The directors present the strategic report for the year ended 30 September 2025.

The principal activity of the company during the year is that of provision of quality pharmaceutical services.

The profit and loss account for the year is set out on page 9. This shows a 30% increase in turnover to £12.1m (2024 : £9.3m). The operating profit margin decreased to 1.3%, from 4.8% in 2024, reflecting the increase in operating costs. The profit after tax for the year of £142k compares to a loss of £ 1.9m in 2024.

Operating costs have risen in year, resulting in a lower trading margin. 2024 was influenced by a one-off write off on related party loan.

The trading results for the year have resulted in small increase in shareholders funds to £6.6m (2024 : £6.4m).

The company is in a strong financial position with positive cash reserves, and an appetite for growth.

Several risks have been identified by the directors, these include:-

Economic and market pressures – The business is heavily reliant on government policy with regard to NHS practices, therefore they keep a close on eye on public and trade announcements and are involved in industry bodies to keep updated on all developments.

Competitor pressures – the business is heavily regulated , however being part of industry bodies allows it to be aware of changes in the market place, and keep a close eye on competitor actions.

Liquidity risk – the business continually monitors its cash position, and use forecasting models to plan ahead accordingly. Stock control is paramount in these forecasts, and is monitored closely.

The directors expect the general level of business activity to increase in the forthcoming year, albeit at a relatively slow pace. The directors are implementing internal enhancements that will allow the business to take advantage of any opportunities.

The directors are continually looking for means to improve the facilities available to their customers and continually invest in business improvements and staff developments.

The directors place heavy reliance on being at the forefront of health and safety and environmental regulations. The directors actively review health and safety procedures to ensure compliance at all times.

The Company utilises a number of key performance indicators (KPIs) to monitor its financial and operational performance. The main KPIs used by management include Turnover growth, Gross profit margin %, Operating profit margin %, Operating profit by pharmacy and Cash position.

Approved by the Board of Directors and signed on its behalf by:

The directors present their annual report and financial statements for the year ended 30 September 2025.

The principal activity of the company continued to be the operation of dispensing chemist shops.

The results for the year are set out on page 9.

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

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Hall Morrice LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Each of the persons who is a director at the date of approval of this report confirms that:

• So far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware; and

• The director has taken all the steps that they ought to have taken as a director in order to make himself/herself aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

Hall Morrice LLP have expressed their willingness to continue in office as auditor and appropriate arrangements have been put in place for them to be deemed reappointed as auditors in the absence of an Annual General Meeting.

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.

• State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements.

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.

Qualified opinion

We have audited the financial statements of Ingasetter Limited (the 'company') for the year ended 30 September 2025 which comprise the Profit and Loss Account, Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, the Statement of Cash Flows 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, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements:

• Give a true and fair view of the state of the company's affairs as at 30 September 2025 and of its profit for the financial year then ended;

• Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"; and

• Have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for qualified opinion

We were appointed as auditors of the company after the year ended 30 September 2025 and were therefore unable to attend the physical inventory count at the year end. We were also unable to obtain sufficient appropriate audit evidence by alternative procedures in respect of the closing inventory balance at 30 September 2025 and the opening inventory balance at 1 October 2024.

Consequently, we were unable to perform sufficient audit procedures over the existence of stocks at 30 September 2025. No alternative audit procedures were available that would provide sufficient appropriate audit evidence to overcome this limitation. We were therefore unable to determine whether any adjustments might have been necessary in respect of stocks, cost of sales, profit for the financial year, current assets, retained earnings and the related disclosures and cash flow presentation.

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 director is responsible for the other information. The other information comprises the information in the Report of the Director 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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• The Strategic Report and Director's Report has been prepared in accordance with applicable legal requirements.

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 Director's Report. 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 director's remuneration specified by law are not made; or

• We have not received all the information and explanations we require for our audit; or

• The directors were not entitled to take advantage of the small companies exemption from the requirement to

prepare a strategic report

As explained more fully in the Director's Responsibilities Statement, the director is 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 director 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 director is 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 director either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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.

