Company No: 03649172 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	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

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.