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Company Registration number: 10258206

Medical Information Technology International Limited
Annual Report and Consolidated Financial Statements
for the Year Ended 31 December 2025

Medical Information Technology International Limited

Contents

Company Information | 1
Strategic Report | 2 to 3
Directors' Report | 4 to 5
Statement of Directors' Responsibilities | 6
Independent Auditor's Report | 7 to 10
Consolidated Profit and Loss Account | 11
Consolidated Statement of Comprehensive Income | 12
Consolidated Balance Sheet | 13
Balance Sheet | 14
Consolidated Statement of Changes in Equity | 15
Statement of Changes in Equity | 16
Consolidated Statement of Cash Flows | 17
Notes to the Financial Statements | 18 to 34

Medical Information Technology International Limited

Company Information

Directors | C L Jackson J Tresling T E Saunders G Yarwood A C Stockigt H Messing

Registered office | The Pinnacle 160 Midsummer Boulevard Milton Keynes Buckinghamshire MK9 IFF

Auditors | Albert Goodman LLP Goodwood House Blackbrook Park Avenue Taunton Somerset TA1 2PX

Medical Information Technology International Limited

Strategic Report for the Year Ended 31 December 2025

The directors present their strategic report for the year ended 31 December 2025.

Principal activity
The company’s principal activity is that of an investment holding company, holding investments in its wholly owned subsidiaries. The group’s principal activity is licensing and integrating software and providing related professional services, maintenance and hosting of software solutions for healthcare
organisations.

Fair review of the business

Key elements of the group’s business strategies for the future include:
• Deliver sustainable integrated solutions for healthcare providers and patients
• Monitor and lead with digitization efforts under the National Single Patient Record programme
• Participate in Irish HSE procurements to grow market share within Irish market
• Strengthen interoperable functionality to meet needs of entire continuum of healthcare community
• Increase community engagement to market the company’s brand and solutions and to contribute to charitable efforts
• Standardisation and expansion of our software cloud offering aligned with global affiliates
• Continue to grow the MEDITECH Expanse software platform installations by adding new customers and migrating existing clients to this platform with the ultimate goal of improving healthcare outcomes
The directors closely monitor the appropriate approach to financing future investment requirements and the ongoing working capital requirements for the group and the ongoing trade. Profit retention is currently a key driver, with the group's net asset position increasing from £9,857,191 to £18,078,699 at the year end.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs | Unit | 2025 | 2024
Turnover | £ | 43,014,640 | 22,645,571
Profit before tax | £ | 10,892,474 | 3,330,130

Turnover was higher by 89.9% in 2025 as compared with 2024, primarily driven by newer contracts in our UK and Ireland markets, with significant implementation milestones achieved during 2025 as well as growth in the hosted infrastructure environments.
Profit before tax was higher by 213.1% in 2025 as compared with 2024. The 2025 pre-tax profit margin was 25.3% while the 2024 pre-tax profit margin was 14.7%. The higher profit margin is attributable to a higher volume of milestones achieved resulting in higher turnover, combined with cost savings attributed to the stronger Sterling and Euro against our extensive US Dollar-denominated supplier costs.

Principal risks and uncertainties

The group’s operations expose it to a variety of risks in the ordinary course of business including foreign exchange risk, regulatory risk, and market risk. The group manages these risks as set out below:

