Company Registration No. 02684965 (England and Wales)
LONDON WOMEN'S CLINIC LIMITED
ANNUAL REPORT AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 OCTOBER 2025
LONDON WOMEN'S CLINIC LIMITED
COMPANY INFORMATION
Directors
K Ahuja
N Macklon
(Appointed 7 April 2025)
Secretary
G Christie
Company number
02684965
Registered office
113-115 Harley Street
London
W1G 6AP
Auditor
Cheesmans
4 Aztec Row
Berners Road
London
N1 0PW
Bankers
HSBC Bank Plc
165 Fleet Street
London
EC4 2DY
LONDON WOMEN'S CLINIC LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 22
LONDON WOMEN'S CLINIC LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
- 1 -

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

Fair review of the business

The company has performed well during the year and all of the satellite clinics are contributing to revenue and profits. The company continues to focus on delivering high quality and safe fertility treatment across all its facilities. We will continue to look at other opportunities and where appropriate expand on our current locations to support the hub and spoke model which is at the heart of the company's strategy for growth.

Principal risks and uncertainties

As a provider of healthcare services, the circumvention of clinical risk is paramount to the business. Such circumvention is enforced by a formal risk management policy. as well as relevant governance policies. The control of clinical risk is dealt with by:

- Liaising closely with the Human Fertilisation and Embryology Authority (HFEA);

- All treatments performed by the Company are done so under independent licence by the HFEA;

- Ensuring that the best possible team of consultants, embryologists and nurses are recruited and incentivised to work to the highest possible standards;

- Success rates are thoroughly analysed and monitored across the Company, sharing best practice with other clinics to achieve high quality;

- Ongoing reviews of patient services to ensure that care of the patient is top priority and sharing best practice across the Company to achieve utmost attention to the care and health of patients.

Development and performance

The results for the year, as set out on page 8.The company has made significant progress throughout the year in relation to key elements of its strategy. At the start of the year, the new satellite clinic in Cambridge was fully launched and, in the second half of the year, an additional self-contained satellite clinic in the heart of Reading was opened.

The latest publicly available clinical success rates and treatment cycle volumes can be found on the HFEA website.

Key performance indicators

The Board monitors the progress of the Company by reference to the following financial key performance indicators:

2025 2024

£’000 £’000

Turnover 37,895 35,970

EBITDA from established & ongoing operations 3,813 5,288

Discretionary charitable donations 175 -

Costs relating to opening new sites 292 203

Professional fees outside the ordinary course of trading 261 -

EBITDA 3,085 5,085

LONDON WOMEN'S CLINIC LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 2 -
Other information and explanations

The company intends to pursue their princip al activities for the foreseeable future.

By order of the Board

K Ahuja
Director
20 May 2026
LONDON WOMEN'S CLINIC LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
- 3 -

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

Principal activities

The principal activity of the company continued to be that of the provision of medical facilities and services.

Results and dividends

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

Ordinary dividends were paid amounting to £1,610,585. 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:

K Ahuja
D Williams
(Resigned 18 March 2026)
N Macklon
(Appointed 7 April 2025)
Auditor

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

Statement of directors' responsibilities

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

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

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

- select suitable accounting policies and then apply them consistently;

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

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

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

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.

Medium-sized companies exemption

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

LONDON WOMEN'S CLINIC LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 4 -
By order of the board
G Christie
Secretary
20 May 2026
LONDON WOMEN'S CLINIC LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF LONDON WOMEN'S CLINIC LIMITED
- 5 -
Opinion

We have audited the financial statements of London Women's Clinic Limited (the 'company') for the year ended 31 October 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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 October 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.

LONDON WOMEN'S CLINIC LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF LONDON WOMEN'S CLINIC LIMITED
- 6 -
Matters on which we are required to report by exception

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

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

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

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

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

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

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

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

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

Extent to which the audit was considered capable of detecting irregularities, including fraud

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to Employment Law and UK Tax legislation, as well as conformity to the standards set by HFEA (the regulatory body in the fertilisation industry), and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journals to increase revenue or reduce expenditure and management bias in accounting estimates.

