REGISTERED NUMBER: 09911624 (England and Wales)

KIMS KENT HOLDINGS LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Comprehensive Income

10

Statement of Financial Position

11

Statement of Cash Flows

12

Notes to the Statement of Cash Flows

13

Notes to the Financial Statements

14

DIRECTORS:

P Sara

Mrs P Subaskaran

REGISTERED OFFICE:

Kims Hospital Newnham Court Way

Weavering

Maidstone

Kent

ME14 5FT

REGISTERED NUMBER:

09911624 (England and Wales)

AUDITORS:

Spurling Cannon

Statutory Auditors

424 Margate Road

Westwood

Ramsgate

Kent

CT12 6SJ

Fair review of business performance and future developments:

KIMS Hospital remains committed to achieving "Outstanding", following a "Good" rating by the Care Quality Commission (CQC). It continues to focus on its pathway to "Outstanding", by successfully delivering its three core strategic objectives;

-Providing safe, outstanding, quality care to patients

-Working together as One Team; making KIMS Hospital a great place to work

-Commercial Success

The impact of the COVID-19 pandemic subsided in the year to April 2024 which meant that the Hospital was able to focus on returning to the growth trajectory that it had been successfully plotting prior to the pandemic.

Private patient demand continues to be significant with the healthcare economy very different post-pandemic. There is a higher propensity amongst patients to seek private healthcare where they can, either by self-funding or via private medical insurance policies, in an attempt to avoid the lengthy waiting lists and backlogs that the NHS are challenged with. This led to a 9% increase in Private activity. In addition, KIMS Hospital, like much of the independent healthcare sector, continue to work closely with the NHS to support the reduction of these backlogs. As a result of this support mechanism, NHS activity at KIMS Hospital grew by 11% in the financial year with the business partnering with Kent & Medway Integrated Care Board as well as local NHS Trusts such as Maidstone & Tunbridge Wells; East Kent and Medway.

The growth in activity saw Private revenues increase 16% with Self Pay revenue growing 13% and Insured revenue by 19%. NHS revenues also saw growth at 9% compared to the previous year.

This financial year was the second full year under the ownership of Lyca Leasing (Cormorant) Limited (with KIMS part of the LycaHealth group of healthcare businesses). LycaHealth continue to be committed to bringing high quality, accessible health services to local communities in the UK with sites at Canary Wharf and Orpington in addition to the KIMS Hospital site in Maidstone and the satellite diagnostic site in Sevenoaks.

Over the coming years, LycaHealth plan to invest in KIMS Hospital’s technology and facilities to further enhance its services.

The key focus for FY25/26 and beyond is to continue:

-With the support of LycaHealth, our journey to "Outstanding" by providing safe, outstanding, quality care to people in Kent

-To support the NHS and deliver high quality service

-To dynamically adapt to the changing healthcare economy as we did during and after the COVID-19 pandemic

-To grow higher acuity private caseload

-Work with Private Medical Insurers (PMIs) to develop products and services which meet the needs of their customers in a more direct and easier to access manner

-To continue to grow our strategic relationship with Bupa and facilitate their Bupa Health Clinic from our Sevenoaks Medical Centre as well as at other sites

-To work collaboratively with our local NHS Integrated Care Board (ICB) and Integrated Care System (ICS) to support the NHS to reduce their backlogs across multiple elective specialties

-To successfully integrate wherever possible the processes and structures of KIMS Hospital and the LycaHealth businesses to further strengthen the relationship and commercial success of the business

-To continue to identify other sites that present opportunities to generate business for KIMS

Hospital and the wider LycaHealth group

- To focus on improving gross margin through a combination of efficient staff utilisation; a reduction in agency costs; rationalisation of direct consumable costs and resizing of other direct and indirect cost contracts

-To maintain and, where possible, reduce the fixed cost base without impact on patient safety and quality of care

-To improve commercial and quality processes, with aspirations to secure an "outstanding" rating from the regulator

-Digitally transform our hospital to make it easy for patients, staff, consultants and other key stakeholders to be treated and or interact with us

-To build on services such as our Rapid Access Cardiology proposition and focus on services which will enable us to have the potential to be Centres of Excellence. By doing so we will continue to grow our share of the self-pay and PMI market in Kent

-To continue to utilise our two fully-operational Cath Labs in our Cardiology Centre, the only independent sector hospital in Kent to be able to do this

-Our journey to meet our Sustainability commitment to have net zero emissions by 2035 and a net zero supply chain by 2045.

