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REGISTERED NUMBER: 07107514 (England and Wales)

Financial Statements for the Year Ended 31 May 2025

for

Pharmatelligence Limited

| Pharmatelligence Limited (Registered number: 07107514) |

Contents of the Financial Statements

for the Year Ended 31 May 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| Pharmatelligence Limited |

Company Information

for the Year Ended 31 May 2025

| DIRECTOR: | Professor C Currie

| REGISTERED OFFICE: | 24 Wordsworth Avenue

| Roath

| Cardiff

| CF24 3FR

| REGISTERED NUMBER: | 07107514 (England and Wales)

| ACCOUNTANTS: | DHB Accountants Limited

| Chartered Accountants

| Statutory Auditors

| 110 Whitchurch Road

| Cardiff

| CF14 3LY

| Pharmatelligence Limited (Registered number: 07107514) |

Balance Sheet

31 May 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 4,010 |  | 21,689 |  |

CURRENT ASSETS

Debtors | 5 | 1,318,442 |  | 375,225 |  |

Cash at bank | 611,117 |  | 1,118,256 |  |

1,929,559 |  | 1,493,481 |  |

CREDITORS

Amounts falling due within one year | 6 | 565,974 |  | 685,985 |  |

NET CURRENT ASSETS | 1,363,585 |  | 807,496 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,367,595 |  | 829,185 |  |

CREDITORS

Amounts falling due after more than one year | 7 | (6,554,364 | ) | (5,357,064 | ) |

PROVISIONS FOR LIABILITIES | (4,411 | ) | (4,411 | ) |

NET LIABILITIES | (5,191,180 | ) | (4,532,290 | ) |

CAPITAL AND RESERVES

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

Retained earnings | (5,192,180 | ) | (4,533,290 | ) |

(5,191,180 | ) | (4,532,290 | ) |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

| Pharmatelligence Limited (Registered number: 07107514) |

Balance Sheet - continued

31 May 2025

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 3 December 2025 and were signed by:

Professor C Currie - Director

| Pharmatelligence Limited (Registered number: 07107514) |

Notes to the Financial Statements

for the Year Ended 31 May 2025

1. | STATUTORY INFORMATION

| Pharmatelligence 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 financial statements are presented in pounds sterling as this is the functional currency of the company.

| The financial statements, which disclose a loss for the year and an excess of liabilities over assets, have been prepared on a going concern basis. The director has reviewed future trading forecasts, available resources and the company has the support of its major creditor, it's holding company, such that he is confident the company will be able to meet it's obligations as they fall due and that the going concern concept is entirely appropriate.

| Turnover

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

| Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion of the project when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred by reference to time incurred as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent that it is probable it will be recovered. Where revenues have been recognised but not yet earned and can be measured reliably these are included in the financial statements as accrued income.

| Tangible fixed assets

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

| Plant and machinery etc | - | 20% on cost

| 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.

| Pharmatelligence Limited (Registered number: 07107514) |

Notes to the Financial Statements - continued

for the Year Ended 31 May 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.

| Research and development

| Expenditure on research and development is written off in the year in which it is incurred. If such expenditure is clearly identifiable as development expenditure it is capitalized to the extent that the technical, commercial and financial feasibility can be demonstrated.

| Research & Development tax credits available from HMRC under the SME scheme are credited to the tax charge in the accounts once the amount due can be reliably assessed as being receivable.

| 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.

| 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.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was NIL (2024 - 22 ).

4. | TANGIBLE FIXED ASSETS

| Plant and

| machinery

| etc

£ |

| COST

| At 1 June 2024 | 263,239 |  |

| Additions | 1,621 |  |

| At 31 May 2025 | 264,860 |  |

| DEPRECIATION

| At 1 June 2024 | 241,550 |  |

| Charge for year | 19,300 |  |

| At 31 May 2025 | 260,850 |  |

| NET BOOK VALUE

| At 31 May 2025 | 4,010 |  |

| At 31 May 2024 | 21,689 |  |

| Pharmatelligence Limited (Registered number: 07107514) |

Notes to the Financial Statements - continued

for the Year Ended 31 May 2025

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

2025 | 2024 |

£ | £ |

| Trade debtors | 155,470 |  | 262,328 |  |

| Other debtors | 1,162,972 |  | 112,897 |  |

1,318,442 |  | 375,225 |  |

| Other debtors includes an amount of £1,040,533 received after the year end in respect of claims made for R & D tax credits in respect of the years ended 31 May 2023 and 2024. No provision is made for any claim to be made in respect of 2025, this will be accounted for once the claim has been submitted and there is reasonable certainty the claim will be paid.

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

2025 | 2024 |

£ | £ |

| Trade creditors | 203,396 |  | 225,101 |  |

| Taxation and social security | 155,037 |  | 132,437 |  |

| Other creditors | 207,541 |  | 328,447 |  |

565,974 |  | 685,985 |  |

7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£ | £ |

| Other creditors | 6,554,364 |  | 5,357,064 |  |

| See note 9.

8. | RELATED PARTY DISCLOSURES

| Included in other creditors due after more than one year is an amount of £6,554,364 (2024:£5,357,064) due to the holding company. This amount is unsecured and no formal repayment terms. The holding company has agreed that it will not seek repayment of this loan for the foreseeable future.

| Included in the above is an amount of £2,000,000 which relates to a loan made available to the holding company and subject to interest at commercial rates and with a repayment date of 15 July 2025, negotiations are ongoing to extend the repayment date. This company meets the obligations under the terms of the loan to the holding company and interest charged in the accounts as such.

| A lease has been entered into and rent is paid to a company under the control of the director, these transactions take place, in the view of the director, on an arms length basis.In the year ended 31 May 2025 the rent amounted to £98,646 (2024:£84,811).

| Included in Consultancy costs charged in the accounts is an amount of £182,000(2024: £125,000) paid to a company under the control of the director and £40,425 (2024:£36,684) to the wife of the director as a self employed marketing consultant. In the opinion of the director these transactions have been entered into in the normal course of business.

| Pharmatelligence Limited (Registered number: 07107514) |

Notes to the Financial Statements - continued

for the Year Ended 31 May 2025

9. | ULTIMATE CONTROLLING PARTY

| The controlling party is Healthcare Evaluation AssociatesLimited.

| The ultimate controlling party is Professor C Currie.

| The company is a wholly owned subsidiary of Healthcare Evaluation Associates Limited, a company incorporated in England & Wales, details of that company can be obtained from Companies House.