This report was approved by the board of directors on 26 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. Background 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 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. Legal Proceedings On 20 December 2024, the company issued proceedings in the High Court of Justice, Business and Property Courts of England and Wales, Technology and Construction Court. The company's claim alleges that the UK Government breached the contracts by wrongfully rejecting goods and purporting to terminate the contracts. The company seeks: - A declaration that the UK Government acted in breach of contract - A mandatory order requiring the UK Government to permit the company to perform the contracts - Alternatively, damages for breach of contract - Interest and costs Claimed Losses. The company's claimed losses include: - Lost profits of over £11,300,000 - Lost deposits to suppliers - Losses arising from the cancellation of supply chain contracts entered into in reliance on the contracts - Losses to its Indo UK Institute of Health Programme in India Contingent Liability - Advance Payments The UK Government has demanded repayment of advance payments totalling £15,350,000. The company's position is that the purported termination was wrongful and invalid, and accordingly no obligation to repay these sums has arisen. The directors believe, based on legal advice, that the company has valid defences to this demand. No provision has been made for repayment. Contingent Asset - Damages Claim The company has a claim against the UK Government for damages exceeding £11,300,000. The directors consider that the claim has merit, but as litigation is at an early stage and the outcome cannot be determined with certainty, no asset has been recognised. Due to the ongoing legal dispute, the company has suffered losses in its wider Healthcare Programme and enterprise value erosion. Uncertainty The outcome of these proceedings is inherently uncertain and could have a material impact on the company's financial position. An unfavourable outcome could require the company to repay up to £15,350,000. A favourable outcome could result in the company receiving substantial damages or being permitted to perform the contracts and earn the anticipated profits. The proceedings are expected to continue beyond the end of the next financial year. 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 Directors will attempt to sign a legal statement with them regarding the contracts signed to be relieved of any potential liabilities in downstream contracts. Going Concern The directors have considered the impact of the ongoing legal proceedings on the company's ability to continue as a going concern. The directors note that: - The company has issued proceedings seeking substantial damages - The company disputes the demand for repayment of advance payments and believes it has valid defences - The litigation process is expected to take a considerable period to resolve Having considered the company's current financial position, its legal advice regarding the strength of its claim and defences, and the range of possible outcomes, the directors have concluded that it remains appropriate to prepare these accounts on a going concern basis. However, the directors acknowledge that material uncertainties exist in relation to the outcome of the legal proceedings which may cast significant doubt on the company's ability to continue as a going concern.