ACCOUNTS - Final Accounts preparation

An analysis of turnover by class of business is as follows:

Registered number: 10446752

SMC PHARMA SERVICES LTD (FORMERLY CAMBRIDGE PHARMA LIMITED)

(FORMERLY CAMBRIDGE PHARMA LIMITED)

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

SMC PHARMA SERVICES LTD (FORMERLY CAMBRIDGE PHARMA LIMITED)

(FORMERLY CAMBRIDGE PHARMA LIMITED)

COMPANY INFORMATION

DIRECTORS	C N Patel
	M Schick
	E A Jones (resigned 25 April 2025)


REGISTERED NUMBER	10446752


REGISTERED OFFICE	50-60 Station Road
	Cambridge
	CB1 2JH


INDEPENDENT AUDITORS	Price Bailey LLP
	Chartered Accountants & Statutory Auditors
	Tennyson House
	Cambridge Business Park
	Cambridge
	CB4 0WZ

SMC PHARMA SERVICES LTD (FORMERLY CAMBRIDGE PHARMA LIMITED)

(FORMERLY CAMBRIDGE PHARMA LIMITED)

CONTENTS

	Page
Group Strategic Report	1 - 2
Directors' Report	3 - 4
Independent Auditors' Report	5 - 8
Consolidated Statement of Comprehensive Income	9
Consolidated Balance Sheet	10
Company Balance Sheet	11
Consolidated Statement of Changes in Equity	12
Company Statement of Changes in Equity	13
Consolidated Statement of Cash Flows	14
Consolidated Analysis of Net Debt	15
Notes to the Financial Statements	16 - 36

SMC PHARMA SERVICES LTD (FORMERLY CAMBRIDGE PHARMA LIMITED)

(FORMERLY CAMBRIDGE PHARMA LIMITED)

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

INTRODUCTION

The Directors present their strategic report and financial statements of SMC Pharma Services Ltd. and its subsidiary Oval Medical Technologies Limited (together “the Group”) for the year ended 31 December 2024.

BUSINESS REVIEW

The principal activity of the Group is the investment in research and development (“R&D”) of autoinjector platform technologies and pharmaceutical process development to support aseptic fill-finish activities. The Group will continue with this activity for the foreseeable future. During the year, the Group continued the fit out of its leasehold facility that will deliver a pharmaceutical development and contract manufacturing service for small batch fill finish. The Group’s turnover in the financial year was £2,100,244, increasing from £138,972 in the 2023 comparative period. Administrative costs decreased to £6,535,067 for the financial year compared to £12,827,161 in 2023. In 2023, the administrative costs included an impairment charge of £5,051,624 relating to certain assets where the Directors assessed the carrying value exceeded the recoverable amount. Research and development costs decreased marginally in the year to £3,059,917 from £3,528,969 in the comparative 2023 period. The loss after tax for the financial year reduced to £8,956,292 compared to a loss of £17,181,896 in 2023. The Group’s employee numbers decreased to an average of 28 in 2024, down from an average of 65 in the 2023 period following a restructure of the Group's operations. The Group had net liabilities of £34,967,782 as at 31 December 2024 compared to £26,011,490 as at 31 December 2023.
The directors are satisfied with the results for the year and the financial position as at the date hereof.
PRINCIPAL RISKS AND UNCERTAINTIES

The Group is committed to reviewing risks to its business on an on-going basis. The directors are responsible for this review and have implemented several controls to mitigate potential risk to the Group.
The principal risk and uncertainties facing the Group are identified as follows:
Operational risk:
The Group aims to minimise operational risk by ensuring that it has adequate internal processes and procedures to manage the activities of the business such as a robust R&D stage-gate process, a project planning system, a Quality Management System that supports ISO13485 certification and financial processes. It also ensures that each functional area of the business is resourced with appropriately skilled employees. The Quality Management System has been enhanced to ensure it will support a licence application for Investigational Medicinal Products with the Medicines and Healthcare Products Regulatory Agency.
Competitive risk:
The Group ensures that it undertakes innovative R&D such that it can add value to the needs of its customers when compared to the offerings of its competitors.
Liquidity risk:
The Group ensures that it prepares adequate short and mid-term cash forecasts to minimise any liquidity risk. It carefully manages the receipts of trade debtors and payments to trade creditors.
Reputational risk:
The Group aims to manage reputational risk to include safety and quality issues regarding its products through stringent design and process risk assessments and HAZOP evaluations, testing procedures, management of information technology security issues, and ensuring all product innovation is ethical.

Page 1

SMC PHARMA SERVICES LTD (FORMERLY CAMBRIDGE PHARMA LIMITED)

(FORMERLY CAMBRIDGE PHARMA LIMITED)

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

PRINCIPAL RISKS AND UNCERTAINTIES (CONTINUED)

Compliance risk:
The Group has in place a series of measures to manage compliance risk which include but are not limited to abiding by laws, regulations and Health and Safety practices, following internal Quality procedures to include addressing deviations and ensuring environmental impacts are considered and managed.

FINANCIAL KEY PERFORMANCE INDICATORS

The Group measures its success on the stage of development of its technology platforms for novel syringe and autoinjectors. During 2024 the Group advanced each of its technology platforms as well as increasing sales of process manufacturing services.

