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Registered number: 01696776 MEDICAL GASES LIMITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 DECEMBER 2025
MEDICAL GASES LIMITED COMPANY INFORMATION
Directors | D P Field
| G E Littlewood
| N Wakeham
Company secretary | M D Farrell
Registered number | 01696776
Registered office | 5 Polar Drive
| North Gatwick Gateway
| Salfords
| Surrey
| RH1 5HW
Independent auditors | Cooper Parry Group Limited
| Statutory Auditor
| Davidson House
| 1st floor
| The Forbury
| Reading
| RG1 3EU
MEDICAL GASES LIMITED CONTENTS
| Page
Balance sheet | 1
Notes to the financial statements | 2 - 6
MEDICAL GASES LIMITED REGISTERED NUMBER: 01696776 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 4 | 4,923,406 |  | 4,704,061 |
Cash at bank and in hand |  | 336,663 |  | 433,107 |
|  | 5,260,069 |  | 5,137,168 |
Creditors: amounts falling due within one year | 5 | (4,042,618) |  | (4,005,000) |
Net current assets |  |  | 1,217,451 |  | 1,132,168
Net assets |  |  | 1,217,451 |  | 1,132,168
Capital and reserves |  |  |  |  |
Called up share capital | 6 |  | 61 |  | 61
Profit and loss account | 7 |  | 1,217,390 |  | 1,132,107
|  |  | 1,217,451 |  | 1,132,168
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ N Wakeham
Director
Date: 2 June 2026
The notes on pages 2 to 6 form part of these financial statements. Page 1
MEDICAL GASES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Medical Gases 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. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. Monetary amounts in these financial statements are rounded to the nearest pound. The following principal accounting policies have been applied:
| 2.2 | Basis other than a going concern
The directors note that the trade and assets of the Company are expected to be transferred to Puretech Systems Limited on 31 December 2026, after which the Company will cease trading. In view of this intention, the directors have concluded that the going concern basis of preparation is not appropriate, and the financial statements have therefore been prepared on a break up basis. The adoption of the break up basis has not resulted in any adjustments to the carrying amounts of assets and liabilities as at 31 December 2025, as these have been measured at net realisable value, representing the directors’ best estimate of the amounts recoverable on liquidation. The planned transfer of the Company’s trade and assets to Puretech Systems Limited forms part of a wider restructuring exercise intended to streamline the business.
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Page 2
MEDICAL GASES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | Revenue
Revenue measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.5 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.6 | Taxation
Tax is recognised in the profit and loss account except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
| 2.7 | 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.
| 2.8 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.9 | 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. Page 3
MEDICAL GASES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.10 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Basic 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 the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
| 2.11 | Amounts recoverable on long term contracts
Long term contracts are assessed on a contract by contract basis and are reflected in the profit and loss account by recording turnover and related costs as contract activity progresses. Where the outcome of each long term contract can be assessed with reasonable certainty before its conclusion, the attributable profit is recognised in the profit and loss account as the difference between the reported turnover and related costs for that contract. Page 4
MEDICAL GASES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
3. | Employees
| The Company has no employees other than the Directors, who did not receive any remuneration (2024:£NIL).
4. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 87,041 | 21,972
| Amounts owed by group undertakings | 4,630,017 | 4,163,620
| Other debtors | 16,193 | 20,740
| Amounts recoverable on long-term contracts | 190,155 | 497,729
|  | 4,923,406 | 4,704,061
5. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 2,160 | -
| Amounts owed to group undertakings | 4,035,000 | 4,005,000
| Corporation tax | 5,308 | -
| Other taxation and social security | 150 | -
|  | 4,042,618 | 4,005,000
6. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Authorised, allotted, called up and fully paid |  |
|  | 61 (2024:61) Ordinary shares of £1 each | 61 | 61
| Ordinary share capital shares carry full rights to voting, dividends and return of capital on wind up of the company.
7. | Reserves
Profit and loss account This represents accumulated profits and losses from all current and prior periods less dividends paid. Page 5
MEDICAL GASES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
8. | Related party transactions
| 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.
9. | Controlling party
U.K. Gas Technologies Limited is the parent undertaking. The smallest group for which group financial statements are prepared is U.K. Gas Technologies Limited. Copies of the financial statements can be obtained from the Companies House website, or alternatively, by contacting the company secretary at U.K. Gas Technologies Limited, 5 Polar Drive, North Gatwick Gateway, Salfords, Surrey, England, RH1 5HW. Ultimate parent company Indutrade AB, a company incorporated and registered in Sweden, is the ultimate parent undertaking. The largest group for which group financial statements are prepared is Indutrade AB. Copies of the financial statements can be obtained from Indutrade AB's website, or alternatively, by contacting the company secretary at Indutrade AB, Raseborgsgaten 9, Box 6044, SE-164 06, Kista, Sweden.
10. | Auditors' information
The auditors' report on the financial statements for the year ended 31 December 2025 was unqualified. The audit report was signed on 2 June 2026 by Roz McFarlane (Senior statutory auditor) on behalf of Cooper Parry Group Limited.
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