ACCOUNTS - Final Accounts

An analysis of turnover by class of business is as follows:

Registered number: 13121344

EMED GROUP LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

EMED GROUP LIMITED

COMPANY INFORMATION

Directors	R J Harvey (resigned 28 March 2025)
	M Kerins (resigned 28 February 2025)
	C Smith


Registered number	13121344


Registered office	Angels Wing 1
	Whitehouse Street
	Leeds
	LS10 1AD


Independent auditor	MHA
	Lyndean House
	30-32 Albion Place
	Maidstone
	Kent
	ME14 5DZ

EMED GROUP LIMITED

CONTENTS

	Page
Strategic Report	1
Directors' Report	2 - 3
Independent Auditor's Report	4 - 7
Statement of Comprehensive Income	8
Balance Sheet	9
Statement of Changes in Equity	10
Notes to the Financial Statements	11 - 20

EMED GROUP LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

Introduction

The Directors present their Annual Report, consisting of the Strategic Report and the Directors' Report, and the audited financial statements of EMED Group Limited ("the Company") for the year ended 31 December 2025.

The Company is a subsidiary of EMED Group Subco Limited, itself a subsidiary of the ultimate parent undertaking Pegasus TopCo Limited ("the Group" or "EMED Group"). On 28 February 2025, Tiger Infrastructure Partners completed the acquisition of EMED Group Holdings Limited via Pegasus Bidco Limited, a subsidiary company of Pegasus TopCo Limited.

Business review

The Company is an investment holding company. At the year end, the Company reported a loss of £1,715,086 (2024 - profit of £8,545,813) and had net assets of £6,554,013 (2024 - £7,369,099).

Principal risks and uncertainties

As an investment holding company, the principal risk that the Company is exposed to is the recoverability of its investment values. The directors carry out annual impairment reviews of these investments and regular performance reviews of the underlying businesses.

The credit, liquidity and cash flow risks are managed on a group-wide basis. Due to the limited level of activity of the Company, these risks are considered to be low.

Key performance indicators

Given the straightforward nature of the business, the Company's directors are of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance or position of the Company.

Directors' statement of compliance with duty to promote the success of the Company

With most principal decisions being made at group level, and considering the limited activity in the Company, the main way in which the directors can be seen to have acted in good faith and a way most likely to promote the success of the Company for the benefit of its members as a whole, is in the decisions taken around dividend policy during the year ended 31 December 2025. The financial statements of Pegasus TopCo Limited reflect details in how the Directors demonstrate their duties in promoting the success of the Company.

Dividends are declared and paid across the Group as and when required to facilitate the strategic and financial objectives of the group.

This report was approved by the board and signed on its behalf.

C Smith

Director

Date: 27 May 2026

Page 1

EMED GROUP LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

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

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements 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 to 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.

Results and dividends

The loss for the year, after taxation, amounted to £1,715,086 (2024 - profit £8,545,813).

During the year, dividends of £9,100,000 (2024 - £Nil) were declared and paid.

Directors

The directors who served during the year were:

R J Harvey (resigned 28 March 2025)

M Kerins (resigned 28 February 2025)

C Smith

Matters covered in the Strategic Report

Certain items required under Schedule 7 to be disclosed in the Directors' Report are set out in the Strategic Report in accordance with S.414C(II) of the Companies Act 2006; these being the Company's Principal Risks and Uncertainties, and Key Performance Indicators.

Page 2

EMED GROUP LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

C Smith

Director

Date: 27 May 2026

Page 3

EMED GROUP LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EMED GROUP LIMITED

Opinion

We have audited the financial statements of EMED Group Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of 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 December 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 United Kingdom, including the Financial Reporting Council'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.

Page 4

EMED GROUP LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EMED GROUP LIMITED (CONTINUED)

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.

Opinion on other matters prescribed by the Companies Act 2006

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

∙the information given in the Strategic Report and the Directors' Report 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 identified material misstatements in the Strategic Report or the Directors' Report.

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' Responsibilities Statement set out on page 2, 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.

Page 5

EMED GROUP LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EMED GROUP LIMITED (CONTINUED)

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:

∙enquiry of management, those charged with governance around actual and potential litigation and claims;

∙performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;

∙reviewing minutes of meetings of those charged with governance;

∙reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and

∙maintaining professional scepticism throughout the course of our audit work.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.

