Company registration number 02879260 (England and Wales)
BECTON DICKINSON DISPENSING UK LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
BECTON DICKINSON DISPENSING UK LTD
COMPANY INFORMATION
Directors
R J Green
G M Thomas
I K Wakefield
(Appointed 1 May 2026)
Company number
02879260
Registered office
1030 Eskdale Road
Winnersh Triangle
Wokingham
Berkshire
RG41 5TS
Auditor
BKL Audit LLP
Chartered Accountants
5 Fleet Place
London
EC4M 7RD
BECTON DICKINSON DISPENSING UK LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of income and retained earnings (including the profit and loss account)
8
Statement of financial position
9
Notes to the financial statements
10 - 24
BECTON DICKINSON DISPENSING UK LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 1 -

The directors present the strategic report for the year ended 30 September 2025.

Principal activities
The principal activity of the company is the sale, implementation, development and maintenance of medical equipment.
Review of the business

The company experienced a n increase in revenue during the year from £15.0m to £17.9m. This increase demonstrates a continued strong demand for the company's automated medication storage, medication dispensing and point of care verification systems which help hospitals and pharmacies lower costs, improve patient safety and better enable clinicians to deliver the right care to their patients at the right time.

The year ended 30th September 2025 saw an increase in sales to hospitals due to resolution of prior year problems of customer readiness and internal capacity.

The year ended 30th September 2025 saw a decline in sales to retail customers. Order intake came under increased pressure from aggressive pricing from some competitors. This aggressive pricing has been less prevalent in the year ended 30th September 2026.

The business expects continued revenue growth during the year ended 30th September 2026.

During the year, the c ompany recognised a further impairment charge of £0.5m (2024: £1.9m) against the goodwill arising on the acquisition of the trade and assets of Synergy Medical Europe Ltd, resulting in the goodwill being fully impaired at the year end. At the date of acquisition, Synergy Medical Europe Ltd was experiencing strong sales growth, d ue to the automation benefits its products provide being enhanced due to Covid-19 lockdown conditions. Following the acquisition, trading performance did not continue at the levels anticipated, and the revenues assumed in the original fair value assessment were not achieved, leading to the impairment recognised in the prior year. The additional impairment recognised in the current year reflects the impact of a temporary sales hold on the Synergy Medical Europe product range. In connection with this sales hold, stock relating to the Synergy Medical Europe product lines which could not be transferred within the group was fully provided against, resulting in an inventory provision of £0.5m (2024: £nil).

Key performance indicators

The company's k ey performance indicators were as follows:

2025
2024
2023
£
£
£
Revenue
17,898,599
15,024,805
17,440,156
Principal risks and uncertainties
The company is exposed to a number of business and financial risks from its operating activities. The board of directors is responsible for ensuring that the business risks are actively managed. The business does not trade financial instruments or use financial derivatives. The key financial risks are identified below:
Currency risk - Due to the international nature of the business activity the company is exposed to fluctuations of UK sterling against other trading currencies, primarily the Euro. Currency exposure is managed by matching, as far as possible, income and expenditure in these currencies.
Liquidity/cash flow risk – This risk can arise when the company is unable to obtain the finance resources it needs to support its operational activities in a timely manner and at reasonable economic conditions. Funding requirements and liquidity of the company are granted by the Becton, Dickinson and Company group, monitored at the central level by the group treasury function to ensure effective and efficient management of financial resources.
Market risk - The principal activity of the sale, implementation, development and maintenance of medical equipment is reliant on consumer demand and government spending budgets.
Price risk - The board closely monitor both gross margins and overheads, through analysis of monthly management reporting procedures, to ensure adequate shareholder returns are achieved.
The directors believe that the company is the market leader within the segment of its core business activity which has led to a strengthening of its position within this segment, thus providing increased potential long-term stability.
BECTON DICKINSON DISPENSING UK LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 2 -
The company continues to operate profitably in the period since the reporting date and the directors expect this to continue.

