REGISTERED NUMBER: 12545426 (England and Wales)

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

SIRIONLABS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

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

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

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.

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 ) .

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

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.

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.