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REGISTERED NUMBER: 07181523 (England and Wales)

| INNOVATIVE TRIALS LIMITED |

| STRATEGIC REPORT, |

| REPORT OF THE DIRECTORS AND |

| FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 MAY 2025 |

INNOVATIVE TRIALS LIMITED (REGISTERED NUMBER: 07181523)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 4 |

Report of the Independent Auditors | 6 |

Profit and Loss Account | 11 |

Balance Sheet | 12 |

Statement of Changes in Equity | 14 |

Notes to the Financial Statements | 15 |

INNOVATIVE TRIALS LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31 MAY 2025

| DIRECTORS: | Ms K Shaw

| Mr D R Watkins

| REGISTERED OFFICE: | Innovative House

| Avenue One

| Letchworth Garden City

| Hertfordshire

| SG6 2WW

| REGISTERED NUMBER: | 07181523 (England and Wales)

| AUDITORS: | Duncan & Toplis Audit Limited, Statutory Auditor

| 3rd Floor

| Marlborough House

| 298 Regents Park Road

| Finchley

| London

| N3 2SZ

INNOVATIVE TRIALS LIMITED (REGISTERED NUMBER: 07181523)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 MAY 2025

The directors present their strategic report for the year ended 31 May 2025.

The Directors present their strategic report for the year ended 31 May 2025. The report provides a balanced and comprehensive analysis of the development and performance of the company’s business during the financial year, consistent with the size and complexity of the business.

REVIEW OF BUSINESS

Innovative Trials Limited continues to specialise in providing global patient recruitment and retention services for the pharmaceutical industry.

Our turnover increased from £7.87m in 2024 to £7.98m in 2025, a 1% increase on the previous year. This growth was achieved against the backdrop of a 2024/25 clinical trial landscape defined by a strategic drive for efficiency. In response, we revised the structure of the business to align our principles with the ever-changing market. This mid-year reorganisation has yielded positive impacts on efficiencies and final margins.

PRINCIPAL RISKS AND UNCERTAINTIES

It is the company's policy to proactively identify, understand and manage the risk inherent in the operation of our business so as to encourage responsible and informed decision making.

We consider Innovative Trials' principal risks to be competitive, economic, operational, legal and compliance risk. Risks are managed through prudent planning and ongoing analysis of market conditions to ensure that Innovative Trials stays ahead of its competitors.

MARKET LANDSCAPE AND STRATEGIC OUTLOOK

The 2025/26 drug development landscape presents a dual narrative. On one hand, it is a period of extraordinary scientific innovation and opportunity in high-need, high-value therapeutic areas. On the other hand, it is constrained by economic pressures and a complex regulatory environment that demand rigorous financial discipline and operational efficiency.

Strategic success will be determined by the ability to balance these forces. Given our reputation for effective trials management, innovations, and value, we are in a prime position to make the most of these challenging but opportunistic times.

INNOVATIVE TRIALS LIMITED (REGISTERED NUMBER: 07181523)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 MAY 2025

KEY ACHIEVEMENTS AND FUTURE FOCUS

Our position as a preferred vendor continues to strengthen:

- Client Growth: We remain the choice for top pharmaceutical companies, adding 6 new clients in the past 12 months.

- Industry Recognition: Innovative Trials was delighted to be acknowledged at the "Pharmaceutical Market Excellence awards", where we were a finalist in the "Excellence in Collaboration and Partnerships category".

- Leadership Expansion: We have strengthened our leadership team with the appointments of John Watkinson as Non-Executive Director and Ian Keith as Finance and Business Director, adding significant experience to the business.

- Operational Resilience: We have a strategic presence with entities and staff in both the UK and the USA, which allows us to effectively adapt to global changes.

- Technology and Security: To address growing global cyber threats, we have expanded our IT and Quality departments. Looking forward, we plan to invest in new IT systems over the next 18 months to enhance reporting efficiency and drive growth.

