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Sera Laboratories International Limited
Registered number: 03572986
Annual Report
For the year ended 31 December 2024
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SERA LABORATORIES INTERNATIONAL LIMITED
COMPANY INFORMATION
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Ogier Global (UK) Limited
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C/O Ogier Global (UK) Limited
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4th Floor, 3 St Helen's Place
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Chartered Accountants & Statutory Auditor
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SERA LABORATORIES INTERNATIONAL LIMITED
CONTENTS
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Independent auditor's report
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Consolidated statement of comprehensive income
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Consolidated statement of financial position
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Company statement of financial position
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Consolidated statement of changes in equity
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Company statement of changes in equity
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Consolidated statement of cash flows
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Notes to the financial statements
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SERA LABORATORIES INTERNATIONAL LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their Group strategic report for Sera Laboratories International Limited (the 'Company') and its subsidiaries (the 'Group') together with the audited consolidated financial statements for the year ended 31 December 2024.
The principal activity of the Group is to enable and accelerate medical breakthroughs that enhance and extend lives by delivering personalised biospecimen solutions to the life science and diagnostics industries.
There were no further acquisitions during the year ended 31 December 2024.
The Group specializes in control and disease state samples including human and animal tissues, cell products, blood, and other biofluids. Our unmatched portfolio of clinical specimens directly supports precision medicine research and the effort to improve patient outcomes by coupling comprehensive clinical data with donor samples.
The Group results are a combination of the following companies:
∙Sera Laboratories International Ltd
∙Clinical Trial Laboratory Services Ltd
∙Tissue Solutions Ltd
∙The Intelligent Tissue Group Ltd
∙Cypex Limited
∙Fidelis Research EAD and its subsidiaries
Principal risks and uncertainties
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The Group operates in a rapidly changing economic and technological environment that presents numerous risks. The key risks facing the business are:
∙Foreign exchange exposure as the Group operates in a global market;
∙Ever changing and enhancements on technology; and
∙Changes in regulatory and legislation within the Biotechnological market.
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SERA LABORATORIES INTERNATIONAL LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Financial key performance indicators
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The key performance indicators (KPI’s) for the Group during the year were as follows:
The Group continue to monitor its financial performance through the Group’s forecasts and projections.
This report was approved by the board and signed on its behalf by:
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SERA LABORATORIES INTERNATIONAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the audited consolidated financial statements for the year ended 31 December 2024.
The principal activity of the Company and Group is to enable and accelerate medical breakthroughs that enhance and extend lives by delivering personalised biospecimen solutions to the life science and diagnostics industries.
The loss for the year, after taxation, amounted to £9,205,602 (Restated 2023: loss of £5,611,521).
The directors do not recommend the payment of a dividend for the year (2023: £nil).
The directors who served during the year and to the date of this report were:
Directors' responsibilities statement
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The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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SERA LABORATORIES INTERNATIONAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Group is committed to enhancing and developing both its product portfolio and service offering. The directors believe the Group has sufficiently dedicated staff, financial strength and skilled management to lead to further profitable growth in the coming financial years.
The directors have closely considered the financial position of the Company and the Group. The directors consider that the Group has adequate resources to continue in operation existence for at least twelve months from the date of signing these financial statements following the review of budgets and forecasts which confirm the Groups ability to settle obligations as and when they fall due. The Group is also assured of financial support from Cobalt Holdings I, LP, the ultimate controlling party.
On this basis the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Economic impact of global events
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UK businesses are facing many uncertainties and challenges caused by political, economic, social, technological, legal and environmental factors. These uncertainties have contributed to an environment where a range of issues and risks exist, including inflation, rising interest rates, labour shortages, disrupted supply chains and new ways of working.
The directors have carried out an assessment of the potential impact of these uncertainties on the business, including the impact of mitigation measures, and has concluded that the greatest impact on the business is expected to be from the economic ripple effect on the global economy. The directors have taken account of these potential impacts in their going concern assessment.
The Group continues to work with its partners to minimise any impacts of these events and maximise the realisation of any opportunities they may provide to the business.
Qualifying third party indemnity provisions
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The Group has granted an indemnity to one or more of its directors against liability in respect of proceedings brought by third parties, subject to the conditions set out in section 234 of the Companies Act 2006. Such qualifying third-party indemnity provision was in force during the year at the date of approving the Directors' report.
