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QSRC Limited Registered number: 07873212 Annual Report For the year ended 31 December 2025
QSRC LIMITED COMPANY INFORMATION
Directors | G Shetty
| S B Burns
Registered number | 07873212
Registered office | 98 Theobalds Road
| London
| England
| WC1X 8WB
Independent auditors | Forvis Mazars
| Chartered Accountants & Statutory Auditor
| Block 3
| Harcourt Centre
| Harcourt Road
| Dublin 2
| D02 A339
QSRC LIMITED CONTENTS
| Page
Directors' Report | 1 - 3
Independent Auditors' Report | 4 - 7
Statement of Comprehensive Income | 8
Statement of Financial Position | 9 - 10
Statement of Changes in Equity | 11
Notes to the Financial Statements | 12 - 25
QSRC LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors present their Annual Report and the audited financial statements for QSRC Limited ('the Company') for the year ended 31 December 2025.
Principal activity
The principal activity of the Company is to provide specialised intracranial stereotactic radiosurgery treatments for NHS and private patients under contractual arrangements. QSRC Ltd is the primary operator of the specialised Elekta GammaKnife radiosurgery system for treating a wide range of previously inoperable brain lesions on behalf of University College London Hospitals NHS Foundation Trust. It provides this service under long term NHS contracts with both the Trust (which runs to December 2028) and with NHS England, under a national Specialised Services Commissioning agreement involving the three parties (eg: UCLH, NHSE and QSRC). QSRC is recognised by NHSE as a “Supra National” service (only one of two such Centres in the UK) to treat the full range of intracranial conditions including secondary Brain Metastases, Skull Base and Pituitary Brain Tumours, Neuro-Vascular lesions such as Arterial Vascular Malformation (AVMs), and other highly complex disorders such as Trigeminal Neuralgia. As a recognised NHS Supra Centre, QSRC is a leading national and international Intracranial Stereotactic Radiosurgery Treatment Centre. QSRC also provides a highly specialised paediatric intracranial treatment service for neurosurgical patients under the care of Great Ormond Street Hospital for Children NHS Foundation Trust.
Results and dividends
The loss for the year, after taxation, amounted to £340,801 (2024: profit of £1,744,597). The directors do not recommend the payment of a dividend for the year (2024: £nil).
Directors
The directors who served during the year and to the date of this report were:
G Shetty
S H Carré (resigned 31 October 2025)
A E B Nelson (resigned 2 December 2025)
S B Burns (appointed 19 March 2025)
- 1 -
QSRC LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Directors' responsibilities statement
The directors are responsible for preparing the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements 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 to 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.
Going concern
The financial statements are prepared on a going concern basis. At the year end, the Company had net current assets of £7,055,335 (2024: net current assets of £2,473,141). The Company remains assured of the financial support by the parent company. The directors have received confirmation that the parent company will make available sufficient funds to the Company to enable the Company to continue as a going concern for at least twelve months from the date of signature of the audit report. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.
Qualifying third party indemnity provisions
The Company has made qualifying third party indemnity provisions for the benefit of its Directors which were made during the year and remain in force at the date of this report. No claim or notice of claim in respect of these indemnities has been received in the year.
Provision of information to the auditor
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the directors are aware, there is no relevant audit information of which the Company's auditors are unaware; and ∙the directors have taken all the steps that ought to have been taken as directors in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information. - 2 -
QSRC LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Post balance sheet events
The charges registered by Ares Management Limited against the Company were fully satisfied as of 27 February 2026. On 30 April 2026, a charge was registered by Glas SAS over the Company. The charge included fixed charges, floating charges, negative pledge clauses and was held over the assets of the Company.
