Company registration number 05030210 (England and Wales)
MEDIHEALTH (NORTHERN) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
MEDIHEALTH (NORTHERN) LIMITED
COMPANY INFORMATION
Directors
A J Caunce
A A Ismail
Secretary
R Gaffney
Company number
05030210
Registered office
Lynstock House
Lynstock Way
Lostock
Bolton
BL6 4SA
Auditor
Sumer Auditco Limited
Fourth Floor
Unit 5B, The Parklands
Bolton
BL6 4SD
MEDIHEALTH (NORTHERN) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 19
MEDIHEALTH (NORTHERN) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2025
- 1 -

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

Principal activities

The principal activity of the company during the year continued to be that of the wholesale of pharmaceutical goods.

Review of the business

Business strategy

The company strategy is to provide an excellent service to the independent pharmacies by having good telesales support and providing them with products which are competitively priced.

Regulation

The company's activities are regulated by the Medicines and Healthcare products Regulatory Agency (MHRA).

Business review

The company has had a good year, with turnover increasing from £54.9m in 2024 to £86.1m in 2025, an increase of 56.8%. This growth has predominantly been driven by an increase in the number of customer accounts, due to competitive pricing in what is a volatile market. This has resulted in a slight reduction in gross margins, down from 9.3% in 2024 to 8.4% in 2025.

As at 31 August 2025, the company has significant net assets of £11.8m (2024: £7.8m) which the directors believe places the company in a strong and stable financial position.

Principal risks and uncertainties

The company uses various financial instruments and other mainstream items, such as debtors and creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations.

The existence of these financial instruments exposes the company to a number of financial risks which are described in more detail below. The directors review and agree policies for managing these risks. These policies have remained unchanged from previous years.

Business risk

The company operates in a highly regulated market, and significant changes to those regulations may have a significant impact on the business, adverse or otherwise. The company is subject to the rules and regulations of a number of authorities and regulatory bodies. The directors consider these uncertainties in the external environment when developing their strategy and reviewing performance. As part of our day-to-day operations we engage with relevant organisations to ensure that we continue to trade under the current guidelines and to ensure that the views of our customers and employees are represented and try to contribute to important changes in policy. The directors and the management of the company constantly review any potential changes to regulations that may have an adverse or otherwise impact on the business.

Financial risk

The directors have established a risk and financial management framework whose primary objectives are to protect the company from events that hinder the achievement of the company’s performance objectives. The company uses various financial instruments which include cash and trade creditors. The purpose of these financial instruments is to raise finance for the company’s trading operation. The main risks arising from the company’s financial instruments are set out below.

Liquidity risk

Due to the nature of financial instruments used by the company there is no general exposure to price risk. In respect of bank balances, the liquidity is managed by maintaining adequate cash balance. Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Credit risk

The company’s principal financial assets are its trade debtors. The company monitors credit risk closely and considers that its current policies of credit checks meets its objective of managing exposure to credit risk. Credit risk involves setting limits for customers and this is based on their payment history together with third party references. There is continuous monitoring of amounts outstanding for both time and credit limits.

MEDIHEALTH (NORTHERN) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 2 -
Development and performance

We strive to develop and improve current internal processes together with continual staff development to drive efficiencies. We continually update the product portfolio to remain competitive and supply a good range of pharmaceutical products at competitive prices.

Key performance indicators

The key performance indicators (KPI’s) that the company regards as important are:

1. gross profit margin;

2. the ratio of operating expenses to turnover;

3. the ratio of operating profit to turnover; and

4. earnings before interest, tax, depreciation, impairment charge and amortisation (EBITDA).

For the year under review, those Key Performance Indicators were:

| 202 5 | 202 4
Gross margin | 8.4% | 9.3%
Operating expenses to turnover | 2.3% | 3.2%
Operating profit to turnover | 6.0% | 6.1%
Earnings before interest, tax, depreciation and amortisation | £5.2m | £3.4m

The gross profit margin and operating expenses to turnover is considered satisfactory, reflecting a stable core operation for the year. Operating profit to turnover has decreased slightly, and is reflective of inflationary pressures in the wider economy and the competitiveness in the pharmaceutical market. Earnings before interest, tax, depreciation and amortisation have improved due to the increased levels of trade within the company. The directors will again strive to improve performance and profitability over the coming year by means of continued expansion of the business by organic growth.

On behalf of the board

A J Caunce
Director
8 May 2026
MEDIHEALTH (NORTHERN) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2025
- 3 -

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

Results and dividends

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

No ordinary dividends were paid. 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:

A J Caunce
A A Ismail
Auditor

The auditor, Sumer Auditco Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Future developments

In accordance with s414(c)(11) of the Companies Act, included in the strategic report is information relating to the future developments of the business which would otherwise be required by schedule 7 of the "Large and Medium Sized Company's (Accounts and Reports) Regulations 2008" to be contained in the directors report.