Provision of information to auditor
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Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
∙so far as the directors are aware, there is no relevant audit information of which the Company and the Group's auditor is unaware; and
∙the directors have taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.
Post balance sheet events
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There have been no significant events affecting the Company or the Group since year end.
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SERA LABORATORIES INTERNATIONAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The auditor, Forvis Mazars LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf by:
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SERA LABORATORIES INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SERA LABORATORIES INTERNATIONAL LIMITED
Opinion
We have audited the financial statements of Sera Laboratories International Limited (the ‘Parent Company’) and its subsidiaries (the 'Group') for the year ended 31 December 2024 which comprise the Consolidated statement of comprehensive income, Consolidated statement of financial position, Company Statement of financial position, Consolidated statement of changes in equity, Company statement of changes in equity, Consolidated statement of cash flows and notes to the financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
∙give a true and fair view of the state of the Group and the Parent Company’s affairs as at 31 December 2024 and of the Group's loss for the year then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Group and the Parent Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
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.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group and the Parent Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
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SERA LABORATORIES INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SERA LABORATORIES INTERNATIONAL LIMITED
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of directors' remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.
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SERA LABORATORIES INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SERA LABORATORIES INTERNATIONAL LIMITED
Responsibilities of Directors
As explained more fully in the directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Group and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors intend either to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
Based on our understanding of the Group, the Parent Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation and anti-money laundering regulation.
To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
∙Inquiring of management and, where appropriate, those charged with governance, as to whether the Company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
∙Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
∙Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
∙Considering the risk of acts by the Company which were contrary to applicable laws and regulations, including fraud.
We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006.
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SERA LABORATORIES INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SERA LABORATORIES INTERNATIONAL LIMITED
In addition, we evaluated the directors' and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, revenue recognition (which we pinpointed to the occurrence assertion), and significant one-off or unusual transactions.
Our audit procedures in relation to fraud included but were not limited to:
∙Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
∙Gaining an understanding of the internal controls established to mitigate risks related to fraud;
∙Discussing amongst the engagement team the risks of fraud; and
∙Addressing the risks of fraud through management override of controls by performing journal entry testing.
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of the audit report
This report is made solely to the Company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body for our audit work, for this report, or for the opinions we have formed.
Yuvan Deena (Senior statutory auditor)
For and on behalf of Forvis Mazars LLP
Chartered Accountants and Statutory Auditor
30 Old Bailey
London
EC4M 7AU
4 December 2025
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SERA LABORATORIES INTERNATIONAL LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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Interest receivable and similar income
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Interest payable and similar expenses
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Foreign exchange gain on shareholder loans
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Loss for the financial year
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Currency translation differences
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Total comprehensive loss for the year
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Loss for the year attributable to:
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Owners of the Parent Company
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The Consolidated statement of comprehensive income has been prepared on the basis that all operations are continuing operations.
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The notes on pages 19 to 47 form part of these financial statements.
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SERA LABORATORIES INTERNATIONAL LIMITED
REGISTERED NUMBER: 03572986
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Cash and cash equivalents
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Capital contribution reserve
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SERA LABORATORIES INTERNATIONAL LIMITED
REGISTERED NUMBER: 03572986
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 19 to 47 form part of these financial statements.
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SERA LABORATORIES INTERNATIONAL LIMITED
REGISTERED NUMBER: 03572986
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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Investments in subsidiaries
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Debtors: amounts falling due within one year
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Cash and cash equivalents
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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Capital contribution reserve
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SERA LABORATORIES INTERNATIONAL LIMITED
REGISTERED NUMBER: 03572986
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024
The Company has elected to take exemption under Section 408 of the Companies Act not to present its own Statement of comprehensive income in these financial statements. The profit for the year was £3,549,425 (Restated 2023: profit of £3,043,418).
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 19 to 47 form part of these financial statements.
