Visionpharma Limited

	Page
Strategic Report	1—3
Directors' Report	4—5
Independent Auditor's Report	6—10
Income Statement	11
Statement of Comprehensive Income	12
Statement of Financial Position	13
Statement of Changes in Equity	14
Statement of Cash Flows	15
Notes to the Statement of Cash Flows	16
Notes to the Financial Statements	17—27

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

Review of the Business

Visionpharma Limited operates a network of independent retail pharmacy branches providing NHS pharmaceutical services, private healthcare services, retail pharmacy sales and wholesale pharmaceutical supplies. During the year the directors continued to focus on improving operational efficiency, strengthening cash flow and positioning the business for long-term sustainable growth.

Company turnover increased from £13.11 million to £13.99 million, representing growth of approximately 6.7%, primarily reflecting increased NHS dispensing activity and retail pharmacy income. NHS and retail revenue continues to represent the principal source of income, supported in 2025 year by wholesale activities and an expanding range of clinical services.

Although revenue increased, profitability was adversely affected by continued inflationary pressures on medicine purchasing costs, increased employment costs, higher finance charges and goodwill amortisation. Consequently, the company reported an operating loss of £330,009 compared with an operating profit of £371,090 in the previous year.

The directors have undertaken a detailed review of the company’s trading position, cash flow forecasts and future plans as part of the going concern assessment.

The following actions have already been implemented, or are in progress, to strengthen the financial position of the business:

• We have closed our online pharmacy unit as it was operating at a loss and was not commercially sustainable. This has removed an unprofitable part of the business and reduced ongoing operating costs.

• The sale of our Coventry branch has been agreed and is expected to complete in August. The proceeds will be used primarily to reduce borrowing with RX Bridge, which will significantly reduce our factoring facility and associated finance charges, improving cash flow.

• We have implemented a hub-and-spoke dispensing model, with our Narborough Road branch operating as the central hub. Three branches are already connected, resulting in a reduction of approximately 70 staff hours per week.

• As a further four branches are connected over the coming months, we expect an additional saving of approximately 80 staff hours per week, bringing the total reduction to around 150 staff hours per week. This equates to an estimated wage saving of approximately £1,800 per week.

• Centralised dispensing has also improved stock management by reducing duplicate stock holdings across branches, improving purchasing efficiency, reducing waste and minimising stock tied up in working capital.

• We have reduced delivery costs by removing one driver from the workforce. In addition, we are replacing our existing fleet with leased vans, which will reduce maintenance and repair costs while providing more predictable monthly vehicle expenses.

• Management continues to review staffing levels across all branches to ensure resources are aligned with business demand and operating efficiencies are maintained.

• Overheads across the business are being closely monitored, with all discretionary expenditure reviewed and controlled.

• The company continues to review supplier purchasing arrangements to improve buying efficiencies and maximise available discounts where appropriate.

• The pharmacy business continues to generate recurring NHS income together with private healthcare services, providing diversified and stable revenue streams.

• Cash flow forecasts prepared by management demonstrate that, following the operational efficiencies and reduction in borrowings, the company is expected to meet its liabilities as they fall due throughout the forecast period.

• The directors continue to monitor trading performance, cash flow and key financial indicators on a regular basis and will take further action where necessary to protect the financial position of the company.

Having considered the measures already implemented, together with those currently being completed, the directors are satisfied that the company has adequate resources to continue trading for the foreseeable future, being a period of at least twelve months from the date of approval of the financial statements. Accordingly, the financial statements have been prepared on the going concern basis.

Key growth initiatives include:

• Continuing to increase the delivery of NHS commissioned services, including Pharmacy First, hypertension case finding, contraception services, vaccinations and other nationally commissioned pharmacy services.

• Working closely with GP practices and Primary Care Networks to strengthen referral pathways and increase patient activity through NHS-funded clinical services.

• Expanding independent prescribing services across the company, allowing patients greater access to timely treatment while generating additional income.

• Growing private healthcare services, including travel vaccinations, weight management, ear care, health screening and other self-funded clinical services that provide higher margins and diversify income.

• Continuing to invest in clinical services delivered by pharmacist independent prescribers, supporting the NHS shift towards community-based care.

• Increasing patient engagement through improved marketing, digital communication and local community outreach to raise awareness of the services offered by the pharmacies.

• Continuing to review the performance of each branch and implementing operational improvements where appropriate to maximise efficiency and profitability.