On behalf of the board

G M Thomas
Director
6 August 2026
BECTON DICKINSON DISPENSING UK LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 3 -

The directors present their annual report and financial statements for the year ended 30 September 2025.

Results and dividends

The results for the year are set out on page 8.

No dividend (2024 - £nil) was paid during the year. No final dividend (2024 - £nil) is proposed.

Directors

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

M J Fairbourn
(Resigned 5 December 2025)
R J Green
G M Thomas
I K Wakefield
(Appointed 1 May 2026)
Future developments

There have been no significant changes in the company's principal activities since the reporting date.

Auditor

The auditor, BKL Audit LLP, will be proposed for re-appointment in accordance with section 485 of the Companies Act 2006.

Statement of directors' responsibilities

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing 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; and

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Strategic report

The Strategic Report contains details of the principal activities of the Company and includes a business review which provides information on the development of the Company's business during the year, together with details of the risks and uncertainties that affect the Company's business.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

BECTON DICKINSON DISPENSING UK LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 4 -
Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
G M Thomas
Director
6 August 2026
BECTON DICKINSON DISPENSING UK LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF BECTON DICKINSON DISPENSING UK LTD
- 5 -
Opinion

We have audited the financial statements of Becton Dickinson Dispensing UK Ltd (the 'company') for the year ended 30 September 2025 which comprise the statement of income and retained earnings, the statement of financial position and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 30 September 2025 and of its profit 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The 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.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

BECTON DICKINSON DISPENSING UK LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF BECTON DICKINSON DISPENSING UK LTD
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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

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

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

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

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Capability of the audit in detecting irregularities, including fraud:

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to the failure to comply with Machinery Directive 2006/42/EC, employment law, tax regulations, health and safety regulations, anti-bribery and anti-corruption laws, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraud manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries and management bias in accounting estimates. Audit procedures performed by the auditors included:

- discussions with the directors, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.

- assessing management's significant judgements and estimates in particular, those relating to impairment of investments and bad debt provisions.

- identifying and testing manual journal entries, in particular any journal entries posted with unclear rationale.

There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

BECTON DICKINSON DISPENSING UK LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF BECTON DICKINSON DISPENSING UK LTD
- 7 -

Use of our report

This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, for our audit work, for this report, or for the opinions we have formed.

Katherine Rose FCCA (Senior Statutory Auditor)
For and on behalf of BKL Audit LLP
7 August 2026
Chartered Accountants and Statutory Auditor
5 Fleet Place
London
EC4M 7RD
BECTON DICKINSON DISPENSING UK LTD
STATEMENT OF INCOME AND RETAINED EARNINGS (INCLUDING THE PROFIT AND LOSS ACCOUNT)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 8 -
2025
2024
Notes
£
£
Revenue
3
17,898,599
15,024,805
Cost of sales
(11,847,538)
(10,070,056)
Gross profit
6,051,061
4,954,749
Administrative expenses
(5,981,659)
(6,443,736)
Operating profit/(loss)
4
69,402
(1,488,987)
Investment income
7
115,499
80,709
Finance costs
8
(172,814)
(265,019)
Profit/(loss) before taxation
12,087
(1,673,297)
Tax on profit/(loss)
9
23,000
(29,000)
Total comprehensive income
35,087
(1,702,297)
Retained earnings brought forward
2,470,805
4,173,102
Retained earnings carried forward
2,505,892
2,470,805

The statement of income and retained earnings has been prepared on the basis that all operations are continuing operations.