Medical Information Technology International Limited

Strategic Report for the Year Ended 31 December 2025

Foreign exchange risk - The group manages its foreign exchange risk, which exists due to a significant portion of supplier expenditures being incurred in foreign currencies, by monitoring currency fluctuations in determining timing of settlement of obligations and by building such risk into its pricing policies.
Regulatory risk - The group operates in an industry partially regulated by the National Health Service (NHS) in its UK market and hence is subject to compliance with its regulations. The group addresses compliance with areas like data privacy, private health information, cyber security, client safety and other requirements for the software used in this local environment. The group obtains ISO, Cyber Essential Plus, and Data Security and Protection (DSP) accreditations and employs a full-time clinical safety officer, all to ensure compliance with existing regulations and to minimize risks. An internal steering group meets periodically to address NHS statutory information standards requirements.
Market risk - The group competes with multiple electronic health record suppliers and professional service firms for procurements in its markets and the competitive nature of the industry can affect the group’s pricing and profitability. The level of available NHS funding dictated by the UK government can also have an economic impact on the group’s ability to generate new business and on its cash flows. The company continues to strive to stay ahead of its competition as it has invested in growing its local personnel and in the interoperability of its software to meet the demand of local markets. The group has a well-regarded reputation in its industry that is used to manage the marketplace risks.

Approved by the Board on 28 April 2026 and signed on its behalf by:

A C Stockigt Director |  |

Medical Information Technology International Limited

Directors' Report for the Year Ended 31 December 2025

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

Directors of the group

The directors who held office during the year were as follows:

C L Jackson

J Tresling

T E Saunders

G Yarwood

A C Stockigt

H Messing

Dividends
No Ordinary dividends were paid during the year or the prior year. Since the year end the company has declared and paid dividends of £850,000.

Financial instruments

Objectives and policies

The Group's principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to maintain funds to finance the Group's operations.
Trade debtors are managed in respect of credit and cash flow by applying appropriate credit limits to customers and through the regular monitoring and seeking settlement of amounts outstanding.
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet the amounts due.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Going concern

These financial statements have been prepared on a going concern basis. The directors, have considered the financial position of the Group for a period of at least twelve months from the date of signing these financial statements, have no reason to believe that a material uncertainty exists that may cast doubt about the ability of the Group to continue as a going concern. Accordingly, the directors have a reasonable expectation that the Group will continue in operational existence and thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

Medical Information Technology International Limited

Directors' Report for the Year Ended 31 December 2025

Matters covered in the Strategic Report
The mandatory disclosures in relation to the principal risks and uncertainties and the future development of the Group are considered by the Directors to be of strategic importance. These have therefore been included in the Strategic Report.

Approved by the Board on 28 April 2026 and signed on its behalf by:

A C Stockigt Director |  |

Medical Information Technology International Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

• | select suitable accounting policies and 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; and

• | 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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Medical Information Technology International Limited

Independent Auditor's Report to the Members of Medical Information Technology International Limited

Opinion

We have audited the financial statements of Medical Information Technology International Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, 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 group's and the parent company's affairs as at 31 December 2025 and of the group's profit 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 responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 director's 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 original financial statements were 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.

Medical Information Technology International Limited

Independent Auditor's Report to the Members of Medical Information Technology International Limited

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

In the light of our knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

• | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
• | the parent company 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 Statement of Directors' Responsibilities set out on page 6, 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 group’s and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Medical Information Technology International Limited

Independent Auditor's Report to the Members of Medical Information Technology International Limited

Auditor 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:

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

• | the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• | we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the software licencing and healthcare sector;
• | we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and employment legislation;
• | we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
• | identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

• | making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
• | considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

• | performed analytical procedures to identify any unusual or unexpected relationships;
• | tested journal entries to identify unusual transactions;
• | assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
• | investigated the rationale behind significant or unusual transactions.

Medical Information Technology International Limited

Independent Auditor's Report to the Members of Medical Information Technology International Limited

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

• | agreeing financial statement disclosures to underlying supporting documentation;
• | reading the minutes of meetings of those charged with governance; and
• | enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

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.

