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

The group's principal activity remained the provision of medical services, particularly independent expert medical evidence, to the insurance industry and legal sectors.

The group profit and loss account shows that the group achieved a turnover of £47,360,729 an increase of 6.5% in the year compared to previous period result of £44,472,640 (restated).

The increase in turnover and operating profit was driven by continued growth in revenue from cases associated with the MedCo portal, alongside increased turnover from rehabilitation services and work from other accident types. The group also continues to invest in staff development and IT resources to support a high-quality service delivered through its panel of independent medical experts.

During the prior year the group refinanced its invoice discounting facility improving the facility available and terms. Therefore, despite the increase in turnover and debtors, interest payable decreased to £837,983 from £1,115,446 in the prior period.

Overall, the directors are pleased with the performance of the business during the year, along with the financial position of the group as shown on the balance sheet, where net assets have increased to £21,834,061 from the prior period of (restated) £19,530,947. These results allow the group a platform to continued growth in the next financial year.

Key performance indicators are disclosed on page 3.

The directors have undertaken a comprehensive review of the principal risks and uncertainties facing the group and consider that appropriate measures have been implemented to manage and mitigate these risks. Ongoing monitoring and governance processes are in place to ensure that emerging risks are identified and addressed in a timely manner, supporting the continued resilience and stability of the business.

Legislative risk

Part of the industry in which the group operates is overseen by the Ministry of Justice through the MedCo portal, introduced in April 2015. The group has two accredited high-volume national medical reporting organisations and complies with MedCo’s requirements. It monitors updates to the system and qualifying criteria, although future changes could adversely affect the group. Since the portal’s introduction, the group has continued to increase its share of cases sourced through MedCo.

To mitigate the risk above, the group continues to grow revenue from non-MedCo claims and rehabilitation services.

Credit and cashflow risk

The group's principal assets are trade debtors. The group offers extended credit terms to many customers, typically exceeding two years because of the time required to settle the underlying claims. This results in a significant level of working capital being absorbed by the business.

This risk is mitigated through regular reconciliation of customer balances, prompt issue of credit notes, and ongoing monitoring of customer payment values and profiles.

Liquidity risk

The group monitors its short and medium-term cash requirements to ensure it has sufficient funds to meet liabilities as they fall due. This is supported by invoice discounting facilities which provide funding for working capital requirements.

The group is actively seeking to improve the balance between short and long-term credit terms and continues to explore opportunities to reduce overall debtor days.

Interest risk

The group is financed through an invoice discounting facility, as disclosed under loans and overdrafts. The facility is subject to interest at a margin above Bank of England base rate, exposing the group to the risk of future rate increases.

Competitive risk

The group operates in a highly competitive market with several alternative providers. It remains focused on delivering a market-leading service at a competitive price. Customer contracts generally extend beyond two years and are regularly reviewed to ensure that both relationship quality and commercial terms remain competitive and represent strong value in the market.

The group expects to secure further business from competitors by maintaining its high-quality service offering.

The group intends to continue increasing its turnover from MedCo and rehabilitation services, while also growing revenue from non-regulated claim types. The group is also continuing to explore adjacent markets with lower working capital requirements where its services are required, which may be pursued through M&A activity or organic growth.

In all cases these KPIs have been calculated on a consistent basis with the 2025 figures and are based directly on the amounts shown in the financial statements.

In accordance with the requirements of Section 172(1) of the Companies Act 2006, the directors have acted in the way they consider, in good faith, would be most likely to promote the success of the group for the benefit of its members as a whole, whilst having regard to the interests of the group's stakeholders and the matters set out within Section 172.

The board recognises that the long-term success of the group depends upon maintaining strong relationships with its employees, customers, suppliers, funders, shareholders and wider communities. The directors seek to ensure that stakeholder considerations are embedded within the group's decision-making processes and strategic planning activities.

Shareholders and Long-Term Success

The directors continually assess the group's strategic direction and financial performance to ensure the business remains sustainable and financially resilient. Throughout 2025, the board focused on maintaining a strong balance sheet, prudent cash management and investment in growth opportunities that support the group's long-term objectives. Significant strategic decisions were evaluated based on their anticipated long-term impact on profitability, cash generation, operational resilience and shareholder value.