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SERA LABORATORIES INTERNATIONAL LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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Capital contribution reserve
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At 1 January 2023 (as previously stated)
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Prior year adjustment (note 29)
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At 1 January 2023 (as restated)
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Comprehensive loss for the year
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Loss for the year (as restated)
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Currency translation differences
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Other comprehensive income for the year
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Total comprehensive loss for the year
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At 1 January 2024 (as previously stated)
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Prior year adjustment (note 29)
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At 1 January 2024 (as restated)
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Comprehensive loss for the year
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Currency translation differences
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Other comprehensive income for the year
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Total comprehensive loss for the year
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The notes on pages 19 to 47 form part of these financial statements.
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SERA LABORATORIES INTERNATIONAL LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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Capital contribution reserve
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At 1 January 2023 (as previously stated)
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Prior year adjustment (see note 29)
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At 1 January 2023 (as restated)
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Comprehensive income for the year
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Other comprehensive income for the year
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Total comprehensive income for the year
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At 1 January 2024 (as previously stated)
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Prior year adjustment (see note 29)
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At 1 January 2024 (as restated)
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Comprehensive income for the year
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Other comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 19 to 47 form part of these financial statements.
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SERA LABORATORIES INTERNATIONAL LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
Cash flows from operating activities
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Loss for the financial year
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Amortisation of intangible assets
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Depreciation of tangible assets
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Loss on disposal of tangible assets
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Foreign currency (gain)/loss on tangible assets
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Foreign currency gain on shareholder loans
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Interest receivable and similar income
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Interest payable and similar expenses
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Decrease/(increase) in stocks
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Foreign currency (gain)/loss on translation of foreign subsidiaries
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Net cash generated from/(used in) operating activities
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Cash flows from investing activities
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Purchase of tangible assets
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Net cash used in investing activities
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SERA LABORATORIES INTERNATIONAL LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Cash flows from financing activities
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Finance lease interest paid
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Net cash used in financing activities
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Net decrease in cash and cash equivalents
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Cash and cash equivalents at beginning of year
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Cash and cash equivalents at the end of year
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Cash and cash equivalents at the end of year comprise:
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The notes on pages 19 to 47 form part of these financial statements.
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- 18 -
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SERA LABORATORIES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Sera Laboratories International Limited is a private company limited by shares and is incorporated in England and Wales. The Company's registered number is 03572986. The address of its registered office is C/O Ogier Global (UK) Limited, 4th Floor, 3 St Helen's Place, London, United Kingdom, EC3A 6AB.
The principal activity of the Company and Group is to enable and accelerate medical breakthroughs that enhance and extend lives by delivering personalised biospecimen solutions to the life science and diagnostics industries.
2.Accounting policies
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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 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 comprehensive income in these financial statements.
The Company is a qualifying entity for the purposes of FRS 102 and has elected to take the exemption under FRS 102, para 1.12 (b) not to present the Company statement of cash flows.
The financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the Company operates and is rounded to the nearest pound.
The following principal accounting policies have been applied:
The Group consolidated financial statements include the financial statements of the Company and all of its subsidiary undertakings. A subsidiary is an entity controlled by the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
All intra-group transactions, balances, income and expenses are eliminated on consolidation. Adjustments are made to eliminate the profit or loss arising on transactions with associates to the extent of the Group’s interest in the entity.
- 19 -
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SERA LABORATORIES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The directors have closely considered the financial position of the Company and the Group. The directors consider that the Group has adequate resources to continue in operation existence for at least twelve months from the date of signing these financial statements following the review of budgets and forecasts which confirm the Groups ability to settle obligations as and when they fall due. The Group is also assured of financial support from Cobalt Holdings I, LP, the ultimate controlling party.
On this basis the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentation currency is GBP.
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 the overseas companies included within the consolidation 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 the foreign exchange reserve through other comprehensive income.
All other foreign exchange gains and losses are presented in the Consolidated statement of comprehensive income within 'administrative expenses'.
- 20 -
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SERA LABORATORIES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover 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 turnover is recognised:
Sale of goods
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Group has transferred the significant risks and rewards of ownership to the buyer;
∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of turnover can be measured reliably;
∙it is probable that the Group will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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Operating leases: the Group as lessee
|
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
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Interest receivable and similar income
|
Interest receivable and similar income is recognised in profit or loss using the effective interest method.
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Interest payable and similar expenses
|
Interest payable and similar expenses 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.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
- 21 -
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SERA LABORATORIES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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 other taxation and social security as a liability in the Consolidated statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.
