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Registered number: SC341432 FIOS GENOMICS LIMITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 30 APRIL 2025
FIOS GENOMICS LIMITED COMPANY INFORMATION
Directors | Dr Max Bylesjo
| Mr Alan Mcdougall Johnston
| Dr Sarah Lynagh
| Mr Martin William Ramsay
| Dr Alistair Strachan
Company secretary | MBM Secretarial Services Limited
Registered number | SC341432
Registered office | 13 Little France Road
| Edinburgh Bioquarter
| Edinburgh
| EH16 4UX
Independent auditor | AAB Audit & Accountancy Limited
| 81 George Street
| Edinburgh
| EH2 3ES
Bankers | Bank of Scotland plc
| 104 George Street
| Edinburgh
| EH2 3DF
Solicitors | MBM Commercial LLP
| Suite 2, Ground Floor Orchard Brae House
| 30 Queensferry Road
| Edinburgh
| EH4 2HS
FIOS GENOMICS LIMITED REGISTERED NUMBER: SC341432 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 APRIL 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 6 |  | 94,830 |  | 176,439
|  |  | 94,830 |  | 176,439
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 8 | 452,873 |  | 812,352 |
Current asset investments | 9 | 1,139,442 |  | 1,007,589 |
Cash at bank and in hand | 10 | 363,528 |  | 780,193 |
|  | 1,955,843 |  | 2,600,134 |
Creditors: amounts falling due within one year | 11 | (374,017) |  | (409,994) |
Net current assets |  |  | 1,581,826 |  | 2,190,140
Total assets less current liabilities |  |  | 1,676,656 |  | 2,366,579
Provisions for liabilities |  |  |  |  |
Other provisions | 12 |  | (58,718) |  | (35,490)
Net assets |  |  | 1,617,938 |  | 2,331,089
Capital and reserves |  |  |  |  |
Called up share capital | 13 |  | 209 |  | 209
Share premium account | 14 |  | 2,483,157 |  | 2,483,157
Foreign exchange reserve | 14 |  | (2) |  | 62
Profit and loss account | 14 |  | (865,426) |  | (152,339)
|  |  | 1,617,938 |  | 2,331,089
Page 1
FIOS GENOMICS LIMITED REGISTERED NUMBER: SC341432 CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 30 APRIL 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 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 consolidated statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime. The were approved and authorised for issue by the board and were signed on its behalf by:
Mr Martin William Ramsay
Director
Date: 29 October 2025
The notes on pages 5 to 15 form part of these financial statements. Page 2
FIOS GENOMICS LIMITED REGISTERED NUMBER: SC341432 COMPANY STATEMENT OF FINANCIAL POSITION AS AT 30 APRIL 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 6 |  | 94,830 |  | 176,439
Investments | 7 |  | 758 |  | 758
|  |  | 95,588 |  | 177,197
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 8 | 457,980 |  | 814,357 |
Current asset investments | 9 | 1,139,442 |  | 1,007,589 |
Cash at bank and in hand | 10 | 359,780 |  | 775,600 |
|  | 1,957,202 |  | 2,597,546 |
Creditors: amounts falling due within one year | 11 | (374,017) |  | (408,076) |
Net current assets |  |  | 1,583,185 |  | 2,189,470
Total assets less current liabilities |  |  | 1,678,773 |  | 2,366,667
Provisions for liabilities |  |  |  |  |
Other provisions | 12 |  | (58,718) |  | (35,490)
Net assets |  |  | 1,620,055 |  | 2,331,177
Capital and reserves |  |  |  |  |
Called up share capital | 13 |  | 209 |  | 209
Share premium account | 14 |  | 2,483,157 |  | 2,483,157
Profit and loss account | 14 |  | (863,311) |  | (152,189)
|  |  | 1,620,055 |  | 2,331,177
Page 3
FIOS GENOMICS LIMITED REGISTERED NUMBER: SC341432 COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 30 APRIL 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 consolidated statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime. The were approved and authorised for issue by the board and were signed on its behalf by:
Mr Martin William Ramsay
Director
Date: 29 October 2025
The notes on pages 5 to 15 form part of these financial statements. Page 4
FIOS GENOMICS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
1. | General information
The company is a private company limited by shares and is incorporated in Scotland (Company No: SC341432). The address of its registered office is 13 Little France Road, Edinburgh Bioquarter, Edinburgh, EH16 4UX. 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 Section 1A of 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 judgement 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 Income and Retained Earnings in these financial statements. 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 Statement of Financial Position, 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 Income and Retained Earnings from the date on which control is obtained. They are deconsolidated from the date control ceases. Page 5
FIOS GENOMICS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.3 | Going concern
