REGISTERED NUMBER: 05118726 (England and Wales)

Audited Financial Statements

For The Year Ended 31 March 2025

for

Lambda Therapeutic Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr N Parmar

Mrs B B Chudgar

SECRETARY:

Mr N Parmar

REGISTERED OFFICE:

Sage House

319 Pinner Road

North Harrow

Middlesex

HA1 4HF

REGISTERED NUMBER:

05118726 (England and Wales)

AUDITORS:

RNS Business Solutions Limited

Chartered Accountants

Statutory Auditors

276 Preston Road

Harrow

Middlesex

HA3 0QA

FIXED ASSETS

Tangible assets

5

933,685

949,891

Investments

6

83,170

-

1,016,855

949,891

CURRENT ASSETS

Debtors

7

14,885,973

16,674,610

Cash at bank and in hand

11,128,447

5,276,730

26,014,420

21,951,340

CREDITORS

Amounts falling due within one year

8

(4,275,517

)

(3,737,356

)

NET CURRENT ASSETS

21,738,903

18,213,984

TOTAL ASSETS LESS CURRENT LIABILITIES

22,755,758

19,163,875

CAPITAL AND RESERVES

Called up share capital

11

100,000

100,000

Profit and loss account

22,655,758

19,063,875

SHAREHOLDERS' FUNDS

22,755,758

19,163,875

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2025 and were signed on its behalf by:

Mrs B B Chudgar - Director

1.	STATUTORY INFORMATION

Lambda Therapeutic 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 applicable United Kingdom accounting standards, including Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102'), and with the Companies Act 2006. The financial statements have been prepared on the historical cost basis.

The financial statements are presented in the company's functional currency which is Sterling (£).

Preparation of consolidated financial statements

The accounts present information about the company as an individual undertaking and not about its group. Group accounts are not required as the group is small.

Significant judgements and estimates

The company makes certain judgements and estimates regarding the future. Judgements and estimates are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these judgements and estimates. The judgements and estimates that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Judgements:

(i) Depreciation rates

Annual rates applied in the depreciation policies are based on experience and past performance. Rates are continuously under assessment which may lead to revision in the future.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services of pharmacovigilance and bio-analytical.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

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.

Freehold property

-

2% on cost

Long leasehold

-

2% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Computer equipment

-

25% on cost

Tangible fixed assets 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 either a straight line or reducing balance method, as indicated above.

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.

Investments in subsidiaries

Investments in subsidiaries are measured at cost less any accumulated impairment losses. Changes in fair value are included in profit and loss account.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred taxation

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.

Foreign currency translation

In preparing the financial statements of the entity, transactions in currencies other than the functional currency of the entity (foreign currencies) are recognised at the spot rate at the dates of the transactions, or at an average rate where this rate approximates the actual rate at the date of the transaction. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Exchange differences are recognised in profit or loss in the period in which they arise.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership of the leased asset to the company. All other leases are classified as operating leases.

Rentals payable under operating leases are charged to profit or loss on a straight-line basis over the lease term, unless the rental payments are structured to increase in line with expected general inflation, in which case the company recognises annual rent expense equal to amounts owed to the lessor.

The aggregate benefit of lease incentives are recognised as a reduction to the expense recognised over the lease term on a straight line basis.

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.

Financial instruments

The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price 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. Such assets are subsequently carried at amortised cost using the effective interest method.

(ii) Financial liabilities

Basis financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Debtors

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.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Cash and cash equivalents

Cash and cash equivalent includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdraft. Bank overdrafts are shown within borrowings in current liabilities.

Going concern

The directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, which is a period of at least 12 months from the date of signing these financial statements. Therefore, the financial statements have been prepared on a going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2024 - 8 ) .

4.	AUDITORS' REMUNERATION

31/3/25

31/3/24

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

10,650

7,250

Auditors' remuneration for non audit work

5,450

4,000

Auditors' remuneration - non audit work analysis

31/03/25

31/03/24

Accountancy

3,480

3,200

Taxation

870

800

Other services

1,100

-

5.	TANGIBLE FIXED ASSETS

Freehold

Long

Plant and

property

leasehold

machinery

£

£

£

COST

At 1 April 2024

1,095,396

-

4,000

Reclassification/transfer

(457,180

)

457,180

-

At 31 March 2025

638,216

457,180

4,000

DEPRECIATION

At 1 April 2024

147,574

-

3,905

Charge for year

6,644

9,144

24

Reclassification/transfer

(21,335

)

21,335

-

At 31 March 2025

132,883

30,479

3,929

NET BOOK VALUE

At 31 March 2025

505,333

426,701

71

At 31 March 2024

947,822

-

95

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2024

14,399

3,515

1,117,310

Reclassification/transfer

-

-

-

At 31 March 2025

14,399

3,515

1,117,310

DEPRECIATION

At 1 April 2024

12,425

3,515

167,419

Charge for year

394

-

16,206

Reclassification/transfer

-

-

-

At 31 March 2025

12,819

3,515

183,625

NET BOOK VALUE

At 31 March 2025

1,580

-

933,685

At 31 March 2024

1,974

-

949,891

Included in cost of land and buildings is freehold land of £ 306,000 (2024 - £ 306,000 ) which is not depreciated.

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

Additions

83,170

At 31 March 2025

83,170

NET BOOK VALUE

At 31 March 2025

83,170

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Novum Therapeutics SL

Registered office: Spain

Nature of business: Marketing services

%

Class of shares:

holding

Ordinary

100.00

31/3/25

£

Aggregate capital and reserves

84,894

Profit for the year

1,220

The company acquired 100,000 shares of 1 Euro each during the year.

7.

