Silverfin false false 31/12/2025 01/01/2025 31/12/2025 Mr I M Hutchinson 23/09/2006 Mrs K Hutchinson 30/10/2005 21 July 2026 The principal activity of the company continued to be that of the manufacture and supply of surgical equipment. 03649172 2025-12-31 03649172 bus:Director1 2025-12-31 03649172 bus:Director2 2025-12-31 03649172 2024-12-31 03649172 core:CurrentFinancialInstruments 2025-12-31 03649172 core:CurrentFinancialInstruments 2024-12-31 03649172 core:Non-currentFinancialInstruments 2025-12-31 03649172 core:Non-currentFinancialInstruments 2024-12-31 03649172 core:ShareCapital 2025-12-31 03649172 core:ShareCapital 2024-12-31 03649172 core:RetainedEarningsAccumulatedLosses 2025-12-31 03649172 core:RetainedEarningsAccumulatedLosses 2024-12-31 03649172 core:PatentsTrademarksLicencesConcessionsSimilar 2024-12-31 03649172 core:PatentsTrademarksLicencesConcessionsSimilar 2025-12-31 03649172 core:LeaseholdImprovements 2024-12-31 03649172 core:PlantMachinery 2024-12-31 03649172 core:Vehicles 2024-12-31 03649172 core:LeaseholdImprovements 2025-12-31 03649172 core:PlantMachinery 2025-12-31 03649172 core:Vehicles 2025-12-31 03649172 core:CurrentFinancialInstruments core:Secured 2025-12-31 03649172 core:Non-currentFinancialInstruments core:MoreThanFiveYears 2025-12-31 03649172 core:Non-currentFinancialInstruments core:MoreThanFiveYears 2024-12-31 03649172 bus:OrdinaryShareClass1 2025-12-31 03649172 2025-01-01 2025-12-31 03649172 bus:FilletedAccounts 2025-01-01 2025-12-31 03649172 bus:SmallEntities 2025-01-01 2025-12-31 03649172 bus:AuditExemptWithAccountantsReport 2025-01-01 2025-12-31 03649172 bus:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 03649172 bus:Director1 2025-01-01 2025-12-31 03649172 bus:Director2 2025-01-01 2025-12-31 03649172 core:PatentsTrademarksLicencesConcessionsSimilar core:TopRangeValue 2025-01-01 2025-12-31 03649172 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2025-01-01 2025-12-31 03649172 core:LeaseholdImprovements core:TopRangeValue 2025-01-01 2025-12-31 03649172 core:PlantMachinery 2025-01-01 2025-12-31 03649172 core:Vehicles 2025-01-01 2025-12-31 03649172 2024-01-01 2024-12-31 03649172 core:PatentsTrademarksLicencesConcessionsSimilar 2025-01-01 2025-12-31 03649172 core:LeaseholdImprovements 2025-01-01 2025-12-31 03649172 core:Subsidiary1 2025-01-01 2025-12-31 03649172 core:Subsidiary1 1 2025-01-01 2025-12-31 03649172 core:Subsidiary1 1 2024-01-01 2024-12-31 03649172 core:Non-currentFinancialInstruments 2025-01-01 2025-12-31 03649172 bus:OrdinaryShareClass1 2025-01-01 2025-12-31 03649172 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure decimalUnit xbrli:shares

Company No: 03649172 (England and Wales)

# CORE SURGICAL LTD

### Unaudited Financial Statements
For the financial year ended 31 December 2025
Pages for filing with the registrar

CORE SURGICAL LTD

## Unaudited Financial Statements

For the financial year ended 31 December 2025

Contents

CORE SURGICAL LTD

## BALANCE SHEET

As at 31 December 2025
CORE SURGICAL LTD

## BALANCE SHEET (continued)

As at 31 December 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Intangible assets | 4 | 57,722 |  | 62,339
Tangible assets | 5 | 182,288 |  | 198,545
Investments | 6 | 2 |  | 2
|  | 240,012 |  | 260,886
Current assets |  |  |  |
Stocks | 7 | 206,542 |  | 248,380
Debtors | 8 | 133,133 |  | 255,879
Cash at bank and in hand |  | 242,066 |  | 253,469
|  | 581,741 |  | 757,728
Creditors: amounts falling due within one year | 9 | ( 393,681) |  | ( 603,848)
Net current assets |  | 188,060 |  | 153,880
Total assets less current liabilities |  | 428,072 |  | 414,766
Creditors: amounts falling due after more than one year | 10 | ( 169,104) |  | ( 20,833)
Net assets |  | 258,968 |  | 393,933
Capital and reserves |  |  |  |
Called-up share capital | 11 | 2 |  | 2
Profit and loss account |  | 258,966 |  | 393,931
Total shareholder's funds |  | 258,968 |  | 393,933

For the financial year ending 31 December 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Core Surgical Ltd (registered number: 03649172) were approved and authorised for issue by the Board of Directors on 21 July 2026. They were signed on its behalf by:

Mr I M Hutchinson Director |

CORE SURGICAL LTD

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2025
CORE SURGICAL LTD

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Core Surgical Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 3 Canada Close, Banbury, OX16 2RT, United Kingdom.
The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

##### Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

##### Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.
When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

##### Employee benefits

Defined contribution schemes
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

##### Intangible assets

Separately acquired patents are shown at historical cost.
Trademarks, licenses and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Trademarks, patents and licences | 5 years straight line

###### Research and development

Research expenditure is written off as incurred.

