Company Registration No. 04112014 (England and Wales)
PAJUNK UK MEDICAL PRODUCTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2025
PAJUNK UK MEDICAL PRODUCTS LIMITED
CONTENTS
Page
Company information
1
Strategic report
2 - 4
Directors' report
5 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 10
Profit and loss account
11
Statement of comprehensive income
12
Balance sheet
13
Statement of changes in equity
14
Statement of cash flows
15
Notes to the financial statements
16 - 26
PAJUNK UK MEDICAL PRODUCTS LIMITED
COMPANY INFORMATION
- 1 -
Directors
Ms S Pajunk-Schelling
Mr M F J Hauger
Mr S Brown
Secretary
Mr S Brown
Company number
04112014
Registered office
The Greenhouse
Amos Drive, Greencroft Industrial Estate
Annfield Plain
Stanley
County Durham
United Kingdom
DH9 7XN
Auditor
Sumer Auditco Limited
Unit 2
Gosforth Park Avenue
Newcastle Upon Tyne
NE12 8EG
PAJUNK UK MEDICAL PRODUCTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

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

Fair review of the business

The directors are satisfied with the Company's performance during the year. Turnover was £15,817,089, representing growth of 5.1% on the prior year £15,049,891. Gross profit of 38.9% had been achieved at year-end and within expected parameters based on historical GP margins.

The following were the principal highlights of the year:

1. Turnover growth target achieved. The Company met its 5% turnover growth target for the year. This was supported by the NRFit transition mandate, under which NHS hospitals were required to complete their changeover by 31 January 2025. Following a comprehensive review, the Company is satisfied that it capitalised effectively on this transition at the conclusion of the mandate period. This represented the culmination of a long-term programme spanning more than ten years, and success was measured not only by the retention of existing business but also by growth within accounts that had not previously used the Company's regional anaesthesia products. Progress was made across product groups where the Company had historically held a lower share, supported by the breadth of its portfolio.

2. Profitability on target. Profitability remained in line with expectations, notwithstanding increased costs during the year. These arose principally from unfavourable movements in the euro exchange rate, given the Company's reliance on imported product from its parent, together with a rise in the cost of goods sold.

3. Inventory system implementation. A new inventory management system was implemented during the year. The system provides improved visibility of demand patterns and supports more effective stock planning. This has strengthened the Company's ability to respond to short-notice demand and to maintain service continuity during periods of elevated or unforeseen usage.

4. Operational resilience and process improvement. The Company reduced operational risk across a number of departments and improved efficiency in both processes and resourcing. This was reinforced by a more structured recruitment process and updated hiring criteria.

5. Portfolio development and regulatory capability. The Company continued to refine and develop its product portfolio in response to customer and market feedback. Its in-house research, development, quality and regulatory functions have enabled it to maintain a strong market position and to continue meeting customer needs at a time when some other suppliers have exited the market.

PAJUNK UK MEDICAL PRODUCTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
Principal risks and uncertainties

The directors consider the principal risks and uncertainties facing the Company to be as follows:

Regulatory change. The medical device sector is subject to evolving regulatory requirements, including the transition to UK medical device regulations (UKCA). The Company maintains strong in-house quality and regulatory functions, from its parent, to manage compliance.

Supply chain and product availability. The Company relies on supply from its parent and is therefore exposed to continuity of supply. This is mitigated through inventory planning and demand forecasting.

Foreign exchange. As an importer of product denominated in euro, the Company is exposed to movements in the euro exchange rate, which can affect the cost base.

Customer and market concentration. The Company operates within the NHS procurement environment, which carries exposure to framework arrangements and public sector purchasing cycles.

Competition. The Company operates in a competitive market. It seeks to maintain its position through breadth of portfolio, service continuity and regulatory capability.

Future developments

The Company intends to continue its focus on pain management (Acute & Chronic) and to invest further in its systems and quality infrastructure. The directors expect trading conditions to remain competitive and will continue to develop the product portfolio in response to market requirements.

Going concern

The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Development and performance

The Company strengthened its market position across its NRFit product ranges during the year, achieving significant commercial expansion following the NRFit transition mandate. Building on this momentum, the Company also began to re-establish and strengthen its presence within the minimally invasive surgery, laparoscopy and radiology segments.

