IRIS Accounts Production v25.4.12.37 07284911 director 1.1.24 31.12.24 31.12.24 Medium entities supply of medical instruments. true true false true true false false false true true true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. 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REGISTERED NUMBER: 07284911 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

ADVANCED INSTRUMENTS LTD.

ADVANCED INSTRUMENTS LTD. (REGISTERED NUMBER: 07284911) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page |

| Strategic Report | 1 |

| Report of the Director | 3 |

| Report of the Independent Auditors | 4 |

| Statement of Income and Retained Earnings | 6 |

| Balance Sheet | 7 |

| Notes to the Financial Statements | 8 |

ADVANCED INSTRUMENTS LTD. (REGISTERED NUMBER: 07284911) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The director presents her strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

Advanced Instruments Ltd. ("AI") has continued to manufacture and distribute its instruments to customers in the clinical and bio pharma end markets.

The company's performance for the year ended 31 December 2024 showed total revenues of £17.8m, representing a 16% compared to financial year 2023 and driven by recurring service revenues (up 24%) and expanded sales of the Osmometer portfolio. Throughout 2024, demand for capital equipment remained subdued, leading to a decline in instrument sales within the Solentim portfolio. Nevertheless, ongoing purchases of consumables by existing customers demonstrate continued utilisation of Solentim instruments in the market, underscoring their sustained relevance and value to the installed customer base.

The company generated losses before interest, taxation, depreciation and amortisation (negative "EBITDA") of £2.3m (2023: £1.5m of negative EBITDA).

In the view of the director, the company's key accomplishments, against the high-level strategic objectives for its group, have been:

- |  | Continued timely delivery of high-quality products to UK clinical and biopharma customers. |

- |  | Expansion of the Osmometer portfolio distribution to additional European markets. |

PRINCIPAL RISKS AND UNCERTAINTIES

Geopolitical events and security of supply

AI has responded to industry-wide supply chain disruptions by maintaining sufficient inventory and committed purchase orders.

Product and market risk

Despite the current soft demand for Solentim instruments and whilst operating in a highly competitive market, AI must continue to innovate to maintain leadership in cell line development.

Regulatory risks

Ongoing compliance is a core commitment, with the Board ensuring appropriate skills and experience to manage regulatory risks.

Economic risks

Financial risks are primarily related to accounts receivable and inventory recoverability, managed through detailed oversight by the finance team.

ANALYSIS OF KEY FINANCIAL PERFORMANCE INDICATORS

Performance measure |  |  | 2024 |  | 2023 |  | Movement % |  | Commentary |

Revenue |  | £m |  | 17.8 |  | 15.4 |  | 16 |  | Recurring service revenues in 2024 increased by 24%. This along with the continued increase in Osmometer revenue has resulted in a 16% revenue increased compared to 2023. |

Gross profit |  | £m |  | 5.0 |  | 5.1 |  | (2 | ) | Despite an increase to service revenues, increased travel costs have negatively impacted service profit, along with inflated costs from vendors. |

Gross margin |  | % |  | 28 |  | 33 |  | (15 | ) | Reduction in margin due to cost pressures. |

Operating loss |  | £m |  | (3.9 | ) | (2.9 | ) | 32 |  | 2024 saw a second consecutive year of facility and utility cost increases, as service providers continue to increase energy prices. Continued investment in people and additional headcount resulted in higher wages, social security and associated benefits for the year. |

EBITDA |  | £m |  | (2.3 | ) | (1.5 | ) | 57 |  | The reduction in operating profit drove the reduction in EBITDA. |

ADVANCED INSTRUMENTS LTD. (REGISTERED NUMBER: 07284911) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

AREAS DEEMED TO BE OF KEY STRATEGIC IMPORTANCE

Long-range plans

AI is committed to ongoing investment in R&D and expanding distribution across Europe.

Employees

Attracting and retaining talent is essential to achieving long-term goals. AI aims to provide a stimulating workplace to support development and recruitment.

Business relationships

Maintaining strong customer and supplier relationships is critical for understanding needs and delivering innovative solutions.