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

In identifying and assessing the risk of material misstatement due to non-compliance with laws and regulations we have:

• Ensured that the engagement team had the appropriate competence, capabilities and skills to identify or recognise non-compliance with laws and regulations;

• Identified the laws and regulations applicable to the entity through discussions with directors and management and through our own knowledge of the sector;

• Focused on the specific laws and regulations we consider may have a direct effect on the financial statements, including FRS 102, the Companies Act 2006 and tax compliance regulations;

• Focused on the specific laws and regulations we consider may have an indirect effect on the financial statements that are central to the entity's ability to trade including those relating to health and safety, GDPR, AML, environmental laws and imports and exports;

• Reviewed the financial statement disclosures and tested to supporting documentation to assess compliance with applicable laws and regulations;

• Made enquiries of management and inspected legal correspondence;

• Reviewed minutes of meetings of those charged with governance; and

• Ensured the engagement team remained alert to instances of non-compliance throughout the audit.

In identifying and assessing the risk of material misstatement due to irregularities, including fraud and how it may occur, and the potential for management bias and the override of controls we have:

• Obtained an understanding of the entity's operations, including the nature of its revenue sources and of its objectives and strategies, to understand the classes of transactions, account balances, expected financial disclosures and business risks that may result in risk of material misstatement;

• Obtained an understanding of the internal controls in place to mitigate risks of irregularities, including fraud;

• Vouched balances and reconciling items in key control account reconciliations to supporting documentation;

• Carried out detailed testing, on a sample basis, to verify the completeness, occurrence, existence and accuracy of transactions and balances;

• Carried out detailed testing to verify the completeness, occurrence, validity, existence and accuracy of income including cut-off testing and ensuring income recognition is in line with stated accounting policies;

• Made enquiries of management as to where they consider there was a susceptibility to fraud, and their knowledge of any actual, suspected or alleged fraud;

• Tested journal entries to identify any unusual transactions;

• Performed analytical procedures to identify any significant or unusual transactions;

• Investigated the business rationale behind any significant or unusual transactions; and

• Evaluated the appropriateness of accounting policies and the reasonableness of accounting estimates.

We did not identify any matters relating to non-compliance with laws and regulations, or relating to fraud.

Because of the inherent limitations of an audit, there is an unavoidable risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk of not detecting a material misstatement due to fraud is inherently more difficult than detecting those that result from error as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. In addition, the further removed any non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

Other matters

The financial statements of Ingasetter Limited for the year ended 30 September 2024 were not audited.

Accordingly, we do not express an opinion on the comparative figures included in these financial statements. Our opinion on the current year's financial statements is not modified in respect of this matter.

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 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 members as a body, for our audit work, for this report, or for the opinions we have formed.

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

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

Ingasetter Limited is a private company limited by shares incorporated in Scotland. The registered office is 391 Union Street, Aberdeen, AB11 6BX.

The principal activities are set out in the Directors' Report.

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.

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 £.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Financial Reporting Standard 102 (FRS 102) applicable in the UK and Republic of Ireland issued by the Financial Reporting Council and the requirements of the Companies Act 2006.

In the year ended 30 September 2024, goodwill of £4,056,152 transferred to the Company from the Firm of Charles Michie (“FOCM”) was recognised with a corresponding credit to share premium. Under the terms of the business transfer agreement, the goodwill was transferred to the Company by way of gift and for no consideration. As no shares were issued in connection with the transfer, the corresponding amount was incorrectly classified as share premium.

The comparative figures have therefore been restated by reclassifying £4,056,152 from share premium to a capital contribution reserve.

This adjustment represents a reclassification within equity only and has no impact on the goodwill carrying amount, profit or loss, net assets, total equity or cash flows of the Company for the current or comparative period.

The cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for at least twelve months from the date of signing the financial statements. Thus, the directors have continued to adopt the going concern basis of accounting in preparing the financial statements.

Turnover comprises income from NHS prescription dispensing (reimbursement and fees), over-the-counter (“OTC”) retail sales and other pharmacy services. Turnover is recognised at the fair value of the consideration received or receivable and is shown net of VAT and other sales-related taxes.

NHS prescription income represents reimbursement and fees earned from dispensing prescriptions. Turnover is recognised in the period in which prescriptions are dispensed and the company becomes entitled to reimbursement under the relevant NHS arrangements. Income is measured based on expected amounts receivable, taking account of prescription activity/claims submissions, fee rates and known or expected adjustments.

Revenue from retail sales is recognised at the point of sale. Revenue from other pharmacy services is recognised when the service is provided. Revenue for the provision of services is recognised by reference to the date on which services were rendered.

Goodwill represents the value attributable to an acquired business in excess of the fair value of its identifiable net assets.

Goodwill transferred to the Company by the owners as part of the transfer of an unincorporated business, for no consideration, is recognised at its fair value at the date of transfer, with the corresponding amount recognised as a capital contribution within equity.

