Elephant Healthcare Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

1. General Information

Elephant Healthcare Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11438806 . The registered office is 6th Floor One London Wall, London, EC2Y 5EB.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. There were no material departures from that standard.

Functional and Presentational Currency

The company's functional and presentational currency is GBP.

2.2. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

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:

Computer Equipment

33% straight line

2.4. Foreign Currencies

Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.5. 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.

2.6. Pensions

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

2.7. Research and Developments Costs

Expenditure on research and development is written off against profits in the year in which it is incurred.

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Elephant Healthcare Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.8. Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment. Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

2.9. Other Accounting Policies

Consolidated Financial Statements

The company is exempt by virtue of section 399 of the Companies Act 2006 from the requirement to prepare consolidated financial statements.

Share Capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 16 (2024: 16)

4. Tangible Assets

	Computer Equipment
	£
Cost
As at 1 January 2025	63,448
Disposals	(54,904 )

As at 31 December 2025	8,544

Depreciation
As at 1 January 2025	58,371
Provided during the period	3,179
Disposals	(54,904 )

As at 31 December 2025	6,646

Net Book Value
As at 31 December 2025	1,898

As at 1 January 2025	5,077

5. Debtors

	2025	2024
	£	£
Due within one year
Prepayments and accrued income	35,495	49,565
Other debtors	256,713	-
Corporation tax recoverable assets	-	199,563
VAT	8,290	6,794
Net wages	551	-

	301,049	255,922

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Elephant Healthcare Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

6. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	73,707	65,409
Other loans	4,671,332	-
Other taxes and social security	249,106	98,028
Other creditors	35,691	9,574
Accruals and deferred income	41,614	39,191

	5,071,450	212,202

7. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Other loans	-	1,924,663

8. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	7,005	7,007

9. Related Party Transactions

Here are details of the company's subsidiaries-

Name - Elephant Healthcare Limited

Address of the registered office - Empress Office Suites, Ring Road, Westlands, P.O. Box 21980 - 00100 - G.P.O. Nairobi, Kenya

Nature of business - Services company

Interest - 100% ordinary shares

Name - Elephant Healthcare Pakistan (Private) Limited

Address of the registered office - 108 Bahadur Yar Jung Coop Society, Amir Khusro Road Karachi, Gulberg Town, Sindh 78400, Pakistan

Nature of business - Services company

Interest - 99.98% ordinary shares

Name - Elephant Healthcare Nigeria Limited

Address of the registered office - 16D, Akin Olugbade Street, Victoria Island, Lagos State, Nigeria

Nature of business - Services company

Interest - 100% ordinary shares

Name - Elephant Healthcare Ghana Limited

Address of the registered office - C/O Egality Law, Mayfair Gardens Estate, P.O. Box CT7825, East Airport, Accra, Ghana

Nature of business - Services company

Interest - 100% ordinary shares

All subsidiaries were owned as at 31st December 2025 by Elephant Healthcare Limited.

The subsidiaries are loss-making and the company has funded them through a combination of ordinary shares, debt and support payments. During the year the total amount advanced to the subsidiaries was £442,500 (31st December 2024: £508,287) and this plus interest accrued in the year was written off for statutory accounts purposes as the timing of a financial return on this investment is uncertain. As at the year end total investments in the subsidiaries and the amounts owed by them to the company were £250,000 (31st December 2024: £nil).

The company has made unsecured loans to its Kenya, Pakistan and Ghana subsidiaries. As the quantum and date of repayment of these loans is uncertain, the company has written down the value of the loans to £nil at the year end.

10. Exceptional Items

Included in the profit and loss account are £2,876 (2024: £nil) of exceptional operating costs relating to reorganisation costs during the year.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		1,898		5,077

			1,898		5,077
CURRENT ASSETS
Debtors	5	301,049		255,922
Cash at bank and in hand		43,650		187,581

		344,699		443,503
Creditors: Amounts Falling Due Within One Year	6	(5,071,450 )		(212,202 )

NET CURRENT ASSETS (LIABILITIES)			(4,726,751 )		231,301

TOTAL ASSETS LESS CURRENT LIABILITIES			(4,724,853 )		236,378

Creditors: Amounts Falling Due After More Than One Year	7		-		(1,924,663 )

NET LIABILITIES			(4,724,853 )		(1,688,285 )

CAPITAL AND RESERVES
Called up share capital	8		7,005		7,007
Share premium account			24,485,768		24,485,766
Capital redemption reserve			23		23
Profit and Loss Account			(29,217,649 )		(26,181,081 )

SHAREHOLDERS' FUNDS			(4,724,853)		(1,688,285)