FUTURE DEVELOPMENTS

The Group operates within a group of associated medical companies which includes SMC Ltd. Supported by state-of-the-art facilities and populated with cutting edge equipment, our expert team has the experience, capability and resources required to support your drug product, from bench to market and onto lifecycle management. Operating as a single integrated partner we are building an advanced range of technologies and capabilities offering precise quality combined with flexibility, security, and lower risk.
Oval Medical Technologies Limited, the Group's wholly owned subsidiary, will continue to perform R&D to develop its autoinjector platform technologies to combine patient-friendly designs with the ability to deliver a wide range of drug formulations for both subcutaneous and intramuscular injections. Oval’s patient-centric approach means intuitive to use, user friendly and safe autoinjectors. Patient preference matters, users have an increasing influence on device choice.
Our modular platform technology can be tailored for challenging formulations. This modular approach means the power pack, primary drug container and patient interface can be substituted with minimal impact making it a truly flexible customisable design. Commercially, sustainable competitive advantage is crucial for long term return, by truly putting the patient first, Oval are helping partners deliver their business goals.
SMC Pharma Services Ltd. will deliver a pharmaceutical development and contract manufacturing service for small batch fill finish. The company will operate with a high level of appropriate sterility assurance using leading technology, robust Quality systems and dedicated staff to meet customer changing requirements and critical deadlines.

This report was approved by the board on 25 September 2025 and signed on its behalf.

M Schick

Director

Page 2

SMC PHARMA SERVICES LTD (FORMERLY CAMBRIDGE PHARMA LIMITED)

(FORMERLY CAMBRIDGE PHARMA LIMITED)

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Group's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

RESULTS AND DIVIDENDS

The loss for the year, after taxation, amounted to £8,956,292 (2023 - loss £17,181,896).

GOING CONCERN
The financial statements have been prepared on the basis that the Company is a going concern. In reaching this decision, the directors have considered projections of the cash flows of the Company for the next twelve months covering the existing commitments of the Company together with additional investment required to develop autoinjector technologies. The cash flows indicate that the Company may need additional finance during 2025 and 2026, which will be provided via a related Company, SMC Ltd. It is on this assumption that these financial statements are prepared on a going concern basis. Further disclosure is included in note 2.3 to the financial statements.

DIRECTORS

The directors who served during the year were:

C N Patel

M Schick

E A Jones (resigned 25 April 2025)

QUALIFYING THIRD-PARTY INDEMNITY PROVISIONS

As permitted by the Articles of Association, the directors have the benefit of an indemnity which is a third party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the last year and is currently in force.

Page 3

SMC PHARMA SERVICES LTD (FORMERLY CAMBRIDGE PHARMA LIMITED)

(FORMERLY CAMBRIDGE PHARMA LIMITED)

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

AUDITORS

Under section 487(2) of the Companies Act 2006, Price Bailey LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 25 September 2025 and signed on its behalf.

M Schick

Director

Page 4

SMC PHARMA SERVICES LTD (FORMERLY CAMBRIDGE PHARMA LIMITED)

(FORMERLY CAMBRIDGE PHARMA LIMITED)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SMC PHARMA SERVICES LTD (FORMERLY CAMBRIDGE PHARMA LIMITED)

OPINION

We have audited the financial statements of SMC Pharma Services Ltd (formerly Cambridge Pharma Limited) (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the , the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of 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 the financial statements:

∙give a true and fair view of the state of the Group's and of the Parent Company's affairs as at 31 December 2024 and of the Group's loss for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

BASIS FOR OPINION

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the Parent 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.

Page 5

SMC PHARMA SERVICES LTD (FORMERLY CAMBRIDGE PHARMA LIMITED)

(FORMERLY CAMBRIDGE PHARMA LIMITED)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SMC PHARMA SERVICES LTD (FORMERLY CAMBRIDGE PHARMA LIMITED) (CONTINUED)

OTHER INFORMATION

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.

OPINION 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 Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' 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 by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

∙the Parent Company financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

RESPONSIBILITIES OF DIRECTORS

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are 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 directors 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 directors are responsible for assessing the Group's and the Parent 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 directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.

Page 6

SMC PHARMA SERVICES LTD (FORMERLY CAMBRIDGE PHARMA LIMITED)

(FORMERLY CAMBRIDGE PHARMA LIMITED)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SMC PHARMA SERVICES LTD (FORMERLY CAMBRIDGE PHARMA LIMITED) (CONTINUED)

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

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 an Auditors' Report 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 Group financial statements.

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:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations. This included those regulations directly related to the financial statements, including financial reporting, tax legislation and distributable profits and industry regulations including GDPR, employment law and health and safety.
We communicated the identified laws and regulations with the audit team and remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified.
These included the following:
- agreeing the financial statement disclosures to underlying supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiries of management including those responsible for key regulations; and
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
In addressing the risk of management override of controls, we carried out testing of journal entries and other adjustments for appropriateness, assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of significant transactions outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Auditors' Report.

Page 7

SMC PHARMA SERVICES LTD (FORMERLY CAMBRIDGE PHARMA LIMITED)

(FORMERLY CAMBRIDGE PHARMA LIMITED)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SMC PHARMA SERVICES LTD (FORMERLY CAMBRIDGE PHARMA LIMITED) (CONTINUED)

USE OF OUR REPORT

This report is made solely to the Company's members 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 Auditors' 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 for our audit work, for this report, or for the opinions we have formed.