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.

Medium-sized companies exemption

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

MEDIHEALTH (NORTHERN) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 4 -
On behalf of the board
A J Caunce
Director
8 May 2026
MEDIHEALTH (NORTHERN) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MEDIHEALTH (NORTHERN) LIMITED
- 5 -
Opinion

We have audited the financial statements of Medihealth (Northern) Limited (the 'company') for the year ended 31 August 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

MEDIHEALTH (NORTHERN) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MEDIHEALTH (NORTHERN) LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

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

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

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussions with the directors (as required by auditing standards) and discussed with the directors the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and taxation legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or the loss of the company's license to operate. We identified the following areas as those most likely to have such an effect: laws related to Medicines and Healthcare products Regulatory Agency (MHRA), Human Medicines Regulations, employment law and health and safety.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and inspection of regulatory and legal correspondence, if any. Through these procedures we did not become aware of any actual or suspected non-compliance.

MEDIHEALTH (NORTHERN) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MEDIHEALTH (NORTHERN) LIMITED (CONTINUED)
- 7 -

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

We design procedures in line with our responsibilities, outlined below to detect material misstatement due to fraud:

- Matters are discussed amongst the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud

- Identifying and assessing the design and effectiveness of controls that management have in place to prevent and detect fraud

- Detecting and responding to the risks of fraud following discussions with management and enquiring as to whether management have knowledge of any actual, suspected or alleged fraud;

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

Use of our report

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

Alex Hesketh (Senior Statutory Auditor)
For and on behalf of Sumer Auditco Limited, Statutory Auditor
Fourth Floor
Unit 5B, The Parklands
Bolton
BL6 4SD
8 May 2026
MEDIHEALTH (NORTHERN) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
86,122,796
54,907,228
Cost of sales
(78,896,490)
(49,782,272)
Gross profit
7,226,306
5,124,956
Administrative expenses
(2,016,744)
(1,755,393)
Operating profit
5,209,562
3,369,563
Interest receivable and similar income
6
35,462
39,504
Profit before taxation
5,245,024
3,409,067
Tax on profit
7
(1,316,223)
(868,191)
Profit for the financial year
3,928,801
2,540,876

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

MEDIHEALTH (NORTHERN) LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2025
31 August 2025
- 9 -
2025
2024
Notes
£
£
£
£
Current assets
Debtors
9
22,119,117
12,133,504
Cash at bank and in hand
431,933
294,215
22,551,050
12,427,719
Creditors: amounts falling due within one year
10
(10,786,267)
(4,591,737)
Net current assets
11,764,783
7,835,982
Capital and reserves
Called up share capital
12
1
1
Profit and loss reserves
11,764,782
7,835,981
Total equity
11,764,783
7,835,982

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

The financial statements were approved by the board of directors and authorised for issue on 8 May 2026 and are signed on its behalf by:
A J Caunce
Director
Company registration number 05030210 (England and Wales)
MEDIHEALTH (NORTHERN) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2025
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 September 2023
1
5,295,105
5,295,106
Year ended 31 August 2024:
Profit and total comprehensive income
-
2,540,876
2,540,876
Balance at 31 August 2024
1
7,835,981
7,835,982
Year ended 31 August 2025:
Profit and total comprehensive income
-
3,928,801
3,928,801
Balance at 31 August 2025
1
11,764,782
11,764,783
MEDIHEALTH (NORTHERN) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2025
- 11 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
15
1,459,827
1,104,860
Income taxes paid
(1,357,571)
(1,188,815)
Net cash inflow/(outflow) from operating activities
102,256
(83,955)
Investing activities
Interest received
35,462
39,504
Net cash generated from investing activities
35,462
39,504
Net increase/(decrease) in cash and cash equivalents
137,718
(44,451)
Cash and cash equivalents at beginning of year
294,215
338,666
Cash and cash equivalents at end of year
431,933
294,215
MEDIHEALTH (NORTHERN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
- 12 -
1
Accounting policies
Company information

Medihealth (Northern) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lynstock House, Lynstock Way, Lostock, Bolton, BL6 4SA.

1.1
Basis of preparation

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

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

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

1.2
Going concern

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

1.3
Turnover

Turnover comprises sales of goods to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Turnover is recognised when performance obligations are satisfied and the risk and rewards of ownership of the goods have passed to the buyer, which is generally on dispatch of goods.

The company recognises turnover from the following major sources:

- sale of pharmaceutical goods.

1.4
Tangible fixed assets

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

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

Fixtures, fittings & equipment
50% 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.