Key performance indicators

| 202 5 (£000) |  | 202 4 (£000) |  | Change (£000)
Turnover | 15,818 |  | 15,050 |  | 768
Operating Profit | 2,882 |  | 2,928 |  | (46)
Profit / (Loss) before tax | 2,949 |  | 2,935 |  | 14
Shareholder's funds | 2,613 |  | 2,124 |  | 489

Financial position and cost base

The Company's results were affected by unfavourable movements in the euro exchange rate during 2025, which fluctuated throughout the year and placed pressure on gross profit and gross margin. This was compounded by a price increase on procured goods applied by the Company's principal supplier from the second quarter, which further contributed to the cost of goods sold for the year.

During the year the Company undertook a restructure of its personnel, including changes at senior management level. As a result, combined wages and national insurance costs reduced by 7.69% year on year.

PAJUNK UK MEDICAL PRODUCTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -

On behalf of the board

Mr S Brown
Director
31 July 2026
PAJUNK UK MEDICAL PRODUCTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -

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

Principal activities

The company operates as the UK sales subsidiary, specialising in the supply of regional anesthesia and pain management medical devices to the NHS and private healthcare sector.

Results and dividends

The results for the year are set out on page 11.

Ordinary dividends were paid amounting to £2,013,699. The directors do not recommend payment of a final dividend.

Directors

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

Ms S Pajunk-Schelling
Mr M F J Hauger
Mr S Brown
Financial instruments
Treasury operations and financial instruments

The company's Directors and Finance department is responsible for managing the liquidity, interest and foreign currency risks associated with the company’s activities.

The company’s principal financial instruments include financial assets and liabilities such as trade debtors and trade creditors arising directly from its operations.

Liquidity risk

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Interest rate risk

The company currently has no exposure to interest rate risk.

Foreign currency risk

The company’s principal foreign currency exposures arise from trading (purchases) with overseas companies. The majority of this trade is with a company under common control, so exposure is limited as the timing of payments can be flexible.

Credit risk

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Research and development

The company engages in Research and Development in relation to it's medical products.

Auditor

In accordance with the company's articles, a resolution proposing that Sumer Auditco Limited be reappointed as auditor of the company will be put at a General Meeting.

PAJUNK UK MEDICAL PRODUCTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -
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.

On behalf of the board
Mr S Brown
Director
31 July 2026
PAJUNK UK MEDICAL PRODUCTS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -

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;

- 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.

PAJUNK UK MEDICAL PRODUCTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PAJUNK UK MEDICAL PRODUCTS LIMITED
- 8 -
Opinion

We have audited the financial statements of Pajunk UK Medical Products Limited (the 'company') for the year ended 31 December 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows 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 31 December 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.

PAJUNK UK MEDICAL PRODUCTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PAJUNK UK MEDICAL PRODUCTS LIMITED
- 9 -
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

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

- Those laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation.

- Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include health and safety legislation.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and n on-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of legal costs incurred; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

PAJUNK UK MEDICAL PRODUCTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PAJUNK UK MEDICAL PRODUCTS LIMITED
- 10 -

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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.

Use of our report

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

Paul Gainford (Senior Statutory Auditor)
For and on behalf of Sumer Auditco Limited
Statutory Auditor
31 July 2026
Unit 2
Gosforth Park Avenue
Newcastle Upon Tyne
NE12 8EG
PAJUNK UK MEDICAL PRODUCTS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
2025
2024
Notes
£
£
Turnover
3
15,817,092
15,049,895
Cost of sales
(9,653,641)
(8,901,542)
Gross profit
6,163,451
6,148,353
Distribution costs
(147,279)
(275,373)
Administrative expenses
(3,134,016)
(2,945,408)
Operating profit
4
2,882,156
2,927,572
Interest receivable and similar income
7
66,645
7,724
Interest payable and similar expenses
8
(239)
-
0
Profit before taxation
2,948,562
2,935,296
Tax on profit
9
(446,797)
(735,521)
Profit for the financial year
2,501,765
2,199,775