Andrew Booth (Senior Statutory Auditor)

for and on behalf of

Price Bailey LLP

Chartered Accountants

Statutory Auditors

Tennyson House

Cambridge Business Park

Cambridge

CB4 0WZ

25 September 2025

Page 8

SMC PHARMA SERVICES LTD (FORMERLY CAMBRIDGE PHARMA LIMITED)

(FORMERLY CAMBRIDGE PHARMA LIMITED)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£	£


Turnover	4	2,100,244	138,972
Cost of sales		(499,179)	(49,935)
Gross profit		1,601,065	89,037
Research and development expenses		(3,059,917)	(3,528,969)
Administrative expenses		(6,535,067)	(12,827,161)
Other operating income	5	484,862	267,182
Operating loss	6	(7,509,057)	(15,999,911)
Interest receivable and similar income	10	31	23
Interest payable and similar expenses	11	(1,364,927)	(1,118,555)
Loss before taxation		(8,873,953)	(17,118,443)
Tax on loss	12	(82,339)	(63,453)
Loss for the financial year		(8,956,292)	(17,181,896)

(Loss) for the year attributable to:
Owners of the parent Company		(8,956,292)	(17,181,896)

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 16 to 36 form part of these financial statements.

Page 9

SMC PHARMA SERVICES LTD (FORMERLY CAMBRIDGE PHARMA LIMITED)

(FORMERLY CAMBRIDGE PHARMA LIMITED)

REGISTERED NUMBER: 10446752

CONSOLIDATED BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Intangible assets	13		2,428,173		3,681,649
Tangible fixed assets			10,139,347		10,616,914
			12,567,520		14,298,563
Current assets
Stocks	16	145,545		-
Debtors: amounts falling due within one year	17	2,093,277		1,563,491
Cash at bank and in hand	18	755,993		332,371
		2,994,815		1,895,862
Creditors: amounts falling due within one year	19	(5,772,913)		(2,403,668)
Net current liabilities			(2,778,098)		(507,806)
Total assets less current liabilities			9,789,422		13,790,757
Creditors: amounts falling due after more than one year	20		(43,521,366)		(38,792,247)
Provisions for liabilities
Other provisions			(1,235,838)		(1,010,000)
Net liabilities			(34,967,782)		(26,011,490)

Capital and reserves
Called up share capital	23	2,410	2,410
Share premium account	24	2,397,600	2,397,600
Capital redemption reserve	24	3,998,856	3,998,856
Profit and loss account	24	(41,366,648)	(32,410,356)
Equity attributable to owners of the parent Company		(34,967,782)	(26,011,490)

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 September 2025.

M Schick

Director

The notes on pages 16 to 36 form part of these financial statements.

Page 10

SMC PHARMA SERVICES LTD (FORMERLY CAMBRIDGE PHARMA LIMITED)

(FORMERLY CAMBRIDGE PHARMA LIMITED)

REGISTERED NUMBER: 10446752

COMPANY BALANCE SHEET

AS AT 31 DECEMBER 2024


	2024	2023
Note	£	£

Fixed assets
Tangible fixed assets			8,275,428		7,957,871
Investments	15		11,741,450		11,741,450
			20,016,878		19,699,321
Current assets
Stocks	16	145,545		-
Debtors: amounts falling due after more than one year	17	4,408,122		2,980,642
Debtors: amounts falling due within one year	17	946,590		892,890
Cash at bank and in hand	18	466,893		115,542
		5,967,150		3,989,074
Creditors: amounts falling due within one year	19	(3,594,460)		(1,676,598)
Net current assets			2,372,690		2,312,476
Total assets less current liabilities			22,389,568		22,011,797

Creditors: amounts falling due after more than one year	20		(43,521,366)		(38,792,247)
Provisions for liabilities
Other provisions			(902,137)		(760,000)
Net liabilities			(22,033,935)		(17,540,450)

Capital and reserves
Called up share capital	23		2,410		2,410
Share premium account	24		2,397,600		2,397,600
Capital redemption reserve	24		3,998,856		3,998,856
Profit and loss account brought forward		(23,939,316)		(11,284,779)
Loss for the year		(4,493,485)		(12,654,537)
Profit and loss account carried forward			(28,432,801)		(23,939,316)
			(22,033,935)		(17,540,450)

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 September 2025.

M Schick

Director

The notes on pages 16 to 36 form part of these financial statements.

Page 11


		SMC PHARMA SERVICES LTD (FORMERLY CAMBRIDGE PHARMA LIMITED) (FORMERLY CAMBRIDGE PHARMA LIMITED)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Share premium account	Capital contribution reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 January 2023	2,410	2,397,600	3,998,856	(15,228,460)	(8,829,594)
Comprehensive income for the year
Loss for the year	-	-	-	(17,181,896)	(17,181,896)
Total comprehensive income for the year	-	-	-	(17,181,896)	(17,181,896)

At 1 January 2024	2,410	2,397,600	3,998,856	(32,410,356)	(26,011,490)
Comprehensive income for the year
Loss for the year	-	-	-	(8,956,292)	(8,956,292)
Total comprehensive income for the year	-	-	-	(8,956,292)	(8,956,292)
At 31 December 2024	2,410	2,397,600	3,998,856	(41,366,648)	(34,967,782)

Page 12


		SMC PHARMA SERVICES LTD (FORMERLY CAMBRIDGE PHARMA LIMITED) (FORMERLY CAMBRIDGE PHARMA LIMITED)

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Share premium account	Capital contribution reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 January 2023	2,410	2,397,600	3,998,856	(11,284,779)	(4,885,913)
Comprehensive income for the year
Loss for the year	-	-	-	(12,654,537)	(12,654,537)
Total comprehensive income for the year	-	-	-	(12,654,537)	(12,654,537)