Page 6

EMED GROUP LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EMED GROUP LIMITED (CONTINUED)

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.

Duncan Cochrane-Dyet BSc BFP FCA (Senior Statutory Auditor)

for and on behalf of

MHA

Statutory Auditor

Maidstone
United Kingdom

27 May 2026

MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).

Page 7

EMED GROUP LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

	2025	2024
Note	£	£


Turnover	4	74,263	111,763
Gross profit		74,263	111,763
Administrative expenses		(300,788)	(1,266,600)
Other operating income		747,190	-
Operating profit/(loss)		520,665	(1,154,837)
Income from fixed assets investments	9	-	13,130,151
Interest receivable and similar income	10	1,621	-
Interest payable and similar expenses	11	(2,237,372)	(3,429,501)
(Loss)/profit before tax		(1,715,086)	8,545,813
Tax on (loss)/profit	12	-	-
(Loss)/profit for the financial year		(1,715,086)	8,545,813

There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2025 (2024:£NIL).

The notes on pages 11 to 20 form part of these financial statements.

Page 8

EMED GROUP LIMITED

REGISTERED NUMBER: 13121344

BALANCE SHEET

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Investments	14		63,297,672		63,297,672
Current assets
Debtors: amounts falling due within one year	15	2,685,106		2,944,279
		2,685,106		2,944,279
Creditors: amounts falling due within one year	16	(59,428,765)		(58,872,852)
Net current liabilities			(56,743,659)		(55,928,573)
Total assets less current liabilities			6,554,013		7,369,099

Net assets			6,554,013		7,369,099

Capital and reserves
Called up share capital	18	100	-
Share premium account		-	2
Profit and loss account		6,553,913	7,369,097
		6,554,013	7,369,099

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

C Smith

Director

Date: 27 May 2026

The notes on pages 11 to 20 form part of these financial statements.

Page 9

EMED GROUP LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£	£	£	£
At 8 January 2024	-	2	(1,176,716)	(1,176,714)
Comprehensive income for the year
Profit for the year	-	-	8,545,813	8,545,813

At 1 January 2025	-	2	7,369,097	7,369,099
Comprehensive income for the year
Loss for the year	-	-	(1,715,086)	(1,715,086)
Contributions by and distributions to owners
Dividends: Equity capital	-	-	(9,100,000)	(9,100,000)
Shares issued during the year	100	9,999,900	-	10,000,000
Capital reduction of share premium account	-	(9,999,902)	9,999,902	-
At 31 December 2025	100	-	6,553,913	6,554,013

The notes on pages 11 to 20 form part of these financial statements.

Page 10

EMED GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

EMED Group Limited is a private company limited by shares and is incorporated in England & Wales, in the United Kingdom. The address of the registered office is Angels Wing 1, Whitehouse Street, Leeds, LS10 1AD.

The financial statements have been presented in GBP and rounded to the nearest £1.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared on a going concern basis and under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

FRS 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Pegasus TopCo Limited as at 31 December 2025 and these financial statements may be obtained from Angels Wing 1, Whitehouse Street, Leeds, LS10 1AD.

2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

Page 11

EMED GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.4

Going concern

The Directors have assessed that there are no significant doubts in the Company's ability to continue as a going concern.

As a result, the financial statements have been prepared on a going concern basis

2.5

Revenue

Revenue comprises management charges to fellow group undertakings, and is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

2.6

Interest and investment income

Interest income is recognised in profit or loss using the effective interest method.

Income from investments is recognised in the profit and loss when it falls due.

2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 12

EMED GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

There have been no material judgements made by management in preparing these financial statements.

Management services	74,263	111,763
	74,263	111,763

All turnover arose within the United Kingdom.

5.	Other operating income
		2025	2024
		£	£

Costs recharged to fellow group undertakings	747,190	-
	747,190	-

Page 13

EMED GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Fees payable to the Company's auditor and its associates for the audit of the Company's financial statements

5,950

4,750

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the ultimate parent company..

7.	Employees
		2025	2024
		£	£

Wages and salaries	61,367	61,367
Social security costs	8,227	8,227
Cost of defined contribution scheme	6,420	6,420
	76,014	76,014

The average monthly number of employees, including the directors, during the year was as follows:

	2025	2024
	No.	No.