Employees

The group's employees are fundamental to delivering high-quality services to customers and clients. The directors receive regular updates on employee matters, including recruitment, retention, training, wellbeing and engagement. During the year, investment continued in leadership development, operational capability and systems improvements designed to support employees in performing their roles effectively. The board remains committed to maintaining an inclusive and supportive working environment that enables colleagues to develop professionally whilst contributing to the success of the group.

Customers and Business Relationships

Maintaining strong relationships with customers, medical professionals, rehabilitation providers, legal firms, insurers and other key stakeholders remains central to the group's strategy. The directors regularly review customer service performance, operational metrics and market developments to ensure the group continues to deliver high-quality services and innovative solutions. Strategic decisions are assessed with consideration for customer outcomes, service quality and the long-term sustainability of customer relationships.

Suppliers and Partners

The group relies upon a network of independent medical experts to support its operations. The directors recognise the importance of fair and responsible business practices and seek to maintain constructive relationships with suppliers through transparent communication and timely settlement of obligations. Key supplier relationships are reviewed regularly to ensure that service quality, commercial arrangements and operational resilience continue to support the group's objectives.

Impact on Communities and the Environment

Whilst the group's activities have a relatively limited environmental impact compared to many industries, the directors remain committed to operating responsibly and seeking opportunities to improve efficiency and reduce waste. The board considers the wider social impact of the services provided by the group, particularly in supporting access to healthcare, rehabilitation and medico-legal services for individuals across the United Kingdom.

High Standards of Business Conduct

The directors promote a culture of integrity, accountability and professionalism across the group. Compliance with applicable laws, regulations and industry standards remains a core component of the group's governance framework. The board receives regular updates on regulatory developments, risk management, information security, financial controls and compliance matters to ensure that the group maintains high standards of business conduct and corporate governance.

Fairness Between Members

The directors seek to act fairly between all members of the group and carefully consider the impact of decisions on shareholders collectively. Decisions regarding investment, financing, distributions and strategic initiatives are taken with a view to balancing the interests of shareholders with the long-term sustainability and success of the business.

The board believes that its engagement with stakeholders and consideration of the matters set out in Section 172(1) have contributed to effective decision-making throughout the year and support the continued success of the group for the benefit of its members and wider stakeholders.

On behalf of the board

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

The principal activity of the company is to act as the holding company for the group.

The group's principal activities are: the facilitation of non-invasive medical services, including patient screening, patient rehabilitation, medical reporting and diagnostic services for the personal injury claims market; and supply of computer consultancy services.

The results for the year are set out on page 14.

Ordinary dividends were paid amounting to £776,380. A further dividend was voted after the year end but before the signing of the accounts.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

The group’s principal financial instruments comprise cash and cash equivalents, trade creditors and trade debtors. The main purpose of these instruments is to raise funds for the group’s operations. Due to the nature of these funds there is no exposure to price risk. There is a bank funding line from RBS Invoice Finance Limited, this provides working capital and is secured against the assets of the group.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding and overdue. Trade creditors risk is managed by ensuring sufficient funds are available to meet amounts due.

An important part of the group's long term success is considered to be the need to regularly engage with all customers, potential customers and suppliers trying to match the needs of the customers and improving the service offered to them. This is achieved by seeking innovative ideas to improve service and to heed the request from suppliers for alternative methods to fulfil their contracts.

The group's mid term strategy is to consolidate it's position as a leading supplier of medical reports and related services by continually improving the solutions and services offered to customers.

The auditor, Price Bailey LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Greenhouse Gas Emissions Data

In line with the Greenhouse Gas Protocol (GHG) Corporate Accounting and Reporting Standard, and as reported in our previous submissions, Kuro Health Limited continues to be engaged in a process aimed at reducing our energy and greenhouse gas emissions.

Kuro Health maintains scopes one (1), two (2) and three (3) emissions, which include electricity and natural gas. Kuro Health also maintains transport emissions inclusive of employee owned and operated vehicles (whereby mileage is claimed as a company expense).

Kuro Health previously devised a strategy to reduce overall carbon footprint significantly including the following initiatives:

• Encouraging employees to purchase renewable technology cars i.e., hybrid vehicles,

• Purchasing energy efficient equipment in our offices,

• Replacing HVAC systems with energy-efficient equipment where possible,

• Adopting behavioural change measures where possible.