Audit procedures performed by the engagement team included:

Audit response to risks identified

- Discussions with management in respect of known or suspected instances of non-compliance with laws and regulations and fraud, as well as reviews of board minutes and internal reports;

- Challenging the a ssumptions and judgements made by management in their significant accounting estimates, in particular those that involve the assessment of future events, which are inherently uncertain – the key estimate determined in this respect are those relating to the recoverability of debtors; and

- Reviewing journal entries with unusual account combinations such as those with unusual or unexpected journal postings to the profit and loss as well as journals which contain unusual words.

LONDON WOMEN'S CLINIC LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF LONDON WOMEN'S CLINIC LIMITED
- 7 -

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

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

Use of our report

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

Carol Cheesman (Senior Statutory Auditor)
For and on behalf of Cheesmans
20 May 2026
Chartered Accountants
Statutory Auditor
4 Aztec Row
Berners Road
London
N1 0PW
LONDON WOMEN'S CLINIC LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2025
- 8 -
2025
2024
Notes
£
£
Turnover
1.2
37,895,824
35,970,496
Cost of sales
(20,077,761)
(18,333,248)
Gross profit
17,818,063
17,637,248
Administrative expenses
(16,392,099)
(14,070,382)
Other operating income
385,665
443,602
Operating profit
4
1,811,629
4,010,468
Interest payable and similar expenses
7
-
0
(36)
Profit before taxation
1,811,629
4,010,432
Taxation
8
(393,026)
(804,693)
Profit for the financial year
1,418,603
3,205,739

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

LONDON WOMEN'S CLINIC LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2025
31 October 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
10
72,200
108,300
Other intangible assets
10
101,521
88,978
Total intangible assets
173,721
197,278
Tangible assets
11
7,441,096
7,437,173
7,614,817
7,634,451
Current assets
Stocks
12
365,689
461,890
Debtors
13
4,482,802
3,687,470
Cash at bank and in hand
1,609,756
928,560
6,458,247
5,077,920
Creditors: amounts falling due within one year
14
(5,788,110)
(5,041,009)
Net current assets
670,137
36,911
Total assets less current liabilities
8,284,954
7,671,362
Creditors: amounts falling due after more than one year
15
(3,415,459)
(2,634,947)
Provisions for liabilities
(955,546)
(930,484)
Net assets
3,913,949
4,105,931
Capital and reserves
Called up share capital
17
1,995,346
1,995,346
Profit and loss reserves
1,918,603
2,110,585
Total equity
3,913,949
4,105,931
The financial statements were approved by the Board of Directors and authorised for issue on 20 May 2026 and are signed on its behalf by:
K Ahuja
N Macklon
Director
Director
Company Registration No. 02684965
LONDON WOMEN'S CLINIC LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2025
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 November 2023
1,995,346
3,458,472
5,453,818
Year ended 31 October 2024:
Profit and total comprehensive income
-
3,205,739
3,205,739
Dividends
9
-
(4,553,626)
(4,553,626)
Balance at 31 October 2024
1,995,346
2,110,585
4,105,931
Year ended 31 October 2025:
Profit and total comprehensive income
-
1,418,603
1,418,603
Dividends
9
-
(1,610,585)
(1,610,585)
Balance at 31 October 2025
1,995,346
1,918,603
3,913,949
LONDON WOMEN'S CLINIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
- 11 -
1
Accounting policies
Company information

London Women's Clinic Limited is a private company limited by shares incorporated in England and Wales. The registered office is 113-115 Harley Street, London, W1G 6AP.

1.1
Accounting convention
The financial statements are prepared under the historical cost convention.

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 JD Healthcare Limited. These consolidated financial statements are available from its registered office, 113-115 Harley Street, London, W1G 6AP.

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.

1.2
Turnover

Turnover represents revenue from the sale of medical facilities and services, along with the revenue from contracts for the storage of gametes.

Revenue from the sale of medical facilities and services is recognised when the significant risks and rewards of the services has passed to the buyer, 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.

Revenue from contracts for the storage of gametes is recognised by reference to the period of storage.

LONDON WOMEN'S CLINIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 12 -
1.3
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.

1.4
Intangible fixed assets - goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 10 years.

1.5
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:

Website and software
3 years straight line
Development Costs
10 years straight line
1.6
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:

Leasehold works
Over the remaining life of the lease
Plant and machinery
10 years straight line
Fixtures, fittings & equipment
10 years straight line
Computer equipment
3 years 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.

1.7
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.

LONDON WOMEN'S CLINIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 13 -

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.

