Genmed Capital Management Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—7

1. General Information

Genmed Capital Management Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05563089 . The registered office is 463 Wellington Road South, Hounslow, Middlesex, TW4 5HY.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold land & buildings	No depreciation is charged
Farm equipment	Straight line over 10 years
Furniture, fittings and office equipment	Straight line over 5 and 10 years

The remaining useful economic life of freehold buildings - investment properties is estimated to be greater than 50 years and therefore no depreciation is provided on the grounds that this would be immaterial. To ensure that the carrying amountof the freehold can be supported it shall be subjected to an impairment review at the end of each accounting period in accordance with Financial Reporting Standards. See also investment policy note.

Included in freehold land and buildings are farm barnes which are being depreciated straight line over 25 years.

2.4. Investment Properties

All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.

This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be

inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a trueand fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation andthe amount might otherwise have been shown cannot be separately identified or qualified.

2.5. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

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Genmed Capital Management Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.6. Financial Instruments

Trade and other payables

Trade and other payables are measured at their transaction price unless the arrangement constitutes a

financing transaction in which case the transaction is measured at present value of future payments

discounted at prevailing market rate of interest. Other financial liabilities are initially measured at fair value net of their transaction costs. They are subsequently measured at amortised cost using the effective interest

method.

Cash at bank

Cash at bank in the balance sheet comprise cash at banks and in hand and short term deposits with an original

maturity date of three months or less.

Trade and other receivables

Trade and other receivables are measured at transaction price less any impairment unless the arrangement

constitutes a financing transaction in which case the transaction is measured at the present value of the future

receipts discounted at the prevailing market rate of interest . Loans are initially measured at fair value and are

subsequently measured at amortised cost using the effective interest method less any impairment.

2.7. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.8. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

2.9. Group accounts

The company is entitled to the exemption under Section 398 of the Companies Act 2006 from the obligation to prepare group accounts.

2.10. Joint venture

The company's share of a joint venture partnership's profit or loss is included in the profit and loss account.

2.11. Investments

Fixed asset investments are stated at cost less provisions for permanent diminution in value.

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Genmed Capital Management Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

3. Average Number of Employees

Average number of employees, including directors, during the year was: 4 (2024: 4)

4. Tangible Assets

	Land & Property
	Freehold land & buildings	Farm equipment	Furniture, fittings and office equipment	Total
	£	£	£	£
Cost or Valuation
As at 1 January 2025	2,224,089	23,430	425,518	2,673,037
Additions	-	-	1,016	1,016
Revaluation	(54,966 )	-	-	(54,966 )

As at 31 December 2025	2,169,123	23,430	426,534	2,619,087

Depreciation
As at 1 January 2025	-	13,382	416,527	429,909
Provided during the period	972	2,344	5,617	8,933

As at 31 December 2025	972	15,726	422,144	438,842

Net Book Value
As at 31 December 2025	2,168,151	7,704	4,390	2,180,245

As at 1 January 2025	2,224,089	10,048	8,991	2,243,128

Cost or valuation as at 31 December 2025 represented by:

	Land & Property
	Freehold land & buildings	Farm equipment	Furniture, fittings and office equipment	Total
	£	£	£	£
At cost	2,041,993	23,430	426,534	2,491,957
At valuation	127,130	-	-	127,130

	2,169,123	23,430	426,534	2,619,087

Included within fixed assets and stock are assets for lease to third parties. Total historic cost of these assets is £1,584,942 (2024 : £1,584,942) with accumulated depreciation totalling £275,012 (2024 : £275,012).

Included within transactions related income is the total of rentals less direct costs for the leased assets amounting to £89,030 (2024 : £203,853).

The freehold properties are investment properties and were revalued during the year at the directors'valuation of fair value as at 31 December 2025.

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Genmed Capital Management Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

5. Investments

	Subsidiaries	Associates	Unlisted	Total
	£	£	£	£
Cost or Valuation
As at 1 January 2025	75	321,273	258,242	579,590
Additions	-	-	1	1

As at 31 December 2025	75	321,273	258,243	579,591

Provision
As at 1 January 2025	-	-	-	-

As at 31 December 2025	-	-	-	-

Net Book Value
As at 31 December 2025	75	321,273	258,243	579,591

As at 1 January 2025	75	321,273	258,242	579,590

Group undertakings

Knights-Modak Developments Limited

Registered Office - 463, Wellington Road South, Hounslow, Middlesex. TW4 5HY

Class of Shares - Ordinary £1 shares

Holding - 75%

Joint Ventures

The company has a 50% share in the Solomons Alpacas partnership. The company's partner capital account is

included under debtors.

Associated undertakings

Genmed Group Limited

Registered Office : Genmed House, Unit 1, Lakeside Court, Llantarnam Way, Cwmbran, Wales, NP44 3GA.

Class of Shares - Ordinary £1 A shares

Holding - 39%

Other investments

Other investments consist of non-listed small holdings in other undertakings.

6. Stocks

	2025	2024
	£	£
Stock	530	530
Work in progress	117,054	117,054

	117,584	117,584

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Genmed Capital Management Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

7. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	21,004	23,083
Amounts owed by group undertakings	150,466	150,466
Amounts owed by participating interests	39,634	45,548
Other debtors	2,482,128	1,776,909

	2,693,232	1,996,006

8. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	61	5,778
Other creditors	19,296	2,366
Taxation and social security	9,449	28,109

	28,806	36,253

9. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	900	900

10. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 January 2025	Amounts advanced	Amounts repaid	Amounts written off	As at 31 December 2025
	£	£	£	£	£
Mr Ravindra Modak	150,859	3,312	-	-	154,171

The above loan is unsecured, interest free and repayable on demand.

11. Ultimate Controlling Party

The company's ultimate controlling party is R Modak by virtue of his ownership of 100% of the issued share capital in the company.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		2,180,245		2,243,128
Investments	5		579,591		579,590

			2,759,836		2,822,718
CURRENT ASSETS
Stocks	6	117,584		117,584
Debtors	7	2,693,232		1,996,006
Cash at bank and in hand		690,633		1,379,927

		3,501,449		3,493,517
Creditors: Amounts Falling Due Within One Year	8	(28,806 )		(36,253 )

NET CURRENT ASSETS (LIABILITIES)			3,472,643		3,457,264

TOTAL ASSETS LESS CURRENT LIABILITIES			6,232,479		6,279,982

PROVISIONS FOR LIABILITIES
Deferred Taxation			(15,524 )		(26,521 )

NET ASSETS			6,216,955		6,253,461

CAPITAL AND RESERVES
Called up share capital	9		900		900
Fair value reserve			102,975		147,498
Profit and Loss Account			6,113,080		6,105,063

SHAREHOLDERS' FUNDS			6,216,955		6,253,461