- Governance and Responsibility: We are dedicated to promoting diversity, particularly gender balance, across our board and senior leadership. We are also actively pursuing our ESG goals, including solar energy initiatives and a comprehensive recycling program to significantly reduce our landfill waste.

- Enhancing Customer Satisfaction and Loyalty. We have achieved substantial progress in strengthening customer satisfaction and loyalty, which is clearly demonstrated by the significant upward trajectory of our Net Promoter Score (NPS). Specifically, our NPS has risen from 32 in the 2021/22 fiscal year to a robust score of 58 in 2024/25. This notable achievement underscores the efficacy of our strategic commitment to continuously improve the customer experience across all operational touchpoints.

FINANCIAL POSITION

The company concludes the year in a robust and healthy position. At the year-end, the company has healthy reserves of over £5.87m. This strong financial foundation provides the stability and resources necessary to fuel future growth and strategic initiatives.

ON BEHALF OF THE BOARD:

Ms K Shaw - Director

21 January 2026

INNOVATIVE TRIALS LIMITED (REGISTERED NUMBER: 07181523)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 MAY 2025

The directors present their report with the financial statements of the company for the year ended 31 May 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the provision of patient recruitment services to the pharmaceutical industry.

DIVIDENDS

Interim dividends per share were paid as follows:

Ordinary A £1 shares - £343,500 (2024 : £177,400)

Ordinary B £1 shares - £Nil (2023 : £Nil)

Ordinary C £1 shares - £Nil (2023: £Nil)

The total distribution of dividends for the year ended 31 May 2025 will be £ 343,500 (2024: £177,400).

DIRECTORS

The directors shown below have held office during the whole of the period from 1 June 2024 to the date of this report.

Ms K Shaw

Mr D R Watkins

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

- | make judgements and accounting estimates that are reasonable and prudent;

- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

INNOVATIVE TRIALS LIMITED (REGISTERED NUMBER: 07181523)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 MAY 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued

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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Duncan & Toplis Audit Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Ms K Shaw - Director

21 January 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

INNOVATIVE TRIALS LIMITED

Opinion

We have audited the financial statements of Innovative Trials Limited (the 'company') for the year ended 31 May 2025 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity 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 Financial Reporting Standard 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 company's affairs as at 31 May 2025 and of its 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

INNOVATIVE TRIALS LIMITED

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

INNOVATIVE TRIALS LIMITED

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on pages four and five, 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 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 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 either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

INNOVATIVE TRIALS LIMITED

Auditors' 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 a Report of the Auditors 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:

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit.

The potential impact of different laws and regulations varies considerably. Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management incentives and opportunities for fraudulent manipulation of the financial statements, (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimate and judgemental areas of the financial statements such as the methodology used to calculate inventory, as well as the risk of inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of material and unusual journal entries and challenging management on key accounting estimates, assumptions and judgements made in preparation of the financial statements. We carried out detailed substantive tests on accounting estimates, including reviewing the methods used by management to make those estimates, re-performing the calculation, and reviewing the outcome of prior year estimates.

Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as the most likely to have such an effect: Health and Safety regulations, GDPR, Anti Money laundering Regulations and Employment laws.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

INNOVATIVE TRIALS LIMITED

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection. This inspection included a review of the health and safety audits, and ISO assessments conducted within the year for any evidence of non-compliance, in addition to an assessment of the company's employment and health and safety controls and ISO compliance. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls.

We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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 Report of the Auditors.

Use of our 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 a Report of the Auditors 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.