Christopher Walford FCA (Senior Statutory Auditor)
For and on behalf of Albert Goodman LLP, Statutory Auditor
Goodwood House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX

12 May 2026

Medical Information Technology International Limited

Consolidated Profit and Loss Account
for the Year Ended 31 December 2025

| Note | 2025 £ | 2024 £
Turnover | 3 | 43,014,640 | 22,645,571
Cost of sales |  | (29,549,121) | (17,010,329)
Gross profit |  | 13,465,519 | 5,635,242
Administrative expenses |  | (3,371,665) | (2,987,934)
Other operating income | 4 | 690,491 | 566,933
Operating profit | 5 | 10,784,345 | 3,214,241
Other interest receivable and similar income | 6 | 116,683 | 115,889
Interest payable and similar charges |  | (8,554) | -
Profit before tax |  | 10,892,474 | 3,330,130
Taxation | 9 | (2,653,805) | (785,361)
Profit for the financial year |  | 8,238,669 | 2,544,769
Profit/(loss) attributable to: |  |  |
Owners of the company |  | 8,238,669 | 2,544,769

Medical Information Technology International Limited

Consolidated Statement of Comprehensive Income
for the Year Ended 31 December 2025

| 2025 £ | 2024 £
Profit for the year | 8,238,669 | 2,544,769
Foreign currency translation losses | (17,161) | (209,381)
Total comprehensive income for the year | 8,221,508 | 2,335,388
Total comprehensive income attributable to: |  |
Owners of the company | 8,221,508 | 2,335,388

Medical Information Technology International Limited

(Registration number: 10258206)
Consolidated Balance Sheet as at 31 December 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 11 | 16,830 | 22,268
Current assets |  |  |
Debtors | 13 | 21,092,298 | 18,868,690
Cash at bank and in hand |  | 10,700,081 | 2,869,570
|  | 31,792,379 | 21,738,260
Creditors: Amounts falling due within one year | 15 | (13,875,220) | (11,988,697)
Net current assets |  | 17,917,159 | 9,749,563
Total assets less current liabilities |  | 17,933,989 | 9,771,831
Creditors: Amounts falling due after more than one year | 15 | - | (5,640)
Provisions for liabilities | 16 | 144,710 | 91,000
Net assets |  | 18,078,699 | 9,857,191
Capital and reserves |  |  |
Called up share capital | 18 | 100,001 | 100,001
Retained earnings |  | 17,978,698 | 9,757,190
Equity attributable to owners of the company |  | 18,078,699 | 9,857,191
Shareholders' funds |  | 18,078,699 | 9,857,191

Approved and authorised by the Board on 28 April 2026 and signed on its behalf by:

A C Stockigt Director |  |

Medical Information Technology International Limited

(Registration number: 10258206)
Balance Sheet as at 31 December 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Investments | 12 | 3 | 3
Current assets |  |  |
Debtors | 13 | 71,471 | 73,970
Creditors: Amounts falling due within one year | 15 | (51,410) | (36,064)
Net current assets |  | 20,061 | 37,906
Net assets |  | 20,064 | 37,909
Capital and reserves |  |  |
Called up share capital | 18 | 100,001 | 100,001
Retained earnings |  | (79,937) | (62,092)
Shareholders' funds |  | 20,064 | 37,909

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes as it prepares group accounts. The company made a loss after tax for the financial year of £17,845 (2024 - loss of £28,545).

Approved and authorised by the Board on 28 April 2026 and signed on its behalf by:

A C Stockigt Director |  |

Medical Information Technology International Limited

Consolidated Statement of Changes in Equity
for the Year Ended 31 December 2025

| Share capital £ | Retained earnings £ | Total £
At 1 January 2025 | 100,001 | 9,757,190 | 9,857,191
Profit for the year | - | 8,238,669 | 8,238,669
Other comprehensive income | - | (17,161) | (17,161)
Total comprehensive income | - | 8,221,508 | 8,221,508
At 31 December 2025 | 100,001 | 17,978,698 | 18,078,699

| Share capital £ | Retained earnings £ | Total £
At 1 January 2024 (unaudited) | 100,001 | 7,421,802 | 7,521,803
Profit for the year | - | 2,544,769 | 2,544,769
Other comprehensive income | - | (209,381) | (209,381)
Total comprehensive income | - | 2,335,388 | 2,335,388
At 31 December 2024 | 100,001 | 9,757,190 | 9,857,191