PRINCIPAL RISKS AND UNCERTAINTY IN THE BUSINESS CONTINUE TO ARISE AROUND:

-The significant uncertainty in the local, UK and global economies, all of which have a significant impact on our business, our people and our patients

-This impacts the cost base of the business with key areas of expenditure such as consumable costs, many of which may be imported from overseas suppliers, and energy bills influenced by economic factors.

-Navigating the ongoing global economic situation, particularly the cost-of-living crisis, which has a profound effect not only on our operational performance but also on our patients and our staff.

-Further to this point, uncertain and rising energy cost have impacted the business with utility costs growing 25% in the year April 2024.

Key performance indicators:

- Administrative costs increased to £989K in 2025 to £900K in 2024.

- Loss before tax was £3.37m (2024: Loss before tax of £2.8m).

- A key contributor to the Loss before tax came from an operating lease that represents the lease of a hospital premises from a group under the control of common directors. The lease expired in April 2022 with a rent-free period until April 2019. Thereafter, the rent comprised a fixed amount of not less than £2m plus VAT and a performance- based amount referable to the Earnings Before Interest, Taxation, Depreciation, Amortisation and Rent ("EBITDAR") of the company.

-The movement in these KPIs are a result of the trading factors described in detail under the review of business performance section above.

-Key balance sheet KPIs remained broadly in line with trading performance.

-Throughout the year, KIMS Hospital continued to review consultants' scope of practise with the number of active consultants now standing at 353 (2024: 277).

-Whilst striving to improve efficiencies and maintain its existing fixed cost base, patient safety sits at the very core of the hospital activity.

-Following the extremely positive CQC rating and report, published in April 2018, KIMS Hospital is continuing to develop its quality initiatives with a view at achieving an "Outstanding" rating across all areas. This includes for our medical centre in Sevenoaks which was awardee "Good" in 2022.

ON BEHALF OF THE BOARD:

Mrs P Subaskaran - Director

17 June 2026

The directors present their report with the financial statements of the company for the year ended 30 April 2025.

DIVIDENDS

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 May 2024 to the date of this report.

P Sara

Mrs P Subaskaran

Energy and carbon reporting

KIMS Kent Holdings Limited has taken exemption from the reporting requirements of SECR as this information is included in the consolidated accounts of Lyca Leasing Holding Limited, the ultimate controlling party.

Strategic report

The company has chosen, in accordance with section 414C of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013, to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008. The matters covered in the strategic report are fair review of business performance and future developments, principal risks and uncertainties, key performance and going concem.

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, each director has taken all the necessary steps that they ought to have taken as a director in order to make themselves aware of all relevant audit information and to establish that the company's auditor is aware of that information.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report and 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 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;

-state whether applicable UK Accounting Standards have been followed, subject to any material departures

disclosed and explained in the financial statements; and

-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company wil 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 AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Spurling Cannon, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mrs P Subaskaran - Director

17 June 2026

Opinion

We have audited the financial statements of Kims Kent Holdings Limited (the 'company') for the year ended 30 April 2025 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 30 April 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 Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

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 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 the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

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 identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page four, 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 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.

Auditors' 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 a Report of the Auditors 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:

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

-obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework;

-inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;

-discussed matters about non-compliance with laws and regulations and how fraud might occur including

assessment of how and where the financial statements may be susceptible to fraud.

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, the Companies Act 2006 and tax compliance regulations. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing financial statement disclosures, assessing accounting policies for compliance with the reporting framework, agreeing tax calculations to supporting documentations and reviewing correspondence with tax authorities.