BECTON DICKINSON DISPENSING UK LTD
STATEMENT OF FINANCIAL POSITION
AS AT
30 SEPTEMBER 2025
30 September 2025
- 9 -
2025
2024
Notes
£
£
£
£
Non-current assets
Goodwill
11
-
0
559,463
Property, plant and equipment
12
388,019
530,441
Investments
13
3,529,586
3,529,586
3,917,605
4,619,490
Current assets
Inventories
15
3,983,235
5,057,872
Trade and other receivables
16
7,543,137
7,815,072
11,526,372
12,872,944
Current liabilities
17
(12,215,792)
(14,743,657)
Net current liabilities
(689,420)
(1,870,713)
Total assets less current liabilities
3,228,185
2,748,777
Non-current liabilities
18
(212,553)
-
0
Provisions for liabilities
Provisions
19
288,740
33,972
Deferred tax liability
20
43,000
66,000
(331,740)
(99,972)
Net assets
2,683,892
2,648,805
Equity
Called up share capital
22
178,000
178,000
Retained earnings
23
2,505,892
2,470,805
Total equity
2,683,892
2,648,805

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 6 August 2026 and are signed on its behalf by:
G M Thomas
Director
Company registration number 02879260 (England and Wales)
BECTON DICKINSON DISPENSING UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 10 -
1
Accounting policies
Company information

Becton Dickinson Dispensing UK Ltd is a company limited by shares incorporated in England and Wales. The registered office is 1030 Eskdale Road, Winnersh Triangle, Wokingham, Berkshire, RG41 5TS.

1.1
Accounting convention

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 a mounts in these financial statements are rounded to the nearest £.

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

This 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. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

Becton Dickinson Dispensing UK Ltd is a wholly owned subsidiary of Becton, Dickinson and Company, registered in the United States of America, and the results of Becton Dickinson Dispensing UK Ltd are included in the consolidated financial statements of Becton, Dickinson and Company which are available from www.bd.com. The registered office of Becton, Dickinson and Company is 1 Becton Drive, Franklin Lakes, New Jersey, 07417-1880, United States of America.

Accordingly, t he company has taken advantage of the exemption under section 40 1 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

BECTON DICKINSON DISPENSING UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 11 -
1.2
Going concern

During the financial year, the directors recognised a full impairment of the remaining carrying value of goodwill arising on the acquisition of Synergy Medical Europe Limited, reflecting lower than anticipated trading performance. A partial impairment had also been recognised in the prior year, which contributed to the loss position reported in FY24.true

Management has considered the impact of the underperformance of the Synergy Medical Europe product lines, including the associated impairment and inventory provision recognised during the year. Synergy Medical Europe Limited represents a relatively small component of the company's overall operations and, accordingly, the related losses are not expected to have a material impact on the company's liquidity or ability to continue trading. The company is part of a profitable group and has access to financial support from its immediate parent undertaking, which has confirmed its intention to provide support as required. Having considered these factors, the directors have concluded that there are no material uncertainties that may cast significant doubt on the company's ability to continue as a going concern.

A t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from machine sales is recognised only when the goods are delivered, installed and the customer has confirmed that the project has been satisfactorily completed. Customers are invoiced over the installation period, which can exceed one year, and amounts invoiced in advance of revenue recognition are included within deferred income.

Service charge revenues are recognised on a time-apportioned basis over the term of the contract. Certain service contracts are multi-year in nature and amounts invoiced in advance of the related services being provided are recognised as deferred income and released to revenue over the contract term.

Leasing revenue consists of operating lease income receivable for rental of machines held in tangible fixed assets. Revenue is recognised as it accrues over the rental period.

All revenues exclude value added tax and arise solely in the United Kingdom.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of trade and assets 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 7 years. The amortisation expense is recognised within administrative expenses within the statement of income and retained earnings.

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.

1.5
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

BECTON DICKINSON DISPENSING UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 12 -

Depreciation is recognised on a straight line basis so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and machinery
8 - 10 years

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 the statement of income.

1.6
Non-current investments

Interests in subsidiaries 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 the statement of income.

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

1.7
Impairment of non-current assets

At each reporting end date, the company reviews the carrying amounts of its tangible 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.

1.8
Inventories

Inventories held for sale 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 inventories to their present location and condition.