...CONTINUED

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Visionpharma Limited

Strategic Report (continued)

For The Year Ended 31 July 2025

Review of the Business - continued

• Closely monitoring overheads and maintaining strict financial controls across all areas of the business while continuing to identify further opportunities for efficiency savings

Principal Risks and Uncertainties

The pharmacy sector continues to face significant challenges arising from pressures on NHS funding, inflationary increases in operating costs, workforce availability and changes to regulatory and commissioning arrangements.

The principal risks facing the company include:

•changes to NHS funding arrangements and reimbursement mechanisms;

•increases in employment, property and operating costs;

•interest rate movements and financing costs;

•recruitment and retention of suitably qualified pharmacy professionals;

•regulatory compliance with General Pharmaceutical Council and NHS requirements;

•increasing competition within both NHS and private healthcare markets.

Having considered the actions already implemented, the expected reduction in borrowing following the Coventry branch sale, the operational efficiencies achieved through the hub-and-spoke model, and the anticipated growth in both NHS and private healthcare services, the directors are satisfied that the company has adequate resources to continue trading for the foreseeable future, being at least twelve months from the date of approval of the financial statements.

Key performance indicators

Basic KPI's (Key performance indicators) on which the company bases financial evaluations are gross profit, net profit and employment costs. There is a strong link between branch profitability and salaries costs, hence the adoption of the hub-and-spoke dispensing model as detailed in the business review.

The directors monitor a range of financial and operational key performance indicators to evaluate performance and support strategic decision-making.

KPI 2025 2024 Performance

Revenue £13.99m £13.11m Increased 6.7%

Gross Profit £3.65m £3.93m Decreased 7.3%

Gross Profit Margin 26.1% 30.0% Reduced

Operating Profit/(Loss) (£330k) £371k Decreased

Staff Costs £1.889m £1.698m Increased 11.2%

Stock Holding £945k £1.095m Reduced 13.7%

Cash at Bank £43k £162k Reduced

NHS & Retail Revenue £12.12m £10.74m Increased 12.9%

Online Revenue £1.85m £2.36m Reduced 21.3% with total closure

2024 figures are restated as per Note number 10 in the accounts.

The increase in turnover demonstrates continued demand for the company’s core pharmacy services despite a challenging trading environment. Growth in NHS and retail income reflects continued investment in community pharmacy services and patient care.

Gross profit margin reduced during the year as inflationary pressures, medicine reimbursement changes and changing sales mix affected profitability. Management continues to review purchasing arrangements and supplier negotiations to improve margins wherever possible.

Employment costs increased as the business continued investing in clinical service delivery and maintaining appropriate staffing levels across the branch network. However, the implementation of the hub-and-spoke dispensing model has already generated significant efficiency improvements through reduced staffing hours and improved utilisation of pharmacy resources.

Inventory levels reduced by approximately £150,000 during the year as stock management processes improved and duplicate stock holdings were reduced across branches, contributing to improved working capital management.

The directors continue to monitor branch profitability, staffing efficiency, stock management, cash generation and NHS service income as the principal measures of business performance.

Going Concern

...CONTINUED

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Visionpharma Limited

Strategic Report (continued)

For The Year Ended 31 July 2025

Principal Risks and Uncertainties - continued

The directors have undertaken a comprehensive review of the company’s trading performance, financial position and cash flow forecasts.

Following the closure of the loss-making online pharmacy, the planned disposal of the Coventry branch, the continued implementation of the hub-and-spoke dispensing model and the expected reduction in borrowings, management forecasts demonstrate that the company is expected to meet its liabilities as they fall due.

Although the company reports net liabilities at the year end, these are significantly influenced by the accounting treatment of goodwill amortisation. The directors believe the market value of the pharmacy goodwill materially exceeds its carrying amount within the financial statements and therefore does not reflect the underlying commercial value of the business.

Having considered all available information together with detailed cash flow forecasts, the directors remain satisfied that the company has adequate resources to continue trading for the foreseeable future, being at least twelve months from the date of approval of these financial statements. Accordingly, the financial statements have been prepared on the going concern basis.

Future outlook

The directors remain confident in the long-term prospects of the business.

During the forthcoming year the company intends to:

•continue expanding NHS commissioned clinical services including Pharmacy First, hypertension case finding, contraception services and vaccination programmes;

•further develop independent prescribing services across the pharmacy network;

•increase private healthcare income through travel clinics, weight management, ear care and other clinical services;

•complete implementation of the hub-and-spoke dispensing model across additional branches;

•continue reducing operating costs through improved procurement and operational efficiencies;

•strengthen relationships with GP practices and Primary Care Networks to increase patient referrals;

•maintain prudent financial management while continuing to invest in technology and workforce development.

