This report was approved by the board of directors on 19 May 2026
and signed on behalf of the board by:

Name: Ajay Gupta
Status: Director

Fixed asset investments are shown at cost less amounts written off. Provisions are made for permanent fluctuations in value.

CONTINGENT LIABILITIES AND CONTINGENT ASSETS Legal Dispute with the UK Government. In May and June 2020, the company entered into two contracts for the supply of personal protective equipment (non-sterile nitrile examination gloves) during the Covid-19 pandemic giving a combined contract value of £30,700,000. The company received advance payments totalling £15,350,000 under these contracts which it used to secure the PPE from its onward supply chain. In October 2020, the UK Government purported to terminate both contracts and subsequently demanded repayment of the advance payments. The company disputes the validity of the termination on the grounds that goods were wrongfully rejected which complied with the contractual specification, and the UK Government failed to follow the contractual procedures for rejection and termination. The company's position, supported by legal advice, is that the purported termination was wrongful and that the company has a valid claim for breach of contract. The company has suffered losses including lost profits, lost deposits to suppliers, legal costs, management time, logistics and supply chain costs, laboratory testing costs, together with losses arising from the cancellation of supply chain contracts entered into in reliance on the contracts, including losses to its Indo UK Institute of Health Programme in India. In addition the company is in discussions with its supplier chain partners in South East Asia who have lost profits secondary to cancellation of their downstream contracts with company (due to rejection of PPE and termination of upstream parent contracts by UK Government with company) to circumvent any further liability towards them. The company has been engaged in ongoing correspondence and negotiations since 2020, including a mediation in July 2021 which resulted in Heads of Terms that were not subsequently implemented. Formal legal proceedings are in preparation. No provision has been made for repayment of the advance payments as the directors believe, based on legal advice, that the company has valid defences to the demand and that the purported termination was wrongful. The contingent asset in respect of the company's claim has not been recognised in these accounts as the outcome remains uncertain. The claim will be pursued through litigation if a negotiated settlement cannot be reached. The outcome of this dispute is inherently uncertain and could have a material impact on the company's financial position. Going Concern. The directors have considered the impact of the ongoing dispute on the company's ability to continue as a going concern. While the outcome of this dispute is uncertain, the directors believe it is appropriate to prepare these accounts on a going concern basis. This conclusion takes into account the company's current financial position, the strength of its legal claim, and the range of possible outcomes from the dispute.