Company registration number 03090951 (England and Wales)
SURGICAL HOLDINGS LIMITED
(FORMERLY KNOWN AS P.W. COOLE & SON LIMITED)
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
SURGICAL HOLDINGS LIMITED
(FORMERLY KNOWN AS P.W. COOLE & SON LIMITED)
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
7
Notes to the financial statements
2 - 15
SURGICAL HOLDINGS LIMITED
(FORMERLY KNOWN AS P.W. COOLE & SON LIMITED)
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2025
31 December 2025
- 1 -
31 December 2025
30 April 2025
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
5
111,127
103,567
Tangible assets
6
387,674
359,875
Investments
7
50
50
498,851
463,492
Current assets
Stocks
8
1,581,446
1,566,228
Debtors
9
1,295,147
890,015
Cash at bank and in hand
113,964
282,034
2,990,557
2,738,277
Creditors: amounts falling due within one year
10
(1,038,767)
(1,963,432)
Net current assets
1,951,790
774,845
Total assets less current liabilities
2,450,641
1,238,337
Provisions for liabilities
(122,811)
(115,253)
Net assets
2,327,830
1,123,084
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
2,327,730
1,122,984
Total equity
2,327,830
1,123,084

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 23 February 2026 and are signed on its behalf by:
D Coole
Director
Company registration number 03090951 (England and Wales)
SURGICAL HOLDINGS LIMITED
(FORMERLY KNOWN AS P.W. COOLE & SON LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
- 2 -
1
Accounting policies
Company information

Surgical Holdings Limited (formerly known as P.W. Coole & Sons Limited) is a private company limited by shares incorporated in England and Wales. The registered office is Unit 8 Parkside Centre, Potters Way, Temple Farm Industrial Estate, Southend on Sea, Essex, SS2 5SJ.

1.1
Reporting period

The financial statements are for the period 1 May 2025 to 31 December 2025. The accounting period was shortened to bring in line with the Stille AB group. The comparative amounts presented in the financial Statements (including related notes) are not entirely comparable.

1.2
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest British Pound Sterling.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.3
Revenue

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

SURGICAL HOLDINGS LIMITED
(FORMERLY KNOWN AS P.W. COOLE & SON LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 3 -
1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
5 years straight line
Patents & licences
5 years straight line
Development costs
5 years straight line
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
5 - 7 years straight line
Fixtures and fittings
5 years straight line
Motor vehicles
25% reducing balance

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

During the year, the directors reviewed the company’s accounting policies for the classification, depreciation and amortisation of tangible and intangible assets in order to align them with the accounting policies applied by the Group.

SURGICAL HOLDINGS LIMITED
(FORMERLY KNOWN AS P.W. COOLE & SON LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 4 -
1.8
Fixed asset investments

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

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

SURGICAL HOLDINGS LIMITED
(FORMERLY KNOWN AS P.W. COOLE & SON LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 5 -
1.12
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 in the company's statement of financial position 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.13
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.14
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

SURGICAL HOLDINGS LIMITED
(FORMERLY KNOWN AS P.W. COOLE & SON LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

SURGICAL HOLDINGS LIMITED
(FORMERLY KNOWN AS P.W. COOLE & SON LIMITED)
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2025
- 7 -
Share capital
Profit and loss reserves
Total
£
£
£
As restated for the period ended 30 April 2025:
Balance at 1 May 2024
100
615,148
615,248
Year ended 30 April 2025:
Profit and total comprehensive income
-
507,836
507,836
Balance at 30 April 2025
100
1,122,984
1,123,084
Period ended 31 December 2025:
Profit and total comprehensive income
-
140,123
140,123
Other movements
-
1,064,623
1,064,623
Balance at 31 December 2025
100
2,327,730
2,327,830

The figures above for the period ended 30 April 2025 are restated due to a prior period adjustment, details of which can be found at note 17.

SURGICAL HOLDINGS LIMITED
(FORMERLY KNOWN AS P.W. COOLE & SON LIMITED)
STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
- 8 -
2
Change in accounting policy

In the current period, a change in accounting policy was adopted by the company with regard to classification, depreciation and amortisation of tangible and intangible assets in order to align them with the accounting policies applied by the Group.

The company’s revised accounting policies are set out in note 1 and the adjustment for each financial statement line item affected by the new accounting policy is set out below.