The directors believe these initiatives position the business well to respond to the continuing evolution of community pharmacy and to deliver sustainable long-term growth.

Other performance indicators

The directors regularly review the performance of each branch.

On behalf of the board

Muhammad Irfan Motala

Director

23/07/2026

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Visionpharma Limited

Company No. 06838951

Directors' Report For The Year Ended 31 July 2025

Directors' Report

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

Principal Activity

The company's principal activity continues to be that of provding pharmaceutical services from independent retail chemist shops, dispensing chemists with counter sales. Online trading activity ceased at end of the financial year.

Future Developments

The directors remain committed to the continued growth and development of the companies pharmacy operations. During the coming year, the business will focus on strengthening its existing branch network through investment in technology, operational efficiency and staff development to enhance patient care and customer service.

The company will continue to develop its range of NHS and private healthcare services, including clinical services where appropriate, in response to changing healthcare needs and commissioning opportunities.

Ongoing investment in digital systems, workforce training and regulatory compliance will remain a priority to ensure the business continues to provide high-quality pharmaceutical services while adapting to developments within the healthcare sector.

The directors believe that the company is well positioned to respond to changes in the pharmacy market and remain confident in its long term prospects.

Dividends

The directors do not recommend the payment of a dividend with the goodwill amortisation depleting the available reserves.

Directors

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

Muhammad Irfan Motala

Faizal Patel

Post Balance Sheet Events

Of the existing 9 retail sites, a sale of one of the retail branch based in Coventry has been agreed with the buyers for goodwill sale price of £ 825,000 . Based on the NHS and lease transfers, the sale will conclude in the 26/27 financial year. Wholesale sales trading activity was also discontinued at end of the financial year.

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' 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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
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 company's transactions and disclose with reasonable accuracy at any time the financial position of 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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Visionpharma Limited

Directors' Report (continued)

For The Year Ended 31 July 2025

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Independent Auditors

The auditors, Xaviers Accountants Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

Muhammad Irfan Motala

Director

23/07/2026

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Independent Auditor's Report

to the Members of

Visionpharma Limited

Independent Auditor's Report

Qualified opinion

We have audited the financial statements of Visionpharma Limited (the 'company') for the year ended 31 July 2025 which comprise the Income Statement, Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion, except for the effects of the matter described in the basis for qualified opinion section of our report, the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 July 2025 and of its result for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for Qualified Opinion

The company was exempt from audit for the year ended 31 July 2024 and we were not appointed as auditor of the company for the year ended 31 July 2025 until after 31 July 2025. Therefore we did not observe the counting of physical stock at 31 July 2024 and 31 July 2025. For those reasons only, the audit evidence available to us in respect of stocks at 31 July 2024 and 31 July 2025 was limited. We have performed audit procedures to obtain sufficient appropriate audit evidence concerning the opening balances at 1 August 2024 and the comparative figures for the year ended 31 July 2024. However, with respect to the opening stock having a carrying amount of £1,095,000 and the closing stock having a carrying amount of £945,211 the audit evidence available to us was limited because we did not observe the counting of physical stock as at 31 July 2024 and 31 July 2025, since these dates were prior to our appointment as auditor of the company. Owing to the nature of the company's records, we were unable to obtain sufficient appropriate audit evidence regarding the stock quantities at 31 July 2024 and 31 July 2025 by using other audit procedures. Consequently, we were unable to determine whether any adjustment to this amount was necessary.

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's responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 qualified opinion.

Conclusions Relating to Going Concern

In auditing the financial statements, we have concluded that the directors' 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 entity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are 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.

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Independent Auditor's Report (continued)

to the Members of

Visionpharma Limited

Other Information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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 this gives rise to a material misstatement in the financial statements themselves. 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.

As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the stock quantities having a carrying amount of £1,095,000 as at 31 July 2024 and £945,211 as at 31 July 2025 . We have concluded that where the other information refers to the stock balance at 31 July 2024 and 31 July 2025 or related balances such as cost of sales, it may be materially misstated for the same reason.

Opinions on Other Matters Prescribed by the Companies Act 2006

Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:

• the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the director's report have been prepared in accordance with applicable legal requirements.

Matters on Which We Are Required to Report by Exception

Except for the matter described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.

Arising solely from the limitation on the scope of our work relating to stock, referred to above:

• we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and

• we were unable to determine whether adequate accounting records have been kept.

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

• returns adequate for our audit have not been received from branches not visited by us,

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of director's remuneration specified by law are not made.