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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;
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.
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.
- 22 -
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SERA LABORATORIES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Goodwill
Goodwill recognised represents the excess of the fair value and directly attributable costs of the purchase consideration over the fair values to the Group's interest in the identifiable net assets, liabilities and contingent liabilities acquired.
On acquisition, goodwill is allocated to cash-generating units (`CGU's') that are expected to benefit from the combination.
Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis, charged to profit or loss, over its useful economic life which is deemed to be ten years. Goodwill is assessed for impairment when there are indicators of impairment, and any impairment is charged to profit or loss. No reversals of impairment are recognised.
Other intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Amortisation of intangible assets is charged to profit or loss within 'Administrative expenses'.
- 23 -
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|
SERA LABORATORIES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives on a straight line basis.
Depreciation is provided on the following basis:
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Buildings 25 to 50 years (Land not depreciated)
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Over the life of the lease
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Freehold property constitutes land that is not subject to depreciation.
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.
Depreciation of tangible assets is charged to profit or loss within 'Administrative expenses'.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
- 24 -
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SERA LABORATORIES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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.
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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.
Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
- 25 -
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SERA LABORATORIES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Group's Statement of financial position when the Group becomes party to the contractual provisions of the instrument.
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.
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 Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
- 26 -
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SERA LABORATORIES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Financial instruments (continued)
|
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 Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies 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.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
- 27 -
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SERA LABORATORIES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
Judgements in applying accounting policies and key sources of estimation uncertainty
|
In applying the Group’s accounting policies, the director is required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The director's judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.
3.1 Critical judgements in applying the Group’s accounting policies
The critical judgements that the director has made in the process of applying the Group’s accounting policies and that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below.
(i) Assessing indicators of impairment
In assessing intangible assets for Impairment, including investments and goodwill, the director makes certain estimates about the future, mainly sales volumes and prices, as well as appropriate discount rates.
Discount rates are determined with reference to observable rates obtained through recent financing transactions. Forecasted sales and expenses are estimated based on current operating levels, known future contracts and expense levels and adjusted for inflation and other observable market indicators as appropriate.
Regarding the main goodwill created during the year ended 31 December 2022 through the acquisition of a majority stake of Cypex Limited and Fidelis Research EAD, the directors have reviewed internal and external sources of information, prepared discounted cash flows for each acquisition and have concluded that indicators of impairment did not exist at year end.
3.2 Key sources of estimation uncertainty
The directors do not consider there to be any key sources of estimation uncertainty.
- 28 -
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SERA LABORATORIES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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An analysis of turnover by class of business is as follows:
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Supply of medical research products
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Analysis of turnover by geographical location of destination:
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The operating loss is stated after charging/(crediting):
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Depreciation of tangible assets
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Amortisation of intangible assets
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Profit on sale of tangible assets
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Other operating lease rentals
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Movement of trade debtor provision
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- 29 -
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|
SERA LABORATORIES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
Fees payable to the Group's auditor for the audit of the Group and the Parent Company's annual financial statements
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Staff costs, including the directors' remuneration, were as follows:
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Cost of defined contribution scheme
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The average monthly number of employees, including the directors, during the year was as follows:
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- 30 -
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|
SERA LABORATORIES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Group contributions to defined contribution pension schemes
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Only 1 director (2023: 1) was remunerated during the year and was therefore the highest paid director.
During the year retirement benefits were accruing to 1 director (2023: 1) in respect of defined contribution pension schemes.
There were no key management personnel other than the directors.