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

PAJUNK UK MEDICAL PRODUCTS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
2025
2024
£
£
Profit for the year
2,501,765
2,199,775
Other comprehensive income
-
-
Total comprehensive income for the year
2,501,765
2,199,775
PAJUNK UK MEDICAL PRODUCTS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 13 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
11
27,233
29,648
Current assets
Stocks
12
4,197,941
3,954,899
Debtors
13
1,510,501
1,625,231
Cash at bank and in hand
1,068,329
1,189,633
6,776,771
6,769,763
Creditors: amounts falling due within one year
14
(4,188,042)
(4,671,241)
Net current assets
2,588,729
2,098,522
Total assets less current liabilities
2,615,962
2,128,170
Provisions for liabilities
Deferred tax liability
15
3,162
3,436
(3,162)
(3,436)
Net assets
2,612,800
2,124,734
Capital and reserves
Called up share capital
17
1,010
1,010
Profit and loss reserves
2,611,790
2,123,724
Total equity
2,612,800
2,124,734

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 31 July 2026 and are signed on its behalf by:
Mr S Brown
Director
Company registration number 04112014 (England and Wales)
PAJUNK UK MEDICAL PRODUCTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 14 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2024
1,010
1,513,949
1,514,959
Year ended 31 December 2024:
Profit and total comprehensive income
-
2,199,775
2,199,775
Dividends
10
-
(1,590,000)
(1,590,000)
Balance at 31 December 2024
1,010
2,123,724
2,124,734
Year ended 31 December 2025:
Profit and total comprehensive income
-
2,501,765
2,501,765
Dividends
10
-
(2,013,699)
(2,013,699)
Balance at 31 December 2025
1,010
2,611,790
2,612,800
PAJUNK UK MEDICAL PRODUCTS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 15 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
20
2,182,513
2,535,121
Interest paid
(239)
-
0
Income taxes paid
(354,266)
(641,484)
Net cash inflow from operating activities
1,828,008
1,893,637
Investing activities
Purchase of tangible fixed assets
(2,258)
(1,868)
Interest received
66,645
7,724
Net cash generated from investing activities
64,387
5,856
Financing activities
Dividends paid
(2,013,699)
(1,590,000)
Net cash used in financing activities
(2,013,699)
(1,590,000)
Net (decrease)/increase in cash and cash equivalents
(121,304)
309,493
Cash and cash equivalents at beginning of year
1,189,633
880,140
Cash and cash equivalents at end of year
1,068,329
1,189,633
PAJUNK UK MEDICAL PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 16 -
1
Accounting policies
Company information

Pajunk UK Medical Products Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Greenhouse, Amos Drive, Greencroft Industrial Estate, Annfield Plain, Stanley, County Durham, United Kingdom, DH9 7XN.

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.

1.2
Going concern

A true 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 Recognition

Turnover represents amounts receivable for goods net of VAT and trade discounts.

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

1.4
Tangible fixed assets

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

Tangible fixed assets are stated at cost less depreciation. Depreciation on land and buildings leasehold has been changed in the year to write off the cost over the lease period of the building. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Fixtures, fittings & equipment
15% Reducing balance
Computer equipment
33% Straight Line

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

1.5
Impairment of fixed assets

At each reporting period 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.

PAJUNK UK MEDICAL PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

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

1.6
Stocks

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

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

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

1.7
Cash at bank and in hand

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.

1.8
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 balance sheet when the company becomes party to the contractual provisions of the instrument.

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

Basic financial assets

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

PAJUNK UK MEDICAL PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 18 -
Other financial assets

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.

Impairment of financial assets

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.

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 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

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

PAJUNK UK MEDICAL PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 19 -
Other financial liabilities

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 s ubsequently 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 th r ough 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.

Derecognition of financial liabilities

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

1.9
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.

1.10
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.11
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 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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred taxation is accounted for in respect of all material timing differences that have originated but not reversed at the balance sheet date. Timing differences arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax is calculated at the rate at which it is anticipated the timing differences will reverse and is measured on a non discounted basis. Deferred tax assets are only recognised to the extent that they are regarded as recoverable.

PAJUNK UK MEDICAL PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 20 -
1.12
Employee benefits

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

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

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

1.13
Retirement benefits
The company operates a personal pension scheme for employees. The assets of the scheme are held separately from those of the company in independently administered funds. The pension costs charged to the profit and loss account represent contributions payable to the pension scheme in respect of the financial year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.
1.14
Foreign exchange

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

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.