SURGICAL HOLDINGS LIMITED
(FORMERLY KNOWN AS P.W. COOLE & SON LIMITED)
STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
- 9 -
3
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these 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 judgements and key sources of estimation uncertainty

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Depreciation of property, plant and equipment

The company applies judgment in determining the estimated useful lives and residual values of its property, plant, and equipment. Depreciation is charged on a systematic basis over the asset’s useful life, which requires estimates to be made about the period over which the asset will provide economic benefit and its residual value at the end of that period.

- Judgments: The useful lives of assets are based on the expected usage and technological obsolescence, which could change if future circumstances dictate.

- Key Sources of Estimation: Historical data on similar assets, industry standards, and technological developments are used to determine the appropriate useful life and residual value.

Prepayments

The company makes judgments regarding the recognition of prepayments. Payments made in advance for services that span future periods are initially recognized as assets and amortized over the period to which they relate

- Judgments: The company evaluates whether the benefit derived from prepayments relates to a future period or has been consumed in the current period. This includes assessing the contractual terms of services or goods.

- Key Sources of Estimation: The nature and timing of the service or goods, and contractual payment schedules.

Accruals

The company recognizes accruals for expenses that have been incurred but not yet invoiced or paid at the reporting date. Accruals are based on estimates of the amount and timing of the expense to be recognized.

- Judgments: Management must assess the likelihood and amount of the liability, especially for costs such as wages, utilities, or supplier invoices that have not been received at the reporting date.

- Key Sources of Estimation: Historical usage, contractual agreements, and supplier estimates.

Deferred tax

The company recognizes deferred tax assets and liabilities based on temporary differences between the carrying amounts of assets and liabilities and their tax bases. The recognition of deferred tax assets is dependent on the expectation that future taxable profits will be available against which the deferred tax assets can be utilized.

- Judgments: Management exercises judgment in determining whether it is probable that sufficient future taxable profits will be available to utilize deferred tax assets, particularly in the case of tax losses carried forward.

- Key Sources of Estimation: Forecasts of future taxable profits, tax planning strategies, and the timing of the reversal of temporary differences.

SURGICAL HOLDINGS LIMITED
(FORMERLY KNOWN AS P.W. COOLE & SON LIMITED)
STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
- 10 -
4
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2025
2025
Number
Number
Total
57
57
5
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 May 2025 as restated
100,000
177,354
277,354
Additions
-
0
24,802
24,802
At 31 December 2025
100,000
202,156
302,156
Amortisation and impairment
At 1 May 2025 as restated
100,000
73,788
173,788
Amortisation charged for the period
-
0
17,241
17,241
At 31 December 2025
100,000
91,029
191,029
Carrying amount
At 31 December 2025
-
0
111,127
111,127
At 30 April 2025 as restated
-
0
103,567
103,567
SURGICAL HOLDINGS LIMITED
(FORMERLY KNOWN AS P.W. COOLE & SON LIMITED)
STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
- 11 -
6
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2025 as restated
1,018,714
Additions
102,969
Disposals
(27,179)
At 31 December 2025
1,094,504
Depreciation and impairment
At 1 May 2025 as restated
658,839
Depreciation charged in the period
67,922
Eliminated in respect of disposals
(19,931)
At 31 December 2025
706,830
Carrying amount
At 31 December 2025
387,674
At 30 April 2025 as restated
359,875
7
Fixed asset investments
Restated
2025
2025
£
£
Shares in group undertakings and participating interests
50
50
8
Stocks
2025
2025
£
£
Raw materials and consumables
642,723
626,491
Finished goods and goods for resale
938,723
939,737
1,581,446
1,566,228
9
Debtors
2025
2025
Amounts falling due within one year:
£
£
Trade debtors
1,000,927
801,702
Other debtors
294,220
88,313
1,295,147
890,015
SURGICAL HOLDINGS LIMITED
(FORMERLY KNOWN AS P.W. COOLE & SON LIMITED)
STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
- 12 -
10
Creditors: amounts falling due within one year
2025
2025
£
£
Trade creditors
625,226
419,769
Amounts owed to group undertakings
45,452
1,080,195
Taxation and social security
210,485
397,779
Other creditors
157,604
65,689
1,038,767
1,963,432
11
Finance lease obligations
2025
2025
Amounts due:
£
£
Within one year
-
0
11,270
2025
2025
Future minimum lease payments due under finance leases:
£
£
Within one year
-
0
11,270

