REGISTERED NUMBER: SC429276 (Scotland)

THE HEARING CLINIC (UK) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST JULY 2025

Page

Company Information

1

Chartered Certified Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

M Stone

C Stone

SECRETARY:

M Stone

REGISTERED OFFICE:

4 Royal Crescent

Glasgow

G3 7SL

BUSINESS ADDRESS:

1st Floor East

24 St Vincent Place

Glasgow

Glasgow

G1 2EU

REGISTERED NUMBER:

SC429276 (Scotland)

ACCOUNTANTS:

russell + russell

Chartered Certified Accountants

4 Royal Crescent

Glasgow

G3 7SL

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Hearing Clinic (UK) Limited for the year ended 31st July 2025 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at accaglobal.com/rulebook.

This report is made solely to the Board of Directors of The Hearing Clinic (UK) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of The Hearing Clinic (UK) Limited and state those matters that we have agreed to state to the Board of Directors of The Hearing Clinic (UK) Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at

https://www.accaglobal.com/gb/en/technical-activities/technical-resources-

search/2009/october/factsheet-163-audit-exempt-companies.html.

To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that The Hearing Clinic (UK) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of The Hearing Clinic (UK) Limited. You consider that The Hearing Clinic (UK) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of The Hearing Clinic (UK) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

russell + russell

Chartered Certified Accountants

4 Royal Crescent

Glasgow

G3 7SL

22nd April 2026

FIXED ASSETS

Intangible assets

4

81,661

103,682

Tangible assets

5

240,048

148,178

Investments

6

1,488,524

-

1,810,233

251,860

CURRENT ASSETS

Stocks

99,796

60,571

Debtors

7

237,133

227,067

Cash at bank and in hand

40,089

76,110

377,018

363,748

CREDITORS

Amounts falling due within one year

8

1,469,692

543,479

NET CURRENT LIABILITIES

(1,092,674

)

(179,731

)

TOTAL ASSETS LESS CURRENT LIABILITIES

717,559

72,129

CREDITORS

Amounts falling due after more than one year

9

(770,965

)

(230,679

)

PROVISIONS FOR LIABILITIES

(39,977

)

(23,175

)

NET LIABILITIES

(93,383

)

(181,725

)

CAPITAL AND RESERVES

Called up share capital

13

100

100

Capital redemption reserve

14

9

9

Retained earnings

14

(93,492

)

(181,834

)

(93,383

)

(181,725

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st July 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st July 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17th April 2026 and were signed on its behalf by:

M Stone - Director

1.	STATUTORY INFORMATION

The Hearing Clinic (UK) Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The company had net liabilities of of £93,383 as at 31st July 2025 (2024: £181,725). Included in creditors is a loan from a wholly owned subsidiary totalling £633,714. It has been agreed that this loan will not be repaid to the detriment of the company's ability to trade. The directors therefore believe it is appropriate to prepare the financial statements on a going concern basis.

Preparation of consolidated financial statements

The financial statements contain information about The Hearing Clinic (UK) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

The turnover shown in the profit and loss account represents the sales value of hearing aids and related services provided during the year, exclusive of Value Added Tax.

Goodwill

Goodwill arising on the acquisition of businesses, representing any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, is capitalised and written off on a straight line basis over its useful economic life of 10 years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Software development are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life

Leasehold improvements

-

10% straight line

Plant and machinery

-

20 - 25% straight line

Fixtures and fittings

-

20 - 25% straight line

Website development

-

20% straight line

Computer equipment

-

25% straight line

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2024 - 31 ) .