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Independent Auditor's Report (continued)

to the Members of

Visionpharma Limited

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 4—5, 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 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 company or to cease operations, or have no realistic alternative but to do so.

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Independent Auditor's Report (continued)

to the Members of

Visionpharma Limited

Auditor's 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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:

Capability of the audit in detecting irregularities: In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- We enquired of management, which included obtaining and reviewing supporting documentation, concerning the company's policies and procedures relating to:

- Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;

- Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud.

- The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.

- We enquired of management and those charged with governance around actual and potential litigation and claims.

- We obtained an understanding of the legal and regulatory framework that the company operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the company from our professional and sector experience.

- We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of noncompliance throughout the audit.

- We reviewed any reports made to regulators.

- We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.

- We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.

- In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director.

• Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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Independent Auditor's Report (continued)

to the Members of

Visionpharma Limited

Other matter

The financial statements for Visionpharma Limited for the year ended 31 July 2024 were not audited.

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 that 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.

Mijos Xavier FCCA (Senior Statutory Auditor)

for and on behalf of Xaviers Accountants Limited , Statutory Auditor

23/07/2026

Xaviers Accountants Limited

Chartered Accountants & Statutory Auditor

Suite 3J, Recycling Lives Centre, 1a Essex Street

Preston

Lancashire

PR1 1QE

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Visionpharma Limited

Income Statement

For The Year Ended 31 July 2025

Income Statement

		2025	2024 as restated
	Notes	£	£
TURNOVER	3	13,991,507	13,112,087
Cost of sales		(10,343,299 )	(9,178,550 )

GROSS PROFIT		3,648,208	3,933,537

Administrative expenses		(3,978,217 )	(3,562,447 )

OPERATING (LOSS)/PROFIT	4	(330,009 )	371,090
Profit/(loss) on disposal of fixed assets		200,219	(3,518 )
Interest payable and similar charges	8	(389,051 )	(346,033 )

(LOSS)/PROFIT BEFORE TAXATION		(518,841 )	21,539
Tax on (Loss)/profit	9	(3,063 )	(20,012 )

(LOSS)/PROFIT AFTER TAXATION BEING (LOSS)/PROFIT FOR THE FINANCIAL YEAR		(521,904 )	1,527

The notes on pages 16 to 27 form part of these financial statements.

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Visionpharma Limited

Statement of Comprehensive Income

For The Year Ended 31 July 2025

Statement of Comprehensive Income

	2025	2024 as restated
	£	£
LOSS FOR THE FINANCIAL YEAR	(521,904 )	1,527
OTHER COMPREHENSIVE INCOME FOR THE YEAR	-	-
Prior year adjustment	(1)	(1,325,078)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR	(521,905 )	(1,323,551 )

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Visionpharma Limited

Statement of Financial Position

As At 31 July 2025

Statement of Financial Position

Registered number: 06838951

		2025		2024 as restated
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	11		2,097,353		2,078,498
Tangible Assets	12		248,281		121,104
Investments	13		100		100

			2,345,734		2,199,702
CURRENT ASSETS
Stocks	14	945,211		1,095,000
Debtors	15	1,527,187		1,296,456
Cash at bank and in hand		43,311		161,940

		2,515,709		2,553,396
Creditors: Amounts Falling Due Within One Year	16	(3,820,254 )		(3,750,821 )

NET CURRENT ASSETS (LIABILITIES)			(1,304,545 )		(1,197,425 )

TOTAL ASSETS LESS CURRENT LIABILITIES			1,041,189		1,002,277

Creditors: Amounts Falling Due After More Than One Year	17		(2,609,190 )		(2,051,437 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	20		(10,939 )		(7,876 )

NET LIABILITIES			(1,578,940 )		(1,057,036 )

CAPITAL AND RESERVES
Called up share capital	22		200		200
Income Statement			(1,579,140 )		(1,057,236 )

SHAREHOLDERS' FUNDS			(1,578,940)		(1,057,036)

The financial statements were approved by the board of directors on 23 July 2026 and were signed on its behalf by:

Muhammad Irfan Motala

Director

The notes on pages 16 to 27 form part of these financial statements.