Inventories held for distribution at no or nominal consideration are stated at the lower of cost, adjusted when applicable for any loss of service potential, and replacement cost.

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

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

1.10
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 trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

BECTON DICKINSON DISPENSING UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 13 -
Impairment of financial assets

Financial assets, other than those held at fair value through the statement of income, 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 the statement of income.

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 the statement of income.

Derecognition of financial assets

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

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 trade and other payables, and loans from fellow group companies are initially recognised at transaction price.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost.

Derecognition of financial liabilities

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

1.11
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.

1.12
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 statement of comprehensive income 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.

BECTON DICKINSON DISPENSING UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 14 -
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.

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 statement of comprehensive income, 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.

1.13
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company 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 i s 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.

1.14
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 non-current 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.

1.15
Retirement benefits

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

1.16
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.17
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 are included in the income statement for the period.

BECTON DICKINSON DISPENSING UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 15 -
2
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.

Key sources of estimation uncertainty

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.

Provision for impairment of goodwill

The assessment of impairment of goodwill required the c ompany to exercise significant judgement in estimating the recoverable amount of the related cash-generating unit ("CGU"). The recoverable amount was determined using value-in-use calculations based on management's forecasts of future cash flows and assumptions regarding revenue growth, gross margins, operating costs and discount rates.

During the year, management reassessed the expected future performance of the CGU in light of trading performance, including the temporary sales hold on the Synergy Medical Europe product range. Based on this assessment, management concluded that the recoverable amount of the CGU was insufficient to support the remaining goodwill balance and recognised a further impairment charge of £0.5m (2024: £1.9m).

As a result, the goodwill has been fully impaired and has a carrying value of £nil at the reporting date. Whilst significant judgement was required in determining the impairment charge recognised during the year, there is no remaining goodwill balance subject to estimation uncertainty and therefore no further impairment charge can arise in respect of this goodwill in future periods.

Provision for impairment of inventory

The assessment of the net realisable value of inventory requires management to exercise judgement, particularly in relation to inventory associated with the Synergy Medical Europe product range. During the year, a temporary sales hold was placed on these products. As a result, certain inventory could not be transferred within the g roup and management concluded that there was no alternative market for the machines in their current condition.

Accordingly, the c ompany recognised a provision of £0.5m (2024: £nil) against this inventory, reducing its carrying value to nil. In determining net realisable value, management considered the expected routes to recovery, including sale to third parties and utilisation elsewhere within the g roup, and concluded that no recoverable value could be supported. The provision therefore reflects a full write-down of the affected inventory to its estimated net realisable value of £nil.

BECTON DICKINSON DISPENSING UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 16 -
3
Revenue

An analysis of the company's revenue is as follows:

2025
2024
£
£
Revenue analysed by class of business
Sale of medical equipment
10,916,343
8,418,919
Maintenance of medical equipment
6,973,803
6,590,950
Leasing income
8,453
14,936
17,898,599
15,024,805

All revenue arose within the UK.

4
Operating profit/(loss)
2025
2024
Operating profit/(loss) for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
28,918
(1,389)
Depreciation of owned property, plant and equipment
118,652
82,057
Loss on disposal of property, plant and equipment
23,771
-
Amortisation of intangible assets
91,907
447,617
Impairment of intangible assets
467,556
1,939,731
Impairment of inventories recognised or reversed
507,850
-
0
Operating lease charges
725,471
624,479
5
Auditor's remuneration
2025
2024
£
£
For audit services
Audit of the financial statements of the company
56,350
54,750
6
Employees

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

2025
2024
Number
Number
Sales
66
69
Administrative
28
25
Total
94
94
BECTON DICKINSON DISPENSING UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
6
Employees
(Continued)
- 17 -

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
6,306,695
5,720,766
Social security costs
786,562
706,538
Pension costs
352,885
331,195
7,446,142
6,758,499

Directors remuneration was borne by other entities in the group.