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements | 5 years straight line
Plant and machinery | 25 % reducing balance
Vehicles | 20 % reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

##### Leases

The Company as lessee
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

##### Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

##### Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for
impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
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.

##### Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

##### Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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 deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 10 |  | 9

#### 3. Dividends on equity shares

| 2025 |  | 2024
| £ |  | £
Amounts recognised as distributions to equity holders in the financial year: |  |  |
Interim Dividend | 20,000 |  | 30,300

#### 4. Intangible assets

| Trademarks, patents and licences |  | Total
| £ |  | £
Cost |  |  |
At 01 January 2025 | 323,108 |  | 323,108
Additions | 29,405 |  | 29,405
At 31 December 2025 | 352,513 |  | 352,513
Accumulated amortisation |  |  |
At 01 January 2025 | 260,769 |  | 260,769
Charge for the financial year | 34,022 |  | 34,022
At 31 December 2025 | 294,791 |  | 294,791
Net book value |  |  |
At 31 December 2025 | 57,722 |  | 57,722
At 31 December 2024 | 62,339 |  | 62,339

#### 5. Tangible assets

| Leasehold improve- ments |  | Plant and machinery |  | Vehicles |  | Total
| £ |  | £ |  | £ |  | £
Cost |  |  |  |  |  |  |
At 01 January 2025 | 3,161 |  | 555,761 |  | 40,718 |  | 599,640
Additions | 0 |  | 46,655 |  | 0 |  | 46,655
Disposals | 0 |  | ( 50,236) |  | 0 |  | ( 50,236)
At 31 December 2025 | 3,161 |  | 552,180 |  | 40,718 |  | 596,059
Accumulated depreciation |  |  |  |  |  |  |
At 01 January 2025 | 2,146 |  | 358,956 |  | 39,993 |  | 401,095
Charge for the financial year | 633 |  | 57,660 |  | 145 |  | 58,438
Disposals | 0 |  | ( 45,762) |  | 0 |  | ( 45,762)
At 31 December 2025 | 2,779 |  | 370,854 |  | 40,138 |  | 413,771
Net book value |  |  |  |  |  |  |
At 31 December 2025 | 382 |  | 181,326 |  | 580 |  | 182,288
At 31 December 2024 | 1,015 |  | 196,805 |  | 725 |  | 198,545

#### 6. Fixed asset investments

| 2025 |  | 2024
| £ |  | £
Subsidiary undertakings | 2 |  | 2

Investments in shares

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:

Name of entity | Registered office | Principal activity | Class of shares | Ownership 31.12.2025 | Ownership 31.12.2024 | Held
Core Production Limited | Unit B5, Station Yard, Thame, Oxfordshire, OX9 3UH | The principal activity of Core Production Limited is that of a production company. During the year the company remained dormant. | Ordinary | 100.00% | 100.00% | Direct

#### 7. Stocks

| 2025 |  | 2024
| £ |  | £
Stocks | 206,542 |  | 248,380

#### 8. Debtors

| 2025 |  | 2024
| £ |  | £
Trade debtors | 106,948 |  | 123,000
Other debtors | 26,185 |  | 132,879
| 133,133 |  | 255,879

Included in other debtors is £nil (2024 - £104,733) due from Core Golf Limited.

#### 9. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Bank loans (secured) | 30,824 |  | 50,000
Trade creditors | 9,591 |  | 33,712
Amounts owed to Group undertakings | 281,993 |  | 0
Other taxation and social security | 57,022 |  | 67,099
Other creditors | 14,251 |  | 453,037
| 393,681 |  | 603,848

Included in creditors due within one year are secured loans of £30,824 (2024 - £50,000).

#### 10. Creditors: amounts falling due after more than one year

| 2025 |  | 2024
| £ |  | £
Bank loans (secured) | 169,104 |  | 20,833

Included in creditors due after more than one year are secured loans of £169,104 (2024 - £20,833).

Amounts repayable after more than 5 years are included in creditors falling due over one year:

| 2025 |  | 2024
| £ |  | £
Bank loans (secured / repayable by instalments) | 127,612 |  | 0

#### 11. Called-up share capital

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
2 Ordinary shares of £ 1.00 each | 2 |  | 2

#### 12. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

| 2025 |  | 2024
| £ |  | £
Unpaid contributions due to the fund (inc. in other creditors) | 1,812 |  | 1,587

The total amount of financial commitments not included in the balance sheet is £16,667 (2024 - £36,667).

#### 13. Related party transactions

As at the year end, the total amount due from Core Surgical Limited to Mrs K Hutchinson (a director of the company) was £nil (2024 - £331,737). Interest of 8% per annum was chargeable on the opening balance of £331,737.
As at the year end, the total amount due from Core Surgical Limited to it's parent company Core Group Holdings Limited was £281,993 (2024 - £nil). The loan is interest-free and repayable on demand.
Included in Creditors are loans of £32,411 secured by personal guarantees from the directors.