At 1 January 2024	2,410	2,397,600	3,998,856	(23,939,316)	(17,540,450)
Comprehensive income for the year
Loss for the year	-	-	-	(4,493,485)	(4,493,485)
Total comprehensive income for the year	-	-	-	(4,493,485)	(4,493,485)
At 31 December 2024	2,410	2,397,600	3,998,856	(28,432,801)	(22,033,935)

Page 13

SMC PHARMA SERVICES LTD (FORMERLY CAMBRIDGE PHARMA LIMITED)

(FORMERLY CAMBRIDGE PHARMA LIMITED)

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

			2024	2023
			£	£

Cash flows from operating activities
Loss for the financial year	(8,956,292)	(17,181,896)
Adjustments for:
Amortisation of intangible assets	1,253,476	1,250,058
Depreciation of tangible assets	455,712	349,356
Impairments of fixed assets	-	5,236,799
Loss on disposal of tangible assets	896,056	-
Interest paid	1,364,927	834,870
Interest received	(31)	(23)
(Increase)/decrease in stocks	(145,545)	-
(Increase)/decrease in debtors	(529,786)	227,595
Increase/(decrease) in creditors	8,098,364	(102,381)
Increase in provisions	225,838	-
Net cash generated from operating activities	2,662,719	(9,385,622)

Cash flows from investing activities
Purchase of tangible fixed assets	(874,201)	(266,730)
Sale of tangible fixed assets	-	63,709
Interest received	31	23
Net cash from investing activities	(874,170)	(202,998)
Cash flows from financing activities
Movement on loans due to associated company	-	10,477,470
Interest paid	(1,364,927)	(834,870)
Net cash used in financing activities	(1,364,927)	9,642,600
Net increase in cash and cash equivalents	423,622	53,980
Cash and cash equivalents at beginning of year	332,371	278,391
Cash and cash equivalents at the end of year	755,993	332,371

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	755,993	332,371

The notes on pages 16 to 36 form part of these financial statements.

Page 14

SMC PHARMA SERVICES LTD (FORMERLY CAMBRIDGE PHARMA LIMITED)

(FORMERLY CAMBRIDGE PHARMA LIMITED)

FOR THE YEAR ENDED 31 DECEMBER 2024


At 1 January 2024	Cash flows	At 31 December 2024
£	£	£

Cash at bank and in hand

332,371

423,622

755,993

The notes on pages 16 to 36 form part of these financial statements.

Page 15

SMC PHARMA SERVICES LTD (FORMERLY CAMBRIDGE PHARMA LIMITED)

(FORMERLY CAMBRIDGE PHARMA LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	GENERAL INFORMATION

SMC Pharma Services Ltd. (formerly Cambridge Pharma Limited) is a company limited by shares incorporated in England and Wales within the United Kingdom. The address of the registered office is 50-60 Station Road, Cambridge, CB1 2JH.
The principal activity of the Company, is investment in research and development of novel syringe and autoinjector technologies to include pharmaceutical process development to support small aseptic batch filling for clinical trials.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The subsidiary Oval Medical Technologies Limited (company number 06810585) has claimed exemption from audit under the provisions of section 479A of the Companies Act 2006. SMC Pharma Services Ltd has provided a guarantee over the subsidiary's liabilities under section 479A of the Act.

The following principal accounting policies have been applied:

2.2

BASIS OF CONSOLIDATION

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 10 December 2016.

Page 16

SMC PHARMA SERVICES LTD (FORMERLY CAMBRIDGE PHARMA LIMITED)

(FORMERLY CAMBRIDGE PHARMA LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

2.3

GOING CONCERN

The financial statements have been prepared on the basis that the Group is a going concern. In reaching this decision, the directors have considered projections of the cash flows of the Group for the next twelve months covering the existing commitments of the Group together with additional investment required to develop autoinjector technologies and that required to ensure the business completes the fit-out of its leasehold facility that will deliver pharmaceutical development and contract manufacturing services for small batch fill finish. The cash flows indicate that the Group may need additional finance during 2025 and 2026, which will be provided via a related Company, Scientific Molding Corporation Ltd. At the balance sheet date, as highlighted in Note 20, the Group had borrowed £43,521,366 via loan notes with Scientific Molding Corporation Ltd, over a 10-year term expiring 1 December 2031. Since the year end, in the first half of 2025, Scientific Molding Corporation Ltd have provided additional funding as required. Scientific Molding Corporation Ltd have confirmed they have sufficient funds to provide such further funding and their willingness to provide their continued financial support for a period of 12 months from the date of approval of these financial statements.
It is on this assumption that these financial statements are prepared on a going concern basis.
The directors have considered a period of not less than 12 months from the date of approval of these financial statements.
Accordingly, the financial statements have been prepared on a going concern basis and do not contain any adjustments that would result if the Company was not able to continue as a going concern.

2.4

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 17

SMC PHARMA SERVICES LTD (FORMERLY CAMBRIDGE PHARMA LIMITED)

(FORMERLY CAMBRIDGE PHARMA LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

2.5

TURNOVER

Turnover represents the amounts billed, excluding VAT, for work performed during the financial year. Revenue recognised under contractual agreements is recognised in the following ways:
Process development and device development programmess: Both revenue and costs of sales are recognised using the percentage of completion method. The amount by which revenue exceeds payments on account is included in accrued income; to the extent that payments on account exceed the respective revenue, the excess is included in deferred income.
Upfront payments: From time to time, customers pay up-front payments in return for certain exclusive rights as contractually agreed. These up-front payments are recognised upon invoice provided that there are no further performance obligations to be provided by the Group and provided that payment is considered to be recoverable with reasonable certainty within a reasonable time frame. In such circumstances, the risks and rewards of these exclusive rights are considered to have been transferred.