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Interest receivable and similar income
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Other interest receivable
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Interest payable and similar expenses
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Interest payable on shareholder loans
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Finance leases and hire purchase contracts
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- 31 -
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SERA LABORATORIES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Current tax on profits for the year
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Adjustments in respect of previous periods
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Foreign tax on income for the year
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Foreign tax in respect of prior periods
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Origination and reversal of timing differences
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Adjustment in respect of prior periods
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- 32 -
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SERA LABORATORIES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
12.Taxation (continued)
|
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Factors affecting tax charge for the year
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The tax assessed for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of25% (2023: 23.52%). The differences are explained below:
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Loss before tax multiplied by standard rate of corporation tax in the UK of 25% (2023: 23.52%)
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Expenses not deductible for tax purposes
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Income not taxable for tax purposes
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Capital allowances for year in excess of depreciation
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Adjustment to tax charge in respect of prior periods
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Adjustment to tax charge in respect of prior periods - deferred tax
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Remeasurement of deferred tax for changes in tax rates
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Movement in deferred tax not recognised
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Total tax charge for the year
|
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Factors that may affect future tax charges
|
From 1 April 2023, the rate of corporation tax in the UK increased from 19% to 25%, resulting in a 'standard rate' of corporation tax in the above reconciliation of 23.52% for 2023. Deferred tax in the current and prior year is calculated at 25%.
- 33 -
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SERA LABORATORIES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
Company
The Company did not hold any intangible assets at the current or prior year end.
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- 34 -
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SERA LABORATORIES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 35 -
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SERA LABORATORIES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
14.Tangible assets (continued)
- 36 -
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SERA LABORATORIES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
14.Tangible assets (continued)
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Neither the Company or Group hold any tangible fixed assets under finance leases.
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- 37 -
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SERA LABORATORIES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
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Investments in subsidiaries
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Investments in subsidiary companies
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At 1 January 2024 (as previously stated)
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Prior year adjustment (see note 29)
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At 1 January 2024 (as restated)
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At 31 December 2023 (as restated)
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- 38 -
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SERA LABORATORIES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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The following were subsidiary undertakings of the Company:
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Clinical Trials Laboratory Services Limited
|
Suite 1, 7th Floor 50 Broadway, London, United Kingdom, SW1H 0BL
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The Intelligent Tissue Group Limited
|
4th Floor 115 George Street, Edinburgh, Scotland, EH2 4JN
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Tissue Solutions Limited*
|
4th Floor 115 George Street, Edinburgh, Scotland, EH2 4JN
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4th Floor, 115 George Street, Edinburgh, Scotland, EH2 4JN
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Sofia 1799 Bulgaria. 44A Sveti Kipriyan St., fl.4.
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Bulevar Crvene Armije, 11b/21, 11070 Belgrade, Serbia
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139 Calea Plevnei Str., floor 1, 060011 Bucharest, Romania
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Fidelis Tibbi Arastirma va Gelistirme*
|
Küçükbakkalköy Mahallesi Ali Ay sokak No 19/A Iç kapi no 402 Atasehir Istanbul
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Zagreb (Grad Zagreb) Savska cesta 32
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*indirect subsidiaries
All subsidiaries listed above are included in the consolidated financial statements.
The financial statements for the wholly owned subsidiaries Clinical Trials Laboratory Services Limited, The Intelligent Tissue Group Limited, Cypex Limited and Tissue Solutions Limited have taken the parent guarantee exemption from audit under section 479A of the Companies Act 2006 relating to the subsidiary company for the year ended 31 December 2024. This guarantee is provided by Sera Laboratories International Limited.
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- 39 -
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SERA LABORATORIES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
The carrying value of stocks are stated net of provision totalling £819,569 (2023: £288,908) relating to the Group and £98,057 (2023: £114,096) relating to the Company.
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Due after more than one year
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Other debtors relate to rent deposits.
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Amounts owed by group undertakings
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Prepayments and accrued income
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Trade debtors are stated net of a provision of £329,095 (2023: £390,346) relating to the Group and £nil (2023: £846) relating to the Company.
Amounts owed by group undertakings are unsecured, interest free and payable on demand.
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Cash and cash equivalents
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- 40 -
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SERA LABORATORIES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Creditors: amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
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Creditors: amounts falling due after more than one year
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Shareholder loans are unsecured, bear interest at a rate of 9.8% and repayable in 2028.
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- 41 -
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SERA LABORATORIES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Financial assets measured at amortised cost
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Financial liabilities measured at amortised cost
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Financial assets measured at amortised cost comprise trade debtors, amounts owed by group undertakings, other debtors and cash at bank and in hand.
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Financial liabilities measured at amortised cost comprise trade creditors, amounts owed to group undertakings, obligations under finance lease and hire purchase contracts, other creditors, accruals and shareholder loans.
