
Operating (loss)/profit
4
(10,324)
995,351
Interest receivable and similar income
1
19,531
Interest payable and similar expenses
7
(99,854)
(116,452)
(Loss)/profit before taxation
(110,177)
898,430
Tax on (loss)/profit
8
(2,343)
(255,321)
(Loss)/profit for the financial year
(112,520)
643,109

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

Athona Limited
Balance Sheet
As at 31 July 2025
Page 10
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
10
243,978
201,788
Tangible assets
11
163,434
121,230
Investments
12
3
3
407,415
323,021
Current assets
Debtors
14
3,610,512
5,170,713
Cash at bank and in hand
401,074
528,354
4,011,586
5,699,067
Creditors: amounts falling due within one year
15
(4,039,170)
(3,379,348)
Net current (liabilities)/assets
(27,584)
2,319,719
Total assets less current liabilities
379,831
2,642,740
Creditors: amounts falling due after more than one year
16
(56,053)
-
0
Provisions for liabilities
Deferred tax liability
19
(78,192)
(77,721)
(78,192)
(77,721)
Net assets
245,586
2,565,019
Capital and reserves
Called up share capital
20
37,546
32,000
Share premium account
73,902
-
0
Profit and loss reserves
134,138
2,533,019
Total equity
245,586
2,565,019
The financial statements were approved by the board of directors and authorised for issue on 24 March 2026 and are signed on its behalf by:
S D London
T London
Director
Director
Company Registration No. 04854351
Athona Limited
Statement of Changes in Equity
For the year ended 31 July 2025
Page 11
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 August 2023
32,000
-
0
2,517,299
2,549,299
Year ended 31 July 2024:
Profit and total comprehensive income for the year
-
-
643,109
643,109
Dividends
9
-
-
(627,389)
(627,389)
Balance at 31 July 2024
32,000
-
0
2,533,019
2,565,019
Year ended 31 July 2025:
Loss and total comprehensive income for the year
-
-
(112,520)
(112,520)
Issue of share capital
20
5,546
73,902
-
79,448
Dividends
9
-
-
(559,865)
(559,865)
Credit to equity for equity settled share-based payments
-
-
(37,897)
(37,897)
Contribution to Employee Ownership Trust
-
-
(1,688,599)
(1,688,599)
Balance at 31 July 2025
37,546
73,902
134,138
245,586
Athona Limited
Statement of Cash Flows
For the year ended 31 July 2025
Page 12
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
1,707,059
1,658,610
Interest received
1
4,542
Interest paid
(99,854)
(116,452)
Income taxes refunded/(paid)
163,884
(339,865)
Net cash inflow from operating activities
1,771,090
1,206,835
Investing activities
Purchase of intangible assets
(119,015)
(89,420)
Purchase of tangible fixed assets
(15,570)
(91,839)
Repayment of loans
-
0
(24,000)
Net cash used in investing activities
(134,585)
(205,259)
Financing activities
Proceeds from issue of shares
41,551
-
0
Payment of finance leases obligations
(7,104)
(21,334)
Dividends paid
(109,633)
(627,389)
Contribution to Employee Ownership Trust
(1,688,599)
-
Net cash used in financing activities
(1,763,785)
(648,723)
Net (decrease)/increase in cash and cash equivalents
(127,280)
352,853
Cash and cash equivalents at beginning of year
528,354
175,501
Cash and cash equivalents at end of year
401,074
528,354
Athona Limited
Notes to the Financial Statements
For the year ended 31 July 2025
Page 13
1
Accounting policies
Company information

Athona Limited is a private company limited by shares incorporated in England and Wales. The registered office is Orbital House, 20 Eastern Road, Romford, Essex, RM1 3PJ and the business address is Kingsgate House, 2nd Floor,1 King Edward Road, Brentwood, Essex, CM14 4HG.

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 pound.

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

The financial statements present information about the company as an individual entity and not about its group. The three subsidiary undertakings, being dormant companies with £1 share capital issued, are considered to be immaterial and the directors therefore have not prepared consolidated financial statements for the year under review.

1.2
Going concern

The true d irectors have carefully considered the company’s operations, trading performance and available sources of financing when determining the most appropriate basis for preparation of the financial statements.

At the balance sheet date, the company has net assets of £245,586 (2024: £2,565,019) and net current liabilities of £27,584 (2024: net current assets £2,319,719).

Liquidity is provided through existing cash reserves, and further supported by an invoice d iscounting facility, which has sufficient headroom within the facility at the date of signing the accounts in 202 6 and is forecast to continue to be sufficient and remain in place.

In assessing its ability to continue as a going concern, the d irectors considered various scenarios, including severe but plausible downside forecasts, and their impact on liquidity. The assessment considered the principal risks and uncertainties and is dependent on a number of factors, including reasonable assumptions regards financial performance, continued access to borrowing facilities and future market demand for the services offered by the company.