Medical Information Technology International Limited

Statement of Changes in Equity
for the Year Ended 31 December 2025

| Share capital £ | Retained earnings £ | Total £
At 1 January 2025 | 100,001 | (62,092) | 37,909
Loss for the year | - | (17,845) | (17,845)
At 31 December 2025 | 100,001 | (79,937) | 20,064

| Share capital £ | Retained earnings £ | Total £
At 1 January 2024 (unaudited) | 100,001 | (33,547) | 66,454
Loss for the year | - | (28,545) | (28,545)
At 31 December 2024 | 100,001 | (62,092) | 37,909

Medical Information Technology International Limited

Consolidated Statement of Cash Flows
for the Year Ended 31 December 2025

| Note | 2025 £ | 2024 £
Cash flows from operating activities
Profit for the year |  | 8,238,669 | 2,544,769
Adjustments to cash flows from non-cash items |  |  |
Depreciation and amortisation | 5 | 12,889 | 11,113
Profit on disposal of tangible assets |  | (437) | -
Finance income | 6 | (116,683) | (115,889)
Finance costs |  | 8,554 | -
Income tax expense | 9 | 2,653,805 | 785,361
Effect of exchange rate fluctuations on conversion |  | (17,161) | (209,359)
|  | 10,779,636 | 3,015,995
Working capital adjustments |  |  |
Increase in debtors | 13 | (2,223,608) | (7,300,563)
Increase in creditors | 15 | 844,344 | 4,612,339
Cash generated from operations |  | 9,400,372 | 327,771
Income taxes paid | 9 | (1,670,976) | (719,508)
Net cash flow from operating activities |  | 7,729,396 | (391,737)
Cash flows from investing activities |  |  |
Interest received |  | 116,683 | 115,889
Acquisitions of tangible assets |  | (7,821) | (26,124)
Proceeds from sale of tangible assets |  | 807 | 1,250
Net cash flows from investing activities |  | 109,669 | 91,015
Cash flows from financing activities |  |  |
Interest paid |  | (8,554) | -
Net increase/(decrease) in cash and cash equivalents |  | 7,830,511 | (300,722)
Cash and cash equivalents at 1 January 2025 |  | 2,869,570 | 3,170,292
Cash and cash equivalents at 31 December 2025 |  | 10,700,081 | 2,869,570

Medical Information Technology International Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Pinnacle
160 Midsummer Boulevard
Milton Keynes
Buckinghamshire
MK9 IFF

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in Sterling (£).

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2025.

Medical Information Technology International Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025

2 | Accounting policies (continued)

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Going concern

The directors consider that the Group has adequate resources to continue in operational existence for the foreseeable future, being at least 12 months from the date of signing these financial statements. Accordingly, the directors have continued to prepare the financial statements on a going concern basis.

Medical Information Technology International Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025

2 | Accounting policies (continued)

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported in the profit and loss account during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements have had the most significant effect on amounts recognised in the financial statements:
Revenue recognition policy requires significant estimates of total expected costs and judgement as to stage of completion; and

Trade debtors are reviewed periodically by management for evidence of impairment with reference to the financial position of the counterparty. Where indicators of impairment are identified and it is considered probable that the debt will not be recovered in full, a provision is recognised. As at the year end trade debtors were presented net of a provision of £9,218,480 (2024 - £6,212,521).

Turnover recognition

Revenue is recognised when the group obtains the right to consideration in exchange for its performance. The group generates revenue from the licence of third-party software and the rendering of related services, and provision of ongoing support and hosting following implementation.
For contracts with software and extensive implementations, the contract fee is allocated to each identified deliverable and revenue is recognised with regard to the stage of completion of the contract. The stage of completion of a contract is measured primarily by tracking the progress of specific events by evaluating progress of software delivery, environment build, training, other services, and operational use of the products. Implementation is generally considered necessary for the functionality of the software and thus both software and implementation elements are measured together for progress towards completion.
Revenue from maintenance and hosting arrangements are recognised as the services are performed.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Medical Information Technology International Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025