Community and environment

We are committed to supporting our community and reducing our CO2 emissions through various initiatives.

FINANCIAL INSTRUMENTS

The company has an interest-free, unsecured loan from its parent company of £11,376,884, repayable on demand. The parent company has confirmed it will not require repayment in the foreseeable future, limiting exposure to credit, liquidity, and cash flow risk.

SIGNED BY THE DIRECTOR:

S M Hanlon - Director

6 March 2026

ADVANCED INSTRUMENTS LTD. (REGISTERED NUMBER: 07284911) |

REPORT OF THE DIRECTOR

FOR THE YEAR ENDED 31 DECEMBER 2024

The director presents her report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS

S M Hanlon has held office during the whole of the period from 1 January 2024 to the date of this report.

Other changes in directors holding office are as follows:

N Pomeroy - resigned 11 March 2024

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen, in accordance with the Companies Act 2006 s414C(11), to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless she is 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 director is 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.

The director is 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 her to ensure that the financial statements comply with the Companies Act 2006. She is 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 director is 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 she has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

SIGNED BY THE DIRECTOR:

S M Hanlon - Director

6 March 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ADVANCED INSTRUMENTS LTD.

Opinion

We have audited the financial statements of Advanced Instruments Ltd. (the 'company') for the year ended 31 December 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet 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 December 2024 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Director 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 Director 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 Director.

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 director's remuneration specified by law are not made; or

- | we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ADVANCED INSTRUMENTS LTD.

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:

Based on our understanding of the company and industry, we considered the risk of non-compliance with laws and regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Audit procedures performed included:

- |  | Enquiring of management whether there were instances of non-compliance with laws and regulation or fraud; |

- |  | Review of legal expenses for evidence of fees relating to non-compliance; |

- |  | Review of provision estimates to ensure not influenced by management bias; |

- |  | Review of non-routine journal entries, non-sales bank receipts and non-purchase bank payments for unusual accounting entries; and |

- |  | Cut off procedures to confirm that revenue from goods and services had been recognised as revenue in the correct period. |

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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.

Christian Heeger BSc BFP FCA (Senior Statutory Auditor)

for and on behalf of Galloways Accounting

Statutory Auditors

15 West Street

Brighton

East Sussex

BN1 2RL

11 March 2026

ADVANCED INSTRUMENTS LTD. (REGISTERED NUMBER: 07284911) |

STATEMENT OF INCOME AND

RETAINED EARNINGS

FOR THE YEAR ENDED 31 DECEMBER 2024

| 2024 |  | 2023

| Notes | £ | £ |

TURNOVER | 3 | 17,755,672 |  | 15,366,122 |  |

Cost of sales | (12,794,477 | ) | (10,300,104 | ) |

GROSS PROFIT | 4,961,195 |  | 5,066,018 |  |

Distribution costs | (264,098 | ) | (258,437 | ) |

Administrative expenses | (8,555,070 | ) | (7,764,765 | ) |

(3,857,973 | ) | (2,957,184 | ) |

Other operating income | - |  | 38,972 |  |

OPERATING LOSS | (3,857,973 | ) | (2,918,212 | ) |

Interest receivable and similar income | 27,696 |  | 5,001 |  |

(3,830,277 | ) | (2,913,211 | ) |

Amounts written off investments | 5 | - |  | (3,067,203 | ) |

(3,830,277 | ) | (5,980,414 | ) |

Interest payable and similar expenses | 6 | (2,447 | ) | (8,606 | ) |

LOSS BEFORE TAXATION | 7 | (3,832,724 | ) | (5,989,020 | ) |

Tax on loss | 8 | 26,234 |  | (993,887 | ) |

LOSS FOR THE FINANCIAL YEAR | (3,806,490 | ) | (6,982,907 | ) |

Retained earnings at beginning of year as previously reported | 4,619,860 |  | 11,865,207 |  |