This commitment has resulted in an improvement in our direct emissions position. Calculated carbon footprint for the current financial year is 13.45 tCO2e, whilst energy consumption was 56,145.47 kWh (56.15 MWh).

The intensity metric is based on a total square meterage of 687.02 (7,395 square feet). Whilst direct emissions have decreased by 74.47% since our previous reporting period, this is in part due to changes in the Group has consumed energy during the year as some charges are now included in total licence fees. However, as part of the Group’s ongoing commitment to reduce consumption the total square meterage utilised by the Group has decreased during the year.

Kuro Health have reported all of emission sources under the Companies Act 2006 (Strategic Report and Director’s Reports) Regulations 2013 as required. Reporting of calculated emissions is in line with the GHG Protocol Corporate Accounting and Reporting Standard and emission factors from the UK Government's GHG Conversion Factors for Company Reporting 2025.

The reporting period is the financial year 2025, the same as that covered by the Annual Report and Financial Statements. The boundaries of the GHG inventory are defined using the operational control approach. In general, the emissions reported are the same as those which would be reported based on a financial control boundary.

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per metre squared, the recommended ratio for the sector.

Kuro has been actively engaged in measures to reduce its energy throughout the reporting period as follows:

1. Overall electricity/gas consumption for the site in Bolton has reduced in the year due reduction square footage utilised, see note below.

2. Improved driver education and policy around vehicle maintenance.

Note - whilst direct energy costs are included within the overall license fees payable on some properties, we are keen to show our commitment to reducing energy and emissions in the sites.

Update on objectives for prior year

In order to achieve the objectives set last year, the Group has substantially reduced its office footprint which has resulted in reducing our energy usage especially in relation to lighting. Reducing the office footprint has also reduced the volume of office equipment required. The Group has also submitted Energy Saving Opportunity Scheme (ESOS) Phase 3 compliance submission.

Objectives for 2026

Kuro Health has initiated several objectives for the forthcoming fiscal year (to be reported on in the next set of accounts) as follows

1. Continue to install low energy lighting as and when required

2. Continual review of existing office equipment and company policies

3. Reviewal supply contracts to determine feasibility of renewable energy

Kuro Health continue to explore opportunities to reduce consumption and will report on progress within the next set of financial accounts

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information, being information needed by the auditor on connection with preparing its report, of which the auditor is unaware. Having made enquiries of fellow directors and the group's auditor, each director has taken all the steps that they are obliged to take as a director in order to make themselves aware of any relevant audit information, and to establish that the auditor is aware of that information.

After considering the group's forecast for the next 12 months, the directors have a reasonable expectation that the group has adequate cash and resources to meet all requirements to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards 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 group and parent company, and of the profit or loss of the group for that period.

In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

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

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

We have audited the financial statements of Kuro Health Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated and Company Balance Sheets, the Consolidated and Company Statement of Changes in Equity, the Consolidated 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, 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 Group's and of the parent Company's affairs as at 31 December 2025 and of the Group's profit or 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the parent 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 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. 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 course of 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.

Opinion 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 Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.

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:

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

• the parent Company 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.

As explained more fully in the Directors' Responsibilities Statement, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.

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 Group financial statements.

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:

We gained an understanding of the legal and regulatory framework applicable to the Group and the industries in which it operates and considered the risk of the Group and Company not complying with the applicable laws and regulations including fraud in particular those that could have a material impact on the financial statements. This included those regulations directly related to the financial statements, including financial reporting, tax legislation and distributable profits. In relation to the industry, this included consideration of the Medco status of various members of the group. The risks were discussed with the audit team and we remained alert to any indications of non-compliance throughout the audit.

We carried out specific procedures to address the risks identified. As follows:

• Reviewing legal fees incurred;

• Reviewing minutes of meetings of those charged with governance;

• Enquiring of management including those responsible for the key regulations;

• Reviewing the key accounting policies and estimates

• Agreeing the financial statement disclosures to underlying supporting documentation;

• Reviewing the latest Medco Reports with consideration of the policies and procedures in place to ensure the relevant company is compliant with Medco and reviewing the response from management in implementing recommendations and guidance highlighted by Medco in the most recent review.