The resultant profit and loss forecasts considered the effects of the principal risks and uncertainties identified on the company’s trading performance, confirming the ability of the company to operate, with sufficient headroom, within the covenants set out in its financ ing agreements.

Based on these assessments, 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 and for a period of at least 12 months following approval of these financial statements. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Athona Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2025
1
Accounting policies
(Continued)
Page 14
1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided by medical professionals recruited by the company in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover represents revenue earned under a variety of contracts to provide professional recruitment services. Turnover is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are stated at cost less accumulated amortisation. Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bas i s:

Computer software
25% straight line
1.5
Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following ba si s:

Fixtures, fittings & equipment
25% straight line
Computer equipment
25% straight line
Motor vehicles
33% straight line

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.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents 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.

Basic financial assets

Basic financial assets, which include trade and other receivables 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.

Athona Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2025
1
Accounting policies
(Continued)
Page 15
Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price and are subsequently carried at amortised cost using the effective interest rate method.

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.

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.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised.

1.11
Retirement benefits

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

1.12
Share-based payments

The company has established an EMI share option scheme for eligible employees.

The fair value of equity-settled share based payments to employees is determined at the date of grant and is expensed on a straight-line basis over the vesting period based on the company’s estimate of shares or options that will eventually vest.

The company has no cash-settled share based payment arrangements.

Athona Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2025
1
Accounting policies
(Continued)
Page 16
1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Judgements and key sources of estimation uncertainty

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

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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Useful economic life of intangible fixed assets

The annual amortisation charge for intangible assets is sensitive to changes in the estimated lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. See note 10 for the carrying amount of the intangible assets and note 1.4 for the useful economic lives for each class of asset.

Useful economic lives of tangible fixed assets

The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. See note 11 for the carrying amount of the tangible fixed assets and note 1.5 for the useful economic lives for each class of asset.

3
Turnover

An analysis of the company's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Rendering of services
28,928,533
46,032,655
Athona Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2025
3
Turnover
(Continued)
Page 17
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
28,928,533
46,032,655
4
Operating (loss)/profit
2025
2024
Operating (loss)/profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
33,325
23,250
Depreciation of owned tangible fixed assets
32,951
46,468
Depreciation of tangible fixed assets held under finance leases
15,068
-
Amortisation of intangible assets
76,825
52,992
Operating lease charges
353,633
343,714
5
Employees

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

2025
2024
Number
Number
Directors
2
2
Sales
31
43
Administration
45
52
Total
78
97

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
3,372,206
4,336,057
Social security costs
371,639
448,357
Pension costs
52,618
57,299
3,796,463
4,841,713
Athona Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2025
Page 18
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
87,861
42,269

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024 - 2).

7
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on finance leases
-
210
Finance charges on debt factoring facilities
97,297
116,195
97,297
116,405
Other finance costs:
Other interest
2,557
47
99,854
116,452
8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
1,872
234,074
Deferred tax
Origination and reversal of timing differences
471
21,247
Total tax charge
2,343
255,321
Athona Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2025
8
Taxation
(Continued)
Page 19

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

2025
2024
£
£
(Loss)/profit before taxation
(110,177)
898,430
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 19.00% (2024: 25.00%)
(20,934)
224,608
Tax effect of expenses that are not deductible in determining taxable profit
23,910
29,970
Permanent capital allowances in excess of depreciation
(633)
(928)
Capital items expensed
-
0
1,671
Taxation charge for the year
2,343
255,321
9
Dividends
2025
2024
£
£
Interim paid
559,865
627,389
10
Intangible fixed assets
Computer software
£
Cost
At 1 August 2024
673,837
Additions
119,015
At 31 July 2025
792,852
Amortisation and impairment
At 1 August 2024
472,049
Amortisation charged for the year
76,825
At 31 July 2025
548,874
Carrying amount
At 31 July 2025
243,978
At 31 July 2024
201,788
Athona Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2025
Page 20
11
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 August 2024
449,767
417,357
-
0
867,124
Additions
1,711
3,859
84,653
90,223
At 31 July 2025
451,478
421,216
84,653
957,347
Depreciation and impairment
At 1 August 2024
421,010
324,884
-
0
745,894
Depreciation charged in the year
10,376
28,853
8,790
48,019
At 31 July 2025
431,386
353,737
8,790
793,913
Carrying amount
At 31 July 2025
20,092
67,479
75,863
163,434
At 31 July 2024
28,757
92,473
-
0
121,230

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2025
2024
£
£
Motor vehicles
69,585
-
0
12
Fixed asset investments
2025
2024
Notes
£
£
Investments in subsidiaries
13
3
3
Athona Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2025
Page 21
13
Subsidiaries

These financial statements are separate company financial statements for Athona Limited.