Prior year adjustment - corrections of material errors | - |  | (262,440 | ) |

RETAINED EARNINGS AT END OF YEAR | 813,370 |  | 4,619,860 |  |

ADVANCED INSTRUMENTS LTD. (REGISTERED NUMBER: 07284911) |

BALANCE SHEET

31 DECEMBER 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 9 | 2,958,126 |  | 4,074,208 |  |

Tangible assets | 10 | 731,872 |  | 1,016,477 |  |

Investments | 11 | 9,204,513 |  | 9,197,388 |  |

12,894,511 |  | 14,288,073 |  |

CURRENT ASSETS

Stocks | 12 | 3,875,577 |  | 4,268,299 |  |

Debtors | 13 | 7,221,680 |  | 5,178,556 |  |

Cash at bank and in hand | 2,396,877 |  | 1,796,099 |  |

13,494,134 |  | 11,242,954 |  |

CREDITORS

Amounts falling due within one year | 14 | 25,398,167 |  | 20,742,264 |  |

NET CURRENT LIABILITIES | (11,904,033 | ) | (9,499,310 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 990,478 |  | 4,788,763 |  |

CREDITORS

Amounts falling due after more than one year | 15 | (29,802 | ) | (45,597 | ) |

PROVISIONS FOR LIABILITIES | 18 | (147,297 | ) | (123,297 | ) |

NET ASSETS | 813,379 |  | 4,619,869 |  |

CAPITAL AND RESERVES

Called up share capital | 19 | 9 |  | 9 |  |

Retained earnings | 813,370 |  | 4,619,860 |  |

SHAREHOLDERS' FUNDS | 813,379 |  | 4,619,869 |  |

The financial statements were approved by the director and authorised for issue on 6 March 2026 and were signed by:

S M Hanlon - Director

ADVANCED INSTRUMENTS LTD. (REGISTERED NUMBER: 07284911) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1. | STATUTORY INFORMATION

| Advanced Instruments Ltd. is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address are as below:

| Registered number: 07284911

| Registered office:

| 5th Floor

| One New Change

| London EC4M 9AF

| Principal place of business:

| Solent House

| Johnson Road

| Fernside Business Park

| Wimborne

| Dorset BH21 7SE

| The principal activity of the company is the manufacture and sale of cell line development instruments and associated services.

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

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.

| Going concern

| The company's balance sheet position of net current liabilities of £11,904,033 represents the impact of the funding terms for the investment made to acquire Advanced (Shanghai) Technology Co., Ltd. The funding for this investment was obtained through a £11,376,884 loan. While the terms of this loan specify it is repayable on demand, a letter of support has been provided by the parent company, confirming repayment of the loan will not be demanded in the near future. In addition, there is a £11,191,711 trading balance with the US parent, which was repaid after the year end.

| The director's assessment of going concern takes into account the representation provided in the letter of support in conjunction with their assessment of the Advanced Instruments LLC group's ability to provide such support. Group cash flow forecasts have provided the director with confidence the group will have no need for the loan to be repaid up the chain to LLC in the near future.

| Financial Reporting Standard 102 - reduced disclosure exemptions

| The company has taken advantage of the following disclosure exemptions 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;

| • | the requirement of paragraph 3.17(d);

| • | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

| • | the requirement of paragraph 33.7.

| Preparation of consolidated financial statements

| The financial statements contain information about Advanced Instruments Ltd. as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Advanced Instruments Holdings Ltd, 5th Floor One New Change, London EC4M 9AF.

ADVANCED INSTRUMENTS LTD. (REGISTERED NUMBER: 07284911) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| Critical accounting judgements and key sources of estimation uncertainty

| Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

| The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

| i. Dilapidation provision

| Provision is made for dilapidations. This requires management’s best estimate of the expenditure that will be incurred based on contractual requirements. The provision has been calculated using market data for properties of a similar nature.

| ii. Investments valuation

| Annually, the company considers whether investments in subsidiaries may be impaired. Where an indication of impairment is identified the estimation of recoverable value requires estimation of the recoverable value of the cash generating unit (CGU).

| This requires estimation of the future cash flows from the CGUs and also selection of appropriate discount rates in order to calculate the net present value of those cash flows. The recoverable amount of the CGUs is a source of significant estimation uncertainty and determining this involved the use of significant assumptions.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

| Sale of goods

| Turnover from the sale of machines and consumables is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is on delivery of the goods.