2 | Accounting policies (continued)

Deferred tax is recognised on timing differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible assets

Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Equipment | 3 years straight line

Contract rights

Contract rights arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Contract rights are initially recognised as an asset at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Contract rights are held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Contract rights are amortised over their useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Intangible fixed assets are stated at cost less amortisation. Amortisation is provided at rates calculated to write off the cost or valuation over its expected useful life, once operational.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Contract rights | 3 - 7 years straight line

Medical Information Technology International Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025

2 | Accounting policies (continued)

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Reserves

Called up share capital represents the nominal value of shares that have been issued.
Profit and loss account includes all current and prior period profits and losses.

Medical Information Technology International Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025

2 | Accounting policies (continued)

Defined contribution pension obligation

The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payments obligations.
The contributions are recognised as an expense in the profit and loss account 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 group in independently administered funds.

Financial instruments

Classification
The group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially
at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Recognition and measurement
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.
Impairment
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the
contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the group would receive for the asset if it were to be sold at the reporting date.

Medical Information Technology International Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025

3 | Turnover

The analysis of the group's Turnover for the year from continuing operations is as follows:

| 2025 £ | 2024 £
Sale of goods | 13,205,977 | 5,616,277
Rendering of services | 29,808,663 | 17,029,294
| 43,014,640 | 22,645,571

The analysis of the group's Turnover for the year by market is as follows:

| 2025 £ | 2024 £
UK | 33,080,126 | 14,962,075
Europe | 7,341,505 | 5,339,967
Rest of world | 2,593,009 | 2,343,529
| 43,014,640 | 22,645,571

4 | Other operating income

The analysis of the group's other operating income for the year is as follows:

| 2025 £ | 2024 £
Support charges receivable | 690,491 | 566,933

5 | Operating profit

Arrived at after charging/(crediting)

| 2025 £ | 2024 £
Depreciation expense | 12,889 | 11,113
Foreign exchange (gains)/losses | (398,768) | 165,563
Profit on disposal of property, plant and equipment | (437) | -

6 | Other interest receivable and similar income

| 2025 £ | 2024 £
Other interest received | 116,683 | 115,889

Medical Information Technology International Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025

7 | Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

| 2025 £ | 2024 £
Wages and salaries | 4,089,810 | 3,031,262
Social security costs | 509,989 | 337,941
Other short-term employee benefits | 24,699 | 22,789
Pension costs, defined contribution scheme | 58,884 | 50,932
Other employee expense | 32,159 | 22,465
| 4,715,541 | 3,465,389

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

| 2025 No. | 2024 No.
Sales and administration | 15 | 14
Development | 21 | 19
Implementation | 28 | 22
| 64 | 55

8 | Auditors' remuneration

| 2025 £ | 2024 £
Audit of these financial statements | 16,400 | 14,250
Audit of the financial statements of subsidiaries of the company pursuant to legislation | 39,560 | 21,636
| 55,960 | 35,886

Medical Information Technology International Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025

9 | Taxation

Tax charged/(credited) in the consolidated profit and loss account

| 2025 £ | 2024 £
Current taxation |  |
UK corporation tax | 2,078,616 | 540,000
Foreign tax | 636,020 | 94,634
Total current income tax | 2,714,636 | 634,634
Deferred taxation |  |
Arising from origination and reversal of timing differences | (60,831) | 150,727
Tax expense in the income statement | 2,653,805 | 785,361

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2024 - the same as the standard rate of corporation tax in the UK) of 25% (2024 - 25%).
The differences are reconciled below:

| 2025 £ | 2024 £
Profit before tax | 10,892,474 | 3,330,130
Corporation tax at standard rate | 2,723,119 | 832,533
Tax decrease from effect of capital allowances and depreciation | (172) | (6,385)
Tax increase from other short-term timing differences | 97 | 5,442
Effect of expense not deductible in determining taxable profit (tax loss) | 1,526 | (8,307)
Tax increase from effect of unrelieved tax losses carried forward | 3,533 | 2,750
Effect of foreign tax rates | (62,169) | (40,672)
Further times impacting the current tax charge decrease | (12,129) | -
Total tax charge | 2,653,805 | 785,361