To address the risk of management override of controls, we reviewed systems and procedures to identify potential areas of management override risk. In particular, we carried out a review of journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions to identify large or unusual transactions. We reviewed key authorisation procedures and decision-making processes for any unusual or one-off transactions. We also assessed management bias in relation to the accounting policies adopted and in determining significant accounting estimates.

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.

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 Auditors' Report.

Use of our report

This report is made solely to the Groups' 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 Group's members those matters 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 Group and the Group's members, as a body, for our audit work, for this report, or for the opinions we have formed.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £15,705 (2024 - £140,199 profit).

Kuro Health Limited ("the company") is a private limited company domiciled and incorporated in England and Wales and limited by shares. The registered office is 4th Floor, Park Gate, 161-163 Preston Road, Brighton, East Sussex, BN1 6AF.

The group consists of Kuro Health Limited and all of its subsidiaries.

The group's consolidated and the company's financial statements have been prepared in compliance with FRS102 as it applies to the financial statements for the year ended 31 December 2025.

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Basis of preparation for the company

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

• Section 7 'Statement of Cash Flows'.

• Section 33 ‘Related Party Disclosures’.

The consolidated financial statements of the group include the results of the company. Consequently, as permitted by s408 of the Companies Act 2006, no individual company income statement is presented in these financial statements for Kuro Health Limited.

The principal accounting policies adopted are set out below.

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries are accounted for at cost less impairment.

The consolidated financial statements incorporate those of Kuro Health Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the period are consolidated using the purchase method. Their results are incorporated from the date that control passes.

All financial statements are made up to 31 December 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

After considering the group's forecast for the next 12 months, the directors have a reasonable expectation that the group has adequate cash and resources to meet all requirements to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

The group generates revenue from a range of activities, principally the provision of medico-legal services, treatment and rehabilitation services, IT software services and other professional services.

Revenue is recognised by applying the five-step model, which is designed to represent the transfer of promised goods or services to customers. Revenue is measured at the amount of consideration the group expects to be entitled to in exchange for those services, being discounted to present value where the period between the transfer of services and receipt of consideration contains a significant financing component.

Medical reports

The group enters into contracts with customers in the medico-legal sector to prepare individual, specialised medical reports. Each contract contains a single performance obligation to deliver one distinct report.

Because the customer cannot utilise or derive economic benefit from the report until the final, approved document is received, control transfers at a single point in time. Requests for payments are issued at the point the medical report is delivered to the customer and are recorded as turnover.

Consequently, revenue is recognised at a single point in time—specifically, 100% of the transaction price is recognised upon the completion and transmission of the finalised medical report to the customer.

At the balance sheet date, revenue relating to reports completed but not yet invoiced is recognised as accrued income within other debtors.

Any associated expected costs of services provided are accrued and included in other creditors. At the point of the invoice the company provides for likely credit notes.

Treatment and rehabilitation services

The group enters into contracts with customers to arrange and provide treatment and rehabilitation services to injured individuals. Each instruction contains a single performance obligation to provide the contracted treatment services.

The customer receives and consumes the benefits of the services as treatment is provided. Consequently, revenue is recognised over time using an output method based on treatment sessions completed. Progress towards satisfaction of the performance obligation is measured by reference to the treatment delivered to date.

Where treatment services have been provided but not yet invoiced at the balance sheet date, the related revenue is recognised as accrued income within other debtors.

Any associated expected costs of services provided are accrued and included in other creditors. At the point of the invoice the company provides for likely credit notes.

IT software services

The group enters into contracts to provide IT software services over agreed contractual periods.

The customer receives and consumes the benefits of the services as they are performed. Accordingly, revenue is recognised over time by reference to the stage of completion of the services provided over the contractual term. Requests for payment are issued at predetermined milestones or intervals in accordance with the terms of the contract and are recognised as turnover.

At the balance sheet date, revenue relating to services performed but not yet invoiced is recognised as accrued income within other debtors.

Other professional services

Revenue arising from contracts for the provision of other professional services is recognised when the relevant performance obligations have been satisfied in accordance with the terms of the individual contracts. Where services are transferred at a point in time, revenue is recognised on completion of the work. Where services are transferred over time, revenue is recognised by reference to the stage of completion of the performance obligation.

Goodwill represents the excess of the cost of acquisition of a business 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 ten years.

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 basis:

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:

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 recognised in the profit and loss account.