12
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company:

Restated
Liabilities
Liabilities
2025
2025
Balances:
£
£
Accelerated capital allowances
(122,811)
(115,253)
(122,811)
(115,253)
2025
Movements in the period:
£
Liability at 1 May 2025
115,253
Charge to profit or loss
7,558
Liability at 31 December 2025
122,811
SURGICAL HOLDINGS LIMITED
(FORMERLY KNOWN AS P.W. COOLE & SON LIMITED)
STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
- 13 -
13
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is qualified and includes the following:

Qualified opinion on financial statements

In our opinion, except for the possible effects on the corresponding figures 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 December 2025 and of its profit for the period 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 qualified opinion

We were not appointed as auditor of the company until after 31 March 2025 and thus did not observe the counting of physical stock at the end of that period. We are therefore unable to satisfy ourselves by alternative means concerning the stock quantities of £1,566,229 held 31 March 2025 by using other audit procedures. Consequently we were unable to determine whether there was any consequential effect on the cost of sales for the period ended 31 December 2025. Our audit opinion on the financial statements for the period ended 31 December 2025 was modified accordingly. Our opinion on the current period’s financial statements is also modified because of the possible effect of this matter on the comparability of the current period’s figures and the corresponding figures.

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.

Senior Statutory Auditor:
Spencer Watson FCA
Statutory Auditor:
Buckley Watson Limited
Date of audit report:
23 February 2026
14
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2025
£
£
Total commitments
882,668
867,394
SURGICAL HOLDINGS LIMITED
(FORMERLY KNOWN AS P.W. COOLE & SON LIMITED)
STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
- 14 -
15
Related party transactions

During the financial year, the Company wrote off a loan owed to its former parent company P.W. Coole & Son Limited (formerly Surgical Holdings Ltd) company number 11614775. The amount of the loan written off was £1,064,623.

The Company has taken advantage of exemption, under paragraph IAC.35 and 33.1A 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.

16
Parent company

The ultimate parent undertaking of the company is Stille AB. The ultimate controlling party's address is Ekbacken 11, 64430 Torshälla, Sweden,

17
Prior period adjustment

During the year, the directors reviewed the company’s accounting policies for the classification, depreciation and amortisation of tangible and intangible assets in order to align them with the accounting policies applied by the Group.

As a result of this review, certain assets were reclassified and the depreciation and amortisation periods were revised to better reflect the expected useful economic lives of the assets. The directors consider that the revised policies provide more reliable and relevant information.

The changes have been applied retrospectively, resulting in a prior period adjustment. Comparative figures have been restated and an adjustment has been made to opening retained earnings at the beginning of the comparative period.

T he company has identified that a fixed asset investment of £50 was not included in the prior period’s balance sheet. As a result, the carrying value of fixed assets has been increased by £50.

It was identified that a deferred tax provision, which should have been recognised for timing differences relating to acc elerated capital allowances, was omitted from the financial statements for the prior period. The provision for deferred tax of £115,253 has now been recognised in the financial statements.

Changes to the statement of financial position
As previously reported
Adjustment
As restated at 30 Apr 2025
£
£
£
Fixed assets
Other intangibles
-
103,567
103,567
Tangible assets
350,337
9,538
359,875
Investments
-
50
50
Creditors due within one year
Loans and overdrafts
50
(50)
-
0
Provisions for liabilities
Deferred tax
-
(115,253)
(115,253)
Net assets
1,125,232
(2,148)
1,123,084
Capital and reserves
Profit and loss reserves
1,125,132
(2,148)
1,122,984
SURGICAL HOLDINGS LIMITED
(FORMERLY KNOWN AS P.W. COOLE & SON LIMITED)
STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
17
Prior period adjustment
(Continued)
- 15 -
Changes to the income statement
As previously reported
Adjustment
As restated
Period ended 30 April 2025
£
£
£
Cost of sales
(3,708,559)
(29,446)
(3,738,005)
Administrative expenses
(1,944,810)
34,587
(1,910,223)
Taxation
(167,603)
(7,289)
(174,892)
Profit for the financial period
509,984
(2,148)
507,836
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