Hassan Behcet (Senior Statutory Auditor)

for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor

3rd Floor

Marlborough House

298 Regents Park Road

Finchley

London

N3 2SZ

21 January 2026

INNOVATIVE TRIALS LIMITED (REGISTERED NUMBER: 07181523)

PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31 MAY 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 3 | 7,981,868 |  | 7,868,720 |  |

Cost of sales | 5,079,320 |  | 4,186,489 |  |

GROSS PROFIT | 2,902,548 |  | 3,682,231 |  |

Administrative expenses | 3,284,357 |  | 3,054,745 |  |

OPERATING (LOSS)/PROFIT | 6 | (381,809 | ) | 627,486 |  |

Interest receivable and similar income | 27,357 |  | 30,170 |  |

(LOSS)/PROFIT BEFORE TAXATION | (354,452 | ) | 657,656 |  |

Tax on (loss)/profit | 8 | 648 |  | 199,986 |  |

(LOSS)/PROFIT FOR THE FINANCIAL YEAR | (355,100 | ) | 457,670 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | (355,100 | ) |

Prior year adjustment | (154,135 | ) |

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT | 303,535 |  |

INNOVATIVE TRIALS LIMITED (REGISTERED NUMBER: 07181523)

BALANCE SHEET

31 MAY 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 10 | - |  | - |  |

Tangible assets | 11 | 31,351 |  | 66,268 |  |

31,351 |  | 66,268 |  |

CURRENT ASSETS

Debtors | 12 | 6,202,884 |  | 5,187,356 |  |

Cash at bank and in hand | 1,295,015 |  | 2,062,280 |  |

7,497,899 |  | 7,249,636 |  |

CREDITORS

Amounts falling due within one year | 13 | 1,653,789 |  | 742,492 |  |

NET CURRENT ASSETS | 5,844,110 |  | 6,507,144 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 5,875,461 |  | 6,573,412 |  |

PROVISIONS FOR LIABILITIES | 15 | 7,838 |  | 7,189 |  |

NET ASSETS | 5,867,623 |  | 6,566,223 |  |

INNOVATIVE TRIALS LIMITED (REGISTERED NUMBER: 07181523)

BALANCE SHEET - continued

31 MAY 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

CAPITAL AND RESERVES

Called up share capital | 16 | 120 |  | 120 |  |

Share premium | 17 | 488,380 |  | 488,380 |  |

Retained earnings | 17 | 5,379,123 |  | 6,077,723 |  |

SHAREHOLDERS' FUNDS | 5,867,623 |  | 6,566,223 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 21 January 2026 and were signed on its behalf by:

Ms K Shaw - Director

Mr D R Watkins - Director

INNOVATIVE TRIALS LIMITED (REGISTERED NUMBER: 07181523)

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MAY 2025

| Called up |

| share |  | Retained |  | Share |  | Total

| capital |  | earnings |  | premium |  | equity

£ | £ | £ | £ |

Balance at 1 June 2023 | 120 |  | 5,951,588 |  | 488,380 |  | 6,440,088 |  |

Prior year adjustment | - |  | (154,135 | ) | - |  | (154,135 | ) |

As restated | 120 |  | 5,797,453 |  | 488,380 |  | 6,285,953 |  |

Changes in equity

Dividends | - |  | (177,400 | ) | - |  | (177,400 | ) |

Total comprehensive income | - |  | 457,670 |  | - |  | 457,670 |  |

Balance at 31 May 2024 | 120 |  | 6,077,723 |  | 488,380 |  | 6,566,223 |  |

Changes in equity

Dividends | - |  | (343,500 | ) | - |  | (343,500 | ) |

Total comprehensive income | - |  | (355,100 | ) | - |  | (355,100 | ) |

Balance at 31 May 2025 | 120 |  | 5,379,123 |  | 488,380 |  | 5,867,623 |  |

INNOVATIVE TRIALS LIMITED (REGISTERED NUMBER: 07181523)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

1. | STATUTORY INFORMATION

| Innovative Trials 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.

| The presentation currency of the financial statements is the Pound Sterling (£).

| Amounts included in the financial statements are rounded to the nearest £.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Financial Reporting Standard 102 - reduced disclosure exemptions

| The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

| • | the requirements of Section 7 Statement of Cash Flows.