The audit engagement team identified the risk of management override of controls as the area where the financial

statements were most susceptible to material misstatement due to fraud. Audit procedures performed for management override of controls included but were not limited to testing journal entries and other adjustments and evaluating the business rationale in relation to any significant, unusual transactions and transactions entered into outside the normal course of business.

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 Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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.

Jon Spurling FCCA (Senior Statutory Auditor)

for and on behalf of Spurling Cannon

Statutory Auditors

424 Margate Road

Westwood

Ramsgate

Kent

CT12 6SJ

17 June 2026

TURNOVER

-

-

Administrative expenses

(989,004

)

(900,213

)

OPERATING LOSS

(989,004

)

(900,213

)

Interest receivable and similar income

988,852

932,611

(152

)

32,398

Interest payable and similar expenses

3

(3,374,228

)

(2,913,848

)

LOSS BEFORE TAXATION

(3,374,380

)

(2,881,450

)

Tax on loss

4

-

-

LOSS FOR THE FINANCIAL YEAR

(3,374,380

)

(2,881,450

)

Retained earnings at beginning of year

(76,418,167

)

(73,536,717

)

RETAINED EARNINGS AT END OF YEAR

(79,792,547

)

(76,418,167

)

CURRENT ASSETS

Cash at bank

6,155

8,028

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

6

(5,008,280

)

(5,010,000

)

NET CURRENT LIABILITIES

(5,002,125

)

(5,001,972

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(5,002,125

)

(5,001,972

)

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

7

(26,660,401

)

(23,286,174

)

NET LIABILITIES

(31,662,526

)

(28,288,146

)

CAPITAL AND RESERVES

Called up share capital

8

33,098

33,098

Share premium

9

48,096,923

48,096,923

Retained earnings

9

(79,792,547

)

(76,418,167

)

SHAREHOLDERS' FUNDS

(31,662,526

)

(28,288,146

)

The financial statements were approved by the Board of Directors and authorised for issue on 17 June 2026 and were signed on its behalf by:

Mrs P Subaskaran - Director

Cash flows from operating activities

Cash generated from operations

1

(990,724

)

(2,409,165

)

Interest paid

(3,374,228

)

(2,913,848

)

Net cash from operating activities

(4,364,952

)

(5,323,013

)

Cash flows from investing activities

Interest received

988,852

932,611

Net cash from investing activities

988,852

932,611

Cash flows from financing activities

Loan repayments in year

3,374,227

(23,896,034

)

Intercompany balance movement

-

28,286,174

Net cash from financing activities

3,374,227

4,390,140

Decrease in cash and cash equivalents

(1,873

)

(262

)

Cash and cash equivalents at beginning of year

2

8,028

8,290

Cash and cash equivalents at end of year

2

6,155

8,028

1.	RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Loss before taxation

(3,374,380

)

(2,881,450

)

Finance costs

3,374,228

2,913,848

Finance income

(988,852

)

(932,611

)

(989,004

)

(900,213

)

Decrease in trade and other creditors

(1,720

)

(1,508,952

)

Cash generated from operations

(990,724

)

(2,409,165

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 April 2025

30/4/25

1/5/24

£

£

Cash and cash equivalents

6,155

8,028

Year ended 30 April 2024

30/4/24

1/5/23

£

£

Cash and cash equivalents

8,028

8,290

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/5/24

Cash flow

At 30/4/25

£

£

£

Net cash

Cash at bank

8,028

(1,873

)

6,155

8,028

(1,873

)

6,155

Total

8,028

(1,873

)

6,155

1.	ACCOUNTING POLICIES

Company information

KIMS Kent Holdings Limited is a private company limited by shares and is registered and incorporated in England and Wales. The registered office is KIMS Hospital, Newnham Court Way, Weavering, Maidstone, Kent, ME14 5FT.

The company's principal activities and nature of its operations are disclosed in the Directors' Report.