2.6

OPERATING LEASES: THE GROUP AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.7

RESEARCH AND DEVELOPMENT

Expenditure on all research and development is charged to the Consolidated Statement of Income in the same period in which it is incurred.

2.8

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

2.9

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.10

PENSIONS

Defined contribution pension plan
The Group contributes into defined contribution plans for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 18

SMC PHARMA SERVICES LTD (FORMERLY CAMBRIDGE PHARMA LIMITED)

(FORMERLY CAMBRIDGE PHARMA LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

2.11

TAXATION

Tax is recognised in profit or loss 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 corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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;
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
- Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.
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 balance sheet date.

2.12

INTANGIBLE ASSETS

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:

Goodwill

years

Page 19

SMC PHARMA SERVICES LTD (FORMERLY CAMBRIDGE PHARMA LIMITED)

(FORMERLY CAMBRIDGE PHARMA LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

2.13

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, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements	-	Cost written off over the term of the lease remaining at the point of asset capitalisation, the initial term being 15 years.
Plant and machinery	-	33%
Fixtures and fittings	-	33%
Computer equipment	-	33%
Assets under construction	-	Assets under construction are not depreciated until in use.

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 profit or loss.

2.14

IMPAIRMENT OF FIXED ASSETS AND GOODWILL

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

2.15

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

2.16

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 20

SMC PHARMA SERVICES LTD (FORMERLY CAMBRIDGE PHARMA LIMITED)

(FORMERLY CAMBRIDGE PHARMA LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

2.17

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.

2.18

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

2.19

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.

2.20

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 profit or loss.

2.21

FINANCIAL INSTRUMENTS

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated Statement of Comprehensive Income.

Page 21

SMC PHARMA SERVICES LTD (FORMERLY CAMBRIDGE PHARMA LIMITED)

(FORMERLY CAMBRIDGE PHARMA LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

2.22

LOANS

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

3.	JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations on future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results ultimately may differ from those estimates. Management judgement has been applied in the following areas:
Percentage completion of contracts
Both revenue and costs of sales are recognised using the percentage of completion method. The amount by which revenue exceeds payments on account is included in accrued income; to the extent that payments on account exceed the respective revenue, the excess is included in deferred income.
Management review the percentage completion of contracts monthly based on actual versus budgeted future costs to completion. Management's estimate of future costs to completion is based on their judgement of future costs and their experience of the specific nature of the contract in question.
Tangible fixed assets
Each year the Group reviews the estimated useful lives and residual values of tangible fixed assets and these are adjusted if appropriate. The depreciation rates are calculated according to the useful economic life that management believe to be appropriate based on the nature of the asset in operation.

	Turnover from contracts	2,100,244	138,972

Analysis of turnover by country of destination:

					2024	2023
					£	£

United Kingdom	710,815	22,923
Rest of the world	1,389,429	116,049
	2,100,244	138,972

Page 22

SMC PHARMA SERVICES LTD (FORMERLY CAMBRIDGE PHARMA LIMITED)

(FORMERLY CAMBRIDGE PHARMA LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

5.	OTHER OPERATING INCOME
		2024	2023
		£	£

RDEC Income	442,629	261,030
Sale of assets	150	6,152
Fees receivable	42,083	-
	484,862	267,182

Research & development charged as an expense	3,059,917	3,528,969
Amortisation of intangible assets, including goodwill	1,253,476	1,250,058
Depreciation of tangible assets	455,712	349,356
Impairment of tangible fixed assets	-	5,236,799
Exchange Differences	(8,666)	57,485
Other operating lease rentals	432,283	276,917
Defined contribution pension cost	154,218	277,139

Fees payable to the Group's auditors for the audit of the Group's financial statements

36,200

34,460

Page 23

SMC PHARMA SERVICES LTD (FORMERLY CAMBRIDGE PHARMA LIMITED)

(FORMERLY CAMBRIDGE PHARMA LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024


8.	EMPLOYEES
	Staff costs, including directors' remuneration, were as follows:
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£


Wages and salaries	2,439,999	4,675,432	1,912,708	3,554,900
Social security costs	290,461	505,574	234,159	393,747
Cost of defined contribution scheme	154,218	277,139	119,881	210,988
	2,884,678	5,458,145	2,266,748	4,159,635

The average monthly number of employees, including the directors, during the year was as follows:
	Group	Group	Company	Company
	2024	2023	2024	2023
	No.	No.	No.	No.


Non-remunerated Directors	6	7	3	3
Remunerated Directors	1	2	1	1
Employees	28	65	22	49
	35	74	26	53

9.	DIRECTORS' REMUNERATION
		2024	2023
		£	£

Directors' emoluments	134,924	88,593
Group contributions to defined contribution pension schemes	10,983	5,758
	145,907	94,351

During the year retirement benefits were accruing to 1 director (2023 - 2) in respect of defined contribution pension schemes.

