REGISTERED NUMBER: 09914912 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

MEDICAL AUCTIONS (BMA) LIMITED

TRADING AS

BRITISH MEDICAL AUCTIONS

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M J K Grad

M J Davies

M L J Brouwers

S P Sully

REGISTERED OFFICE:

Unit 1a

Sterling Centre

Eastern Road

Bracknell

Berkshire

RG12 2PW

REGISTERED NUMBER:

09914912 (England and Wales)

AUDITORS:

Galloways Accounting

Statutory Auditor

15 West Street

Brighton

East Sussex

BN1 2RL

FIXED ASSETS

Intangible assets

4

9,334

-

Tangible assets

5

765,527

923,182

Investments

6

188,694

188,694

963,555

1,111,876

CURRENT ASSETS

Debtors

7

1,645,554

2,599,813

Cash at bank

1,383,061

1,436,829

3,028,615

4,036,642

CREDITORS

Amounts falling due within one year

8

2,586,589

3,655,191

NET CURRENT ASSETS

442,026

381,451

TOTAL ASSETS LESS CURRENT LIABILITIES

1,405,581

1,493,327

PROVISIONS FOR LIABILITIES

10

360,690

368,385

NET ASSETS

1,044,891

1,124,942

CAPITAL AND RESERVES

Called up share capital

11

243

243

Share premium

297,376

297,376

Retained earnings

747,272

827,323

SHAREHOLDERS' FUNDS

1,044,891

1,124,942

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 8 April 2026 and were signed on its behalf by:

M J K Grad - Director

1.	STATUTORY INFORMATION

Medical Auctions (BMA) Limited is a private company, limited by shares , registered in England and Wales. 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

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements

The financial statements contain information about Medical Auctions (BMA) 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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover represents commissions and premiums earned by the Company in its role as auctioneer.

Auction commissions are recognised upon the closure of each auction lot, which is the point in time when the Company has substantially accomplished what it must do to be entitled to the benefits.

The commissions and premiums represent the turnover in an agent/principal relationship which can be recognised and not the total hammer price.

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.

Computer software is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful

life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold

- Over lease term

Plant and machinery

- 25% on cost

Fixtures and fittings

- 25% on cost

Motor vehicles

- 15% on reducing balance

Computer equipment

- 33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost, less impairment which is reviewed annually.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a 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 instruments are initially recognised at the transaction price and are subsequently measured at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial instrument is measured at the present value of the future receipts discounted at a market rate of interest.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Share based payments

The Company grants share options ("equity-settled share based payments") to certain employees.

Equity-settled share based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

The amounts recognised in the current and prior year are not material to the financial statements.

Going concern

The financial statements have been prepared on the going concern basis, which assumes that the company will continue in operational existence for the foreseeable future.

In assessing the appropriateness of the going concern basis, the directors have considered the company’s financial position, cash flow forecasts and available banking facilities for a period of at least 12 months from the date of approval of the financial statements.

Based on this assessment, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 33 (2024 - 30 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

Additions

10,500

Reclassification/transfer

10,944

At 31 December 2025

21,444

AMORTISATION

Charge for year

1,166

Reclassification/transfer

10,944

At 31 December 2025

12,110

NET BOOK VALUE

At 31 December 2025

9,334

5.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

leasehold

machinery

fittings

£

£

£

COST

At 1 January 2025

1,043,550

29,039

169,924

Additions

13,846

5,360

1,072

Disposals

-

(8,360

)

-

Reclassification/transfer

-

-

-

At 31 December 2025

1,057,396

26,039

170,996

DEPRECIATION

At 1 January 2025

246,853

17,462

86,560

Charge for year

139,591

3,118

30,826

Eliminated on disposal

-

(1,000

)

-

Reclassification/transfer

-

-

-

At 31 December 2025

386,444

19,580

117,386

NET BOOK VALUE

At 31 December 2025

670,952

6,459

53,610

At 31 December 2024

796,697

11,577

83,364

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2025

26,747

61,420

1,330,680

Additions

3,343

13,806

37,427

Disposals

-

-

(8,360

)

Reclassification/transfer

-

(10,944

)

(10,944

)

At 31 December 2025

30,090

64,282

1,348,803

DEPRECIATION

At 1 January 2025

6,932

49,691

407,498

Charge for year

3,360

10,827

187,722

Eliminated on disposal

-

-

(1,000

)

Reclassification/transfer

-

(10,944

)

(10,944

)

At 31 December 2025

10,292

49,574

583,276

NET BOOK VALUE

At 31 December 2025

19,798

14,708

765,527

At 31 December 2024

19,815

11,729

923,182

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertaking

£

COST

At 1 January 2025

and 31 December 2025

188,694

NET BOOK VALUE

At 31 December 2025

188,694

At 31 December 2024

188,694

The above investment is categorised as a fixed asset investment on the basis that the directors expect to hold this investment for a period of more than 12 months from the balance sheet date.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

839,326

1,632,756

Amounts owed by group undertakings

202,378

2,687

Other debtors

22,770

17,742

Rent deposit

222,730

210,550

Other tax and social security

109,484

52,669

Tax

64,381

361,299

Prepayments

184,485

322,110

1,645,554

2,599,813

Interest of £12,180 (2024: £nil) has accrued on the rent deposit balance.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

-

451,350

Trade creditors

1,377,981

1,288,352

Amounts owed to group undertakings

600

16,952

Social security and other taxes

104,533

91,447

Other creditors

54,134

60,630

Accrued expenses

1,049,341

1,746,460

2,586,589

3,655,191

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£

£

Within one year

495,599

479,390

Between one and five years

1,701,170

1,814,583

In more than five years

-

322,067

2,196,769

2,616,040

10.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

90,690

98,385

Other provisions

270,000

270,000

360,690

368,385

Deferred

Other

tax

provisions

£

£

Balance at 1 January 2025

98,385

270,000

Provided during year

(7,695

)

-

Balance at 31 December 2025

90,690

270,000

Provision is made for liabilities of uncertain timing or amount where the company has a present obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation, and a reliable estimate can be made of the amount of the obligation.

Deferred tax provision

A deferred tax provision is recognised in respect of timing differences between capital allowances and depreciation charged in the financial statements.

Dilapidations provision

The company has currently has lease agreements for its premises which are on a full repairing basis. Under the terms of these leases, the company is required to maintain the properties and, where necessary, restore them to their original condition at the end of the lease term.

A provision has therefore been recognised for the estimated future cost of dilapidations. The provision is calculated based on an estimated cost per square foot, taking into account the mixed use of the property (industrial storage and office space), applied to the total occupied floor area.

The amount is fully included within the balance of other provisions in the statement of financial position.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number

Class

Nominal Value

2025

2024

£

£

22,500

A Ordinary

0.1p

23

13

10,530

B Ordinary

0.1p

11

11

209,470

Ordinary 0.1p

0.1p

209

209

243

243

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Neil Morris FCCA (Senior Statutory Auditor)

for and on behalf of Galloways Accounting

13.	RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption available in FRS 102 ''Related party disclosures'' whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.

Medical Auctions (BMA) Limited is 100% owned by Gavel UK Bidco Limited whose results are included in the consolidated financial statements of a parent, which are publicly available.

14.	ULTIMATE CONTROLLING PARTY

The company's parent is Gavel UK Bidco Limited.

The company's accounts are consolidated into the financial statements of the ultimate company, TBAuctions B.V.. Copies of the accounts may be obtained from TBAuctions B.V., Overschiestraat 59, 1062 XD, Amsterdam.