4.	INTANGIBLE FIXED ASSETS

Software

Goodwill

development

Totals

£

£

£

COST

At 1st August 2024

and 31st July 2025

140,209

40,000

180,209

AMORTISATION

At 1st August 2024

56,083

20,444

76,527

Amortisation for year

14,021

8,000

22,021

At 31st July 2025

70,104

28,444

98,548

NET BOOK VALUE

At 31st July 2025

70,105

11,556

81,661

At 31st July 2024

84,126

19,556

103,682

5.	TANGIBLE FIXED ASSETS

Fixtures

Leasehold

Plant and

and

improvements

machinery

fittings

£

£

£

COST

At 1st August 2024

102,577

210,207

18,405

Additions

131,731

19,661

2,707

At 31st July 2025

234,308

229,868

21,112

DEPRECIATION

At 1st August 2024

37,959

159,978

15,535

Charge for year

16,688

32,106

1,470

At 31st July 2025

54,647

192,084

17,005

NET BOOK VALUE

At 31st July 2025

179,661

37,784

4,107

At 31st July 2024

64,618

50,229

2,870

Website

Computer

development

equipment

Totals

£

£

£

COST

At 1st August 2024

43,308

58,905

433,402

Additions

-

995

155,094

At 31st July 2025

43,308

59,900

588,496

DEPRECIATION

At 1st August 2024

24,849

46,903

285,224

Charge for year

5,597

7,363

63,224

At 31st July 2025

30,446

54,266

348,448

NET BOOK VALUE

At 31st July 2025

12,862

5,634

240,048

At 31st July 2024

18,459

12,002

148,178

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

Additions

1,488,524

At 31st July 2025

1,488,524

NET BOOK VALUE

At 31st July 2025

1,488,524

The investment represents the cost of shares in UK Hearing Centres Limited, a company in which The Hearing Clinic (UK) Limited holds 100% ownership. The cost includes deferred consideration.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.25

31.7.24

£

£

Trade debtors

121,806

98,336

Other debtors

115,327

128,731

237,133

227,067

Other debtors includes tax chargeable under s.455 CTA 2010 of £5,699 (2024:£5,699).

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.25

31.7.24

£

£

Bank loans and overdrafts (see note 10)

-

25,993

Trade creditors

248,328

218,448

Amounts owed to group undertakings

633,714

-

Taxation and social security

137,937

101,339

Other creditors

449,713

197,699

1,469,692

543,479

Other creditors of £449,713 includes £137,500 for a future payment (deferred consideration) related to an acquisition. The directors believe it is probable that this amount will become payable.

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.7.25

31.7.24

£

£

Other creditors

770,965

230,679

Other creditors of £770,965 includes £137,500 for a future payment (deferred consideration) related to an acquisition. The directors believe it is probable that this amount will become payable.

10.

LOANS

An analysis of the maturity of loans is given below:

31.7.25

31.7.24

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

-

25,993

Other loans

197,215

100,210

197,215

126,203

Amounts falling due between one and two years:

Other loans - 1-2 years

158,938

101,326

31.7.25

31.7.24

£

£

Amounts falling due between two and five years:

Other loans - 2-5 years

474,527

129,353

11.	SECURED DEBTS

Clydesdale Bank PLC holds a floating charge over the property and assets of the company. There is also a fixed and floating charge in favour of Sonova UK Limited.

12.	DEFERRED GOVERNMENT GRANTS

31.7.24

31.7.23

£

£

Received and receivable

At 1st August 2024

19,938

19,938

Receivable during year

-

-

At 31st July 2025

19,938

19,938

Amortisation

At 1st August 2024

15,667

9,339

Credit to profit and loss account

4,271

6,328

At 31st July 2025

19,938

15,667

Balance

At 31st July 2025

0.00

4,271

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid

Number:

Class:

Nominal

31.07.24

31.07.23

value:

£

£

700

A Ordinary

£0.10

70.00

70.00

100

B Ordinary

£0.10

10.00

10.00

100

C Ordinary

£0.10

10.00

10.00

50

D Ordinary

£0.10

5.00

5.00

50

E Ordinary

£0.10

5.00

5.00

44

F Ordinary

£0.10

0.00

4.40

43

G Ordinary

£0.10

0.00

4.30

100.00

108.70

14.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1st August 2024

(181,834

)

9

(181,825

)

Profit for the year

229,145

-

229,145

Dividends

(140,803

)

-

(140,803

)

At 31st July 2025

(93,492

)

9

(93,483

)

During the prior year, the company completed a share buy-back of 44 F shares and 43 G shares. These shares were then cancelled.

15.	OTHER FINANCIAL COMMITMENTS

The company has future operating lease commitments of £267,940 (2024:£274,714).

16.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.