Auditors
During the year, Forvis Mazars, was appointed as the auditor. The auditors, Forvis Mazars, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
Small companies note
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. This report was approved by the board and signed on its behalf by:
S B Burns Director
Date: 12 August 2026
- 3 -
QSRC LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QSRC LIMITED Opinion We have audited the financial statements of QSRC Limited (the ‘Company’) for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 loss for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the 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. - 4 -
QSRC LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QSRC LIMITED In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Directors' Report have been prepared in accordance with applicable legal requirements. We have obtained all the information and explanations which, to the best of our knowledge and belief, are necessary for the purposes of our audit. Matters on which we are required to report by exception In light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, 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. ∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemption in preparing the Directors' Report and from the requirements to prepare a Strategic Report. - 5 -
QSRC LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QSRC LIMITED Responsibilities of Directors As explained more fully in the Directors' Responsibilities Statement set out on page 2, 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 the financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Based on our understanding of the company and its industry, we identified that the principal risks of non-compliance with laws and regulations related to the UK tax legislation, pensions legislation, employment regulation and health and safety regulation, anti-bribery, corruption and fraud, money laundering, 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 the directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, and significant one-off or unusual transactions. Our audit procedures were designed to respond to those identified risks, including non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. Our audit procedures included but were not limited to: ∙Discussing with the directors and management their policies and procedures regarding compliance with laws and regulations; ∙Communicating identified laws and regulations throughout our engagement team and remaining alert to any indications of non-compliance throughout our audit; and ∙Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud. - 6 -
QSRC LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QSRC LIMITED Our audit procedures in relation to fraud included but were not limited to: ∙Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud; ∙Gaining an understanding of the internal controls established to mitigate risks related to fraud; ∙Discussing amongst the engagement team the risks of fraud; and ∙Addressing the risks of fraud through management override of controls by performing journal entry testing. There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. Use of the audit 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. Ciara Finnegan (Senior statutory auditor) for and on behalf of Forvis Mazars Chartered Accountants and Statutory Auditor Block 3 Harcourt Centre Harcourt Road Dublin 2 D02 A339 12 August 2026 - 7 -
QSRC LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
| £ | £
Turnover |  | 5,703,845 | 5,453,264
Cost of sales |  | (1,751,030) | (2,224,183)
Gross profit |  | 3,952,815 | 3,229,081
Administrative expenses |  | (4,165,561) | (1,435,951)
Operating (loss)/profit |  | (212,746) | 1,793,130
Interest payable and similar expenses |  | (129,138) | (46,944)
(Loss)/profit before tax |  | (341,884) | 1,746,186
Tax on (loss)/profit |  | 1,083 | (1,589)
(Loss)/profit for the financial year |  | (340,801) | 1,744,597
Other comprehensive income |  | - | -
Total comprehensive (expense)/income for the year |  | (340,801) | 1,744,597
The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations. The notes on pages 12 to 25 form part of these financial statements.
- 8 -
QSRC LIMITED REGISTERED NUMBER: 07873212 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 4 |  | - |  | 4,358
Tangible fixed assets | 5 |  | 60,225 |  | 76,025
|  |  | 60,225 |  | 80,383
Current assets |  |  |  |  |
Stocks | 6 | 3,333 |  | - |
Debtors: Amounts falling due within one year | 7 | 6,969,396 |  | 4,964,815 |
Cash and cash equivalents |  | 376,695 |  | 242,328 |
|  | 7,349,424 |  | 5,207,143 |
Current liabilities |  |  |  |  |
Creditors: Amounts falling due within one year | 8 | (294,089) |  | (2,734,002) |
Net current assets |  |  | 7,055,335 |  | 2,473,141
Total assets less current liabilities |  |  | 7,115,560 |  | 2,553,524
Creditors: Amounts falling due after more than one year | 9 |  | (2,552,837) |  | -
Provisions for liabilities | 11 | (2,350,000) |  | - |
|  |  | (2,350,000) |  | -
Net assets |  |  | 2,212,723 |  | 2,553,524
Capital and reserves |  |  |  |  |
Called up share capital | 12 |  | 817 |  | 817
Share premium account |  |  | 749,183 |  | 749,183
Profit and loss account |  |  | 1,462,723 |  | 1,803,524
Total equity |  |  | 2,212,723 |  | 2,553,524
- 9 -
QSRC LIMITED REGISTERED NUMBER: 07873212 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 DECEMBER 2025 The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
S B Burns
Director
Date: 12 August 2026
The notes on pages 12 to 25 form part of these financial statements. - 10 -
QSRC LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2024 | 817 | 749,183 | 58,927 | 808,927
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 1,744,597 | 1,744,597
Total comprehensive income for the year | - | - | 1,744,597 | 1,744,597
At 1 January 2025 | 817 | 749,183 | 1,803,524 | 2,553,524
Comprehensive expense for the year |  |  |  |
Loss for the year | - | - | (340,801) | (340,801)
Total comprehensive expense for the year | - | - | (340,801) | (340,801)
At 31 December 2025 | 817 | 749,183 | 1,462,723 | 2,212,723
| The notes on pages 12 to 25 form part of these financial statements.