| Rendering of services

| When the outcome of a transaction can be estimated reliably, turnover from service agreements is recognised on a straight line basis over the period covered by the service agreement.

| Goodwill

| Goodwill arising on a hive up of trade and assets from a subsidiary is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. The period chosen for writing off goodwill is 5 years. The reason for choosing this period is to reflect the changing drug development patterns of customers. Provision is made for any impairment.

| 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.

| The estimated useful lives range as follows (pending patents are not amortised):

| Patents and licences |  | - 5% on cost |  |

| Tangible fixed assets

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

| Office equipment | - | 20% on cost

| Plant and machinery | - | 33% on cost, 20% on cost and 10% on cost

| Fixtures and fittings | - | 20% on cost

| Computer equipment | - | 50% on cost and 33% on cost

| 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.

| Investments in subsidiaries

| Investments in subsidiaries are measured at cost less accumulated impairment.

| Stocks

| Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Stock is valued on a first in, first out basis. Work in progress and finished goods are valued for direct material only, and do not include labour or attributable overheads.

| At each balance sheet 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 is recognised immediately in the profit and loss.

ADVANCED INSTRUMENTS LTD. (REGISTERED NUMBER: 07284911) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties.

| Short term debtors and creditors are measured at the transaction price. Other financial instruments, including loans, are measured initially at fair value, net of transactions costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 tax

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

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

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

| Research and development

| In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence are all recognised an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequent amortised on a straight line basis over their useful economic lives.

| Foreign currencies translation

| 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.

| Leases

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

| Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

| Pensions

| 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.

| Provisions

| Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

| Impairment

| Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

ADVANCED INSTRUMENTS LTD. (REGISTERED NUMBER: 07284911) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

3. | TURNOVER

| The turnover and loss before taxation are attributable to the one principal activity of the company.

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

| 2024 |  | 2023

£ | £ |

| United Kingdom | 6,193,586 |  | 5,820,943 |  |

| Europe | 5,830,378 |  | 4,370,049 |  |

| United States of America | 3,684,761 |  | 2,623,647 |  |

| Asia | 2,046,947 |  | 2,518,729 |  |

| Australasia | - |  | 32,754 |  |

17,755,672 |  | 15,366,122 |  |

| Turnover is categorised as following:

|  | 2024 |  | 2023 |  |

|  | £ |  | £ |  |

| Sale of goods |  | 15,648,080 |  | 13,657,199 |  |

| Rendering of services |  | 2,107,592 |  | 1,708,923 |  |

|  | 17,755,672 |  | 15,366,122 |  |

4. | EMPLOYEES AND DIRECTORS

| 2024 |  | 2023

£ | £ |

| Wages and salaries | 4,133,399 |  | 4,056,985 |  |

| Social security costs | 494,863 |  | 463,460 |  |

| Other pension costs | 171,317 |  | 155,972 |  |

4,799,579 |  | 4,676,417 |  |

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

| 2024 |  | 2023

| Production | 41 |  | 44 |  |

| Distribution | 8 |  | 8 |  |

| Service | 9 |  | 8 |  |

| Administration and management | 16 |  | 17 |  |

74 |  | 77 |  |

| 2024 |  | 2023

£ | £ |

| Directors' remuneration | 33,930 |  | 86,130 |  |

| Directors' pension contributions to money purchase schemes | 1,357 |  | 3,445 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 1 |  | 1 |  |

5. | AMOUNTS WRITTEN OFF INVESTMENTS |

| 2024 |  | 2023

£ | £ |

| Amounts written off investments | - |  | 3,067,203 |  |

| The above is the amount written off following the company's impairment review of its investment in a subsidiary.