Accounting convention

These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006, including the provisions of the Large and Medium-sized Companies (Accounts and Reports) Regulations 2008.

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

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. The company has therefore taken advantage of exemptions from the following disclosure requirements:

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

The financial statements of the company are consolidated in the financial statements of Lyca Leasing Holding Limited. These consolidated financial statements are available from its registered office, 3rd Floor Wallbrook Building, 195 Marsh Wall, London, E14 9SG.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

Going concern

For the year to 30 April 2025 the company made a loss of £3.4m (2024: £2.8m) and at the balance sheet date had net current liabilities of £5m (2024: £5m) and net liabilities of £31.7m (2024: £28.3m). The year to 30 April 2025 includes a £93K loss driven by the impairment of intragroup loan interest.

Previous years had been impacted heavily by the COVID-19 pandemic however the majority of the year saw pandemic-imposed restrictions ease. This enabled the business to focus on sales growth programmes as well as cost efficiencies and investment. The new owners (as of October 2021), Lyca Leasing (Cormorant) Limited have continued to be supportive.

Whilst there remain after-effects of the COVID-19 pandemic in terms of the ease with which patients can access healthcare, patients, with the support of the healthcare sector, have learnt how to navigate their healthcare options more effectively. Therefore trading of the subsidiary during the year to 30 April 2024 and 2025 saw a significant demand in private activity with those who have the resources opting for Self Pay treatment or Private Medical Insurance. Although NHS waiting lists remain long and a target of the government to reduce, NHS activity increased in the year as these government targets have encouraged NHS bodies to further work closely with the Independent Sector. KIMS Hospital has a longstanding positive relationship with the local NHS organisations that allows it to fully support the NHS where needed whilst not jeopardising its private patients.

Throughout the year, and since the balance sheet date, the directors have taken appropriate measures where possible to control costs despite the growing global cost of living crisis. Accordingly, the company and subsidiary have been able to trade satisfactorily in the current climate.

The directors continue to monitor the likely impact on operations going forward due to the uncertainty inherent in the current situation, as well as from the company's own circumstances. The directors have assessed the company's and subsidiary's projected business activities and available financial resources, together with appropriate cash forecasts. This includes the support of the investors, via the parent company, through existing facilities and the commitment to provide additional cash funding as required. The directors believe that the company is appropriately placed to manage its business risks through the current economic uncertainty. Therefore, the directors consider that the company will continue to trade, and has access to sufficient appropriate resources to meet its liabilities as they fall due, for at least twelve months from the date of approval of these financial statements, and have thus prepared the financial statements on a going concern basis.

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.

Impairment of fixed assets

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

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.

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 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 prepayments and accrued income and amounts owed by group undertakings, 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 financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Other financial assets

Other financial assets, including trade investments, 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 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 other creditors and other borrowings, 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 payments discounted at a market rate of interest.

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

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 subsequently 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 where the contractual returns, repayment of the principal, or other terms (such as prepayment provisions or term extensions) do not meet the conditions to be measured at amortised cost, are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Equity instruments

Equity instruments issued by the company are recorded at the fair value of 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.

Taxation

The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable.

Current and deferred tax is charged or credited to profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income, or equity.

Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on the net basis or to realise the asset and settle the liability simultaneously.

Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting date.

Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based on tax rates that have been enacted or substantively enacted by the reporting date.

Deferred tax liabilities are recognised in respect of all timing differences that exist at the reporting date. Timing differences are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in different periods from their recognition in the financial statements. Deferred tax assets are recognised only to the extent that it is probable that they will be recovered by the reversal of deferred tax liabilities or other future taxable profits.

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.

Recoverability of group balances

The directors review the recoverability of group debtors for indication of impairment at the reporting. Appropriate provision have been made for any amounts not considered to be recoverable.

Carrying value of investments

The directors review the carrying value of investments for indication of impairment at the reporting. Appropriate provision have been made for any amounts not considered to be recoverable.

