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Company registration number: 14096752
| FINANCIAL STATEMENTS
| FOR THE YEAR ENDED 31 MARCH 2025
| SIRO CLINPHARM UK LIMITED
SIRO CLINPHARM UK LIMITED REGISTERED NUMBER:14096752 |  |
STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025
|  |  |  | As restated
|  | 2025 |  | 2024 (unaudited)
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 981 |  | -
Investments | 5 |  | 1,143,025 |  | 1,143,025
|  |  | 1,144,006 |  | 1,143,025
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 6 | 605,875 |  | 542,887 |
Cash at bank and in hand |  | 128,413 |  | 46,175 |
|  | 734,288 |  | 589,062 |
Creditors: amounts falling due within one year | 7 | (687,457) |  | (583,347) |
Net current assets |  |  | 46,831 |  | 5,715
Total assets less current liabilities |  |  | 1,190,837 |  | 1,148,740
Creditors: amounts falling due after more than one year |  |  | (1,364,361) |  | (1,273,298)
Net liabilities |  |  | (173,524) |  | (124,558)
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 100 |  | 100
Profit and loss account |  |  | (173,624) |  | (124,658)
|  |  | (173,524) |  | (124,558)
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. 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 statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Akshay Gautam Daftary
Director
Date: 30 October 2025
The notes on pages 4 to 10 form part of these financial statements. Page 1
SIRO CLINPHARM UK LIMITED |  |
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 April 2024 (as previously stated) | 100 | (26,360) | (26,260)
Prior year adjustment - correction of error | - | (98,298) | (98,298)
At 1 April 2024 (as restated) | 100 | (124,658) | (124,558)
Loss for the year | - | (48,966) | (48,966)
At 31 March 2025 | 100 | (173,624) | (173,524)
| The notes on pages 4 to 10 form part of these financial statements.
Page 2
SIRO CLINPHARM UK LIMITED |  |
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 April 2023 (as previously stated) | 100 | (45,474) | (45,374)
Prior year adjustment - correction of error | - | (7,235) | (7,235)
At 1 April 2023 (as restated) | 100 | (52,709) | (52,609)
Loss for the year | - | (71,949) | (71,949)
At 31 March 2024 (unaudited) | 100 | (124,658) | (124,558)
| The notes on pages 4 to 10 form part of these financial statements.
Page 3
SIRO CLINPHARM UK LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
Siro Clinpharm UK Limited is a private company, limited by shares, registered in England and Wales, company registration number 14096752. The registered office and principal place of business is 4th Floor, Silverstream House 45 Fitzroy Street, Fitzrovia, London, England, W1T 6EB. 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 management to exercise judgement in applying the Company's accounting policies. The following principal accounting policies have been applied:
| 2.2 | Exemption from preparing consolidated financial statements
The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.
| 2.3 | Going concern
These financial statements have been prepared on a going concern basis. The Company realised a net loss before tax of £45,365 and had net liabilities of £173,524 for the year end 31 March 2025. The Directors have received confirmation that the ultimate parent company, Aetios Holdings Pte. Ltd, will continue to support the Company for at least twelve months from the date of the financial statements being approved and signed to meet its liabilities as they fall due and that it has sufficient resources to provide this financial support.
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is generated through clinical operations, data services, data analytics and medical writing in compliance with international standards, and is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 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 Company 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. Page 4
SIRO CLINPHARM UK LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.5 | 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.
| 2.6 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.
| 2.7 | 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 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 operates and generates income. Page 5
SIRO CLINPHARM UK LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.8 | 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:
|  |  |  | Computer equipment | - | 3 years
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.
| 2.9 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Page 6
SIRO CLINPHARM UK LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.10 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
| 2.11 | Compulsory convertible preference shares
Compulsory convertible preference shares are recognised as a liability where they require conversion under fixed terms. They are initially recorded at fair value and measured at amortised cost over time. A notional dividend is accrued each period and treated as a finance cost in the income statement, not as a distribution of profit. When the convertible preference shares are converted into equity, this will transfer at fair value at the date of transfer. Page 7
SIRO CLINPHARM UK LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
3. | Employees
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Employees | 5 | 3
4. | Tangible fixed assets
|  | Computer equipment
|  | £
| Cost or valuation |
| Additions | 1,261
| At 31 March 2025 | 1,261
| Depreciation |
| Charge for the year on owned assets | 280
| At 31 March 2025 | 280
| Net book value |
| At 31 March 2025 | 981
| At 31 March 2024 (unaudited) | -
5. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 April 2024 | 1,143,025
| At 31 March 2025 | 1,143,025
Page 8
SIRO CLINPHARM UK LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
6. | Debtors
|  |  |  |  | 2025 | 2024 (unaudited)
|  |  |  |  | £ | £
| Trade debtors | 5,562 | 3,338
| Amounts owed by group undertakings | 175,087 | -
| Other debtors | 213,085 | 29,881
| Prepayments and accrued income | 212,141 | 509,668
|  | 605,875 | 542,887
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024 (unaudited)
|  |  |  |  | £ | £
| Trade creditors | 6,773 | -
| Amounts owed to group undertakings | 628,000 | 538,000
| Corporation tax | 3,601 | 2,004
| Other creditors | 440 | 257
| Accruals and deferred income | 48,643 | 43,086
|  | 687,457 | 583,347
8. | Creditors: Amounts falling due after more than one year
|  |  |  |  |  | As restated
|  |  |  |  | 2025 | 2024 (unaudited)
|  |  |  |  | £ | £
| Compulsory convertible preference shares | 1,175,000 | 1,175,000
| Accruals and deferred income | 189,361 | 98,298
|  | 1,364,361 | 1,273,298
| 1,175,000 compulsory convertible preference shares (CCPS) were issued on 2 March 2023. These convert in 5 years from the date of issue into ordinary shares. The CCPS attract a notional dividend of 7.75% per annum, subject to the availability of profits, due to be encompassed into the value of shares issued at the end of the conversion period.
Page 9
SIRO CLINPHARM UK LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
9. | Share capital
|  |  |  |  | 2025 | 2024 (unaudited)
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 (2024 - 100) Ordinary shares of £1.00 each | 100 | 100
10. | Parent company
The parent of the smallest group for which consolidated financial statements are drawn up is Aetios Holdings Pte Limited, a company registered in Singapore. The registered office of Aetios Holdings Pte Limited is #23-01, 20 Collyer Quay, Singapore 049319.
11. | Prior period adjustment
A prior year adjustment has been made to reclassify amounts of £1,175,000 previously allocated within equity as compulsory convertible preference shares into non-current liabilities. A further prior year adjustment has been made to accrue for dividends against interest in the profit & loss of £91,063 in the 2024 financial year, and of £7,235 in the 2023 financial year, impacting the comparative opening retained earnings. This adjustment has had an impact on profit by the interest amount and has decreased net assets on the balance sheet. Creditors due in more than one year have increased due to dividends accrued. Comparative figures have been restated accordingly and referenced.
12. | Auditor's information
The auditor's report on the financial statements for the year ended 31 March 2025 was unqualified. The audit report includes an other matter paragraph which draws attention to the fact that the comparative information presented in these financial statements is unaudited; the auditor’s opinion is not modified in respect of this matter. The audit report was signed on 30 October 2025 by Nimita Chan FCCA (Senior Statutory Auditor) on behalf of Menzies LLP.
Page 10