Goodwill is subsequently measured at cost less accumulated amortisation and any accumulated impairment losses. Goodwill is considered to have a finite useful economic life of ten years and is amortised on a straight-line basis over that period. The carrying amount is reviewed for impairment where there is an indication that it may be impaired.

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:

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.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

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.

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.

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Stocks comprise pharmaceutical and other goods held for resale and are stated at the lower of cost and estimated selling price less costs to sell. Cost comprises purchase price and other directly attributable costs, net of trade discounts and rebates, and is determined using the FIFO method. Provision is made for expired, obsolete, damaged and slow-moving stock where appropriate.

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.

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, 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.

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, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

The 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 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 liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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 leases asset are consumed.

When the company acts as a lessor, a lease is classified as a finance lease whenever it transfers substantially all the risks and rewards of ownership of the underlying asset to the lessee, either at the end of the lease term or for the major part of the economic life of the asset. All other leases are classified as operating leases. If an arrangement contains both lease and non-lease components, the company allocates the consideration in the contract to the two elements.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

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.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

The company carries goodwill of £3,447,728 at 30 September 2025. The directors have assessed the estimated useful economic life of the goodwill arising from the pharmacy business acquisition and consider a period of 10 years to be appropriate. The carrying amount is also reviewed for indicators of impairment and, where such indicators exist, the recoverable amount is assessed.

The investment property is carried at fair value of £356,945. In determining fair value, the directors have considered available market evidence, including transactions and market values for comparable properties. The valuation therefore involves judgement regarding the appropriate assumptions and comparable market information.

A deferred tax asset of £337,035 has been recognised at 30 September 2025, principally in respect of carried-forward tax losses and other timing differences. Recognition of the asset requires judgement as to whether sufficient future taxable profits will be available against which the tax losses and timing differences can be utilised. The directors have assessed the company’s expected future trading performance and consider it probable that the recognised deferred tax asset will be recoverable.

Turnover represents amounts receivable from NHS pharmaceutical services, retail and online sales and clinical services provided during the year, exclusive of VAT where applicable.

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

Their aggregate remuneration comprised:

The actual charge/(credit) for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

Investment property comprises retail premises in Banchory, Aberdeenshire. The property was valued by the directors at 1 October 2024 on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors reviewed the valuation at 30 September 2025 and, having considered current market conditions and available market evidence, concluded that there had been no material change in fair value. Accordingly, the property continues to be carried at £356,945.

Included within other debtors are VAT receivable of £1,395,976 and a Section 455 tax receivable of £215,760.

The company's banking facilities are secured by a standard security over one of its properties and a floating charge over the whole undertaking and assets of the company, present and future, including uncalled capital. Both securities are held by Clydesdale Bank PLC and secure all sums due or to become due by the company. The floating charge restricts the creation of securities ranking in priority to, or equally with, the charge.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

The deferred tax asset principally arises from carried-forward tax losses and other timing differences. The asset has been recognised to the extent that the directors consider it probable that sufficient future taxable profits will be available against which the underlying tax losses and timing differences can be utilised.

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

The Ordinary A shares of £1 each and the Ordinary B shares of £1 each rank pari passu having full voting rights, the right to dividends and the right to a distribution on a wind up.

The company occupies trading premises under long-term lease arrangements with expiry dates extending to 2029 and 2039. The leases are subject to periodic upward-only rent reviews based on either open market rental values or an externally determined rental benchmark and include tenant break provisions in specified circumstances.

Under the terms of the leases, the company is responsible for repairs, maintenance, insurance and other property outgoings associated with the premises. The leases do not contain options to purchase the underlying properties and are considered significant to the company's trading operations.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

The company leases a retail property to a related party under a long-term operating lease expiring in August 2031. The lease includes a two-year rent-free period and upward-only rent reviews at three-year intervals based on open market rental value. There are no tenant options to extend the lease term and no material variable lease payment arrangements.

Under the lease, the tenant is responsible for repairs, maintenance, insurance, rates and other property outgoings, and the use of the property is restricted to retail purposes. Assignment and subletting are permitted only with the landlord's consent and subject to specified conditions.

During the year the company operated a loan account with a company jointly controlled by the directors of Ingasetter Limited. The following amounts were outstanding at the reporting end date:

Included within rental income are transactions amounting to £24,000 (2024: £12,000) from a company jointly controlled by the directors of Ingasetter Limited. The lease is conducted under a formal lease agreement.