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

At each reporting period end date, the group 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 group estimates the recoverable amount of the cash-generating unit to which the asset belongs. The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

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

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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, 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.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group 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.

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 group after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

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

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the group 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 group.

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

The tax currently payable is based on taxable profit for the period. Taxable profit differs from net profit as reported in the profit and loss account 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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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.

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

The group operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund. Payments to the defined contribution scheme are charged as an expense as they fall due.

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 group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

The group operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund. Payments to the defined contribution scheme are charged as an expense as they fall due.

As lessee

At inception, the group assesses whether a contract is, or contains, a lease. A lease arises where the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Control of the use of an asset occurs where the group has both the right to direct the use of the asset, and the right to obtain substantially all the economic benefits from that use.

Where a tangible asset is acquired through a lease, the group recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within the same line items on the Balance sheet as owned assets.

The right-of-use asset is initially measured at cost, which comprises the initial measurement of the lease liability adjusted for lease payments made at or before the commencement date less any lease incentives or grants received, plus initial direct costs and an estimate of the cost of obligations to dismantle, remove or restore the underlying asset and the site on which it is located.

The right-of-use asset is subsequently adjusted for remeasurements of the lease liability and applies the relevant cost model, fair value model or revaluation model as set out within the accounting policies for the applicable asset class. Where the cost model is applied, the asset is depreciated from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term, and is periodically reduced by impairment losses, if any.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the group's incremental borrowing rate or the group's obtainable borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate, amounts expected to be payable under residual value guarantees, the exercise price of any purchase options that the group is reasonably certain to exercise, and any penalties for early termination of a lease.

At each financial period end, the lease liability is adjusted to reflect payments made and interest accrued. Also, the lease liability is remeasured to reflect lease modifications and any changes to the factors considered at initial measurement, as set out above. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or recognised in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The group has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

In the comparative period, the group classified leases as finance leases whenever the terms of the lease transferred substantially all the risks and rewards of ownership to the lessees. All other leases were classified as operating leases. Assets held under finance leases were 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 was included in the balance sheet as a finance lease obligation. Lease payments were treated as consisting of capital and interest elements and the interest was charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability. Rentals payable under operating leases, less any lease incentives received, were charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis was more representative of the time pattern in which economic benefits from the leased asset were consumed.

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.

In the current year, the FRS 102 Periodic Review 2024 was applied by the group for the first time and affects the financial statements as follows.

The group’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.

The group has applied the FRS 102 Periodic Review 2024 amendments to Section 20 Leases, with zero impact to the opening balance of retained earnings.

The group’s revised accounting policies for leases are set out in note 1 and the adjustment for each financial statement line item affected by the application of the Periodic Review 2024 in the current period is set out below.

The group has taken advantage of the following practical expedients permitted when applying the Periodic Review 2024:

• For contracts that have previously been assessed for the existence of a lease, the group has not reassessed whether a contract is, or contains, a lease at the date of initial application.

• Leases previously classified as operating leases for which the lease term ends within 12 months of the date of initial application have been treated as short-term leases.

• A single discount rate has been applied to portfolios of leases with reasonably similar characteristics.

• Information received and choices made after the date of initial application have been applied to the assessment of leases previously classified as operating leases, such as in determining the lease term where the contract contains options to extend or terminate the lease.

• Where leases have previously been assessed as onerous operating leases, the right-of-use asset recognised at the date of initial application has been adjusted by the amount of any provision for onerous leases recognised, instead of carrying out a separate impairment assessment.

The group has applied the FRS 102 Periodic Review 2024 amendments to Section 23 Revenue for the first time using the fully retrospective approach and has therefore restated the comparative financial information with effect from the beginning of the preceding accounting period.

The group’s revised accounting policies for revenue are set out in note 1 and the adjustment for each current period financial statement line item affected by the application of the Periodic Review 2024 is set out below. Retrospective adjustments for the application of the Periodic Review 2024 are set out in the notes.

The group has taken advantage of the following practical expedients permitted when applying the Periodic Review 2024:

• For completed contracts that have variable consideration, the transaction price used is that applying at the date the contract was completed.

• Contracts that were modified before the date of initial application have not been retrospectively restated for the contract modifications. Instead, the aggregate effect of the modifications has been applied when identifying the satisfied and unsatisfied performance obligations, determining the transaction price and allocating the transaction price to the satisfied and unsatisfied performance obligations.