The directors have reviewed cash flow and trading forecasts to ensure the Group has sufficient resources to enable it to meet its liabilities as they fall due for a period of at least twelve months from the date signing of the financial statements. The Group’s business is to provide data analysis services predominantly to the pharmaceutical industry. The pharmaceutical industry has been a key area of activity both in terms of ongoing clinical trials for new medicine development and with the development of novel treatments and vaccines. The Group continues to expand its customer base and to consolidate long-standing relationships with existing clients. The market hesitancy which became apparent in the Group’s trading in the second half of 2024 has persisted throughout the Group’s financial year. The company has taken prudent steps post year-end to control its cost base, consistent with retaining its ability to respond quickly to a market recovery.The Group’s exceptional team remains well positioned to support the requirements of customers as and when market confidence returns. The Group’s cash position remains strong. Notwithstanding the underlying strength of the business, the directors continue to monitor market conditions carefully and including the scenario of an extended and persistent downturn in sales. From this analysis the directors are confident that given the current level of cash resources and forecasted trading expectations, the Group will have more than adequate resources to continue as a going concern for the foreseeable future.
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Monetary amounts in these financial statements are rounded to the nearest £. 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. On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income. Page 6
FIOS GENOMICS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.5 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group 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.
| 2.6 | 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.
| 2.7 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan 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 Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds. Page 7
FIOS GENOMICS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.8 | Share-based payments
The company has taken advantage of the exemption permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" not to fair value options granted prior to 1 May 2016. Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition. The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Group keeping the scheme open or the employee maintaining any contributions required by the scheme). Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period. Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.
| 2.9 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. 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 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 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 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. Page 8
FIOS GENOMICS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.10 | 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:
|  |  |  | Tenants improvements | - | 22% | Over lease term
|  |  |  | Office equipment | - | 33% | Straight line
|  |  |  | Computer equipment | - | 33% | Straight line
|  |  |  | Other fixed assets | - | 50% | Straight line
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.
| 2.11 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.12 | 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.
| 2.13 | 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.
| 2.14 | 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. Page 9
FIOS GENOMICS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.15 | 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.
| 2.16 | Financial instruments
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
| 2.17 | Employee Benefits
Short-term employee benefits are recognised as an expense in the period in which they are incurred.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Statement of financial position date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements and estimates have had the most significant effects on amounts recognised in the financial statements: Revenue recognition Revenue is recognised as contract activity progresses and the right to consideration is earned. The key area of judgement is the determination of the stage of completion of work done. Management base this assessment on hours worked, detailed costings and progress reports and their experience of similar contracts in the past. Provisions Provisions are recognised when the Group has an obligation, as a result of past events, that can be measured reliably and where the outcome is probable. Where the outcome is less than probable, but more than remote, no provision is recorded but a contingent liability disclosed in the financial statements if material. The recording of provisions is therefore an area which requires the exercise of management judgement relating to the nature, timing and probability of the liability. The main provision held by the Group is in respect of dilapidations and the amount of the provision is reassessed annually and amended when necessary to reflect current estimates, based on any changes of circumstances. Refer to note 12 for amounts held in relation to this provision. Page 10
FIOS GENOMICS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
4. | Employees
| The average monthly number of employees, including directors, during the year was 45 (2024 - 48).
5. | Parent company profit for the year
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 Income and Retained Earnings in these financial statements. The loss after tax of the parent Company for the year was £711,112 (2024 - loss £25,312).