10.	INTEREST RECEIVABLE
		2024	2023
		£	£

Other interest receivable

Page 24

SMC PHARMA SERVICES LTD (FORMERLY CAMBRIDGE PHARMA LIMITED)

(FORMERLY CAMBRIDGE PHARMA LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Loans from group undertakings

1,364,927

1,118,555

Corporation tax
Current tax on profits for the year	82,339	63,453

Loss on ordinary activities before tax

(8,873,953)

(17,118,443)

Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)	(2,218,488)	(4,026,258)
Effects of:
Non-tax deductible amortisation of goodwill and impairment	-	1,525,709
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	2,257	1,558
Capital allowances for year in excess of depreciation	486,155	27,713
Utilisation of tax losses	-	(4,838)
Other timing differences leading to an increase (decrease) in taxation	-	3,850
Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge	80,730	63,453
Changes in provisions leading to an increase (decrease) in the tax charge	984	(7,424)
Unrelieved tax losses carried forward	1,730,701	2,479,690
Total tax charge for the year	82,339	63,453

Page 25

SMC PHARMA SERVICES LTD (FORMERLY CAMBRIDGE PHARMA LIMITED)

(FORMERLY CAMBRIDGE PHARMA LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

12.TAXATION (CONTINUED)

FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

The group has estimated losses of £37,432,436 (2023 - £34,462,149) available to carry forward against future trading profits.
The group has a potential deferred tax asset of £9,358,109 (2023 - £8,615,537) on the above losses.
This has not been recognised in the financial statements due to the uncertainty when such losses will be utilised.

13.	INTANGIBLE ASSETS
	Group

		Goodwill
		£
	Cost
	At 1 January 2024	12,507,359
	At 31 December 2024	12,507,359
	Amortisation
	At 1 January 2024	8,825,710
	Charge for the year on owned assets	1,253,476
	At 31 December 2024	10,079,186
	Net book value
	At 31 December 2024	2,428,173
	At 31 December 2023	3,681,649

Page 26

SMC PHARMA SERVICES LTD (FORMERLY CAMBRIDGE PHARMA LIMITED)

(FORMERLY CAMBRIDGE PHARMA LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

14.	TANGIBLE FIXED ASSETS
	Group

	Leasehold improvements	Plant and machinery	Fixtures and fittings	Computer equipment	Assets under construction	Total
	£	£	£	£	£	£
COST
At 1 January 2024	2,695,634	2,945,553	39,412	180,411	13,592,260	19,453,270
Additions	225,751	126,917	-	-	521,533	874,201
Transfers intra group	-	44,482	-	-	(44,482)	-
Disposals	-	(819,501)	-	(2,600)	(5,380,552)	(6,202,653)
Transfers between classes	-	423,856	-	-	(423,856)	-
At 31 December 2024	2,921,385	2,721,307	39,412	177,811	8,264,903	14,124,818
Depreciation
At 1 January 2024	743,034	2,821,091	39,412	168,173	5,064,646	8,836,356
Charge for the year on owned assets	268,765	177,043	-	9,904	-	455,712
Disposals	-	(795,319)	-	(2,600)	-	(797,919)
Impairment charge	-	-	-	-	(4,508,678)	(4,508,678)
At 31 December 2024	1,011,799	2,202,815	39,412	175,477	555,968	3,985,471
Net book value
At 31 December 2024	1,909,586	518,492	-	2,334	7,708,935	10,139,347
At 31 December 2023	1,952,600	124,462	-	12,238	8,527,614	10,616,914

The net book value of leasehold improvements may be further analysed as follows:
	2024	2023
	£	£

Leasehold improvements

1,909,586

1,952,600

Page 27

SMC PHARMA SERVICES LTD (FORMERLY CAMBRIDGE PHARMA LIMITED)

(FORMERLY CAMBRIDGE PHARMA LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

14.TANGIBLE FIXED ASSETS (CONTINUED)

	Company

	Leasehold improvements	Plant and machinery	Computer equipment	Assets under construction	Total
	£	£	£	£	£
Cost or valuation
At 1 January 2024	862,771	1,695,970	21,423	12,098,273	14,678,437
Additions	142,137	119,245	-	280,115	541,497
Transfers intra group	-	44,482	-	120,675	165,157
Disposals	-	(581,995)	-	(4,670,700)	(5,252,695)
Transfers between classes	-	238,302	-	(238,302)	-
At 31 December 2024	1,004,908	1,516,004	21,423	7,590,061	10,132,396
Depreciation
At 1 January 2024	174,563	1,648,387	18,145	4,879,471	6,720,566
Charge for the year on owned assets	105,510	118,287	3,278	-	227,075
Disposals	-	(581,995)	-	-	(581,995)
Impairment charge	-	-	-	(4,508,678)	(4,508,678)
At 31 December 2024	280,073	1,184,679	21,423	370,793	1,856,968
Net book value
At 31 December 2024	724,835	331,325	-	7,219,268	8,275,428
At 31 December 2023	688,208	47,583	3,278	7,218,802	7,957,871

The net book value of land and buildings may be further analysed as follows:
	2024	2023
	£	£

	Short leasehold	724,835	688,208

Page 28

SMC PHARMA SERVICES LTD (FORMERLY CAMBRIDGE PHARMA LIMITED)

(FORMERLY CAMBRIDGE PHARMA LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

15.	FIXED ASSET INVESTMENTS

	Company

		Investments in subsidiary companies
		£
	COST
	At 1 January 2024	11,741,450
	At 31 December 2024	11,741,450

SUBSIDIARY UNDERTAKING
The following was a subsidiary undertaking of the Company:
Name	Registered office	Class of shares	Holding

Oval Medical Technologies Limited

50-60 Station Road, Cambridge, CB1 2JH

Ordinary

100%

	The aggregate of the share capital and reserves as at 31 December 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:
	Name	Aggregate of share capital and reserves	Loss for year

Oval Medical Technologies Limited

(3,620,570)

(3,209,331)

As disclosed in note 2.1, the above subsidiary has claimed exemption from audit under the provisions of section 479A of the Companies Act 2006. SMC Pharma Services Ltd has provided a guarantee over the subsidiary's liabilities under section 479C of the Act.