1.5
Cash and cash equivalents

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

MEDIHEALTH (NORTHERN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 13 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

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

Other financial assets

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

Impairment of financial assets

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

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

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

Derecognition of financial assets

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

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

MEDIHEALTH (NORTHERN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 14 -
Basic financial liabilities

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

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

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

Derecognition of financial liabilities

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

1.7
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.

1.8
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 is recognised in respect of all timing differences which have originated but not reversed at the balance sheet date. Timing differences are differences between taxable profits and the results as stated in the financial statements which arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax is measured at the average tax rates which are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws which have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a non - discounted basis.
1.9
Employee benefits

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

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

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

MEDIHEALTH (NORTHERN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 15 -
1.10
Retirement benefits

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

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.

Management consider that there are no key judgements in the application of accounting policies or any key sources of estimation uncertainty.

3
Turnover and other revenue
2025
2024
£
£
Other revenue
Interest income
35,462
39,504
4
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
10,000
10,000
For other services
Taxation compliance services
1,000
-
0
5
Employees

The average monthly number of persons employed by the company during the year was:

2025
2024
Number
Number
Administrative
11
10
MEDIHEALTH (NORTHERN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
5
Employees
(Continued)
- 16 -

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
568,409
525,048
Social security costs
61,954
51,968
Pension costs
12,342
11,733
642,705
588,749
6
Interest receivable and similar income
2025
2024
£
£
Interest income
Other interest income
35,462
39,504
7
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
1,333,854
868,191
Adjustments in respect of prior periods
(17,631)
-
0
Total current tax
1,316,223
868,191

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

2025
2024
£
£
Profit before taxation
5,245,024
3,409,067
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
1,311,256
852,267
Tax effect of expenses that are not deductible in determining taxable profit
22,598
15,924
Adjustments in respect of prior years
(17,631)
-
0
Taxation charge for the year
1,316,223
868,191
MEDIHEALTH (NORTHERN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 17 -
8
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 September 2024 and 31 August 2025
18,611
Depreciation and impairment
At 1 September 2024 and 31 August 2025
18,611
Carrying amount
At 31 August 2025
-
0
At 31 August 2024
-
0
9
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
21,613,127
11,654,250
Corporation tax recoverable
50,958
9,610
Amounts owed by related undertakings
865
864
Other debtors
454,167
467,699
Prepayments and accrued income
-
0
1,081
22,119,117
12,133,504
10
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
176,929
173,761
Amounts owed to related undertakings
10,076,699
3,961,533
Taxation and social security
303,215
234,912
Other creditors
56,087
-
0
Accruals and deferred income
173,337
221,531
10,786,267
4,591,737
MEDIHEALTH (NORTHERN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 18 -
11
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
12,342
11,733

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.

As at the year-end, contributions due to the schemes in respect of the current reporting year were £Nil (2024: £Nil).

12
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
13
Related party transactions

Included within creditors at the balance sheet date is an amount due to Prinwest Limited of £10,069,802 (202 4: £3,949,993), and an amount due to Gorgemead Limited of £5,948 (202 4: £11,540).

During the year, the company made purchases of £78,375,587 (202 4: £49,514,842) from Prinwest Limited, and sales of £178 (2024: £16,788) to Prinwest Limited. The company was also invoiced £68,923 (202 4: £58,613) from Gorgemead Limited.

The above named companies are under the common control of Y I Patel and the A I Patel Will Trust.

Included within creditors at the balance sheet date is an amount due to Eaststone Limited of £949 (202 4: £Nil), Included within debtors at the balance sheet date is an amount due from Eaststone Limited of £865 (2024: £864). This company is related by virtue of common shareholders. During the year, the company made sales of £22,466 (202 4: £16,885) to Eaststone Limited, and purchases of £2,136 (2024: £Nil) from Eaststone Limited.

The above related party balances are unsecured, non-interest bearing and repayable on demand

14
Ultimate controlling party

The company is a wholly owned subsidiary of Makan Investments Limited. Makan Investments Limited is a company registered in Seychelles, there is no individual controlling party.

MEDIHEALTH (NORTHERN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 19 -
15
Cash generated from operations
2025
2024
£
£
Profit after taxation
3,928,801
2,540,876
Adjustments for:
Taxation charged
1,316,223
868,191
Investment income
(35,462)
(39,504)
Movements in working capital:
Increase in debtors
(9,944,265)
(2,086,921)
Increase/(decrease) in creditors
6,194,530
(177,782)
Cash generated from operations
1,459,827
1,104,860
16
Analysis of changes in net funds
1 September 2024
Cash flows
31 August 2025
£
£
£
Cash at bank and in hand
294,215
137,718
431,933
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