6. | Tangible fixed assets
| Group and Company
|  | Computer equipment | Tenants' Improvements | Office equipment | Other fixed assets | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 May 2024 | 235,621 | 225,667 | 97,454 | 4,726 | 563,468
| Additions | 13,750 | - | - | - | 13,750
| Disposals | (106,968) | - | - | (4,726) | (111,694)
| At 30 April 2025 | 142,403 | 225,667 | 97,454 | - | 465,524
| Depreciation |  |  |  |  |
| At 1 May 2024 | 206,437 | 105,703 | 70,163 | 4,726 | 387,029
| Charge for the year | 18,523 | 49,640 | 27,196 | - | 95,359
| Disposals | (106,968) | - | - | (4,726) | (111,694)
| At 30 April 2025 | 117,992 | 155,343 | 97,359 | - | 370,694
| Net book value |  |  |  |  |
| At 30 April 2025 | 24,411 | 70,324 | 95 | - | 94,830
| At 30 April 2024 | 29,184 | 119,964 | 27,291 | - | 176,439
Page 11
FIOS GENOMICS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
7. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 May 2024 | 758
| At 30 April 2025 | 758
| Subsidiary undertaking
| The following was a subsidiary undertaking of the Company:
| Name | Registered office | Class of shares | Holding
| Fios Genomics Inc | 13 Little France Road, Edinburgh Bioquarter, Edinburgh, EH16 4UX | Ordinary | 100%
8. | Debtors
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade debtors | 224,660 | 595,647 | 224,660 | 595,647
| Amounts owed by group undertakings | - | - | 5,107 | 2,150
| Other debtors | 78,224 | 98,144 | 78,224 | 98,144
| Prepayments and accrued income | 123,038 | 91,610 | 123,038 | 91,465
| Deferred taxation | 26,951 | 26,951 | 26,951 | 26,951
|  | 452,873 | 812,352 | 457,980 | 814,357
Page 12
FIOS GENOMICS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
9. | Current asset investments
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Bank term deposits | 1,139,442 | 1,007,589 | 1,139,442 | 1,007,589
|  | 1,139,442 | 1,007,589 | 1,139,442 | 1,007,589
10. | Cash and cash equivalents
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Cash at bank and in hand | 363,528 | 780,193 | 359,780 | 775,600
|  | 363,528 | 780,193 | 359,780 | 775,600
11. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade creditors | 45,314 | 10,660 | 45,314 | 10,660
| Other taxation and social security | 63,281 | 128,087 | 63,281 | 128,087
| Other creditors | 22,218 | - | 22,218 | -
| Accruals and deferred income | 243,204 | 271,247 | 243,204 | 269,329
|  | 374,017 | 409,994 | 374,017 | 408,076
Page 13
FIOS GENOMICS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
12. | Provisions
| Group and Company
|  | Dilapidation provision
|  | £
| At 1 May 2024 | 35,490
| Charged to profit or loss | 23,228
| At 30 April 2025 | 58,718
13. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 2,086,973 (2024 - 2,086,973) Ordinary shares of £0.0001 each | 209 | 209
14. | Reserves
Share premium account The share premium account represents the premium paid on ordinary shares of the company, above their nominal value net of share issue costs. Foreign exchange reserve The foreign exchange reserve represents retranslation gains and losses arising on consolidation. Profit and loss account The profit and loss account represents accumulated profits and losses of the company less distributions to shareholders.
15. | Pension commitments
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. Contributions totalling £22,218 (2024 - £nil) were payable to the fund at the Statement of financial position date and are included in creditors. Page 14
FIOS GENOMICS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
16. | Commitments under operating leases
| At 30 April 2025 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
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Not later than 1 year | 74,844 | 74,844 | 74,844 | 74,844
| Later than 1 year and not later than 5 years | 31,185 | 106,029 | 31,185 | 106,029
|  | 106,029 | 180,873 | 106,029 | 180,873
17. | Controlling party
The directors are of the opinion that no one party has overall control of the Group and Company.
18. | Auditor's information
The auditor's report on the financial statements for the year ended 30 April 2025 was unqualified. The audit report was signed on 29 October 2025 by Nicola MacLennan (Senior Statutory Auditor) on behalf of AAB Audit & Accountancy Limited.
Page 15