- 11 -
QSRC LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
QSRC Limited ('the Company') is a private Company limited by shares incorporated in England and Wales. The Company's registered number is 07873212. Its registered office is 98 Theobalds Road, London, England, WC1X 8WB. On 3 April 2026, the Company changed its registered address from 42-43 Queen Square, London, WC1N 3AJ, England to 98 Theobalds Road, London, England, WC1X 8WB. The principal activity of the Company is to provide specialised intracranial stereotactic radiosurgery treatments for NHS and private patients under contractual arrangements. QSRC Ltd is the primary operator of the specialised Elekta GammaKnife radiosurgery system for treating a wide range of previously inoperable brain lesions on behalf of University College London Hospitals NHS Foundation Trust. It provides this service under long term NHS contracts with both the Trust (which runs to December 2028) and with NHS England, under a national Specialised Services Commissioning agreement involving the three parties (eg: UCLH, NHSE and QSRC). QSRC is recognised by NHSE as a “Supra National” service (only one of two such Centres in the UK) to treat the full range of intracranial conditions including secondary Brain Metastases, Skull Base and Pituitary Brain Tumours, Neuro-Vascular lesions such as Arterial Vascular Malformation (AVMs), and other highly complex disorders such as Trigeminal Neuralgia. As a recognised NHS Supra Centre, QSRC is a leading national and international Intracranial Stereotactic Radiosurgery Treatment Centre. QSRC also provides a highly specialised paediatric intracranial treatment service for neurosurgical patients under the care of Great Ormond Street Hospital for Children NHS Foundation Trust. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the Company operates and is rounded to the nearest pound. The following principal accounting policies have been applied:
| 2.2 | Going concern
The financial statements are prepared on a going concern basis. At the year end, the Company had net current assets of £7,055,335 (2024: net current assets of £2,473,141). The Company remains assured of the financial support by the parent company. The directors have received confirmation that the parent company will make available sufficient funds to the Company to enable the Company to continue as a going concern for at least twelve months from the date of signature of the audit report. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis. - 12 -
QSRC LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.3 | Turnover
Turnover from the rendering of services is recognised at the date on which the treatment provided by the Company is performed. Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable at the point of treatment, excluding discounts, rebates, value added tax and other sales taxes. The Company’s income is derived from a mix of NHS and private services. For the year under review: The Company generated 63% of its revenue from NHS referrals and 37% from private patients, with a patient volume distribution of 84% NHS and 16% private. These figures reflect a higher revenue contribution per private patient, which is consistent with the differing pricing structures between NHS and private work. The directors continue to monitor the balance between NHS and private activity to ensure long-term sustainability and quality of service across both patient groups.
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income in 'administrative expenses'.
| 2.5 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset. - 13 -
QSRC LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.6 | Leased assets: the Company as lessee
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of Comprehensive Income so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
| 2.7 | Interest payable and similar expenses
Interest payable and similar expenses are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.8 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds. - 14 -
QSRC LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.9 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.10 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. The estimated useful lives range as follows:
|  |  |  | Computer software | - | 3 | years
Amortisation is charged to 'administrative expenses' in the Statement of Comprehensive Income. - 15 -
QSRC LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.11 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 8 years
|  |  |  | Furniture | - | 3 years
|  |  |  | Equipment | - | 2-7 years
|  |  |  | Build costs | - | fully depreciated
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in Statement of Comprehensive Income. Depreciation is charged to 'administrative expenses' in the Statement of Comprehensive Income.
| 2.12 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Comprehensive Income.
| 2.13 | Debtors: Amounts falling due within one year
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. - 16 -
QSRC LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.14 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.15 | Creditors: Amounts falling due within one year
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.16 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to the Statement of Comprehensive Income.
| 2.17 | 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. - 17 -
QSRC LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.17 | Financial instruments (continued)
Basic financial assets Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 Comprehensive Income. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial assets have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the assets original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the Statement of Comprehensive Income. Basic 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 the deduction of all its liabilities. Basic financial liabilities, which include trade and other payables and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. - 18 -
QSRC LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.17 | Financial instruments (continued)
Basic financial liabilities (continued) Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
3. | Employees
| The average monthly number of employees, including the directors, during the year was 9 (2024: 10). Management considers the directors to be the only key management personnel. The directors were remunerated by the parent entity in respect of their services provided to the Company.
