Company No: 14549035 (England and Wales)

Contents

• Company Information
• Accountants' Report
• Balance Sheet
• Notes to the Financial Statements

Directors	Dr A Jeynes-Ellis
	M Sheahan

Secretary

M Sheahan

Registered office	Spaces Victoria
	25 Wilton Road
	London
	SW1V 1LW
	United Kingdom

Company number

14549035 (England and Wales)

Accountant	Kreston Reeves LLP
	2nd Floor
	168 Shoreditch High Street
	London
	E1 6RA

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Avillion Life Sciences Ltd for the financial year ended 31 December 2024 which comprise the Balance Sheet and the related notes 1 to 10 from the Company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/regulation.

It is your duty to ensure that Avillion Life Sciences Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Avillion Life Sciences Ltd. You consider that Avillion Life Sciences Ltd is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of Avillion Life Sciences Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

This report is made solely to the Board of Directors of Avillion Life Sciences Ltd, as a body, in accordance with the terms of our engagement letter dated 30 May 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Avillion Life Sciences Ltd and state those matters that we have agreed to state to the Board of Directors of Avillion Life Sciences Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Avillion Life Sciences Ltd and its Board of Directors as a body for our work or for this report.

Kreston Reeves LLP
Chartered Accountants

2nd Floor
168 Shoreditch High Street
London
E1 6RA

08 September 2025

	Note	2024		2023
		£		£
Fixed assets
Intangible assets	3	( 406,450)		0
Tangible assets	4	5,085		0
Investments	5	145,251		0
		(256,114)		0
Current assets
Debtors	6	2,032,940		2,217,152
Cash at bank and in hand		3,455,073		1,392,273
		5,488,013		3,609,425
Creditors: amounts falling due within one year	7	( 2,074,726)		( 2,372,809)
Net current assets		3,413,287		1,236,616
Total assets less current liabilities		3,157,173		1,236,616
Net assets		3,157,173		1,236,616
Capital and reserves
Called-up share capital	8	20,000		20,000
Profit and loss account		3,137,173		1,216,616
Total shareholders' funds		3,157,173		1,236,616

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Comprehensive Income has not been delivered.

The financial statements of Avillion Life Sciences Ltd (registered number: 14549035) were approved and authorised for issue by the Board of Directors on 08 September 2025. They were signed on its behalf by:

Dr A Jeynes-Ellis Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Avillion Life Sciences Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Spaces Victoria, 25 Wilton Road, London, SW1V 1LW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets

5 years straight line

Goodwill

Negative goodwill is similarly included in the Balance Sheet and is credited to the Statement of Comprehensive Income in the periods in which the acquired non-monetary assets are recovered through depreciation or sale. Negative goodwill is an excess of the fair values of the non-monetary assets acquired.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Computer equipment

3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
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.

Basic financial 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.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	8		0

3. Intangible assets

	Other intangible assets		Total
	£		£
Cost
At 01 January 2024	0		0
Additions	( 451,611)		( 451,611)
At 31 December 2024	( 451,611)		( 451,611)
Accumulated amortisation
At 01 January 2024	0		0
Charge for the financial year	( 45,161)		( 45,161)
At 31 December 2024	( 45,161)		( 45,161)
Net book value
At 31 December 2024	( 406,450)		( 406,450)
At 31 December 2023	0		0

During the year, the company purchased the assets of Avillion LLP, resulting in negative goodwill. Amortisation is being charged on the basis of 5 years useful economic life.

4. Tangible assets

	Computer equipment		Total
	£		£
Cost
At 01 January 2024	0		0
Additions	7,432		7,432
At 31 December 2024	7,432		7,432
Accumulated depreciation
At 01 January 2024	0		0
Charge for the financial year	2,347		2,347
At 31 December 2024	2,347		2,347
Net book value
At 31 December 2024	5,085		5,085
At 31 December 2023	0		0

5. Fixed asset investments

Investments in subsidiaries

	2024
	£
Cost
At 01 January 2024	0
Additions	145,251
At 31 December 2024	145,251
Carrying value at 31 December 2024	145,251
Carrying value at 31 December 2023	0

During the year, the company purchased the entire share capital of Avillion Pharma Ireland and Avillion US Inc. The cost of this investment has been included in investments.

6. Debtors

	2024		2023
	£		£
Trade debtors	1,598,009		1,208,478
Prepayments and accrued income	400,803		707,119
VAT recoverable	34,128		291,773
Other debtors	0		9,782
	2,032,940		2,217,152

7. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	94,316		17,677
Amounts owed to Group undertakings	186,388		1,551,201
Accruals and deferred income	1,475,537		803,931
Taxation and social security	318,485		0
	2,074,726		2,372,809

8. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
20,000 Ordinary A shares of £ 1.00 each	20,000		20,000

9. Related party transactions

All related party transactions during the current and prior periods, including key management personnel compensation, were made under normal market conditions.

10. Ultimate controlling party

The company is under the control of its directors.