• Completed contracts have not been restated if they begin and end within the same annual reporting period or had been completed at the beginning of the earliest period presented.

• For prior periods presented, the group has not provided a quantitative or qualitative explanation of the significance of unsatisfied performance obligations and when they are expected to be satisfied.

In the application of the group’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.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Revenue from services is recognised in accordance with the policy set out at 1.4. While cases typically complete within two years, there are instances where cases are unsuccessful, and fees are not recoverable. As a consequence, significant judgment is required to account for potential unsuccessful cases.

A prudent provision for credit notes is made, to estimate the potential impact of case profiles and the respective incomes. The provision is calculated based on extensive historical experience, up-to-date information on current market trends, utilising industry knowledge, and other relevant factors. Any such assumptions are by their nature subjective, and if actual outcomes differ from these assumptions, it could give rise to a materially different financial outcome.

The provision is calculated as a percentage of invoiced revenue in a calendar year. Therefore, should the provision be over or understated by 1%, the impact in the financial statements based on 2025 turnover would be £433,809 (2024: £401,063).  Given the long credit offer to customers (see KPIs), the percentages applied in prior years are reviewed annually, and estimates are adjusted accordingly in line with actual trading performance until all invoices raised have been collected. As some cases settle over a longer period, the impact of a 1% change in provision could be compounded by the number of years taken for cases to settle, meaning the cumulative impact of changes in underlying trends on this provision could be significant over time.

Therefore, the financial results of the group are sensitive to movements in this provision if underlying trends change. However, the senior management team believes they have adequate and robust controls and key performance indicators (KPIs) in place to continually monitor and assess the suitability of the provision, and that it is fairly stated in the financial statements based on all available evidence at the year-end. The directors are confident that the credit note provision reflects a reasonable and prudent estimate given the inherent uncertainty.

Investment in subsidiaries are recognised in accordance with the policy set out at 1.8 on the expectation that costs are contractually payable. However, there are instances where costs payable are deferred and payable based on future contract performance.

Consequently, an element of judgement is required to account for potential fluctuations in cost of investments.  The provision is calculated based on historical experience, current trends, industry knowledge and other relevant factors.  A change in those judgements and future performance could have an impact on the accounts.  Therefore, the balance sheet of the group is sensitive to movements in this provision if assumptions and future performance.

The senior management team have adequate controls and KPIs in place to monitor and assess the suitability of the assessment to ensure income and investment cost are fairly stated in the financial statements.

Management exercises judgement in determining whether contracts with customers include a significant financing component under FRS 102 Section 23, based on the timing between transfer of services, payment and the commercial terms of the arrangement.

Future base rate changes could affect the net present value of revenue and may potentially have an impact on the company.

The discount rate applied for 2025 is 6.5% (2024: 7.5%).From re-running the model used to discount turnover to present value, with a percentage change of 1% or 2%, the difference in the interest element would be immaterial.

Changes in assumptions could have a material impact on trade receivables and revenue recognition.

Turnover is wholly undertaken in the United Kingdom.

Revenue recognised from contracts with customers is shown below as Turnover - gross less Present value adjustment: £45,747,625 (2024 restated: £42,775,576).

An analysis of the group's turnover is as follows:

To comply with FRS102 (Section 23) Periodic Review 2024 amendments

Where payment for goods or services is deferred beyond normal business credit terms (typically more than 12 months), the arrangement is considered to include a significant financing component.

In such cases, revenue is recognised at the present value of future cash flows, discounted using an appropriate market rate of interest.

The difference between the nominal value of the consideration and its present value (the financing element) has been recognised within turnover. It has been recognised as a present value adjustment over the period of deferral using the effective interest method.

Trade receivables are initially recognised at their present value. The discount is subsequently unwound, increasing the carrying value of the receivable, with the unwinding recognised in the Statement of Profit of Loss as a unwinding present value adjustment within turnover.

There is an assumption regarding the timing of the payments based on historic performance, amounts expected within the first 12 months post period end, these amount's should not be discounted as there is deemed to be no significant financing component.

Discounting of the receivables should begin after 12 months.

The reduction in lease payments and increase in deprecation is due to the early adoption of FRS102 (Section 20) Periodic Review 2024 amendments and the recognition of a right of use asset.