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Visionpharma Limited

Statement of Changes in Equity

For The Year Ended 31 July 2025

Statement of Changes in Equity

	Share Capital	Income Statement	Total
	£	£	£
As at 1 August 2023 as previously stated	200	284,339	284,539
Prior year adjustment	-	(1,325,078 )	(1,325,078 )

As at 1 August 2023 as restated	200	(1,040,739 )	(1,040,539)
(1,040,739 )

Profit for the year and total comprehensive income	-	1,527	1,527

Dividends paid	-	(30,000)	(30,000)
Transfer to/from Other Reserves	-	11,976	11,976

As at 31 July 2024	200	(1,057,236 )	(1,057,036)


As at 1 August 2024 as previously stated	200	(1,057,235 )	(1,057,035)
Prior year adjustment	-	(1 )	(1 )

As at 1 August 2024 as restated	200	(1,057,236 )	(1,057,036)
(1,057,236 )

Loss for the year and total comprehensive income	-	(521,904 )	(521,904)

As at 31 July 2025	200	(1,579,140 )	(1,578,940)

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Visionpharma Limited

Statement of Cash Flows

For The Year Ended 31 July 2025

Statement of Cash Flows

		2025	2024 as restated
	Notes	£	£
Cash flows from operating activities
Net cash (used in)/generated from operations	1	(61,920 )	789,078
Interest paid		(389,051 )	(346,033 )
Tax paid		-	(59,594 )

Net cash (used in)/generated from operating activities		(450,971 )	383,451

Cash flows from investing activities
Purchase of intangible assets		(860,206 )	(456,000 )
Proceeds from disposal of intangible assets		643,916	-
Purchase of tangible assets		(184,275 )	(51,452 )
Proceeds from disposal of tangible assets		41,375	131,000

Net cash used in investing activities		(359,190 )	(376,452 )

Cash flows from financing activities
Equity dividends paid		-	(30,000 )
Proceeds from new bank borrowings		449,288	-
Repayment of bank borrowings		-	(105,238 )
Proceeds from new other loans		49,517	-
Repayment of finance leases		161,049	-
Amount introduced by directors		31,678	1,239

Net cash generated from/(used in) financing activities		691,532	(133,999 )



Decrease in cash and cash equivalents		(118,629 )	(127,000 )
Cash and cash equivalents at beginning of year	2	161,940	288,940

Cash and cash equivalents at end of year	2	43,311	161,940

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Visionpharma Limited

Notes to the Statement of Cash Flows

For The Year Ended 31 July 2025

Notes to the Statement of Cash Flows

1. Reconciliation of (loss)/profit for the financial year to cash (used in)/generated from operations

	2025	2024 as restated
	£	£
(Loss)/profit for the financial year	(521,904 )	1,527
Adjustments for:
Tax on (loss)/profit	3,063	20,012
Interest expense	389,051	346,033
Amortisation of intangible assets	389,074	38,165
Depreciation of tangible assets	24,303	26,013
Profit on disposal of intangible assets	(191,639)	-
(Profit)/loss on disposal of tangible assets	(8,580)	3,518
Movements in working capital:
Decrease/(increase) in stocks	149,789	(450,000 )
Increase in trade and other debtors	(230,731 )	(358,180 )
(Decrease)/increase in trade and other creditors	(64,344 )	1,140,556
Transfer from merger	(2)	21,434

Net cash (used in)/generated from operations	(61,920 )	789,078

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2025	2024 as restated
	£	£
Cash at bank and in hand	43,311	161,940

3. Analysis of changes in net debt

	As at 1 August 2024	Cash flows	As at 31 July 2025
	£	£	£
Cash at bank and in hand	161,940	(118,629)	43,311
Finance leases	-	(161,049)	(161,049)
Debts falling due within one year	(155,287 )	(98,451)	(253,738 )
Debts falling due after more than one year	(2,051,437)	(400,352)	(2,451,789)

	(2,044,784)	(778,481)	(2,823,265)

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Visionpharma Limited

Notes to the Financial Statements

For The Year Ended 31 July 2025

Notes to the Financial Statements

1. General Information

Visionpharma Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06838951 . The registered office is 131 Bridge Road, Leicester, LE5 3QN.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Exemption From Preparing Consolidated Financial Statements

The company has four subsidiary companies which are dormant companies. However, as those subsidiary companies are not considered to be material, consolidated accounts have not been prepared, as permitted by s405(2) of Companies Act 2006. See note 13 to the accounts.

2.3. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern following a comprehensive review of the company’s trading performance, financial position and cash flow forecasts. This is further detailed in the strategic report. Goodwill values of the individual branches are strong, with one branch at Coventry agreed for goodwill sale at £ 825,000 after the balance sheet date.

2.4. Significant judgements and estimations

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Depreciation and goodwill amortisation rates were calculated based on the expected life of the assets. Prior period adjustments are recorded for goodwill amortisation.

2.5. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances. Online sales and prescriptions are recognised when the goods are dispensed.