Directors	1	3

8.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	61,367	61,367
Company contributions to defined contribution pension schemes	6,420	6,420
	67,787	67,787

During the year retirement benefits were accruing to 2 directors (2024 - 2) in respect of defined contribution pension schemes.

Page 14

EMED GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

9.	Income from investments
		2025	2024
		£	£

Dividends received from subsidiary undertakings	-	13,130,151
	-	13,130,151

10.	Interest receivable
		2025	2024
		£	£

	Other interest receivable	1,621	-
		1,621	-

11.	Interest payable and similar expenses
		2025	2024
		£	£

Loan interest payable	2,237,372	3,379,727
Other interest payable	-	49,774
	2,237,372	3,429,501

Page 15

EMED GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

12.	Taxation

(Loss)/profit on ordinary activities before tax

(1,715,086)

8,545,813

(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	(428,772)	2,136,453
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	52,261	287,089
Income not taxable for tax purposes	(186,798)	(3,282,538)
Movement in deferred tax not recognised	(218,525)	91,820
Group relief surrendered for nil consideration	781,834	767,176
Total tax charge for the year	-	-

Factors that may affect future tax charges

There are no factors that may affect future tax charges.

13.	Dividends
		2025	2024
		£	£

	Dividends paid on Ordinary shares	9,100,000	-
		9,100,000	-

Page 16

EMED GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

14.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 January 2025	63,297,672
	At 31 December 2025	63,297,672

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Registered office	Class of shares	Holding

EMED Holdings Limited	Angels Wing, 1 Whitehouse Street, Hunslet, Leeds, United Kingdom, LS10 1AD	Ordinary	100%
*Ezec Medical Transport Services - Trading as EMED Group Limited	Angels Wing, 1 Whitehouse Street, Hunslet, Leeds, United Kingdom, LS10 1AD	Ordinary	100%
ERS Transition - Trading as EMED Group Limited	Angels Wing, 1 Whitehouse Street, Hunslet, Leeds, United Kingdom, LS10 1AD	Ordinary	100%

*The interest in this subsidiary is held indirectly through a wholly owned subsidiary undertaking.

Page 17

EMED GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

15.

Debtors

					2025	2024
					£	£


Trade debtors	-	279,116
Amounts owed by group undertakings	2,674,080	2,453,052
Other debtors	11,026	212,111
	2,685,106	2,944,279

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

16.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Other loans	-	28,648,222
Trade creditors	-	841,648
Amounts owed to group undertakings	59,418,535	29,333,159
Other taxation and social security	-	31,902
Other creditors	-	8,171
Accruals and deferred income	10,230	9,750
	59,428,765	58,872,852

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

Page 18

EMED GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Amounts falling due within one year
Other loans	-	28,648,222



	-	28,648,222

During the year, amounts shown in other loans were settled in full as part of a group-wide restructure and refinance following the acquisition of the Group on 28 February 2025 by Tiger Infrastructure Partners.

Loan facilities in Pegasus Bidco Limited, a fellow group undertaking, are secured against all property and undertakings of the Company by way of fixed and floating charges.

18.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

10,000 (2024 - 2) Ordinary shares of £0.01 each	100	-

The Ordinary shares have attached to them full voting, dividend and capital distribution (including upon winding up) rights; they do not confer any rights of redemption.

During the year, 9,998 Ordinary £0.01 shares were issued at their nominal value for total consideration of £10,000,000.

A capital reduction was enacted in the year to reduce the Share Premium reserve from £9,999,902 to £nil.

19.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £Nil (2024 - £6,420). Contributions totalling £Nil (2024 - £8,171) were payable to the fund at the balance sheet date and are included in creditors.

Page 19

EMED GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

20.	Parent undertaking and controlling party

The immediate parent undertaking is EMED Group Subco Limited.

Pegasus TopCo Limited is the ultimate parent undertaking and the parent of the smallest and largest group for which consolidated financial statements are available, and is registered at Angels Wing 1, Whitehouse Street, Leeds, LS10 1AD. The consolidated accounts are available from this address, or from the Companies House website.

The ultimate controlling party is Tiger Infrastructure Associates GP IV LP, registered in Delaware, USA.

Page 20