7
Investment income
2025
2024
£
£
Interest income
Interest receivable from group companies
65,655
69,821
Other interest income
49,844
10,888
Total income
115,499
80,709
8
Finance costs
2025
2024
£
£
Interest on bank overdrafts and loans
-
1,758
Other interest on financial liabilities
118,365
126,287
Interest payable to group undertakings
54,449
136,974
172,814
265,019
9
Taxation
2025
2024
£
£
Deferred tax
Origination and reversal of timing differences
(23,000)
29,000
BECTON DICKINSON DISPENSING UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
9
Taxation
(Continued)
- 18 -

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

2025
2024
£
£
Profit/(loss) before taxation
12,087
(1,673,297)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
3,022
(418,324)
Tax effect of expenses that are not deductible in determining taxable profit
165,009
619,239
Group relief
(191,725)
(206,903)
Other tax adjustments
694
(468)
Adjustment to deferred tax brought forward
-
0
35,456
Taxation (credit)/charge for the year
(23,000)
29,000
10
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2025
2024
Notes
£
£
In respect of:
Goodwill
11
467,556
1,939,731
Inventories
15
507,850
-
0
Recognised in:
Cost of sales
507,850
-
Administrative expenses
467,556
1,939,731
BECTON DICKINSON DISPENSING UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 19 -
11
Intangible fixed assets
Goodwill
£
Cost
At 1 October 2024 and 30 September 2025
3,133,318
Amortisation and impairment
At 1 October 2024
2,573,855
Amortisation charged for the year
91,907
Impairment losses
467,556
At 30 September 2025
3,133,318
Carrying amount
At 30 September 2025
-
0
At 30 September 2024
559,463
12
Property, plant and equipment
Plant and machinery
£
Cost
At 1 October 2024
783,260
Disposals
(111,654)
At 30 September 2025
671,606
Depreciation and impairment
At 1 October 2024
252,819
Depreciation charged in the year
118,652
Eliminated in respect of disposals
(87,884)
At 30 September 2025
283,587
Carrying amount
At 30 September 2025
388,019
At 30 September 2024
530,441
BECTON DICKINSON DISPENSING UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 20 -
13
Fixed asset investments
Shares in group undertakings
£
Cost
At 1 October 2024 & 30 September 2025
6,251,683
Impairment
At 1 October 2024 & 30 September 2025
2,722,097
Carrying amount
At 30 September 2025
3,529,586
At 30 September 2024
3,529,586

The carrying value of the investment in Synergy Medical Europe Limited has been reviewed for impairment. Whilst impairments have been recognised against related inventory and goodwill balances, the directors consider the investment to be fully recoverable based on the expected realisation and distribution of the subsidiary's remaining net cash assets on liquidation.

14
Subsidiaries

Details of the company's subsidiaries at 30 September 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Becton Dickinson Dispensing Ireland Limited
Donore Road, Drogheda, Co. Louth, A92 YW26, Ireland
Ordinary
100.00
Becton Dickinson Dispensing Norway AS
Gjerdums vei 8, 0484 Oslo, Norway
Ordinary
100.00
Synergy Medical Europe Limited
1030 Eskdale Road, Winnersh Triangle, Wokingham, Berkshire, RG14 5TS
Ordinary
100.00
15
Inventories
2025
2024
£
£
Raw materials and consumables
2,519,672
3,313,832
Finished goods and goods for resale
1,463,563
1,744,040
3,983,235
5,057,872
BECTON DICKINSON DISPENSING UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 21 -
16
Trade and other receivables
2025
2024
£
£
Amounts falling due within one year:
Trade receivables
2,645,398
2,193,530
Amounts owed by subsidiary undertakings
628,975
616,308
Amounts owed by other group undertakings
1,334,014
3,581,948
Other receivables
713,506
719,918
Prepayments and accrued income
2,046,164
703,368
7,368,057
7,815,072
2025
2024
£
£
Amounts falling due after more than one year:
Trade receivables
175,080
-
0
Total debtors
7,543,137
7,815,072

The amounts owed by subsidiary undertakings and amounts owed by other group undertakings have been guaranteed by the company's immediate parent company, Dutch American Manufacturers (D.A.M.) B.V..

