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REGISTERED NUMBER: 12545426 (England and Wales)

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

SIRIONLABS LIMITED

| SIRIONLABS LIMITED (REGISTERED NUMBER: 12545426) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 3 |

| SIRIONLABS LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 MARCH 2025

| DIRECTOR: | Ajay Agrawal

| REGISTERED OFFICE: | 11 Cursitor Street

| London

| EC4A 1LL

| REGISTERED NUMBER: | 12545426 (England and Wales)

| AUDITORS: | Smartax Limited

| Chartered Certified Accountants and

| Statutory Auditors

| 38 Station Road

| Harrow

| Middlesex

| HA2 7SE

| BANKERS: | J P Morgan Chase Bank

| National Association

| 25 Bank Street

| Canary Wharf

| London

| E14 5JP

| ACCOUNTANTS: | Auctus Accountants Ltd

| 2 Churchill Court

| 58 Station Road

| North Harrow

| HA2 7SA

| SIRIONLABS LIMITED (REGISTERED NUMBER: 12545426) |

BALANCE SHEET

31 MARCH 2025

| 31.3.25 | 31.3.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 16,766 |  | 18,152 |  |

CURRENT ASSETS

Debtors | 5 | 725,702 |  | 555,996 |  |

Cash at bank | 102,624 |  | 233,132 |  |

828,326 |  | 789,128 |  |

CREDITORS

Amounts falling due within one year | 6 | 419,264 |  | 552,675 |  |

NET CURRENT ASSETS | 409,062 |  | 236,453 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 425,828 |  | 254,605 |  |

CAPITAL AND RESERVES

Called up share capital | 1,000 |  | 1,000 |  |

Share option reserve | 8 | 255,368 |  | 227,112 |  |

Retained earnings | 8 | 169,460 |  | 26,493 |  |

425,828 |  | 254,605 |  |

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 14 October 2025 and were signed by:

Ajay Agrawal - Director

| SIRIONLABS LIMITED (REGISTERED NUMBER: 12545426) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1. | STATUTORY INFORMATION

| SirionLabs Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| The accounts are prepared in sterling, which is the functional currency of the entity.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Turnover is generated from recharges to the parent company with an applied profit markup.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Plant and machinery etc | - | 33.33% on cost

| Share-based payments

| Sirion Labs is part of a Group equity-settled share incentive scheme. The fair value of share options granted under the scheme is measured at the date of the grant using "The black scholes model".

| The fair value of the estimated number of options and awards that are expected to be vested is expensed to income statement on a straight-line basis over the period that employees' services are rendered with a corresponding increase in the share option reserve.

| Options not vested within six months of leaving employment are forfeited and cancelled are credited to the income statement in the year of forfeiture with a corresponding reduction in the share option reserve.

| The options are recorded on an aggregate basis.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| SIRIONLABS LIMITED (REGISTERED NUMBER: 12545426) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

2. | ACCOUNTING POLICIES - continued

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Debtors

| Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

| Creditors

| Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 20 (2024 - 14 ) .

| SIRIONLABS LIMITED (REGISTERED NUMBER: 12545426) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

4. | TANGIBLE FIXED ASSETS

| Computer

| equipment

£ |

| COST

| At 1 April 2024 | 37,570 |  |

| Additions | 11,935 |  |

| At 31 March 2025 | 49,505 |  |

| DEPRECIATION

| At 1 April 2024 | 19,418 |  |

| Charge for year | 13,321 |  |

| At 31 March 2025 | 32,739 |  |

| NET BOOK VALUE

| At 31 March 2025 | 16,766 |  |

| At 31 March 2024 | 18,152 |  |

5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.3.25 |  | 31.3.24

£ | £ |

| Amounts owed by group undertakings | 640,817 |  | 504,446 |  |

| Other debtors | 84,885 |  | 51,550 |  |

725,702 |  | 555,996 |  |

6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.3.25 |  | 31.3.24

£ | £ |

| Trade creditors | 48,396 |  | 22,038 |  |

| Taxation and social security | 99,917 |  | 180,729 |  |

| Other creditors | 270,951 |  | 349,908 |  |

419,264 |  | 552,675 |  |

| SIRIONLABS LIMITED (REGISTERED NUMBER: 12545426) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

7. | EMPLOYEE STOCK OWNERSHIP PLAN | (ESOP)

| The movements of ESOPS during the period is shown below:

| No. of options

| 2025 2024

| Brought forward 330,500 646,500

| Granted during the year 20,000 98,000

| Exercised during the year --- (12,500)

| Lapsed during the year (212,000) (401,500)

| _______ _________

| Carried forward 138,500 330,500

| ________ _________

| The weighted average exercise price of the options carried forward at the year end is £2.08 (2024 - £2.71)

8. | RESERVES

| Share |

| Retained |  | option |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1 April 2024 | 26,493 |  | 227,112 |  | 253,605 |  |

| Profit for the year | 142,967 |  | 142,967 |  |

| Share option movement | - |  | 28,256 |  | 28,256 |  |

| At 31 March 2025 | 169,460 |  | 255,368 |  | 424,828 |  |

9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

| The Report of the Auditors was unqualified.

| S Rajan CTA FCCA ACA (Senior Statutory Auditor)

| for and on behalf of Smartax Limited

| Material uncertainty related to going concern.

| We draw attention to Note 12, which indicates that the company is reliant on the financial support from its parent company. As stated in Note 12, these conditions, along with other matters as set forth in Note 12, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

| 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.

10. | PENSION COMMITMENTS

| The amount recognised in the profit and loss as an expense in relation to defined contribution plans was £87,833 (2024 - £72,520). As at the period end contributions totalling £12,553 (2024 - £23,810) were payable.

11. | RELATED PARTY DISCLOSURES

| In accordance with FRS 102 paragraph 1AC.35, the company has taken advantage of the exemption from disclosing transactions with wholly owned group undertakings.

| SIRIONLABS LIMITED (REGISTERED NUMBER: 12545426) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

12. | GOING CONCERN

| The company derives its revenue on a cost plus basis from the parent company SirionLabs PTE. LTD. As such it is entirely reliant on the parent company for its financial support. The directors have reviewed the current results of the company together with the financial position of the parent company, and after making enquiries will continue to receive the necessary support from SirionLabs PTE. LTD for the foreseeable future and at least for twelve months from the date of signing.

| Accordingly, the directors continue to adopt the going concern basis in preparing the accounts. As such the accounts do not contain adjustments that would be required if the company was unable to continue as a going concern.

13. | POST BALANCE SHEET EVENTS

| No matters or circumstances have arisen since the year-end date that significantly affect, or are likely to affect the operations, results or state of affairs of the Company for the foreseeable future.

14. | ULTIMATE CONTROLLING PARTY

| The immediate parent company is SirionLabs PTE. LTD, a company registered in Singapore whose registered office is situated at 120, Robinson road, 03-12 Singapore, 068914.

| In the opinion of the directors, there is no ultimate controlling party for the company.