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Registered number: 11494060 FELLOWS RESEARCH CENTRE LTD FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 MARCH 2025
FELLOWS RESEARCH CENTRE LTD REGISTERED NUMBER: 11494060 STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note | £ | £ | £ | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 22,919 |  | 57,935
|  |  | 22,919 |  | 57,935
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 5 | 2,574,021 |  | 2,173,858 |
Cash at bank and in hand | 6 | 5,661 |  | 119 |
|  | 2,579,682 |  | 2,173,977 |
Creditors: amounts falling due within one year | 7 | (1,187,676) |  | (945,000) |
Net current assets |  |  | 1,392,006 |  | 1,228,977
Total assets less current liabilities |  |  | 1,414,925 |  | 1,286,912
Provisions for liabilities |  |  |  |  |
Deferred tax | 8 | (4,252) |  | (12,681) |
|  |  | (4,252) |  | (12,681)
Net assets |  |  | 1,410,673 |  | 1,274,231
Capital and reserves |  |  |  |  |
Called up share capital | 9 |  | 100,000 |  | 100,000
Profit and loss account |  |  | 1,310,673 |  | 1,174,231
|  |  | 1,410,673 |  | 1,274,231
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FELLOWS RESEARCH CENTRE LTD REGISTERED NUMBER: 11494060 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 MARCH 2025 The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the Statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 September 2025.
G Braverman
Director
The notes on pages 3 to 9 form part of these financial statements. Page 2
FELLOWS RESEARCH CENTRE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
Fellows Research Centre Ltd is a company limited by shares, incorporated in England and Wales. The address of the registered office is The Maylands Building, Maylands Avenue, Hemel Hempstead Industrial Estate, Hemel Hempstead, England, HP2 7TG. The company specialises in research and experimental development on natural sciences and engineering. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Going concern
The directors note that the company is trading adequately and has sufficient working capital and other finance available to continue trading for a period of not less than 12 months from the date of signing these financial statements. As such, the directors believe that there are no significant uncertainties in their assessment of whether the business is a going concern and therefore have prepared the accounts on a going concern basis.
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.4 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the lease term. Page 3
FELLOWS RESEARCH CENTRE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.5 | Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
| 2.6 | Interest income
Interest income is recognised in the Statement of comprehensive income using the effective interest method.
| 2.7 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds. Page 4
FELLOWS RESEARCH CENTRE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.8 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.9 | 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 manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 25% | on cost
|  |  |  | Office equipment | - | 33% | on cost
|  |  |  | Fixtures and fittings | - | 50% | on cost
|  |  |  | Computer equipment | - | 33% | on cost
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. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income. Page 5
FELLOWS RESEARCH CENTRE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.10 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.11 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.12 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.13 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to the Statement of comprehensive income.
3. | Employees
| The average monthly number of employees, including directors, during the year was 2 (2024 - 2).
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FELLOWS RESEARCH CENTRE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
4. | Tangible fixed assets
|  | Plant and machinery | Fixtures and fittings | Office equipment | Total
|  | £ | £ | £ | £
| Cost |  |  |  |
| At 1 April 2024 | 519,617 | 889,858 | 85,010 | 1,494,485
| Additions | - | 9,777 | - | 9,777
| At 31 March 2025 | 519,617 | 899,635 | 85,010 | 1,504,262
| Depreciation |  |  |  |
| At 1 April 2024 | 471,488 | 882,534 | 82,528 | 1,436,550
| Charge for the year | 32,416 | 9,895 | 2,482 | 44,793
| At 31 March 2025 | 503,904 | 892,429 | 85,010 | 1,481,343
| Net book value |  |  |  |
| At 31 March 2025 | 15,713 | 7,206 | - | 22,919
| At 31 March 2024 | 48,129 | 7,324 | 2,482 | 57,935
5. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts owed by group undertakings | 2,574,021 | 2,168,483
| Other debtors | - | 5,375
|  | 2,574,021 | 2,173,858
6. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 5,661 | 119
|  | 5,661 | 119
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FELLOWS RESEARCH CENTRE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts owed to group undertakings | 1,134,000 | 945,000
| Corporation tax | 53,676 | -
|  | 1,187,676 | 945,000
8. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | 12,681
| Credited to the Statement of comprehensive income | (8,429)
| At end of year | 4,252
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | 4,252 | 12,681
|  | 4,252 | 12,681
9. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100,000 Ordinary shares of £1 each | 100,000 | 100,000
10. | Pension commitments
The company operates a defined contribution 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 £78,075 (2024 - £109,500). Page 8
FELLOWS RESEARCH CENTRE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
11. | Related party transactions
| The company has taken advantage of the exemption allowed by Financial Reporting Standard 102, not to disclose any transactions with wholly owned members of the group.
12. | Post balance sheet events
There are no subsequent events that require disclosure or adjustments to the financial statements.
13. | Ultimate parent undertaking and controlling party
The immediate and ultimate parent undertaking is Gama Healthcare Corporation Limited, a company incorporated in England and Wales. The address of the registered office is The Maylands Building, Maylands Avenue, Hemel Hempstead Industrial Estate, Hemel Hempstead, England, HP2 7TG. The results of the company are consolidated in its parent company's accounts, and are available from Companies House, Crown Way, Cardiff CF14 3UZ. There is no ultimate controlling party.
14. | Auditors' information
The auditors' report on the financial statements for the year ended 31 March 2025 was unqualified. The audit report was signed on 11 September 2025 by Elliot S J Arwas (Senior statutory auditor) on behalf of Barnes Roffe Audit Limited.
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