Company registration number 02147432 (England and Wales)
COGORA LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
COGORA LIMITED
COMPANY INFORMATION
Directors
Mr Edward Burkle
Mr David Burns
Mr John Pettifor
Mr Craig Hughes
Secretary
Mr David Burns
Company number
02147432
Registered office
1 Giltspur Street
London
EC1A 9DD
Accountants
Kirk Rice LLP
Zeeta House
200 Upper Richmond Road
Putney
London
SW15 2SH
COGORA LIMITED
CONTENTS
Page
Strategic report
1
Accountants' report
2
Balance sheet
3
Statement of changes in equity
4
Notes to the financial statements
5 - 14
COGORA LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

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

Fair review of the business

Cogora is one of the UK’s leading data-led engagement and marketing services groups for clients seeking to access the healthcare professional (HCP) community, with a first party data set of HCPs spanning primary and secondary care in domestic and international markets. Cogora’s full-service provision includes three core divisions of media, events and marketing services across UK, Europe and US markets.

During the year, the company saw strong revenue growth in its core UK primary care markets with both the Media (+19%) and Events (+23%) divisions performing well.

Principal risks and uncertainties

The key business risk and uncertainty affecting the company is the ability to recruit, train and retain high quality employees to exploit the opportunities presented. The business must also keep up with technologic advances in order to maintain and grow its market share within the advertising landscape.

Key performance indicators

| 2025 | 2024
| £ | £
Profit / (Loss) for the year | (162,030) | (197,901)
Gross Profit | 4,943,693 | 4,057,716
Gross Profit % | 71% | 68%

The net loss for the company decreased from £197,901 in 2024 to £162,030 in 2025, and Gross profit increased from £4.1 million to £4.9 million, with gross profit as a percentage of net revenues increasing from 68% to 71%.

Future Outlook

The Directors are confident that their strategy of focusing on the company’s most profitable activities, while driving revenue growth in key areas, will deliver strong results for the coming year and beyond.

On behalf of the board

Mr David Burns
Director
31 July 2026
COGORA LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF COGORA LIMITED FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Cogora Limited for the year ended 31 December 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Cogora Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Cogora Limited and state those matters that we have agreed to state to the Board of Directors of Cogora Limited, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cogora Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Cogora Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Cogora Limited. You consider that Cogora Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Cogora Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory f inancial statements.

Kirk Rice LLP
3 August 2026
Zeeta House
200 Upper Richmond Road
Putney
London
SW15 2SH
COGORA LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 3 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
5
286,769
279,378
Tangible assets
6
31,335
42,793
Investments
7
-
0
709,522
318,104
1,031,693
Current assets
Debtors
9
2,361,344
1,658,255
Cash at bank and in hand
10,319
45,508
2,371,663
1,703,763
Creditors: amounts falling due within one year
10
(2,658,031)
(2,541,690)
Net current liabilities
(286,368)
(837,927)
Net assets
31,736
193,766
Capital and reserves
Called up share capital
12
830
830
Share premium account
13
2,152,261
2,152,261
Profit and loss reserves
14
(2,121,355)
(1,959,325)
Total equity
31,736
193,766

For the financial year ended 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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 David Burns
Director
Company registration number 02147432 (England and Wales)
COGORA LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2024
830
2,152,261
(1,761,424)
391,667
Year ended 31 December 2024:
Loss and total comprehensive income
-
-
(197,901)
(197,901)
Balance at 31 December 2024
830
2,152,261
(1,959,325)
193,766
Year ended 31 December 2025:
Loss and total comprehensive income
-
-
(162,030)
(162,030)
Balance at 31 December 2025
830
2,152,261
(2,121,355)
31,736
COGORA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -
1
Accounting policies
Company information

Cogora Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Giltspur Street, London, EC1A 9DD.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

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

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

- Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;

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

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

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

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

The financial statements of the company are consolidated in the financial statements of Cogora Group Limited. These consolidated financial statements are available from its registered office, 1 Giltspur Street, London, EC1A 9DD.

In the opinion of the directors, the company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemptions provided by Section 398 of the Companies Act 2006 not to prepare group accounts.

1.2
Going concern

These accounts have been prepared on the going concern basis following the directors' review of future forecasts and the continued financial support of the shareholders. Following a strategic re-structure in 2024 the directors are confident of an improved performance over the coming years.true

COGORA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 6 -
1.3
Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the Company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred at the costs to complete the contract can be measured reliably.

1.4
Research and development expenditure

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

1.5
Intangible fixed assets - goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of its identifiable assets and liabilities of the acquiree at the sate of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of comprehensive income over 5 years, being its useful economic life.

1.6
Intangible fixed assets other than goodwill

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

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

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

Software
Over 3 years
Development costs
Over 3-4 years
Intangible and rebranding
Over 8 years
1.7
Tangible fixed assets

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

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

Plant and equipment
Over 3-5 years
Fixtures and fittings
Over 3 years
COGORA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 7 -

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.

1.8
Fixed asset investments

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

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

Finance costs 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. Issues costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

1.9
Impairment of fixed assets

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

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

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

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

1.10
Cash and cash equivalents

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

COGORA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 8 -
1.11
Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

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.

Debtors

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.

Creditors

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.

1.12
Taxation

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

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.

1.13
Retirement benefits

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.

COGORA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 9 -
1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the spot 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 spot 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.

