REGISTERED NUMBER: 10338654 (England and Wales)

Audited Financial Statements for the Year Ended 30 September 2025

for

VAREX IMAGING UK, LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

D R Black

M A Martinez

W Vlaanderen

SECRETARY:

R Ludlow

REGISTERED OFFICE:

Victoria Works

Victoria Road

Stoke-on- Trent

ST4 2QR

REGISTERED NUMBER:

10338654 (England and Wales)

AUDITORS:

Thorne Lancaster Parker

Chartered Accountants &

Statutory Auditors

5th Floor

Palladium House

1-4 Argyll Street

London

W1F 7TA

FIXED ASSETS

Intangible assets

4

-

1,000,316

Property, plant and equipment

5

351,352

233,230

351,352

1,233,546

CURRENT ASSETS

Inventories

6

8,758,453

2,909,755

Debtors

7

1,275,125

522,827

Cash at bank

3,611,370

193,220

13,644,948

3,625,802

CREDITORS

Amounts falling due within one year

8

(1,667,932

)

(1,177,061

)

NET CURRENT ASSETS

11,977,016

2,448,741

TOTAL ASSETS LESS CURRENT LIABILITIES

12,328,368

3,682,287

CREDITORS

Amounts falling due after more than one year

9

(12,164,292

)

(3,563,847

)

NET ASSETS

164,076

118,440

CAPITAL AND RESERVES

Called up share capital

11

3,331,100

3,331,100

Other reserves

165,939

165,939

Retained earnings

(3,332,963

)

(3,378,599

)

SHAREHOLDERS' FUNDS

164,076

118,440

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2026 and were signed on its behalf by:

W Vlaanderen - Director

1.	STATUTORY INFORMATION

Varex Imaging UK, Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The company operates under a contract to provide services to various companies within the group, therefore its future income is assured under the terms of contracts.The company's directors, having made enquiries of the parent company's management and examined relevant documentation as they considered appropriate, are satisfied as to the ability of the parent company to continue to meet the terms of the contract, as well as continue to support the company, and therefore the directors have a reasonable expectation that the company can operate as a going concern and meet its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements. Accordingly they continue to adopt the going concern basis in preparing these financial statements.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are amortised evenly over their estimated useful life of five years.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manor intended by management.

Depreciation is provided on the following basis:

Leasehold Improvements - Lease term (4 years)

Office equipment - 4 years straight line

Plant & Machinery - 7 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Stocks

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Commitments under operating leases

Rentals paid under operating leases are charged to the Income Statement on a straight line basis over the lease term.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Share based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each Statement of Financial Position date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.

The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the company keeping the scheme open or the employee maintaining any contributions required by the scheme).

Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.

Where equity instruments are granted to persons other then employees, profit or loss is charged with fair value of goods and services received.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 37 (2024 - 32 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

Developed

Goodwill

licences

technology

Totals

£

£

£

£

COST

At 1 October 2024

683,540

6,585

555,000

1,245,125

Disposals

(683,540

)

(6,585

)

(555,000

)

(1,245,125

)

At 30 September 2025

-

-

-

-

AMORTISATION

At 1 October 2024

136,708

1,317

106,784

244,809

Amortisation for year

91,139

878

61,933

153,950

Eliminated on disposal

(227,847

)

(2,195

)

(168,717

)

(398,759

)

At 30 September 2025

-

-

-

-

NET BOOK VALUE

At 30 September 2025

-

-

-

-

At 30 September 2024

546,832

5,268

448,216

1,000,316

5.	PROPERTY, PLANT AND EQUIPMENT

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 October 2024

172,869

53,397

8,356

Additions

75,947

65,196

24,633

At 30 September 2025

248,816

118,593

32,989

DEPRECIATION

At 1 October 2024

6,394

8,984

3,555

Charge for year

35,545

12,835

19,467

At 30 September 2025

41,939

21,819

23,022

NET BOOK VALUE

At 30 September 2025

206,877

96,774

9,967

At 30 September 2024

166,475

44,413

4,801

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 October 2024

12,450

13,078

260,150

Additions

-

35,746

201,522

At 30 September 2025

12,450

48,824

461,672

DEPRECIATION

At 1 October 2024

2,490

5,497

26,920

Charge for year

2,490

13,063

83,400

At 30 September 2025

4,980

18,560

110,320

NET BOOK VALUE

At 30 September 2025

7,470

30,264

351,352

At 30 September 2024

9,960

7,581

233,230

6.	INVENTORIES

2025

2024

£

£

Stocks

8,758,453

2,909,755

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

3,913

12,227

Amounts owed by group undertakings

574,377

217,737

Other debtors

55,930

60,555

VAT

514,745

189,883

Prepayments and accrued income

126,160

42,425

1,275,125

522,827

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

1,179,264

111,094

Amounts owed to group undertakings

186,451

506,053

Social security and other taxes

3,901

3,946

Other creditors

-

415,914

Accruals and deferred income

298,316

140,054

1,667,932

1,177,061

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Amounts owed to group undertakings

12,164,292

3,563,847

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£

£

Within one year

112,617

92,200

Between one and five years

245,866

338,066

358,483

430,266

11.	CALLED UP SHARE CAPITAL

Allotted, issued and

fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

3,331,100

Ordinary

£1

3,331,100

3,331,100

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Neil Usher BA(Hons) FCA (Senior Statutory Auditor)

for and on behalf of Thorne Lancaster Parker

13.	PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £122,537 (2024: £142,326). Contributions totalling £3,901(2024: £4,219) were payable to the fund at the reporting date and are included in creditors.

14.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

15.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Varex Imaging Corporation.

The smallest and largest group in which the results of the Company are consolidated is that headed by Varex Imaging Corporation, the registered office of which is located at 1678 S. PIONEER ROAD SALT LAKE CITY UT 84104 and for which consolidated financial statements are publicly available from www.sec.gov.

16.	SHARE-BASED PAYMENT TRANSACTIONS

Number

Weighted average exercise price

Outstanding at 1st October 2024

4,791

$14.91

Granted

8,509

Exercised

(4,791

)

Outstanding as at 30th September 2025

8,509

$15.45

During the prior year 8,509 share options were granted and 4,791 options vested on exercise.

The vesting period of the options is 12 months or to the date of an exit event, whichever occurs first.