INNOVATIVE TRIALS LIMITED (REGISTERED NUMBER: 07181523)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MAY 2025

2. | ACCOUNTING POLICIES - continued

| Key source of estimation, uncertainty and judgement

| The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

| There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

| There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed off.

| There is estimation uncertainty in calculating amortisation of intangible assets. A full line by line review of intangible assets is carried out by management regularly. Whilst every attempt is made to ensure that the amortisation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the intangible assets.

| Turnover

| Revenue from consultancy services is recognised by reference to the stage of completion of the contract determined by the value of the services provided at the balance sheet date as a proportion of the total value of the engagement. Where the amount of revenue is contingent on future events, this is only recognised where the amount of revenue can be measured reliably and it is probable that the economic benefits will be received. When this cannot be estimated reliably, revenue is only recognised to the value of the expenses that it is considered probable will be recovered, with a "catch-up" element of revenue recognised based on stage of completion once a reliable estimate can be made. Consultancy services provided to the client which at the balance sheet date have not been billed have been recognised as revenue and are included in debtors as accrued income.Revenue excludes discounts, rebates, value added tax and other sales taxes.

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Development costs are being amortised evenly over their estimated useful life of eight years.

INNOVATIVE TRIALS LIMITED (REGISTERED NUMBER: 07181523)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MAY 2025

2. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

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

| Improvements to property | - | over the length of the lease

| Plant and machinery | - | Straight line over 3 years

| Fixtures and fittings | - | Straight line over 3 years

| Computer equipment | - | Straight line over 3 years

| Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

| The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the assets, and is credited or charged to the profit or loss account.

| The residual values, useful lives and depreciation methods of tangible fixed assets are reviewed annually. The director carried out such a review during the year end 31 May 2024, and it was decided to change the depreciation method for Plant and Machinery, Fixtures and Fittings and Computer Equipment from 25% on reducing balance to straight line over 3 years. The effect of the revisions have been accounted for prospectively.

| Financial instruments

| Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

| Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

| Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are integral part of the company’s cash management.

| Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

INNOVATIVE TRIALS LIMITED (REGISTERED NUMBER: 07181523)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MAY 2025

2. | ACCOUNTING POLICIES - continued

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

| The company is a beneficiary of Research & Development (R&D) tax relief from the UK Government in the form of reductions in its annual tax liability. Current tax assets or reductions in current tax liabilities for R&D claims are only recognised when the amount can be reliably determined and the probability of HM Revenue & Customs accepting the claim is considered high.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| Dividends

| Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

INNOVATIVE TRIALS LIMITED (REGISTERED NUMBER: 07181523)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MAY 2025

2. | ACCOUNTING POLICIES - continued

| Leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. | TURNOVER

| The turnover and loss (2024 - profit) before taxation are attributable to the one principal activity of the company.

| An analysis of turnover by class of business is given below:

| 2025 |  | 2024

£ | £ |

| Patient Recruitment Services | 7,981,868 |  | 7,868,720 |  |

7,981,868 |  | 7,868,720 |  |

| An analysis of turnover by geographical market is given below:

| 2025 |  | 2024

£ | £ |

| United Kingdom | 1,731,840 |  | 1,804,278 |  |

| Europe | 83,819 |  | 229,942 |  |

| United States of America | 4,250,426 |  | 5,822,315 |  |

| Australia | 66,615 |  | 12,185 |  |

| Other | 1,849,168 |  | - |  |

7,981,868 |  | 7,868,720 |  |

INNOVATIVE TRIALS LIMITED (REGISTERED NUMBER: 07181523)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MAY 2025

4. | EMPLOYEES AND DIRECTORS

|  | 2025 |  |  | 2024 |  |

| £ |  |  | £ |  |

| Wages and salaries |  | 3,046,720 |  |  | 2,791,097 |  |

| Social security costs |  | 299,978 |  |  | 277,772 |  |

| Other pension costs |  | 296,161 |  |  | 286,867 |  |

|  | 3,642,860 |  |  | 3,214,163 |  |

| The average number of employees during the year was as follows:

|  | 2025 |  |  | 2024 |  |

| Professional |  | 42 |  |  | 42 |  |

| Administration |  | 21 |  |  | 25 |  |

|  | 63 |  |  | 67 |  |

5. | DIRECTORS' EMOLUMENTS

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 25,000 |  | 17,680 |  |

| A further £120,000 (2024 : £120,000) was paid during the year to the directors pension scheme by the company.