16.	STOCKS
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

	Raw materials and consumables	145,545	-	145,545	-

The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 29

SMC PHARMA SERVICES LTD (FORMERLY CAMBRIDGE PHARMA LIMITED)

(FORMERLY CAMBRIDGE PHARMA LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

17.	DEBTORS
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£


Amounts owed by group undertakings	-	-	4,408,122	2,980,642

Group	Group	Company	Company
2024	2023	2024	2023
£	£	£	£


Trade debtors	336,255	31,100	96,825	-
Amounts owed by group undertakings	-	-	131,496	96,090
Other debtors	824,930	742,710	474,674	612,276
Prepayments and accrued income	469,382	305,901	172,729	184,524
Research and development tax credit	462,710	483,780	70,866	-
	2,093,277	1,563,491	946,590	892,890

Transactions with subsidiary company
The Company entered into a related party transaction with its subsidiary, Oval Medical Technologies Limited, whereby the Company signed a promissory note effective 1 December 2021 with Oval Medical Technologies Limited. This note was for a fluctuating sum which amalgamated previous loan amounts between the Company and Oval Medical Technologies Limited.
Interest is calculated on the loan at 3.2% interest per annum, being deemed by the Directors to be market rate. Interest is compounded on a monthly basis and is payable each year. The Company has the option to repay the capital element of the loan any time prior to the end of the term.
The aggregate amount of the loan notes drawn down at the year end and included within Debtors due after more than one year was £4,408,122 (2023 - £2,980,642).
At 31 December 2024, the balance of interest owed by Oval Medical Technologies Limited under the promissory note, and included within Debtors due within one year, amounted to £131,496 (2023 - £96,090).

18.	CASH AND CASH EQUIVALENTS
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

	Cash at bank and in hand	755,993	332,371	466,893	115,542

Page 30

SMC PHARMA SERVICES LTD (FORMERLY CAMBRIDGE PHARMA LIMITED)

(FORMERLY CAMBRIDGE PHARMA LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

19.	CREDITORS: Amounts falling due within one year
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Trade creditors	408,013	222,020	159,179	75,029
Other taxation and social security	74,849	240,246	60,114	53,000
Other creditors	49,491	32,213	22,808	16,625
Accruals and deferred income	5,240,560	1,909,189	3,352,359	1,531,944
	5,772,913	2,403,668	3,594,460	1,676,598

20.	CREDITORS: Amounts falling due after more than one year
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

	Other creditors	43,521,366	38,792,247	43,521,366	38,792,247

Transactions with associated company
The Company signed a promissory note, effective 1 December 2021 with Scientific Molding Corporation Ltd. This note was for a fluctuating sum which amalgamated previous loan amounts between the Company and Scientific Molding Corporation Ltd.
Interest is calculated on the loan at 3.2% interest per annum, being deemed by the Directors to be market rate. Interest is compounded on a monthly basis and is payable each year. The Company has the option to repay the capital element of the loan any time prior to the end of the term.
The aggregate amount of the loan notes drawn down at the year end was £43,521,366 (2023 - £38,792,247).

Page 31

SMC PHARMA SERVICES LTD (FORMERLY CAMBRIDGE PHARMA LIMITED)

(FORMERLY CAMBRIDGE PHARMA LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

21.	FINANCIAL INSTRUMENTS
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Financial assets
Financial assets measured at fair value through profit or loss	755,993	332,371	466,893	115,542
Financial assets that are debt instruments measured at amortised cost	1,407,585	773,810	5,181,983	3,689,008
	2,163,578	1,106,181	5,648,876	3,804,550

	Financial liabilities
	Financial liabilities measured at amortised cost	44,406,395	39,046,480	44,122,463	38,883,901

	Financial assets measured at fair value through profit and loss account comprise cash at bank and in hand. Financial assets that are debt instruments measured at amortised cost comprise trade debtors, amounts owed by group undertakings and other debtors.
	Financial liabilities measured at amortised cost comprise trade creditors, amounts owed to group undertakings and other creditors.


At 1 January 2024	1,010,000	760,000
Capitalised in year	225,838	142,137
AT 31 DECEMBER 2024	1,235,838	902,137

In November 2018 and May 2019, the Group signed two 15 year leases on two facilities. The Group commenced a fit out programme of leasehold improvements. A dilapidations provision has been included within the financial statements in respect of remedial work required to reinstate the facilities to their original state when vacated. At 31 December 2024, the Group's provisions amounted to £1,235,838 (2023 - £1,010,000).

Page 32

SMC PHARMA SERVICES LTD (FORMERLY CAMBRIDGE PHARMA LIMITED)

(FORMERLY CAMBRIDGE PHARMA LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

23.	SHARE CAPITAL
		2024	2023
		£	£

Allotted, called up and fully paid

24,100 (2023 - 24,100) Ordinary shares of £0.10 each	2,410	2,410

Class rights
At 31 December 2024, the Company has in issue one class of ordinary shares of 10p each
Dividend rights
The ordinary shareholder have a right to receive a dividend.
Return of capital
Upon liquidation, the asset of the Company will be applied pro-rata to the ordinary shareholders' shares.
Voting rights
The ordinary shareholders are entitled to receive notice of, attend, speak or vote at a general meeting of the Company.