3
Turnover and other revenue

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

2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
15,794,817
14,996,170
Rest of the World
22,275
53,725
15,817,092
15,049,895
2025
2024
£
£
Other revenue
Interest income
66,645
7,724
PAJUNK UK MEDICAL PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
122,998
(156,934)
Fees payable to the company's auditor for the audit of the company's financial statements
14,000
12,000
Depreciation of owned tangible fixed assets
4,673
4,892
5
Employees

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

2025
2024
Number
Number
22
21

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
1,780,349
1,865,111
Social security costs
226,956
229,417
Pension costs
83,274
82,066
2,090,579
2,176,594
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
853,306
711,377
Company pension contributions to defined contribution schemes
11,150
9,931
864,456
721,308

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 1).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
853,306
711,377
Company pension contributions to defined contribution schemes
11,150
9,931
PAJUNK UK MEDICAL PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
7,096
7,724
Other interest income
59,549
-
0
Total income
66,645
7,724
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
7,096
7,724
8
Interest payable and similar expenses
2025
2024
£
£
Other finance costs:
Other interest
239
-
0
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
737,825
735,675
Adjustments in respect of prior periods
(290,754)
-
0
Total current tax
447,071
735,675
Deferred tax
Origination and reversal of timing differences
(274)
(154)
Total tax charge
446,797
735,521
PAJUNK UK MEDICAL PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
9
Taxation
(Continued)
- 23 -

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:

2025
2024
£
£
Profit before taxation
2,948,562
2,935,296
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
737,141
733,824
Tax effect of expenses that are not deductible in determining taxable profit
412
1,469
Permanent capital allowances in excess of depreciation
273
382
Under/(over) provided in prior years
(290,754)
-
0
Deferred tax adjustments in respect of prior years
(273)
(154)
Rounding
(2)
-
0
Taxation charge for the year
446,797
735,521
10
Dividends
2025
2024
£
£
Interim paid
2,013,699
1,590,000
11
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
Cost
At 1 January 2025
218,838
33,109
251,947
Additions
2,258
-
0
2,258
At 31 December 2025
221,096
33,109
254,205
Depreciation and impairment
At 1 January 2025
189,190
33,109
222,299
Depreciation charged in the year
4,673
-
0
4,673
At 31 December 2025
193,863
33,109
226,972
Carrying amount
At 31 December 2025
27,233
-
0
27,233
At 31 December 2024
29,648
-
0
29,648
PAJUNK UK MEDICAL PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 24 -
12
Stocks
2025
2024
£
£
Finished goods and goods for resale
4,197,941
3,954,899
13
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,407,157
1,545,917
Other debtors
21,600
21,600
Prepayments and accrued income
81,744
57,714
1,510,501
1,625,231
14
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
53,088
45,369
Amounts owed to group undertakings
3,168,875
3,117,777
Corporation tax
169,581
76,776
Other taxation and social security
610,151
766,510
Other creditors
8,980
8,389
Accruals and deferred income
177,367
656,420
4,188,042
4,671,241
15
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
3,162
3,436
2025
Movements in the year:
£
Liability at 1 January 2025
3,436
Credit to profit or loss
(274)
Liability at 31 December 2025
3,162
PAJUNK UK MEDICAL PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 25 -
16
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
83,274
82,066

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.

17
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
B Ordinary Shares of £1 each
1,010
1,010
1,010
1,010
18
Operating lease commitments

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

2025
2024
£
£
Within one year
72,000
78,500
Between two and five years
54,000
126,000
126,000
204,500
19
Ultimate controlling party

Pajunk UK Medical Products Limited is a subsidiary of Pajunk Holding AG, a company registered in Germany.

The registered office of the parent company is Karl-Hall-Straße 1, 78187 Geisingen, Germany.

PAJUNK UK MEDICAL PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 26 -
20
Cash generated from operations
2025
2024
£
£
Profit for the year after tax
2,501,765
2,199,775
Adjustments for:
Taxation charged
446,797
735,521
Finance costs
239
-
0
Investment income
(66,645)
(7,724)
Depreciation and impairment of tangible fixed assets
4,673
4,892
Movements in working capital:
Increase in stocks
(243,042)
(847,574)
Decrease/(increase) in debtors
114,730
(288,509)
(Decrease)/increase in creditors
(576,004)
738,740
Cash generated from operations
2,182,513
2,535,121
21
Analysis of changes in net funds
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
1,189,633
(121,304)
1,068,329
PAJUNK UK MEDICAL PRODUCTS LIMITED
MANAGEMENT INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2025
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