Medical Information Technology International Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025

10 | Intangible assets

Group

| Contract rights £ | Software £ | Total £
Cost or valuation
At 1 January 2025 | 6,287,230 | 21,167 | 6,308,397
Disposals | (6,287,230) | - | (6,287,230)
Foreign exchange movements | - | (1,451) | (1,451)
At 31 December 2025 | - | 19,716 | 19,716
Amortisation
At 1 January 2025 | 6,287,230 | 21,167 | 6,308,397
Amortisation eliminated on disposals | (6,287,230) | - | (6,287,230)
Foreign exchange movements | - | (1,451) | (1,451)
At 31 December 2025 | - | 19,716 | 19,716
Carrying amount
At 31 December 2025 | - | - | -

Medical Information Technology International Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025

11 | Tangible assets

Group

| Equipment £ | Total £
Cost or valuation
At 1 January 2025 | 48,911 | 48,911
Additions | 7,821 | 7,821
Disposals | (2,882) | (2,882)
At 31 December 2025 | 53,850 | 53,850
Depreciation
At 1 January 2025 | 26,643 | 26,643
Charge for the year | 12,889 | 12,889
Eliminated on disposal | (2,512) | (2,512)
At 31 December 2025 | 37,020 | 37,020
Carrying amount
At 31 December 2025 | 16,830 | 16,830
At 31 December 2024 | 22,268 | 22,268

12 | Investments

Company

| 2025 £ | 2024 £
Investments in subsidiaries | 3 | 3

Subsidiaries | £
Cost or valuation
At 1 January 2025 | 3
Carrying amount
At 31 December 2025 | 3
At 31 December 2024 | 3

Medical Information Technology International Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025

12 | Investments (continued)

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking | Registered office | Holding | Proportion of voting rights and shares held
|  |  | 2025 | 2024

Subsidiary undertakings
Medical Information Technology Ireland Ltd* | Block 3, Harcourt Centre, Harcourt Road, Dublin 2 | Ordinary shares | 100% | 100%
| Ireland |  |  |
Medical Information Technology International Services Ltd* | Block 3, Harcourt Centre, Harcourt Road, Dublin 2 | Ordinary shares | 100% | 100%
| Ireland |  |  |
Centennial Holding Corporation* | One Research Court, Suite 450, Rockville, Maryland, 20850 | Ordinary shares | 100% | 100%
| USA |  |  |
Centennial Computer Corporation | One Research Court, Suite 450, Rockville, Maryland, 20850 | Ordinary shares | 100% | 100%
| USA |  |  |
Medical Information Technology UK Ltd | Golden Cross House, 8 Duncannon Street, London, SC2N 4JF | Ordinary shares | 100% | 100%
| Engalnd & Wales |  |  |

*indicates a direct investment of the company

Subsidiary undertakings
Medical Information Technology Ireland Ltd* The principal activity of Medical Information Technology Ireland Ltd* is licensing and integrating software and providing related professional services, maintenance and hosting of software solutions for healthcare organisations.

Medical Information Technology International Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025

12 | Investments (continued)

Medical Information Technology International Services Ltd* The principal activity of Medical Information Technology International Services Ltd* is licensing and integrating software and providing related professional services, maintenance and hosting of software solutions for healthcare organisations.
Centennial Holding Corporation* The principal activity of Centennial Holding Corporation* is that of a holding company.
Centennial Computer Corporation The principal activity of Centennial Computer Corporation is licensing and integrating software and providing related professional services, maintenance and hosting of software solutions for healthcare organisations.
Medical Information Technology UK Ltd The principal activity of Medical Information Technology UK Ltd is licensing and integrating software and providing related professional services, maintenance and hosting of software solutions for healthcare organisations.