2.6. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to the income statement over its estimated economic life of 10 years.

2.7. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold	Over the life of lease
Motor Vehicles	25% reducing balance
Fixtures & Fittings	15% to 25% reducing balance

2.8. Investments

The company has four subsidiary companies which are dormant companies as detailed in Note 13 to the accounts.

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Visionpharma Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 July 2025

2.9. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the income statement as incurred.

2.10. Stocks and Work in Progress

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the income statement. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the income statement.

2.11. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.12. Financial Instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Financing of NHS Receivables is detailed in Note 2.14.

2.13. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

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Visionpharma Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 July 2025

2.14. Financing of NHS Receivables

The company accounts for the finance arrangements with RX Bridge Finance by adopting the secured loan model. 100% of the gross monies receivable each month are accounted for under Current Assets as Trade debtors. The amount financed by RX Bridge is recorded as a short term loan under Current Liabilities, Creditors: amounts falling due within one year, labelled as other creditors.

2.15. Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

3. Turnover

Analysis of turnover by class of business is as follows:

	2025	2024 as restated
	£	£
NHS and retail	12,122,055	10,738,034
Other	15,000	18,217
Wholesale	1,854,452	2,355,836

	13,991,507	13,112,087

4. Operating (Loss)/profit

The operating (loss)/profit is stated after charging:

	2025	2024 as restated
	£	£
Operating lease rentals	55,362	50,762
Depreciation of tangible fixed assets - owned	20,941	26,013
Depreciation of tangible fixed assets - finance leases and hire purchase contracts	3,362	-
Amortisation of intangible fixed assets	389,074	38,165

5. Auditor's Remuneration

Remuneration received by the company's auditors and their associates during the year was as follows:

	2025	2024 as restated
	£	£
Audit Services
Audit of the company's financial statements	15,000	-

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Visionpharma Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 July 2025

6. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2025	2024 as restated
	£	£
Wages and salaries	1,712,549	1,563,301
Social security costs	156,922	117,860
Other pension costs	19,245	16,792

	1,888,716	1,697,953

7. Average Number of Employees

Average number of employees, including directors, during the year was as follows:

	2025		2024

	82		81

8. Interest Payable and Similar Charges

	2025	2024 as restated
	£	£
Bank loans and overdrafts	154,450	160,795
Factoring charges	232,951	185,098
Finance charges payable under finance leases and hire purchase contracts	1,446	-
Other finance charges	204	140

	389,051	346,033

9. Tax on Profit

The tax charge on the (loss)/profit for the year was as follows:

	Tax Rate		2025	2024 as restated
	2025	2024	£	£
Current tax
UK Corporation Tax	25.0%	25.0%	-	12,136
Deferred Tax
Deferred taxation			3,063	7,876


Total tax charge for the period			3,063	20,012

The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the (loss)/profit and the standard rate of corporation tax as follows:

	2025	2024
	£	£
Profit before tax	(518,841)	21,539

Tax on profit at 25% (UK standard rate)	-	5,385
Goodwill/depreciation not allowed for tax	-	16,924

...CONTINUED

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Visionpharma Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 July 2025

Capital allowances	-	(7,322 )
Short term timing differences	3,063	7,876
Difference in tax rates	-	(2,851 )

Total tax charge for the period	3,063	20,012

10. Prior Period Adjustment

Goodwill was not amortised in previous years over a 10 year period as the estimated future residual value was considered to be at least equal to their book value. In the light of current best practice, the directors now consider it more appropriate to provide for the amortisation over the useful economic life of 10 years.

The effect of this change in accounting estimate is to reduce the prior period reserves as at 1 August 2024 by £ 1,325,078. This has decreased the reserves and balance sheet value as at 1 August 2024 by £ 1,325,078.

The prior period adjustment ensures goodwill since acquisition is amortised consistently for all branches over a 10 year period. In event of sale of any branches goodwill would be valued at cost price, being significantly above the net book value.

A deferred tax of liability on accelerated capital allowance was not identified in previous year. The error has been corrected retrospectively by restating the comparative figures for the prior period. As a result, the deferred tax liability as at 31 July 2024 has increased by £ 7,876 with a corresponding decrease to opening retained earnings.

11. Intangible Assets

	Goodwill
	£
Cost
As at 1 August 2024	4,579,033
Additions	860,206
Disposals	(653,894 )

As at 31 July 2025	4,785,345

Amortisation
As at 1 August 2024	2,500,535
Provided during the period	389,074
Disposals	(201,617 )

As at 31 July 2025	2,687,992

Net Book Value
As at 31 July 2025	2,097,353

As at 1 August 2024	2,078,498

The goodwill amortisation as at 1 August 2024 is restated as detailed in Note number 10.