6. | OPERATING (LOSS)/PROFIT

| The operating loss (2024 - operating profit) is stated after charging:

| 2025 |  | 2024

£ | £ |

| Depreciation - owned assets | 57,636 |  | 219,942 |  |

| Foreign exchange differences | 38,316 |  | 10,532 |  |

| Operating Leases | - |  | 32,500 |  |

7. | AUDITORS' REMUNERATION

| 2025 |  | 2024

£ | £ |

| Fees payable to the company's auditors for the audit of the company's financial statements | 10,080 |  | 13,660 |  |

INNOVATIVE TRIALS LIMITED (REGISTERED NUMBER: 07181523)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MAY 2025

7. | AUDITORS' REMUNERATION - continued

| Non audit service fees of £5,250 (2024: £5,100) were incurred during the year.

8. | TAXATION

| Analysis of the tax charge

| The tax charge on the loss for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | - |  | 211,826 |  |

| Deferred tax | 648 |  | (11,840 | ) |

| Tax on (loss)/profit | 648 |  | 199,986 |  |

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| 2025 |  | 2024

£ | £ |

| (Loss)/profit before tax | (354,452 | ) | 657,656 |  |

| (Loss)/profit multiplied by the standard rate of corporation tax in the UK of 0% (2024 - 25%) | - |  | 164,414 |  |

| Effects of:

| Expenses not deductible for tax purposes | - |  | (2,015 | ) |

| Depreciation in excess of capital allowances | - |  | 49,427 |  |

| Deferred tax | 648 |  | (11,840 | ) |

| Total tax charge | 648 |  | 199,986 |  |

INNOVATIVE TRIALS LIMITED (REGISTERED NUMBER: 07181523)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MAY 2025

9. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Ordinary A shares of £1 each

| Interim | 343,500 |  | 177,400 |  |

10. | INTANGIBLE FIXED ASSETS

| Development

| costs

£ |

| COST

| At 1 June 2024

| and 31 May 2025 | 7,200 |  |

| AMORTISATION

| At 1 June 2024

| and 31 May 2025 | 7,200 |  |

| NET BOOK VALUE

| At 31 May 2025 | - |  |

| At 31 May 2024 | - |  |

INNOVATIVE TRIALS LIMITED (REGISTERED NUMBER: 07181523)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MAY 2025

11. | TANGIBLE FIXED ASSETS

| Improvements |  | Fixtures |

| to |  | Plant and |  | and |  | Computer |

| property |  | machinery |  | fittings |  | equipment |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 June 2024 | 750,172 |  | 52,971 |  | 57,953 |  | 132,620 |  | 993,716 |  |

| Additions | - |  | - |  | 1,248 |  | 21,471 |  | 22,719 |  |

| At 31 May 2025 | 750,172 |  | 52,971 |  | 59,201 |  | 154,091 |  | 1,016,435 |  |

| DEPRECIATION

| At 1 June 2024 | 712,662 |  | 52,971 |  | 56,833 |  | 104,982 |  | 927,448 |  |

| Charge for year | 37,510 |  | - |  | 1,185 |  | 18,941 |  | 57,636 |  |

| At 31 May 2025 | 750,172 |  | 52,971 |  | 58,018 |  | 123,923 |  | 985,084 |  |

| NET BOOK VALUE

| At 31 May 2025 | - |  | - |  | 1,183 |  | 30,168 |  | 31,351 |  |

| At 31 May 2024 | 37,510 |  | - |  | 1,120 |  | 27,638 |  | 66,268 |  |

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

2025 | 2024 |

£ | £ |

| Trade debtors | 1,668,796 |  | 1,605,337 |  |

| Other debtors | 4,348,986 |  | 3,408,141 |  |

| Prepayments | 185,102 |  | 173,878 |  |

6,202,884 |  | 5,187,356 |  |

| An amount of £1,274,065 (2024 : £1,272,398) is owed from a related company in the form of an unsecured and interest free loan at the balance sheet date. The company is related by virtue of being under common control.