ADVANCED INSTRUMENTS LTD. (REGISTERED NUMBER: 07284911) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2024 |  | 2023

£ | £ |

| Bank interest | 122 |  | 6,923 |  |

| Leasing | 2,325 |  | 1,683 |  |

2,447 |  | 8,606 |  |

7. | LOSS BEFORE TAXATION

| The loss is stated after charging/(crediting):

| 2024 |  | 2023

£ | £ |

| Other operating leases | 136,235 |  | 152,070 |  |

| Depreciation - owned assets | 450,640 |  | 546,605 |  |

| Profit on disposal of fixed assets | - |  | (141,950 | ) |

| Goodwill amortisation | 1,008,138 |  | 1,008,138 |  |

| Patents and licences amortisation | 107,944 |  | 42,287 |  |

| Auditors' remuneration | 44,000 |  | 40,500 |  |

| Foreign exchange differences | 406,245 |  | (236,020 | ) |

| Research and development | 190,378 |  | 290,029 |  |

8. | TAXATION

| Analysis of the tax (credit)/charge

| The tax (credit)/charge on the loss for the year was as follows:

| 2024 |  | 2023

£ | £ |

| Current tax:

| Prior period (over)/under provision | (26,234 | ) | - |  |

| Deferred tax | - |  | 993,887 |  |

| Tax on loss | (26,234 | ) | 993,887 |  |

| UK corporation tax has been charged at 25% (2023 - 23.50%).

| Reconciliation of total tax (credit)/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:

| 2024 |  | 2023

£ | £ |

| Loss before tax | (3,832,724 | ) | (5,989,020 | ) |

| Loss multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.500%) | (958,181 | ) | (1,407,420 | ) |

| Effects of:

| Expenses not deductible for tax purposes | 260,127 |  | 1,290,454 |  |

| Income not taxable for tax purposes | - |  | (33,358 | ) |

| Adjustments to tax charge in respect of previous periods | (26,234 | ) | - |  |

| Tax at different rates | - |  | 150,324 |  |

| Unrecognised deferred tax asset | 698,054 |  | 993,887 |  |

| Total tax (credit)/charge | (26,234 | ) | 993,887 |  |

| An increase in the UK corporation rate from 19% to 25% was effective from 1 April 2023.

| The company did not recognise a deferred tax asset in 2024 or 2023, since it is not certain that the company will return to generating taxable profits in the foreseeable future.

ADVANCED INSTRUMENTS LTD. (REGISTERED NUMBER: 07284911) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

9. | INTANGIBLE FIXED ASSETS

| Patents |

| and |

| Goodwill |  | licences |  | Trademarks |  | Totals

£ | £ | £ | £ |

| COST

| At 1 January 2024

| and 31 December 2024 | 5,040,691 |  | 197,992 |  | 1,380 |  | 5,240,063 |  |

| AMORTISATION

| At 1 January 2024 | 1,074,427 |  | 90,048 |  | 1,380 |  | 1,165,855 |  |

| Amortisation for year | 1,008,138 |  | 107,944 |  | - |  | 1,116,082 |  |

| At 31 December 2024 | 2,082,565 |  | 197,992 |  | 1,380 |  | 2,281,937 |  |

| NET BOOK VALUE

| At 31 December 2024 | 2,958,126 |  | - |  | - |  | 2,958,126 |  |

| At 31 December 2023 | 3,966,264 |  | 107,944 |  | - |  | 4,074,208 |  |

| The amortisation charge is included in administrative expenses within the statement of comprehensive income.

10. | TANGIBLE FIXED ASSETS

| Fixtures

| Office |  | Plant and |  | and

| equipment |  | machinery |  | fittings

£ | £ | £ |

| COST

| At 1 January 2024 | 75,201 |  | 1,800,276 |  | 184,568 |  |

| Additions | - |  | 131,779 |  | 34,256 |  |

| At 31 December 2024 | 75,201 |  | 1,932,055 |  | 218,824 |  |

| DEPRECIATION

| At 1 January 2024 | 66,094 |  | 934,399 |  | 111,274 |  |

| Charge for year | 5,373 |  | 376,467 |  | 37,309 |  |

| At 31 December 2024 | 71,467 |  | 1,310,866 |  | 148,583 |  |

| NET BOOK VALUE

| At 31 December 2024 | 3,734 |  | 621,189 |  | 70,241 |  |

| At 31 December 2023 | 9,107 |  | 865,877 |  | 73,294 |  |

| Motor |  | Computer |

| vehicles |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 January 2024 | 77,670 |  | 75,136 |  | 2,212,851 |  |