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Visionpharma Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 July 2025

12. Tangible Assets

	Land & Property
	Leasehold	Motor Vehicles	Fixtures & Fittings	Total
	£	£	£	£
Cost
As at 1 August 2024	174,033	71,417	356,352	601,802
Additions	-	170,743	13,532	184,275
Disposals	-	(62,530 )	(18,200 )	(80,730 )

As at 31 July 2025	174,033	179,630	351,684	705,347

Depreciation
As at 1 August 2024	165,533	42,442	272,723	480,698
Provided during the period	4,000	6,532	13,771	24,303
Disposals	-	(39,310 )	(8,625 )	(47,935 )

As at 31 July 2025	169,533	9,664	277,869	457,066

Net Book Value
As at 31 July 2025	4,500	169,966	73,815	248,281

As at 1 August 2024	8,500	28,975	83,629	121,104

Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:

	2025	2024 as restated
	£	£
Motor Vehicles	157,992	-

13. Investments

	Subsidiaries
	£
Cost
As at 1 August 2024	100

As at 31 July 2025	100

Provision
As at 1 August 2024	-

As at 31 July 2025	-

Net Book Value
As at 31 July 2025	100

As at 1 August 2024	100

Subsidiaries

Details of the dormant subsidiaries as at 31 July 2025 are as follows:

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Visionpharma Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 July 2025

Name of undertaking	Registered Office	Class of shares held	Direct holding	Indirect holding
Sahota & Braich Ltd	108 Bridge Road, Leicester, LE5 3QN	Ordinary	100.00%	-
Sheridan Pharmacy	108 Bridge Road, Leicester, LE5 3QN	Ordinary	100.00%	-
C.K & Sons Limited	108 Bridge Road, Leicester, LE5 3QN	Ordinary	100.00%	-
Your Pharmacy (Leicester) Limited	51-53 Narborough Road, Leicester, LE3 0LE	Ordinary	100.00%	-

The aggregate capital and reserves and the result for the year of the subsidiaries listed above was as follows:

The aggregate paid capital was £ 100.

All 4 of the companies listed above are wholly dormant subsidiaries with no trading activities in the current and comparative periods. A company dissolution form has been filed for C.K & Sons Limited, Your Pharmacy (Leicester) Limited and another is pending for Sahota & Braich Limited. Sheridan Pharmacy is retained for the pharmacy name to avoid a competitor operating under the same name within the vicinity of the branch.

14. Stocks

	2025	2024 as restated
	£	£
Stock	945,211	1,095,000

15. Debtors

	2025	2024 as restated
	£	£
Due within one year
Trade debtors	1,120,427	1,120,595
Other debtors	406,760	175,861

	1,527,187	1,296,456

16. Creditors: Amounts Falling Due Within One Year

	2025	2024 as restated
	£	£
Net obligations under finance lease and hire purchase contracts	3,648	-
Trade creditors	1,770,543	1,837,671
Bank loans and overdrafts	204,223	155,287
Other loans	49,515	-
Other creditors	1,674,056	1,617,500
Taxation and social security	73,431	30,668
Accruals and deferred income	44,838	109,695

	3,820,254	3,750,821

Other creditors include an amount of £ 1,499,000 (2024: £ 1,414,0000), financed by RX Bridge Finance against the monthly NHS receivables. RX Bridge finance monies owed are secured with NHS receivable and a personal guarantee from the director, Mr Muhammad Irfan Motala of £ 200,000.

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Visionpharma Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 July 2025

17. Creditors: Amounts Falling Due After More Than One Year

	2025	2024 as restated
	£	£
Net obligations under finance lease and hire purchase contracts	157,401	-
Bank loans	2,451,789	2,051,437

	2,609,190	2,051,437

Of the creditors the following amounts are secured.

	2025	2024 as restated
	£	£
Net obligations under finance lease and hire purchase contracts	161,049	-
Bank loans and overdrafts	2,656,012	2,204,724
Other loans	1,499,000	1,414,000

Net obligations under finance leases and hire purchase contracts are secured with one motor vehicle purchased in year.

Other loans security is detailed in Note 16.

For the Barclays bank loans and overdraft facility of £ 350,000, the following guarantees are given.

Debenture on the banks standard form dated 14/02/2020,

Limited guarantee given by Mr Faizal Ismail patel and Mr Muhammad irfan Motala for GBP £ 250,000 dated 06/02/2020.