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Credited to profit or loss
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- 42 -
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SERA LABORATORIES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
22.Deferred taxation (continued)
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Credited to profit or loss
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The provision for deferred taxation is made up as follows:
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Fixed asset timing differences
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Short term timing differences
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Losses and other deductions
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Allotted, called up and fully paid
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146 (2023: 146) ordinary shares of £1 each
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Each ordinary share has attached to it full voting, participation and dividend rights.
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- 43 -
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SERA LABORATORIES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Share premium account
This reserve represents the amount above the nominal value received for issued share capital, less transaction costs.
Foreign exchange reserve
The foreign exchange reserve represents cumulative differences on the translation of foreign subsidiaries' assets, liabilities and results upon consolidation.
Capital contribution reserve
The capital contribution reserve represents an irrevocable capital transfer from the parent company, held in equity.
Profit and loss account
This reserve represents the cumulative profits and losses of the Group or Company, net of dividends paid.
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Consolidated analysis of net debt
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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. The pension cost charge represents contributions payable by the Group to the fund including candidate pension and amounted to £100,409 (2023: £110,957). Contributions totalling £26,392 (2023: £29,812) were payable to the fund at the reporting date and are included in creditors.
- 44 -
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SERA LABORATORIES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Commitments under operating leases
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At 31 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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28.Finance lease commitments
There were no finance lease commitments in the Company or Group at year end.
- 45 -
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SERA LABORATORIES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Adjustment 1
The directors have performed a thin capitalisation tax assessment in relation to the interest deductibility of the loans in one of the subsidiary entities (Tissue Solutions Limited) during the year. An additional assessment of available group relief has been performed, following the required corrections to the charges and liabilities in the respective group companies. At a group level, this has resulted in an increase in the tax charge and reduction in tax recoverable that should have been recognised in the year ended 31 December 2022 (£310,826) and in the year ended 31 December 2023 (£183,358). This has been corrected through retrospective restatement of the prior year financial statements. As a result, opening retained earnings in the consolidated profit and loss account at 1 January 2023 has decreased by £310,826, the tax on profit for the year ended 31 December 2023 has increased by £183,358 and the tax recoverable included within Debtors: amounts falling due within one year as at 31 December 2023 has decreased by £494,184.
In the Consolidated Statement of Cash flows, with respect to the above prior year adjustments, the previously reported loss for the financial year has increased by £183,358 and taxation charge has increased by £183,358.
At a Company level, the prior year adjustments have resulted in an increase in the tax charge and a reduction in tax recoverable that should have been recognised in the year ended 31 December 2023 (£213,693). There was no impact to the Company in the year ended 31 December 2022. This has been corrected through retrospective restatement of the prior year financial statements. As a result, retained earnings in the profit and loss account at 31 December 2023 has decreased by £213,693 and the tax recoverable included within Debtors: amounts falling due within one year as at 31 December 2023 has decreased by the same amount.
Adjustment 2
During the year the directors have reviewed the accounting treatment in respect of share capital/premium and investments of the Company and made adjustments to prior years. The impact of these adjustments is to increase share capital by £46 and share premium by £33,072,187 with an increase in investments of £33,072,233. These adjustments have no impact on the profit and loss or net assets of the Company. On a Group level the adjustments increase share capital by £46 and share premium by £33,072,187 with a reduction in capital contribution reserve of £33,072,233. These adjustments have no impact on profit and loss or net assets of the Group.
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Related party transactions
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The Group has taken advantage of the exemption contained in FRS 102 from disclosing intra-group transactions eliminated on consolidation.
The Group and the Company have taken advantage of the exemption under paragraph 33.1A of Financial Reporting Standard 102 not to disclose arms-length transactions with other wholly owned members of the Group.
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Post balance sheet events
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There have been no significant events affecting the Company or the Group since year end.
- 46 -
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SERA LABORATORIES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The immediate parent entity is BioIVT LLC, a company incorporated in the United States. The registered office address of the Company is 175 Crossways Park Dr W Suite 200 Woodbury, NY, 11797 United States.
The largest group which produces consolidated financial statements in which the Company is included is BioIVT LLC, whose financial statements are not publicly available.
The ultimate controlling party is Cobalt Holdings I, LP, a company incorporated in the United States.
- 47 -
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