| Additions | - |  | - |  | 166,035 |  |

| At 31 December 2024 | 77,670 |  | 75,136 |  | 2,378,886 |  |

| DEPRECIATION

| At 1 January 2024 | 15,103 |  | 69,504 |  | 1,196,374 |  |

| Charge for year | 25,890 |  | 5,601 |  | 450,640 |  |

| At 31 December 2024 | 40,993 |  | 75,105 |  | 1,647,014 |  |

| NET BOOK VALUE

| At 31 December 2024 | 36,677 |  | 31 |  | 731,872 |  |

| At 31 December 2023 | 62,567 |  | 5,632 |  | 1,016,477 |  |

ADVANCED INSTRUMENTS LTD. (REGISTERED NUMBER: 07284911) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

11. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertakings

£ |

| COST

| At 1 January 2024 | 9,197,388 |  |

| Additions | 7,125 |  |

| At 31 December 2024 | 9,204,513 |  |

| NET BOOK VALUE

| At 31 December 2024 | 9,204,513 |  |

| At 31 December 2023 | 9,197,388 |  |

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

| Advanced (Shanghai) Technology Co., Ltd

| Registered office: Room 721, Building 1, No 22-23, Lane 466, Yindu Road, Minhang District, Shanghai, People's Republic of China

| Nature of business: Sale of scientific instruments

| %

| Class of shares: | holding |

| Ordinary RMB1 | 100.00 |

| Advanced Instruments Limited

| Registered office: 3 Dublin Landings, North Wall Quay, Dublin 1, Dublin, D01C4E0, Ireland

| Nature of business: Sale of scientific instruments

| %

| Class of shares: | holding |

| Ordinary €1 | 100.00 |

| SAL Scientific Limited

| Registered office: Solent House, Johnson Road, Fernside Business Park, Wimborne, Dorset BH21 7SE

| Nature of business: Cell biology services and solutions

| %

| Class of shares: | holding |

| Ordinary £1 | 100.00 |

| Advanced Instruments Life Sciences GmbH

| Registered office: c/o CSC Corporate Services (Suisse) GmbH, Zahlerweg 6, 6300 Zug, Switzerland

| Nature of business: Sale of scientific instruments

| %

| Class of shares: | holding |

| Ordinary CHF 1 | 100.00 |

| Advanced Instruments Korea LLC

| Registered office: 901-903Ho 15, Dasanjungang-ro 145beon-gil, Namyangju-si, Gyeonggi-do, Republic of Korea 12248

| Nature of business: Dormant

| %

| Class of shares: | holding |

| Ordinary KRW 100,000 | 100.00 |

12. | STOCKS

2024 | 2023 |

£ | £ |

| Consumables | 24,172 |  | 22,733 |  |

| Raw materials | 2,020,358 |  | 2,987,010 |  |

| Work-in-progress | 212,181 |  | 84,562 |  |

| Finished goods | 1,618,866 |  | 1,173,994 |  |

3,875,577 |  | 4,268,299 |  |

| Stock is stated after provisions for impairment of £568,653 (2023: £550,329), with the increase of £18,324 (2023: £275,000) recognised in profit and loss.

ADVANCED INSTRUMENTS LTD. (REGISTERED NUMBER: 07284911) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

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

2024 | 2023 |

£ | £ |

| Trade debtors | 1,281,374 |  | 1,048,740 |  |

| Amounts owed by group undertakings | 5,680,187 |  | 3,662,042 |  |

| Other debtors | 16,321 |  | 54,434 |  |

| Tax | - |  | 229,843 |  |

| Prepayments and accrued income | 243,798 |  | 183,497 |  |

7,221,680 |  | 5,178,556 |  |

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

2024 | 2023 |

£ | £ |

| Finance leases (see note 16) | 15,795 |  | 15,129 |  |

| Trade creditors | 538,219 |  | 273,396 |  |

| Amounts owed to group undertakings | 23,264,906 |  | 18,741,111 |  |

| Social security and other taxes | 119,152 |  | 123,169 |  |

| VAT | 147,738 |  | 76,702 |  |

| Other creditors | 16,342 |  | 170,413 |  |

| Accruals and deferred income | 1,296,015 |  | 1,342,344 |  |

25,398,167 |  | 20,742,264 |  |

| Amounts due to group undertakings are interest-free, unsecured and repayable on demand.