24.

RESERVES

Share premium account

Includes and premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Capital contribution reserve

Includes all capital contributions from the Company's members. Capital contributions are in relation to extinguished liabilities and interest on intergroup loans at below market rate.

Profit and loss account

Includes all current and prior period retained profits and losses less any dividends paid.

25.	CAPITAL COMMITMENTS
	At 31 December 2024 the Group and Company had capital commitments as follows:
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Contracted for but not provided in these financial statements

73,155

77,258

39,052

77,258

Page 33

SMC PHARMA SERVICES LTD (FORMERLY CAMBRIDGE PHARMA LIMITED)

(FORMERLY CAMBRIDGE PHARMA LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

26.	PENSION COMMITMENTS

The Group contributes into defined contribution pension schemes. The assets of the schemes are held separately from those of the Group in an independently administered funds. The pension cost charge represents contributions payable by the Group to the fund and amounted to £154,218 (2023 - £277,139). Contributions totalling £24,361 (2023 - £20,245) were payable to the fund at the balance sheet date and are included in Creditors: Amounts due within one year.

27.	COMMITMENTS UNDER OPERATING LEASES
	At 31 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Not later than 1 year	435,715	299,579	276,469	201,825
Later than 1 year and not later than 5 years	1,720,441	1,181,621	1,105,876	807,300
Later than 5 years	1,963,700	1,537,721	1,212,424	1,087,459
	4,119,856	3,018,921	2,594,769	2,096,584

Page 34

SMC PHARMA SERVICES LTD (FORMERLY CAMBRIDGE PHARMA LIMITED)

(FORMERLY CAMBRIDGE PHARMA LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

28.

RELATED PARTY TRANSACTIONS

Transactions with associated companies
The Company signed a new promissory note in early 2022, effective of 1 December 2021 with an associated company, Scientific Molding Corporation Ltd. This note was for a fluctuating sum which amalgamated the previous loan amounts between the Company and Scientific Molding Corporation Ltd. The total balance outstanding on the promissory note at 31 December 2024 was £43,521,366 (2023 - £38,792,247). Interest charged during the year to 31 December 2024 totalled £1,364,927 (2023 - £1,118,555).
At 31 December 2024 the balance of interest owing to Scientific Molding Corporation Ltd. amounted to £1,364,927 (2023 - £1,118,555) and was included in Creditors: Amounts due within one year.
During the year the Group:
• made purchases and generated accruals from Scientific Molding Corporation Ltd totalling £48,817 (2023 - £nil). At 31 December 2024 the balance for these purchases and accruals included in Creditors: due within one year was £2,468 (2023 - £nil).
• made net sales to Scientific Molding Corporation Ltd totalling £26,427 (2023 - £nil). At 31 December 2024 the balance for these sales included in Debtors: due within one year was £nil (2023 – £nil).
• entered into a related party transaction with an associated company, Scientific Molding Corporation Ltd, whereby the Group made net sales totalling £26,727 (2023 - £nil) to Scientific Molding Corporation Ltd. At 31 December 2024 the balance owed to the Group and included within Debtors was £nil (2023 – £nil).
• made sales to SMC Pharma Services L.L.C., an associated company, totalling £153,057 (2023 - £nil). At 31 December 2024 the balance for these sales included in Debtors: due within one year was £154,556 (2023 - £nil).
• generated accruals from SMC Pharma Services L.L.C. totalling £62,214 (2023 - £nil). At 31 December 2024 the balance for these accruals included in Creditors: due within one year was £62,214 (2023 - £nil).
• entered into a related party transaction with an associated company, SMC Costa Rica, whereby the Group made sales totalling £124,428 (2023 - £nil) to SMC, Costa Rica. At 31 December 2024 the balance owed to the Group and included within Debtors was £nil (2023 – £nil).

Page 35

SMC PHARMA SERVICES LTD (FORMERLY CAMBRIDGE PHARMA LIMITED)

(FORMERLY CAMBRIDGE PHARMA LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

28. RELATED PARTY TRANSACTIONS (CONTINUED)

Transactions with subsidiary company
The Company signed a new promissory note in early 2022, effective of 1 December 2021 with its subsidiary company, Oval Medical Technologies Limited. This note was for a fluctuating sum which amalgamated the previous loan amounts between the Company and Oval Medical Technologies Limited.
The total balance outstanding on the promissory note owed from Oval Medical Technologies Limited at 31 December 2024 and included in Debtors: falling due after one year was £4,408,122 (2023 - £2,980,642). Interest charged during the year to 31 December 2024 totalled £131,496 (2023 - £96,090).
At 31 December 2024 the balance of interest owing from Oval Medical Technologies Limited amounted to £131,496 (2023 - £96,090) and was included in Debtors: falling due within one year.
During the year ended 31 December 2024, the Company incurred costs on behalf of Oval Medical Technologies Limited and was charged costs by Oval Medical Technologies Limited, the net value of these transactions charged to the Company was £225,200 (2023 – net value charged by the Company, £405,648). The amount outstanding and included in Creditors: Amounts falling due within one year at 31 December 2024 was £nil (2023 - £nil).
Key management and personnel
The gross remuneration of key management and personnel of the Group for the year ended 31 December 2024 is £889,462 (2023 - £1,315,498).

Page 36