Charges over the following branches on the banks standard form dated 01/07/2020

245 Walsgrave Road, Coventry

Sheridans Pharmacy, 1 Spinney Hill Road, Leicester

491 Nottingham Road, Chaddesden, Derbyshire

68 Wollaton Road, Chaddesden, Derbyshire

Charge over branch at 2 Hartington Road, Leicester on the banks standard form dated 15/03/2021.

Charge over Medicare Pharmacy on the banks standard form dated 25/06/2025.

Charge over ground floor of 131 Bridge Road, Leicester, on the banks standard form dated 06/06/2025.

18. Loans

An analysis of the maturity of loans is given below:

	2025	2024 as restated
	£	£
Amounts falling due within one year or on demand:
Bank loans	204,223	155,287
Other loans	49,515	-

	253,738	155,287

	2025	2024 as restated
	£	£
Amounts falling due between one and five years:
Bank loans	2,451,789	2,051,437

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Visionpharma Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 July 2025

19. Obligations Under Finance Leases and Hire Purchase

	2025	2024 as restated
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	3,648	-
Later than one year and not later than five years	157,401	-

	161,049	-

	161,049	-

20. Deferred Taxation

The provision for deferred tax is made up as follows:

	2025	2024 as restated
	£	£
Other timing differences	10,939	7,876

21. Provisions for Liabilities


	Deferred Tax	Total
	£	£
As at 1 August 2024	7,876	7,876
Additions	3,063	3,063

Balance at 31 July 2025	10,939	10,939

22. Share Capital

	2025	2024 as restated
Allotted, called up and fully paid	£	£
200 Ordinary Shares of £ 1.00 each	200	200

23. Financial Instruments

The company has the following financial instruments:

	2025	2024 as restated
	£	£
Financial assets
Financial assets measured at fair value through profit and loss	2,515,709	2,553,396

Financial liabilities
Financial liabilities measured at fair value through profit and loss	6,429,444	5,802,258

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Visionpharma Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 July 2025

24. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2025	2024 as restated
	£	£
Not later than one year	272,017	280,490
Later than one year and not later than five years	983,382	1,054,218
Later than five years	1,204,175	1,204,175

	2,459,574	2,538,883

The payable amounts stated above are for operating lease commitments on motor vehicles and premises rentals. These are recognised annually in the Income Statement.

The amount recognised in profit and loss as an expense was £ 303,562 (2024 - £ 330,539).

25. Pension Commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

During the year the charge to the income statement in respect of defined contribution schemes was £19,245 (2024: £16,792).

At the statement of financial position date contributions of £4,357 (2024: £3,547) were due to the fund and are included in creditors.

26. Dividends

	2025	2024 as restated
	£	£
On equity shares:
Final dividend paid	-	30,000

27. Related Party Disclosures

The following transactions are with related party companies.

Winvision Ltd

Winvision Ltd (reg no: 13328132) is owned by one of the Directors - Irfan (100% ownership)

Inter company transactions (payments and receipts) and Debtor balance outstanding in the year." Receipts from Winvision - £483,150 payments to Winvision - £491,600 Dr bal 31.07.2025- £8,450 "

Darbaars Pharmacy Limited, (reg no: 06664757)

Faizal Patel is a 50% shareholder and a director of Darbaars Pharmacy

Locum fees paid in the year of £ 52,694.

Yakarim Limited, (reg no: 06613013)

Muhammad Irfan Motala is a 50% shareholder and the director of Yakarim Ltd

Locum fees paid in the year of £ 32,000

Sonichem Limited

Sonichem Ltd (reg no: 03902551) is owned by Winvision Limited where Irfan is the 100% shareholder of the company Winvision Ltd. Also Irfan is one of the directors of Sonichem Ltd. "

...CONTINUED

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Visionpharma Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 July 2025

27. Related Party Disclosures - continued

Inter company transactions (payments and receipts) and Debtor balance outstanding in the year. Payments to Winvision - £ 889, Debtor balance as at 31/01/25 £ 889. There were also purchases from Sonichem £ 11,850 and trade creditor balance outstanding as at 31/07/25 of £ 11,850.

Both, Muhammad Irfan Motala and Faizal Patel have a joint directors loan balance at the year end of £ 33,738 owed by the company. All of the related party debtor and creditor balances are unsecured and not repayable on demand.

28. Controlling Parties

The company has no controlling party. Mr Muhammad Irfan Motala and Mr Faizal Ismail Patel both hold 50% shares each in the company.

Page 27