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

2024 | 2023 |

£ | £ |

| Finance leases (see note 16) | 29,802 |  | 45,597 |  |

16. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Finance leases |

2024 | 2023 |

£ | £ |

| Net obligations repayable:

| Within one year | 15,795 |  | 15,129 |  |

| Between one and five years | 29,802 |  | 45,597 |  |

45,597 |  | 60,726 |  |

| The finance leases related to motor vehicles. The net carrying amount of the finance leased vehicles is £36,677 (2023: £62,567).

| Non-cancellable |

| operating leases |

2024 | 2023 |

£ | £ |

| Within one year | 105,752 |  | 16,936 |  |

| Between one and five years | 134,630 |  | 300 |  |

240,382 |  | 17,236 |  |

17. | SECURED DEBTS

| The following secured debts are included within creditors:

2024 | 2023 |

£ | £ |

| Finance leases | 45,597 |  | 60,726 |  |

| Finance lease liabilities are secured on the assets to which they relate.

ADVANCED INSTRUMENTS LTD. (REGISTERED NUMBER: 07284911) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

18. | PROVISIONS FOR LIABILITIES

2024 | 2023 |

£ | £ |

| Other provisions

| Warranty provision | 47,297 |  | 23,297 |  |

| Dilapidation provision | 100,000 |  | 100,000 |  |

147,297 |  | 123,297 |  |

| Other |

| provisions |

£ |

| Balance at 1 January 2024 | 123,297 |  |

| Charge to Statement of Comprehensive Income during year | 24,000 |  |

| Balance at 31 December 2024 | 147,297 |  |

| See note 14 for deferred tax asset.

| Other provisions include £100,000 for dilapidations (2023: £100,000) and £47,297 for warranties (2023: £23,297).

| Dilapidations provision

| As part of the company’s property leasing arrangements there is an obligation to repair damages which are incurred during the life of the lease, such as wear and tear. The cost is charged to profit and loss as the obligation arises.The provision is expected to be utilised in 2027 when the lease terminates.

| Warranty provision

| The company provides warranties for its instruments. The provision is an estimate of the expected costs to be incurred based on historical costs.

19. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2024 | 2023 |

| value: | £ | £ |

| 96,300 | Ordinary | £0.0001 | 9 |  | 9 |  |

| The shares have full voting, dividend and capital distribution rights.

20. | PENSION COMMITMENTS

| The company operates a defined contribution pension plan for its employees. The amount recognised as an expense in the period was £171,317 (2023: £155,972).

21. | ULTIMATE PARENT COMPANY

| Advanced Instruments Ltd is a subsidiary undertaking of Advanced Instruments Holdings Ltd, which is the immediate parent company. It's registered office is 5th Floor One New Change, London EC4M 9AF.

| The ultimate parent company is Investor AB, a company incorporated in Sweden. Its registered office is Arsenalsgatan 8C, 103 32 Stockholm .

| Advanced Instruments Holdings Ltd is the smallest group to consolidate these financial statements. The consolidated financial statements for Advanced Instruments Holdings Ltd are publicly available and can be obtained from www.find-and-update.company-information.service.gov.uk. Investor AB is the largest group to consolidate these financial statements. The consolidated financial statements for Investor AB are publicly available and can be obtained from www.investorab.com.

22. | CONTINGENT LIABILITIES

| There are fixed and floating charges in place over the company's assets as security for loans. At 31 December 2024, the group debt outstanding, subject to these cross guarantees totalled $188.5 million (2023: $234.5 million).