REGISTERED NUMBER: 10435326 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 October 2025

for

Matrix Healthcare Solutions Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Profit and Loss Account

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

DIRECTORS:

Mr C E Toomey

Mr J W S Curtis

Mr D J Low

Mr Z M Gilles

Mr W G Plumb

REGISTERED OFFICE:

23S46 Mereside

Alderley Park

Alderley Edge

Cheshire

SK10 4TG

REGISTERED NUMBER:

10435326 (England and Wales)

AUDITORS:

Thompson Wright (Audit) Limited

Ebenezer House

Ryecroft

Newcastle under Lyme

Staffordshire

ST5 2BE

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

REVIEW OF BUSINESS

The director considers the overall financial performance of the company to be in line with expectations given the trading environment, and is confident that the group will grow over the coming years.

The director considers the company's key performance indicators ("KPIs") to be like for like sales, gross margins, earnings before interest, tax, depreciation and amortisation (EBITDA) and net worth. The director is satisfied with the EBITDA of £79,172 (2024: £409,852) for the year.

PRINCIPAL RISKS AND UNCERTAINTIES

The director has identified the key risks faced by the company to be market risk and financial risk.

MARKET RISK

The director is constantly monitoring market prices and competitors to minimise the market risk.

LIQUIDITY RISK

The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Short term flexibility is achieved by the existing loan facility that is in place.

FINANCIAL RISK

The company finances its operations through a mixture of retained profits and its bank loans and balances. The company's financial asset is cash. Since the nature of the company's operations are such that trade debtors are minimal, the director considers that the company has limited exposure to credit risk.

FUTURE DEVELOPMENTS

Looking to the future, the directors want to maintain appropriate investment levels in the company to maintain and secure the company's position in the market.

ON BEHALF OF THE BOARD:

Mr D J Low - Director

30 July 2026

The directors present their report with the financial statements of the company for the year ended 31 October 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of wholesale of pharmaceutical goods.

DIVIDENDS

The total distribution of dividends for the year ended 31 October 2025 will be £ 282,020 .

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 November 2024 to the date of this report.

Mr C E Toomey

Mr J W S Curtis

Mr D J Low

Mr Z M Gilles

Mr W G Plumb

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulation.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 "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;

- state whether applicable United Kingdom Accounting Standards, comprising FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements;

- make judgements and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the 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.

The directors 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Thompson Wright (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr D J Low - Director

30 July 2026

Opinion

We have audited the financial statements of Matrix Healthcare Solutions Limited (the 'company') for the year ended 31 October 2025 which comprise the Profit and Loss Account, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 October 2025 and of its loss for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' 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 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 company's ability to continue as a going concern for a period of at least twelve 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.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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 Report of the Directors.

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

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

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

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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.

Auditors' 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 a Report of the Auditors 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:

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

-the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

-we identified the laws and regulations applicable to the group through discussions with directors and other management, namely the 2012 Human Medicines Directive and the Rules and Guidance for Pharmaceutical Distributors:

-we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, and health and safety legislation as well as regulations relating to the trading operation of the business.

-we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

-identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

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

-making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

-considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

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

-performed analytical procedures to identify any unusual or unexpected relationships;

-tested journal entries to identify unusual transactions;

-assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

-investigated the rationale behind significant or unusual transactions.

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

-agreeing financial statement disclosures to underlying supporting documentation;

-reading the minutes of meetings of those charged with governance;

-enquiring of management as to actual and potential litigation and claims; and

-reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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.

Jeremy Bostock FCA BFP BA(Hons) (Senior Statutory Auditor)

for and on behalf of Thompson Wright (Audit) Limited

Ebenezer House

Ryecroft

Newcastle under Lyme

Staffordshire

ST5 2BE

30 July 2026

TURNOVER

3

10,597,534

13,209,837

Cost of sales

9,880,788

12,174,606

GROSS PROFIT

716,746

1,035,231

Administrative expenses

1,922,291

2,767,734

(1,205,545

)

(1,732,503

)

Other operating income

1,275,216

657,719

OPERATING PROFIT/(LOSS)

5

69,671

(1,074,784

)