Amounts owed by group undertakings bear interest at rates between 5% and 7% and are repayable on demand.

17
Current liabilities
2025
2024
£
£
Trade payables
525,637
602,039
Amounts owed to group undertakings
6,576,175
4,015,658
Deferred income
4,764,675
7,454,129
Other payables
80,000
80,000
Accruals
269,305
2,591,831
12,215,792
14,743,657

Amounts owed to group undertakings bear interest at rates between 5% and 7% and are repayable on demand

18
Non-current liabilities
2025
2024
£
£
Deferred income
212,553
-
0
BECTON DICKINSON DISPENSING UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 22 -
19
Provisions for liabilities
2025
2024
£
£
Warranty provision
93,113
33,972
Customer settlement provision
195,627
-
288,740
33,972
Movements on provisions:
Warranty provision
Customer settlement provision
Total
£
£
£
At 1 October 2024
33,972
-
33,972
Additional provisions in the year
-
195,627
195,627
Other movements
59,141
-
59,141
At 30 September 2025
93,113
195,627
288,740

Provisions for liabilities comprise a warranty provision in respect of the anticipated repair costs during any warranty period and a customer settlement provision arising from the cancellation of Synergy Medical Europe customer orders following the implementation of a temporary sales hold. The provision has been measured based on settlement agreements reached with affected customers and management's assessment of amounts payable at the reporting date.

The provisions are expected to reverse in full in 2026.

20
Deferred taxation

Deferred tax assets and liabilities are offset where the 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:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
43,000
66,000
2025
Movements in the year:
£
Liability at 1 October 2024
66,000
Credit to profit or loss
(23,000)
Liability at 30 September 2025
43,000
BECTON DICKINSON DISPENSING UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
20
Deferred taxation
(Continued)
- 23 -

The net deferred tax liability expected to reverse in 2026 is £2,000 (2025: £10,000). This relates to the reversal of timing differences on tangible fixed assets.

21
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
352,885
331,195

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

22
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
178,000
178,000
178,000
178,000

The shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption.

23
Retained earnings

The retained earnings reserve represents cumulative profits and losses, net of dividends paid and other adjustments. This is a distributable reserve.

24
Contingent liabilities

The company has identified potential historical non-compliance with certain product conformity assessment requirements relating to documentation and certification processes. Remediation actions are underway. No regulatory enforcement action has been initiated and no provision has been recognised as the likelihood and amount of any potential liability cannot currently be reliably estimated.

25
Related party transactions

The company has taken advantage of the exemption available in accordance with Section 33.1A of Financial Reporting Standard 102 whereby it has not disclosed transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group to which it is party to the transactions.

Treasury arrangement and intercompany balances

The c ompany participates in a group treasury arrangement under which surplus funds are transferred on a daily basis to the group central treasury account. As a result, balances arising are recognised as amounts due to or from group undertakings. Consequently, the c ompany’s bank balance at the reporting date may be nil or minimal, with corresponding intercompany balances presented within amounts due to/from group undertakings.

BECTON DICKINSON DISPENSING UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 24 -
26
Ultimate controlling party

Dutch American Manufacturers (D.A.M.) B.V., registered in the Netherlands, was the company's immediate parent company at the statement of financial position date.

The ultimate controlling party and ultimate parent undertaking of Dutch American Manufacturers (D.A.M.) B.V is Becton, Dickinson and Company, a worldwide medical technology company incorporated in the United States of America. This is also the parent company of the smallest and largest group of undertakings for which the group accounts have been drawn up and of which the company is a member.

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