The group has elected to apply the recognition exemptions permitted under FRS 102 Section 20 for short-term leases and leases of low-value.

Short-term lease costs relate to property rentals being £41,188 for 2025.

Low-value lease costs relate to scanners and a photocopier being £3,514 for 2025.

The group leases office premises. Property leases generally have non-cancellable terms of one year and may include options to extend beyond the initial lease period.

The leases contain no significant residual value guarantees but include restrictions on assigning or subletting the leased assets without the lessor's consent.

Leasing of scanners and a photocopier are generally on a fixed term of between 3 - 4 years.

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

Their aggregate remuneration comprised:

The number of directors the company pension contributions relates to in the period under review is 2

(2024: 2).

Directors of the business are deemed to be key management and have been remunerated accordingly.

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

To comply with the early adoption of FRS 102 (Section 20) Periodic review amendments on leases, a right of use asset has been recognised in the group.

Details of the company's subsidiaries at 31 December 2025 are as follows:

Registered office:

A - 4th Floor, Park Gate, 161-163 Preston Road, Brighton, East Sussex, England. BN1 6AF
B - Palatine House, Belmont Business Park, Durham, England. DH1 1TW

C - Unit 1-3, Suite A, The Courtyard, Calvin Street, Bolton, England. BL1 8PB

The industry in which the group operates offers customers credit terms which reflect the time cases can potentially take to settle, which can exceed 12 months.  These credit terms are normal for companies operating in this sector.

The classification of the amounts falling due after more than one year is based on management's best estimates of the expected settlement dates.

To comply with the early adoption of FRS 102 (Section 20) Periodic review amendments on leases, a lease liability amount of £50,340 has been recognised, shown within other creditors.

Included within taxation and social security are deferred VAT amounts of £3,020,738 (2024 restated: £3,151,963) being liable in more than one year, calculated on management’s best estimates.

To comply with the early adoption of FRS 102 (Section 20) Periodic review amendments on leases, a lease liability amount of £26,617 has been recognised, shown within other creditors.

The group has access to an invoice discount facility of £20,000,000 (2024: £20,000,000). As at 31 December 2025 the outstanding balance due to RBS Invoice Finance Limited in respect of the invoice discount facility was £14,525,799 (2024: £14,426,398).

The facility is secured by a fixed and floating charge over current and future assets of various subsidiary companies.

The provisions for dilapidations are in respect of leases on properties occupied by the group. The group has two leases of varying lengths and optional break clauses. The senior management team assess the provisions with advice from qualified professionals where appropriate.

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

The group has applied the short‑term lease exemption available under Section 20 of FRS 102 Periodic Review 2024. Lease payments for short‑term leases are recognised as an expense on a straight‑line basis.

The total financial commitment for short‑term leases at the year end was £26,334 (2024: £Nil).

Reported under pre-amendment of FRS102 Periodic Review the financial commitment would be £Nil (2024: £22,722).

During the year the group made payments for consultancy and professional fees totalling £472,438 (31 December 2024: £370,604) to companies controlled or associated to the directors.

At the balance sheet date, a company associated to a director had an outstanding balance owed to it of £288 (2024: £551).

At the balance sheet date, a company within the Group owed £11,167 to a company associated to two directors (2024: £13,387 owed by the company).

Folkington Finance Limited is a company controlled or associated to the directors, was owed £nil as at 31 December 2025 (31 December 2024: £nil). During the year, it advanced £nil (2024: £nil) and received a preference dividend of £nil (2024: £137,918) from the company. The preference shares held by Folkington Finance Limited were fully redeemed on 23 December 2024.

During the year the group received a payment of £1,165,672 (2024: £1,350,000) from Folkington Finance Limited relating to the purchase of trade debtors net of associated VAT and credit note provisions.  This transferred the risks and rewards of these trade debtors to the buyer.

No details are included for the transactions with subsidiaries that are 100% owned as the exemption for such companies is being claimed.

The cross guarantee is in support of the finance facilities provided to the Kuro Health group of entities. The cross guarantee includes the following group companies: Premier Medical Group Limited, Rehab-Link Limited and Mobile Doctors Limited. The balance owed to RBS Invoice Finance Ltd at 31 December 2025 was £14,525,799 (2024: £14,426,398).