INNOVATIVE TRIALS LIMITED (REGISTERED NUMBER: 07181523)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MAY 2025

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

2025 | 2024 |

£ | £ |

| Trade creditors | 482,716 |  | 395,183 |  |

| Tax | - |  | 52,686 |  |

| Social security and other taxes | 192,552 |  | 120,380 |  |

| Other creditors | 334,383 |  | - |  |

| Directors' current accounts | 5,532 |  | 4,292 |  |

| Accruals and deferred income | 638,606 |  | 169,951 |  |

1,653,789 |  | 742,492 |  |

14. | LEASING AGREEMENTS

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

2025 | 2024 |

£ | £ |

| Within one year | - |  | 32,500 |  |

15. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax | 7,838 |  | 7,189 |  |

| Deferred |

| tax |

£ |

| Balance at 1 June 2024 | 7,189 |  |

| Released during the year | 649 |  |

| Balance at 31 May 2025 | 7,838 |  |

INNOVATIVE TRIALS LIMITED (REGISTERED NUMBER: 07181523)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MAY 2025

16. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 50 | Ordinary A | £1 | 50 |  | 50 |  |

| 50 | Ordinary B | £1 | 50 |  | 50 |  |

| 20 | Ordinary C | £1 | 20 |  | 20 |  |

120 |  | 120 |  |

| All shares have been allotted and issued.

| The A Ordinary shares, the B Ordinary shares and the C Ordinary shares shall:

| - Constitute separate classes of shares

| - Have one vote per share

| - Have equal rights on a winding up

| The A Ordinary shares shall only be entitled to those dividends recommended by the directors in respect of the A Ordinary shares.

| The B Ordinary shares shall only be entitled to those dividends recommended by the directors in respect of the B Ordinary shares.

| The C Ordinary shares shall only be entitled to those dividends recommended by the directors in respect of the C Ordinary shares.

| The directors may pay an interim/final dividend or dividends on any classes of shares to the exclusion of the other classes and may pay interim/final dividends at different rates on the respective classes of shares.

17. | RESERVES

| Retained |  | Share |

| earnings |  | premium |  | Totals

£ | £ | £ |

| At 1 June 2024 | 6,077,723 |  | 488,380 |  | 6,566,103 |  |

| Deficit for the year | (355,100 | ) | (355,100 | ) |

| Dividends | (343,500 | ) | (343,500 | ) |

| At 31 May 2025 | 5,379,123 |  | 488,380 |  | 5,867,503 |  |

INNOVATIVE TRIALS LIMITED (REGISTERED NUMBER: 07181523)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MAY 2025

18. | RELATED PARTY DISCLOSURES

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| An amount of £1,274,065 (2024 : £1,272,398) is owed from a related company in the form of an unsecured and interest free loan at the balance sheet date. The company is related by virtue of being under common control.

| During the year, the company incurred rental costs of £68,750 (2024 : £65,000) paid to DKBT Limited, and £77,500 (2024 : £65,000) paid to to Innovative Trials SSAS. Innovative Trials Limited and DKBT Ltd are related by virtue of both companies being under common control, and Innovative Trials Ltd and Innovative Trials SSAS are related by virtue of the directors of Innovative Trials Limited being Trustees of Innovative Trials SSAS.

| The rent payable is on terms below current market value.

| During the year, a total of key management personnel compensation of £ 145,783 (2024: £137,680) was paid by the company.

| An amount of £5,532, owed to the directors, was outstanding at year-end.

19. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling party is Innovative Solutions Group Limited.

| Innovative Solutions Group Limited is a company registered in England, its registered office address is Innovative House, Avenue One, Letchworth Garden City, Hertfordshire SG6 2WW.