Details of the company's subsidiaries at 31 July 2025 are as follows:

Name of undertaking
Country
Nature of
Class of
% Held
business
shares held
Direct
Athona Doctors Limited
England and Wales
Dormant
Ordinary
100.00
Athona Health Limited
England and Wales
Dormant
Ordinary
100.00
Athona Clinical Services Limited
England and Wales
Dormant
Ordinary
100.00

All of the above subsidiaries have the same registered office of Orbital House, 20 Eastern Road, Romford, Essex, RM1 3PJ.

14
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
2,512,822
3,055,277
Corporation tax recoverable
149,629
432,559
Other debtors
5,803
706,966
Prepayments and accrued income
942,258
975,911
3,610,512
5,170,713
15
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
17
2,083,265
-
0
Obligations under finance leases
18
11,496
-
0
Trade creditors
318,319
428,501
Corporation tax
-
0
117,174
Other taxation and social security
501,712
769,573
Other creditors
535,244
629,118
Accruals and deferred income
589,134
1,434,982
4,039,170
3,379,348
16
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Obligations under finance leases
18
56,053
-
0
Athona Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2025
Page 22
17
Loans and overdrafts
2025
2024
£
£
Bank loans
2,083,265
-
0
Payable within one year
2,083,265
-
0

The company has a n invoice discounting facility with RBS Invoice Finance Limited. The agreement is secured by a fixed and floating charge over the assets of the company.

Included in bank loans and overdrafts is an amount owed to RBS Invoice Finance Limited of £2,083,265 (2024: £nil).

18
Finance lease obligations
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
11,496
-
0
In two to five years
56,053
-
0
67,549
-
0

Finance lease payments represent rentals payable by the company for motor vehicles. The lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

Athona Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2025
Page 23
19
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
78,192
77,721
2025
Movements in the year:
£
Liability at 1 August 2024
77,721
Charge to profit or loss
471
Liability at 31 July 2025
78,192

The deferred tax liability set out above is expected to reverse in the future and relates to accelerated capital allowances that are expected to mature within the same period.

T he company's deferred tax balances at the reporting date are taxed at an effective rate of 25% (202 4: 25%).

20
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
37,546
32,000
37,546
32,000

On 29 October 2024, the employee share options were all vested at a value of £37,897 and were all exercised. 5,546 ordinary shares of £1 each were issued for an exercise price of £41,551. Subsequent to this, 71% of the share capital was sold to the Athona Employee Ownership Trust. During the year, the company made a contribution to the Athona Employee Ownership Trust of £1,688,599 which has been deducted from profit and loss reserves.

Athona Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2025
Page 24
21
Retirement benefit schemes
Defined contribution schemes

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.

The charge to profit and loss in respect of defined contribution pension schemes was £52,618 (2024: £57,299).

Included within other creditors is an amount of £10,954 (2024: £19,110) due in outstanding pension contributions.

22
Operating lease commitments
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 one year
353,633
149,134
Between two and five years
1,177,758
-
0
1,531,391
149,134
23
Ultimate controlling party

The company was jointly controlled by the directors who together owned the entire share capital. On 29 October 2024, 71% of the share capital was transferred to the Athona Employee Ownership Trust who is now the ultimate controlling party.

24
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2025
2024
£
£
Aggregate compensation
579,458
898,235
Other information

The company is related to Athona Education Limited by virtue of common directorship. During the year, the company received a management recharge from Athona Education Limited of £334,163 (2024: £246,550) which is included within sundry income.

Included in other creditors is a balance of £71,373 owed to Athona Education Limited (2024: £254,543 owed by Athona Education).

Athona Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2025
Page 25
25
Directors' transactions

During the year dividends of £559,865 (2024: £627,389) were paid to the directors. At the balance sheet date, included in other debtors is an amount of £nil (2024: £450,232) due from the directors.

26
Cash generated from operations
2025
2024
£
£
(Loss)/profit for the year after tax
(112,520)
643,109
Adjustments for:
Taxation charged
2,343
255,321
Finance costs
99,854
116,452
Investment income
(1)
(19,531)
Amortisation and impairment of intangible assets
76,825
52,992
Depreciation and impairment of tangible fixed assets
48,019
46,468
Movements in working capital:
Decrease in debtors
827,039
5,734,860
Increase/(decrease) in creditors
765,500
(5,171,061)
Cash generated from operations
1,707,059
1,658,610
27
Analysis of changes in net funds/(debt)
1 August 2024
Cash flows
New finance leases
31 July 2025
£
£
£
£
Cash at bank and in hand
528,354
(127,280)
-
401,074
Borrowings excluding overdrafts
-
(2,083,265)
-
(2,083,265)
Obligations under finance leases
-
7,104
(74,653)
(67,549)
528,354
(2,203,441)
(74,653)
(1,749,740)
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