Exceptional item

6

421,526

-

(351,855

)

(1,074,784

)

Interest receivable and similar income

25,536

17,431

(326,319

)

(1,057,353

)

Interest payable and similar expenses

7

969

8,653

LOSS BEFORE TAXATION

(327,288

)

(1,066,006

)

Tax on loss

8

1,718

(242,440

)

LOSS FOR THE FINANCIAL YEAR

(329,006

)

(823,566

)

LOSS FOR THE YEAR

(329,006

)

(823,566

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(329,006

)

(823,566

)

FIXED ASSETS

Intangible assets

10

171,087

-

Tangible assets

11

25,892

25,027

Investments

12

-

9,091

196,979

34,118

CURRENT ASSETS

Stocks

13

-

148

Debtors: amounts falling due within one year

14

699,560

833,625

Debtors: amounts falling due after more than one year

14

-

415,611

Cash at bank

288,570

537,156

988,130

1,786,540

CREDITORS

Amounts falling due within one year

15

1,018,648

1,044,889

NET CURRENT (LIABILITIES)/ASSETS

(30,518

)

741,651

TOTAL ASSETS LESS CURRENT LIABILITIES

166,461

775,769

PROVISIONS FOR LIABILITIES

19

6,473

4,755

NET ASSETS

159,988

771,014

CAPITAL AND RESERVES

Called up share capital

20

100

100

Retained earnings

21

159,888

770,914

SHAREHOLDERS' FUNDS

159,988

771,014

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2026 and were signed on its behalf by:

Mr D J Low - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 November 2023

100

1,694,826

89,950

1,784,876

Changes in equity

Repayment of share premium

-

-

(89,950

)

(89,950

)

Dividends

-

(100,346

)

-

(100,346

)

Total comprehensive income

-

(823,566

)

-

(823,566

)

Balance at 31 October 2024

100

770,914

-

771,014

Changes in equity

Dividends

-

(282,020

)

-

(282,020

)

Total comprehensive income

-

(329,006

)

-

(329,006

)

Balance at 31 October 2025

100

159,888

-

159,988

1.	STATUTORY INFORMATION

Matrix Healthcare Solutions Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirements of paragraphs 29.28(b) and 29.29;

•

the requirement of paragraph 33.7.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of financial statements in conformity with generally accepted principles requires the directors to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Some of these estimates and judgements are inherently uncertain and subject to change. The impact of any change in accounting estimates is reflected in the period in which the estimate is revised, if the revision only affects the period, or in the period of the revision and future periods if the revision affects both current and future periods. In this respect the directors believe that the critical accounting policies where judgements or estimations are necessarily applied are as follows.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised as the company becomes entitled to consideration for the goods supplied.

Impairment of debtors

Management perform ongoing reviews of the recoverability of debtor balances, An allowance for doubtful debts is maintained for potential credit losses based on management's assessment of the expected collectability of amounts receivable. The allowance for bad debts is reviewed periodically to assess the adequacy of the allowance

Development costs

Research and development expenditure is written off as incurred, except that development expenditure incurred on an individual project is capitalised as an intangible asset when the company can demonstrate:

a) the technical feasibility of completing the intangible asset so that it will be available for use or sale,

b) its intention to complete and its ability to use or sell the asset,

c) how the asset will generate future economic benefits,

d) the availability of resources to complete the asset and the ability to measure reliably the expenditure during development.

Following initial recognition of the development expenditure as an asset, the cost model is applied requiring the asset to be carried at cost less any accumulated amortisation and accumulated impairment losses.

Amortisation of the asset begins when development is complete and the asset is available for use. It is amortised evenly over the period of expected future benefit which is estimated as 10 years.

During the period of development the asset is tested for impairment annually.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on cost

Computer equipment

-

20% on cost

Depreciation is calculated at the headline annual rate, but is charged within the accounts on a monthly basis.

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimates of useful economic lives and residual value of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, of economic utilisation of the assets.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

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

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

(i) Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost being the transaction price less any amounts settled and any impairment losses.