13 | Debtors

|  | Group | Company
| Note | 2025 £ | 2024 £ | 2025 £ | 2024 £
Trade debtors |  | 9,218,480 | 6,212,521 | - | -
Amounts owed by associated undertakings | 21 | - | - | 5,909 | 7,194
Other debtors |  | 65,010 | 66,461 | 65,010 | 66,461
Prepayments |  | 7,170,488 | 8,795,595 | 552 | 315
Gross amount due from customers for contract work |  | 4,638,320 | 3,794,113 | - | -
|  | 21,092,298 | 18,868,690 | 71,471 | 73,970

Within the comparatives £65,010 had been recognised in cash at bank, subsequently it has been established that these weren’t readily available funds and have so been reclassified to other debtors.

Medical Information Technology International Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025

14 | Cash and cash equivalents

| Group | Company
| 2025 £ | 2024 £ | 2025 £ | 2024 £
Cash at bank | 10,700,081 | 2,869,570 | - | -

15 | Creditors

|  | Group | Company
| Note | 2025 £ | 2024 £ | 2025 £ | 2024 £
Due within one year |  |  |  |  |
Trade creditors |  | 3,934,027 | 4,999,779 | - | -
Amounts due to related parties | 21 | - | - | 40,910 | 12,444
Social security and other taxes |  | 1,230,616 | 1,260,350 | - | -
Outstanding defined contribution pension costs |  | 12,127 | 15,691 | - | -
Other creditors |  | 612 | 579 | - | -
Accrued expenses and deferred income |  | 7,523,387 | 5,574,386 | 10,500 | 23,620
Corporation tax | 9 | 1,174,451 | 137,912 | - | -
|  | 13,875,220 | 11,988,697 | 51,410 | 36,064
Due after one year |  |  |  |  |
Accruals and deferred income |  | - | 5,640 | - | -

16 | Provisions for liabilities

Group

| Deferred tax £ | Total £
At 1 January 2025 | (91,000) | (91,000)
Increase (decrease) in existing provisions | (53,710) | (53,710)
At 31 December 2025 | (144,710) | (144,710)

Medical Information Technology International Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025

16 | Provisions for liabilities (continued)

Deferred tax

Group

Deferred tax assets and liabilities

2025 | Asset £
Short term timing difference | 144,710
| 144,710

2024 | Asset £
Short term timing difference | 91,000
| 91,000

17 | Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £58,884 (2024 - £50,932).
Contributions totalling £12,127 (2024 - £15,691) were payable to the scheme at the end of the year and are included in creditors.

18 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary shares of £1 each | 100,001 | 100,001 | 100,001 | 100,001

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions: The company has one class of ordinary shares; the shares have attached to them full voting rights, right to receive a dividend and right to participate in a distribution of income and capital.

Medical Information Technology International Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025

19 | Obligations under leases and hire purchase contracts

Group

Operating leases

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
Not later than one year | 6,240 | 6,240

The amount of non-cancellable operating lease payments recognised as an expense during the year was £37,381 (2024 - £35,540).

20 | Non adjusting events after the financial period

Since the year end the company has declared and paid a dividend of £850,000 to the Ordinary Shareholders.

21 | Related party transactions

Group

The group has taken advantage of the exemption permitted by section 33 Related party disclosure of the FRS 102 standard, not to provide disclosures of transactions entered into with other wholly owned members of the group.

Summary of transactions with other related parties

The group entered into transactions with Medical Information Technology Holdings Pty Ltd, a company under common control, and Medical Information Technology, Inc. a company with a direct interest in the group.

Medical Information Technology International Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025

21 | Related party transactions (continued)

The year end balances are captured within trade debtors and trade creditors as relevant.

Company

The company has taken advantage of the exemption permitted by section 33 Related party disclosure of the FRS 102 standard, not to provide disclosures of transactions entered into with other wholly owned members of the group.
No other related party transactions or balances have been identified with regards the company.

22 | Parent and ultimate parent undertaking

The company and group is not deemed to have a controlling party.