1.8
Stocks

Stocks are stated at the lower of cost and net realisable value and are consumable items utilised during procedures.

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.

1.9
Cash and cash equivalents

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.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's 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.

LONDON WOMEN'S CLINIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 14 -
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, loans from fellow group companies 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.

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.

LONDON WOMEN'S CLINIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 15 -
Derecognition of financial liabilities

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

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

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.

1.12
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the 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 tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.13
Leases

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

1.14
Group relief

Where tax losses are claimed, the claimant company pays to the surrendering company an amount equal to the corporation tax saved.

LONDON WOMEN'S CLINIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 16 -
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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Revenue recognition

Revenue is recognised when the risks and rewards of ownership have transferred to the buyer.

Assessing the point where this occurs includes the judgement that revenue from IVF sales is recognised when the patient baseline occurs.

The judgement for goods sold such as drug packages is that the sale occurs when the invoice is raised.

Key sources of estimation uncertainty
Debtor recoverability

At the balance sheet date, the directors consider the recoverability of the amounts owed to the company utilising post balance sheet information where available. Where balances are not considered recoverable appropriate provisions are made.

With regard to trade debtors, determining the recoverability of debtors requires an estimation of the average time period that self-funded debtors will pay. The directors consider 180 days to be a reasonable estimate.

Storage fee income deferred

Where an invoice has been raised but the service has yet to be provided, the directors defer an estimated amount of the income to represent the period in which the services will be provided.

With regard to storage fees provided by the Company, income has been deferred depending on which month the invoice was raised in, with the invoices raised covering a period of one year.

Useful Lives of Assets

The directors have considered the useful economic life of the fixed assets and on that basis have estimated the depreciation rate that should be used by the Company. Where new information becomes available in this regard the Directors consider the materiality of any potential adjustments and where necessary revise their useful economic life assessment.

3
Turnover

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

2025
2024
£
£
Turnover analysed by class of business
Fertility services
37,895,824
35,970,496
LONDON WOMEN'S CLINIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 17 -
4
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£
£
Research and development costs
13,122
63,725
Depreciation of owned tangible fixed assets
1,165,814
979,804
Amortisation of intangible assets
107,615
94,710
Operating lease charges
2,000,017
1,798,171
5
Auditor's remuneration

The company uses common facilities with other group undertakings for which management charges are rendered by the ultimate parent undertaking. Included within those charges are amounts for staff and administrative costs together with audit fees of £11,000 (2024: £10,000) and fees of £1,420 (2024: £1,420) for taxation services.

Neither of the directors received any remuneration for their services direct from the company.

6
Employees

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

2025
2024
Number
Number
Total
0
0
7
Interest payable and similar expenses
2025
2024
£
£
Interest on finance leases and hire purchase contracts
-
36
8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
288,000
-
0
Adjustments in respect of prior periods
-
0
(28,179)
Group tax relief
79,964
395,114
Total current tax
367,964
366,935
Deferred tax
Origination and reversal of timing differences
25,062
437,758
Total tax charge
393,026
804,693
LONDON WOMEN'S CLINIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
8
Taxation
(Continued)
- 18 -