(ii) Impairment of financial assets

A provision for impairment of trade debtors is established when there is objective evidence that the

amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in profit or loss for the excess of the carrying value of the trade debtor over the present value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in profit or loss.

(iii) Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

(iv) Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

(v) Basic financial liabilities

Basic financial liabilities, including trade and other creditors, 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

(vi) Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s contractual obligations are discharged, cancelled, or they expire.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.

TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

1,621,509

3,846,678

Rest of the World

8,976,025

9,363,159

10,597,534

13,209,837

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

596,612

580,572

Social security costs

64,654

66,947

Other pension costs

60,899

5,998

722,165

653,517

The average number of employees during the year was as follows:

2025

2024

Management

6

5

Administration

7

6

13

11

2025

2024

£

£

Directors' remuneration

52,110

182,709

Key Management Compensation

The company has taken advantage of the exemption under paragraph 1.12(e), from disclosing key management compensation, on the basis that it is a qualifying entity and its ultimate parent company Matrix Healthcare Holdings Limited, includes the company's key management compensation in its consolidated financial statements.

5.	OPERATING PROFIT/(LOSS)

The operating profit (2024 - operating loss) is stated after charging:

2025

2024

£

£

Other operating leases

20,445

31,202

Depreciation - owned assets

9,501

7,923

Loss on disposal of fixed assets

-

1,275,321

Auditors' remuneration

26,000

12,000

6.	EXCEPTIONAL ITEMS

2025

2024

£

£

Exceptional item

(421,526

)

-

After the year end, the group entered into a share buyback of Charles Tooney and Foinavon PTE Ltd to repurchase 2,737 Ordinary A shares. Included in this agreement was to write off the balance which was owed from Foinavon PTE Ltd.

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank loan interest

969

3,625

Other interest paid

-

5,028

969

8,653

8.

TAXATION

Analysis of the tax charge/(credit)

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

2025

2024

£

£

Current tax:

UK corporation tax

-

1,678

Adjustments in respect of prior years

-

(3,021

)

Total current tax

-

(1,343

)

Deferred tax

1,718

(241,097

)

Tax on loss

1,718

(242,440

)

Reconciliation of total tax charge/(credit) included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Loss before tax

(327,288

)

(1,066,006

)

Loss multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 19%)

(81,822

)

(202,541

)

Effects of:

Expenses not deductible for tax purposes

2,458

3,138

Depreciation in excess of capital allowances

1,502

-

Utilisation of tax losses

-

(18,132

)

Adjustments to tax charge in respect of previous periods

-

(3,021

)

Enhanced relief for research and development

-

(21,690

)

Group Relief

-

(194

)

Losses carried forward

79,580

-

Total tax charge/(credit)

1,718

(242,440

)

9.

DIVIDENDS

2025

2024

£

£

C Ordinary shares of 1p each

Interim

-

47,229

F Ordinary shares of 1p each

Interim

-

20,229

Ordinary shares of 1p each

Interim

282,020

32,888

282,020

100,346

10.	INTANGIBLE FIXED ASSETS

Development

costs

£

COST

Additions

171,087

At 31 October 2025

171,087

NET BOOK VALUE

At 31 October 2025

171,087

11.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 November 2024

2,858

63,157

66,015

Additions

592

9,774

10,366

At 31 October 2025

3,450

72,931

76,381

DEPRECIATION

At 1 November 2024

628

40,360

40,988

Charge for year

690

8,811

9,501

At 31 October 2025

1,318

49,171

50,489

NET BOOK VALUE

At 31 October 2025

2,132

23,760

25,892

At 31 October 2024

2,230

22,797

25,027

12.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 November 2024

9,091

Disposals

(9,091

)

At 31 October 2025

-

NET BOOK VALUE

At 31 October 2025

-

At 31 October 2024

9,091

13.

STOCKS

2025

2024

£

£

Stocks

-

148

14.

DEBTORS

2025

2024

£

£

Amounts falling due within one year:

Trade debtors

33,630

47,915

Amounts owed by group undertakings

385,055

711,082

Other debtors

2,856

32,824

VAT

31,360

29,324

Tax

3,021

3,021

Prepayments

243,638

9,459

699,560

833,625