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QSRC LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
4. | Intangible assets
|  | Computer software
|  | £
| Cost |
| At 1 January 2025 | 86,281
| Disposals | (45,949)
| At 31 December 2025 | 40,332
| Accumulated amortisation |
| At 1 January 2025 | 81,923
| Charge for the year | 4,358
| Disposals | (45,949)
| At 31 December 2025 | 40,332
| Net book value |
| At 31 December 2025 | -
| At 31 December 2024 | 4,358
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QSRC LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
5. | Tangible fixed assets
|  | Plant and machinery | Furniture | Equipment | Build costs | Total
|  | £ | £ | £ | £ | £
| Cost |  |  |  |  |
| At 1 January 2025 | 5,425,886 | 14,708 | 28,630 | 1,022,092 | 6,491,316
| Additions | 4,140 | - | - | - | 4,140
| Disposals | (5,302,004) | (9,378) | (25,134) | (1,022,092) | (6,358,608)
| At 31 December 2025 | 128,022 | 5,330 | 3,496 | - | 136,848
| Accumulated depreciation |  |  |  |  |
| At 1 January 2025 | 5,353,456 | 13,249 | 26,494 | 1,022,092 | 6,415,291
| Charge for the year | 17,410 | 1,364 | 1,166 | - | 19,940
| Disposals | (5,302,004) | (9,378) | (25,134) | (1,022,092) | (6,358,608)
| At 31 December 2025 | 68,862 | 5,235 | 2,526 | - | 76,623
| Net book value |  |  |  |  |
| At 31 December 2025 | 59,160 | 95 | 970 | - | 60,225
| At 31 December 2024 | 72,430 | 1,459 | 2,136 | - | 76,025
6. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Finished goods | 3,333 | -
| Stocks are stated at net of a provision of £nil.
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QSRC LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
7. | Debtors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 91,104 | 214,202
| Amounts owed by group undertakings | 6,830,811 | 4,674,344
| Other debtors | 5,044 | -
| Prepayments | 40,057 | 74,972
| Deferred taxation | 2,380 | 1,297
|  | 6,969,396 | 4,964,815
| Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 106,626 | 143,113
| Amounts owed to group undertakings | 70,011 | 2,422,242
| Other creditors | - | 112,802
| Accruals and deferred income | 117,452 | 55,845
|  | 294,089 | 2,734,002
| Amounts owed to group undertakings are unsecured, interest free and repayable on demand (2024: SONIA + 4% per annum).
9. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts owed to group undertakings | 2,552,837 | -
| Amounts owed to group undertakings accrue interest at a rate of 3mEURIBOR + 4% per annum, are unsecured and repayable by 2030.
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QSRC LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
10. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | 1,297
| Credited to the Statement of Comprehensive Income | 1,083
| At end of year | 2,380
| The deferred tax asset is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fixed asset timing differences | 2,380 | 1,297
11. | Provisions for liabilities
|  | Provision for legal expenditure
|  | £
| At 1 January 2025 | -
| Charged to the Statement of Comprehensive Income | 2,350,000
| At 31 December 2025 | 2,350,000
| The provision was made during the year after the Company settled a dispute and an agreement was reached on the 10th March 2026 with the landlord over its lease for the 42-43 Queen Square property. The Company vacated the property after the dispute arose. The provision was settled in full in March 2026.
12. | Called up share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 817 (2024: 817) Ordinary shares of £1 each | 817 | 817
| The Company has one class of ordinary shares; each share carries one voting right per share but no right to fixed income.
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QSRC LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
13. | Capital commitments
On 29 April 2024 a charge was registered by Ares Management Limited over the Company. The charge included fixed charges, floating charges, negative pledge clauses and was held over the assets of the Company.
14. | Pension commitments
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. There were no amounts payable to the fund at the year end (2024: £nil).
15. | Commitments under operating leases
| At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 156,171 | 156,171
| Later than 1 year and not later than 5 years | 143,156 | 299,327
|  | 299,327 | 455,498
16. | Related party transactions
| The Company has taken advantage of the exemption from disclosing related party transactions undertaken between wholly owned members of the Group that have been concluded under normal market conditions.
17. | Post balance sheet events
The charges registered by Ares Management Limited against the Company were fully satisfied as of 27 February 2026. On 30 April 2026, a charge was registered by Glas SAS over the Company. The charge included fixed charges, floating charges, negative pledge clauses and was held over the assets of the Company. - 24 -
QSRC LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
18. | Controlling party
Medical Equipment Solutions Limited, a company registered in England and Wales, is the immediate parent company. The registered address of the immediate parent undertaking is 98 Theobalds Road, London, England, WC1X 8WB. During the year, the smallest group into which the entity is consolidated is Amethyst Top B.V., a company registered in the Netherlands. Copies of the accounts for Amethyst Top B.V. are available to the public and may be obtained from Spicalaan 39, 2132 JG Hoofddorp, the Netherlands. On 25 April 2025 Amethyst Top B.V. sold all of the Group’s equity to funds managed by Fremman Capital Stichting after which Fremman Capital Stichting became the new ultimate controlling party. It is now the largest group entity that includes the Company in its consolidated financial statements, which can be obtained from its registered address at SL Almagro, 3. 6º Izda. 28020 Madrid, Spain.
- 25 -