2.	EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 30 April 2025 nor for the year ended 30 April 2024.

The average number of employees during the year was as follows:

2025

2024

3

3

2025

2024

£

£

Directors' remuneration

-

-

3.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Interest payable

3,374,228

2,913,848

4.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the year ended 30 April 2025 nor for the year ended 30 April 2024.

5.	AUDITORS RENUMERATION

Fees payable to the company's auditors and its associates: 2025 2024

£ £

For audit services

Audit of the financial statements of the company 8,000 8,000

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Amounts owed to group undertakings

5,000,000

5,000,000

Accrued expenses

8,280

10,000

5,008,280

5,010,000

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Amounts owed to group undertakings

26,660,401

23,286,174

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

6,113,964

A

.001

6,114

6,114

27,350

C

.001

27

27

4,615,384

B

.001

4,616

4,616

10,757

10,757

2025

2024

2025

2024

Ordinary Share capital

Number

Number

£

£

Issued and fully paid

Ordinary Class A shares of 0.001p each

6,113,964

6,113,964

6,114

6,114

Ordinary Class B shares of 0.001p each

16,958,055

16,958,055

16,958

16,958

Ordinary Class C shares of 0.001p each

27,350

27,350

27

27

Deferred shares of 0.001p each

4,615,384

4,615,384

4,615

4,615

Deferred shares of 0.001p each

4,038,462

4,038,462

4,038

4,038

N2 shares of 0.001p each

1,346,154

1,346,154

1,346

1,346

33,099,369

33,099,369

33,098

33,098

The A shares and the B shares shall each carry the respective voting rights to appoint and remove directors

set out in the articles but in all other respects shall be identical and rank pari passu as one class of shares.

Any A shares and B shares shall be issued on the same terms and ranking pari passu with the A shares and B shares (as applicable) already in issue.

The A shares and B shares in issue shall rank pari passu in all respects regarding the payment by the

company of a dividend.

The C shares do not possess voting rights and do not have any entitlement to receive a dividend from the

company.

N1 shares shall each have one vote in respect of each N1 share held, shall have no entitiement to receive

dividends and are entitled to receive an amount equal to the N class amount as defined in the articles on a

liquidation, dissolution or winding-up of the company.

N2 shares shall be non-voting shares, shall have no entitlement to receive dividends and their holders are

entitled to receive an amount equal to the N class amount as defined in the articles on a liquidation, dissolution or winding-up of the company.

Deferred shares shall be non-voting shares, shall have no entitement to receive dividends and their holders

are entitled to receive an amount equal to their nominal value on a liquidation, dissolution or winding-up of the company.

9.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 May 2024

(76,418,167

)

48,096,923

(28,321,244

)

Deficit for the year

(3,374,380

)

(3,374,380

)

At 30 April 2025

(79,792,547

)

48,096,923

(31,695,624

)

Share premium

Excess amount received by a company over the par value of its shares. This amount forms a part of the non distributable reserves of the company.

Profit and loss reserves

Cumulative profit and loss net of distribution to owners.

10.	RELATED PARTY DISCLOSURES

Transactions with related parties

As permitted by FRS 102 Section 33 "Related party disclosures" the financial statements do not disclose transactions with the parent company and fellow subsidiaries where 100% of the voting rights are wholly controlled by the group.

11.	ULTIMATE CONTROLLING PARTY

The company's immediate parent company is Lyca Leasing (Cormorant) Limited, incorporated in England and Wales. The registered office address of Lyca Leasing (Cormorant) Limited is 3rd Floor Wallbrook Building, 195 Marsh Wall, London, United Kingdom, E14 9SG. The ultimate parent company is Lyca Leasing Holding Limited, a company incorporated in England and Wales. Lyca Leasing Holding Limited is the smallest and largest group for which consolidated financial statements are prepared and copies can be obtained from its registered office at 3rd Floor Wallbrook Building, 195 Marsh Wall, London, United Kingdom, E14 9SG.

In the opinion of the directors, the ultimate controlling party is P Subaskaran by virtue of her majority shareholding in Lyca Leasing Holding Limited.