Key sources of estimation uncertainty

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

Trade and other debtors recoverability

The Company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considered factors, the ageing profile of debtors and historical experiences.

Tangible fixed assets

Assumptions have been made around the useful life of tangible fixed assets and have been made in accordance with the usual replacement period for fixed assets.

Intangible fixed assets

Assumptions have been made around the useful life of intangible fixed assets and have been based on the knowledge of the industry and ongoing contracts.

Project completion

The Company makes estimates of the stage of completion of ongoing projects. Management review the controls and procedures used to ensure they are as accurate as possible.

COGORA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
3
Employees

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

2025
2024
Number
Number
Administrative
8
8
Agency Services
18
19
Content
16
17
Events
6
7
Sales
11
12
Total
59
63

The staff costs within the financial statements include amounts recharged by other group companies as well as deductions for amounts recharged to other group companies.

4
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
580,024
556,151
Company pension contributions to defined contribution schemes
3,900
3,723
583,924
559,874
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
180,758
172,735

The percentage of total directors' remuneration allocated to the company was 98% (2024: 94%) with the balance allocated to other subsidiaries of the group.

There were no retirement benefits accruing to directors under defined contribution pension schemes and there were none in the prior year.

COGORA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
5
Intangible fixed assets
Goodwill
Software
Development costs
Intangible and rebranding
Total
£
£
£
£
£
Cost
At 1 January 2025
936,653
205,640
614,438
2,000,000
3,756,731
Additions
-
0
-
0
130,873
-
0
130,873
Disposals
-
0
(8,269)
(45,499)
-
0
(53,768)
At 31 December 2025
936,653
197,371
699,812
2,000,000
3,833,836
Amortisation and impairment
At 1 January 2025
936,653
198,924
341,776
2,000,000
3,477,353
Amortisation charged for the year
-
0
2,985
120,497
-
0
123,482
Disposals
-
0
(8,269)
(45,499)
-
0
(53,768)
At 31 December 2025
936,653
193,640
416,774
2,000,000
3,547,067
Carrying amount
At 31 December 2025
-
0
3,731
283,038
-
0
286,769
At 31 December 2024
-
0
6,716
272,662
-
0
279,378
6
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2025
78,544
14,664
93,208
Additions
16,164
-
0
16,164
Disposals
(17,100)
-
0
(17,100)
At 31 December 2025
77,608
14,664
92,272
Depreciation and impairment
At 1 January 2025
39,042
11,373
50,415
Depreciation charged in the year
25,359
2,264
27,623
Eliminated in respect of disposals
(17,101)
-
0
(17,101)
At 31 December 2025
47,300
13,637
60,937
Carrying amount
At 31 December 2025
30,308
1,027
31,335
At 31 December 2024
39,502
3,291
42,793
COGORA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
6
Tangible fixed assets
(Continued)
- 12 -

Tangible fixed assets includes assets held under finance leases or hire purchase contracts, as follows:

2025
2024
£
£
Plant and equipment
28,426
40,937
7
Fixed asset investments
2025
2024
Notes
£
£
Investments in subsidiaries
8
-
0
709,522
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2025 & 31 December 2025
709,522
Impairment
At 1 January 2025
-
Impairment losses
709,522
At 31 December 2025
709,522
Carrying amount
At 31 December 2025
-
At 31 December 2024
709,522
8
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
PCM Healthcare Limited
1 Giltspur Street, London, England, EC1A 9DD
Ordinary
0
100.00
O for Outcomes Limited
1 Giltspur Street, London, England, EC1A 9DD
Ordinary
100.00
-
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
COGORA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
8
Subsidiaries
(Continued)
- 13 -
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
PCM Healthcare Limited
(258,661)
0
(31,536)
0
O for Outcomes Limited
200
-
0
9
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,008,575
938,207
Corporation tax recoverable
40,000
54,908
Amounts owed by group undertakings
1,022,100
474,980
Other debtors
19,147
(1,675)
Prepayments and accrued income
271,522
191,835
2,361,344
1,658,255
10
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans and overdrafts
11
113,643
379,527
Trade creditors
413,539
440,488
Taxation and social security
995,944
852,853
Other creditors
93,737
40,566
Accruals and deferred income
1,041,168
828,256
2,658,031
2,541,690
11
Loans and overdrafts
2025
2024
£
£
Bank overdrafts
113,643
379,527
Payable within one year
113,643
379,527
12
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 1p each
82,996
82,996
830
830
COGORA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
12
Share capital
(Continued)
- 14 -

The company has one class of ordinary shares which rank equally for distributions by dividend or capital and for voting purposes.

13
Share premium account

This reserve records the amount above the nominal value received for shares sold, less transaction costs.

14
Profit and loss reserves

This reserve records retained earnings and accumulated losses.

15
Operating lease commitments
As lessee

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

2025
2024
£
£
Within 1 year
17,458
14,540
Years 2-5
11,721
19,052
29,179
33,592
16
Related party transactions

The directors have taken advantage of the provision of FRS 102.33 by not disclosing intercompany transactions with other group companies.

17
Ultimate controlling party

The ultimate parent company is Cogora Group Limited, a company registered in England and Wales.

Cogora Group Limited prepares group financial statements and copies can be obtained from the company secretary at 1 Giltspur Street, London, EC1A 9DD.

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