DEBTORS

31/3/25

31/3/24

£

£

Amounts falling due within one year:

Trade debtors

486,870

4,732,002

Other debtors

2,584,842

141,622

VAT

-

42,228

Prepayments and accrued income

1,240,894

953,339

4,312,606

5,869,191

Amounts falling due after more than one year:

Amounts owed by group undertakings

10,573,367

10,805,419

Aggregate amounts

14,885,973

16,674,610

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/25

31/3/24

£

£

Trade creditors

84,800

106,897

Amounts owed to group undertakings

2,724,191

1,635,535

Tax

595,951

995,744

Social security and other taxes

38,456

-

VAT

367,441

-

Other creditors

55,599

55,037

Accruals and deferred income

409,079

944,143

4,275,517

3,737,356

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31/3/25

31/3/24

£

£

Within one year

107,798

104,099

Between one and five years

431,194

416,394

In more than five years

80,849

182,172

619,841

702,665

10.	SECURED DEBTS

The company's UK bankers hold a fixed charge over all present freehold and leasehold property, a first fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future, and a first floating charge over all assets and undertaking both present and future.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/3/25

31/3/24

value:

£

£

100,000

Ordinary

1

100,000

100,000

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

The Report of the Auditors was unqualified.

Rakesh Sangani BA FCA (Senior Statutory Auditor)

for and on behalf of RNS Business Solutions Limited

13.	RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity

Novum Pharmaceutical Research Services Inc, Canada

(wholly owned subsidiary of the ultimate parent company, Lambda Therapeutic Research Limited, India)

31/3/25

31/3/24

£

£

Purchases and services

1,200,000

1,200,000

Amount due to related party at the balance sheet date

300,000

300,000

Lambda Therapeutic Sp.Z.o.o, Poland

(wholly owned subsidiary of the ultimate parent company, Lambda Therapeutic Research Limited, India)

31/3/25

31/3/24

£

£

Purchases and services

382,473

224,088

Amount due to related party at the balance sheet date

1,435,481

1,313,663

Lambda Therapeutic Research Limited, India

(ultimate parent company)

31/3/25

31/3/24

£

£

Purchases and services

2,047,686

1,905,704

Amount due to related party at the balance sheet date

953,681

493,066

Lambda Therapeutic Research Inc, USA

(wholly owned subsidiary of the ultimate parent company, Lambda Therapeutic Research Limited, India)

31/3/25

31/3/24

£

£

Interest receivable

286,835

286,835

Amount due from related party at the balance sheet date

10,573,367

10,805,419

Lambda Therapeutic Limited has granted long term loans amounting to $13,650,100 to Lambda Therapeutic Research Inc., a company incorporated in the United States of America pursuant to an agreement dated 10 September 2020.

The loan is renewable every 5 years on a rolling basis and carries an interest rate of 2.75%. Prepayments and accrued income include interest receivable on the loan of £1,207,183 (2024: £920,348).

Novum Therapeutics SL, Spain

(wholly owned subsidiary of Lambda Therapeutic Limited, UK)

31/3/25

31/3/24

£

£

Purchases and services

34,893

Nil

Amount due to related party at the balance sheet date

35,029

Nil

Accord Healthcare Limited, UK

(under the control of Chudgar family, who are the ultimate controlling parties)

31/3/25

31/3/24

£

£

Sales and services

7,150,634

5,937,683

Purchases and services

6,696

Nil

Amount due from related party at the balance sheet date

1,825,432

3,667,258

Accord-UK Ltd (previously known as Actavis UK Limited), UK

(under the control of Chudgar family, who are the ultimate controlling parties)

31/3/25

31/3/24

£

£

Sales and services

57,950

663,150

Amount due from related party at the balance sheet date

Nil

133,080

Accord Healthcare Inc, USA

(under the control of Chudgar family, who are the ultimate controlling parties)

31/3/25

31/3/24

£

£

Sales and services

559,289

549,342

Amount due from related party at the balance sheet date

45,267

48,072

Accord Healthcare (Kenya) Limited

(under the control of Chudgar family, who are the ultimate controlling parties)

31/3/25

31/3/24

£

£

Sales and services

11,934

7,982

Amount due from related party at the balance sheet date

37,948

25,731

Intas Pharmaceuticals Limited, India

(under the control of Chudgar family, who are the ultimate controlling parties)

31/3/25

31/3/24

£

£

Sales and services

118,448

33,063

Amount due from related party at the balance sheet date

111,696

52,453

Intas Third Party Sales 2005, S.L.U, Spain

(under the control of Chudgar family, who are the ultimate controlling parties)

31/3/25

31/3/24

£

£

Sales and services

102,149

111,270

Amount due from related party at the balance sheet date

9,492

8,464

Astron Research Limited, UK

(under the control of Chudgar family, who are the ultimate controlling parties)

31/3/25

31/3/24

£

£

Amount due to related party at the balance sheet date

51,498

59,924

14.	ULTIMATE CONTROLLING PARTY

For the year ended 31 March 2025 and March 2024:

Mrs B B Chudgar, a director at the balance sheet date, and her husband Mr B H Chudgar together have a controlling interest by virtue of shareholding in the ultimate parent company.

15.	ULTIMATE PARENT COMPANY

Lambda Therapeutic Research Limited

For the year ended 31 March 2025 and March 2024:

In the opinion of the directors, the ultimate parent company is Lambda Therapeutic Research Limited (India), a company incorporated in India. The smallest and largest group of which this group is a member and for which group consolidated financial statements are prepared is Lambda Therapeutic Research Limited (India). The group financial statements of Lambda Therapeutic Research Limited (India) may be obtained from the company secretary at Lambda House, Survey No. 388, Near Silver Oak Club, S. G. Highway, Gota, Ahmedabad 382 481 India.