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
1,811,629
4,010,432
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
452,907
1,002,608
Tax effect of expenses that are not deductible in determining taxable profit
(31,478)
8,028
Permanent capital allowances in excess of depreciation
25,761
(232,199)
Research and development tax credit
(79,695)
(13,701)
Other non-reversing timing differences
-
0
28,324
Under/(over) provided in prior years
-
0
(426,124)
Deferred Tax
25,062
437,757
469
-
0
Taxation charge for the year
393,026
804,693
9
Dividends
2025
2024
£
£
Interim paid
1,610,585
4,553,626
LONDON WOMEN'S CLINIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 19 -
10
Intangible fixed assets
Goodwill
Negative goodwill
Website and software
Brand
Total
£
£
£
£
£
Cost
At 1 November 2024
361,000
(107,266)
275,503
820,000
1,349,237
Additions - internally developed
-
0
-
0
84,058
-
0
84,058
At 31 October 2025
361,000
(107,266)
359,561
820,000
1,433,295
Amortisation and impairment
At 1 November 2024
252,700
(107,266)
186,525
820,000
1,151,959
Amortisation charged for the year
36,100
-
0
71,515
-
0
107,615
At 31 October 2025
288,800
(107,266)
258,040
820,000
1,259,574
Carrying amount
At 31 October 2025
72,200
-
0
101,521
-
0
173,721
At 31 October 2024
108,300
-
0
88,978
-
0
197,278
11
Tangible fixed assets
Leasehold works
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Artwork
Total
£
£
£
£
£
£
Cost
At 1 November 2024
8,228,522
3,588,584
1,012,923
1,208,890
64,185
14,103,104
Additions
403,446
573,648
60,625
101,724
28,395
1,167,838
Transfers
-
0
1,899
-
0
-
0
-
0
1,899
At 31 October 2025
8,631,968
4,164,131
1,073,548
1,310,614
92,580
15,272,841
Depreciation and impairment
At 1 November 2024
2,808,437
2,173,783
634,862
996,797
52,052
6,665,931
Depreciation charged in the year
727,804
243,371
52,813
138,987
2,839
1,165,814
At 31 October 2025
3,536,241
2,417,154
687,675
1,135,784
54,891
7,831,745
Carrying amount
At 31 October 2025
5,095,727
1,746,977
385,873
174,830
37,689
7,441,096
At 31 October 2024
5,420,085
1,414,801
378,061
212,093
12,133
7,437,173
LONDON WOMEN'S CLINIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 20 -
12
Stocks
2025
2024
£
£
Finished goods and goods for resale
365,689
461,890
13
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
3,302,343
2,641,416
Other debtors
211,171
280,492
Prepayments and accrued income
969,288
765,562
4,482,802
3,687,470
14
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
1,918,801
1,769,402
Other creditors
-
0
4,920
Accruals and deferred income
3,869,309
3,266,687
5,788,110
5,041,009
15
Creditors: amounts falling due after more than one year
2025
2024
£
£
Amounts owed to group undertakings
3,415,459
2,634,947
16
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
955,546
930,484
LONDON WOMEN'S CLINIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
16
Deferred taxation
(Continued)
- 21 -
2025
Movements in the year:
£
Liability at 1 November 2024
930,484
Charge to profit or loss
25,062
Liability at 31 October 2025
955,546
17
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
1,995,346
1,995,346
1,995,346
1,995,346

The shares of the company are at par value and have full voting rights attributed to them.

18
Financial commitments, guarantees and contingent liabilities

There is a fixed and floating charge between the companies of the J D Healthcare Group under the terms of which amounts due to HSBC Bank Plc are secured on the assets of all group companies. There have been no instances in the year or to date whereby the obligations under this debenture have been breached and therefore this debenture is not currently enforceable.

The Company participates in a cross guarantee with other companies in the group and associated companies. There is a composite company unlimited multilateral guarantee between J D Healthcare Limited, The Bridge Centre Limited and HSBC Bank Plc, whereby amounts due to and from HSBC Bank Plc can be offset.

19
Operating lease commitments
As lessee
2025
2024
£
£
Within 1 year
1,849,958
1,491,261
Years 2-5
4,758,238
2,867,212
After 5 years
2,035,836
-
8,644,032
4,358,473

The operating leases represent leases to group companies.

LONDON WOMEN'S CLINIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
19
Operating lease commitments
(Continued)
- 22 -
2025
2024
Future amounts receivable under operating leases:
£
£
Within 1 year
260,666
176,574
Years 2-5
181,726
343,750
442,392
520,324
20
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Other information

The company receives rental income from N Macklon, a key member of staff, for use of a residential flat in Harley Street. N Macklon pays £10,000 a year and the rateable value of the flat is £30,000. There were no outstanding balances with N Macklon at the year end.

Related party transaction exemptions

The company has taken advantage of the exemptions available whereby it has not disclosed transactions with the parent company, the ultimate parent company, or any wholly owned subsidiary undertakings of the group.

21
Ultimate controlling party

The parent company of London Women's Clinic Limited is Harley Street Women's Clinic Limited. The registered office of Harley Street Women's Clinic Limited is 113-115 Harley Street, London, W1G 6AP.

The ultimate parent company of London Women’s Clinic Limited is J D Healthcare Limited. The registered office of J D Healthcare Limited is 113-115 Harley Street, London, W1G 6AP.

C op ies of th ese compan ies' accounts can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

At 31 October 202 5 the company's ultimate controlling party was Kamal Ahuja, a director of the company and of the group.

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