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Registration number: 09985771

Unit DX Ltd
Annual Report and Unaudited Financial Statements
for the Year Ended 30 June 2025

Unit DX Ltd

Contents

Company Information | 1
Directors' Report | 2
Profit and Loss Account | 3
Balance Sheet | 4 to 5
Statement of Changes in Equity | 6
Notes to the Unaudited Financial Statements | 7 to 17
Accountant's Report | 18

Unit DX Ltd

Company Information

Directors | K J MacDonald Dr H S Destecroix Dr A Brewer Dr J E Khawaja

Registered office | Science Creates St Philips Albert Road St Philips Bristol BS2 0XJ

Registered number | 09985771

Accountant | Corrigan Accountants Limited 1st Floor 25 King Street Bristol BS1 4PB

Unit DX Ltd

Directors' Report for the Year Ended 30 June 2025

The directors present their report and the financial statements for the year ended 30 June 2025.

Directors of the company

The directors who held office during the year were as follows:

K J MacDonald

Dr H S Destecroix

Dr A Brewer

Dr J E Khawaja (appointed 30 January 2025)

Principal activity

The principal activity of the company is the creation and rental of a high-spec laboratory space for start-ups, SMEs and industrial teams.

During the year, the company had two operational facilities or ‘incubators’ and one under construction which is due to complete in March 2026. All sites are located in Bristol.

Change of accounting reference date

The company operates very closely with Science Creates Services Limited. In the financial year, Unit DX Limited aligned its financial reporting year end date to match that of Science Creates Services Limited to be 30 June. Consequently, the current year period in these accounts of 12 months to 30 June 2025 are not directly comparable with the prior period, covering a 16 month period to 30 June 2024.

Restructuring of operations

On 1 July 2024 Unit DX Ltd and Science Creates Services Limited ('SCSL') implemented a restructuring process, which resulted in SCSL taking on the day-to-day running of the incubators which has reduced the establishment costs and operating expenses for Unit DX Limited.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 5 March 2026 and signed on its behalf by:

......................................... K J MacDonald Director

Unit DX Ltd

Profit and Loss Account for the Year Ended 30 June 2025

| Note | Year ended 30 June 2025 £ | 1 March 2023 to 30 June 2024 £
Turnover |  | 1,538,231 | 3,536,345
Cost of sales |  | (1,910) | (83,687)
Gross profit |  | 1,536,321 | 3,452,658
Establishment costs (rent, rates and insurance) |  | (452,445) | (1,201,495)
Operating expenses |  | (329,897) | (1,278,687)
Finance charges |  | 52 | (1,615)
Depreciation costs |  | (622,189) | (813,492)
Exceptional administrative expenses |  | (1,750) | (47,106)
Proft/(loss) on disposal of tangible fixed assets |  | - | (1,594)
Other operating income |  | 200,542 | 186,667
Operating profit |  | 330,634 | 295,336
Other interest receivable and similar income |  | 44,142 | 20,636
Interest payable and similar charges |  | - | (11)
Profit before tax |  | 374,776 | 315,961
Taxation | 4 | - | -
Profit for the financial year |  | 374,776 | 315,961

Unit DX Ltd

(Registration number: 09985771)
Balance Sheet as at 30 June 2025

| Note | 30 June 2025 £ | 30 June 2024 £
Non current assets |  |  |
Intangible assets | 5 | 208 | 1,999
Tangible fixed assets | 6 | 8,265,177 | 7,102,638
|  | 8,265,385 | 7,104,637
Current assets |  |  |
Debtors | 7 | 584,639 | 410,508
Cash at bank and in hand |  | 2,481,029 | 536,249
|  | 3,065,668 | 946,757
Creditors: Amounts falling due within one year | 8 | (2,646,412) | (2,285,594)
Net current assets/(liabilities) |  | 419,256 | (1,338,837)
Total assets less current liabilities |  | 8,684,641 | 5,765,800
Creditors: Amounts falling due after more than one year | 8 | (9,009,384) | (6,465,319)
Net liabilities |  | (324,743) | (699,519)
Capital and reserves |  |  |
Called up share capital | 10 | 80,000 | 80,000
Profit and loss account |  | (404,743) | (779,519)
Total equity |  | (324,743) | (699,519)

Unit DX Ltd

(Registration number: 09985771)
Balance Sheet as at 30 June 2025 (continued)

For the financial year ending 30 June 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised for issue by the Board on 5 March 2026 and signed on its behalf by:

.........................................

K J MacDonald
Director

Unit DX Ltd

Statement of Changes in Equity for the Year Ended 30 June 2025

| Share capital £ | Profit and loss account £ | Total £
At 1 July 2024 | 80,000 | (779,519) | (699,519)
Profit for the year | - | 374,776 | 374,776
At 30 June 2025 | 80,000 | (404,743) | (324,743)

| Share capital £ | Profit and loss account £ | Total £
At 1 March 2023 | 80,000 | (1,095,480) | (1,015,480)
Profit for the year | - | 315,961 | 315,961
At 30 June 2024 | 80,000 | (779,519) | (699,519)

Unit DX Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025

1 | Statutory information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Science Creates St Philips
Albert Road
St Philips
Bristol
BS2 0XJ

2 | Accounting policies

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.
The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis. The company’s balance sheet shows net liabilities and the company’s borrowings include amounts owed to directors and shareholders. Having made enquiries of the shareholders, and after reviewing the company’s forecasts and projections, the directors have a reasonable expectation that the company has adequate resources and ongoing shareholder support to continue in operational existence for the foreseeable future.

Unit DX Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025 (continued)

2 | Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised, using the accrual model, at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.
Grants related to the acquisition or construction of fixed assets are recognised as deferred income and released to profit or loss over the useful life of the asset.

Tangible fixed assets

Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation.
The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation that would have been avoided if the asset were not being constructed.

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Computer equipment | Straight-line basis over 3 years
Fixtures and fittings | Straight-line basis over 10 years
Tenant improvements | Straight-line basis over 15 years
Lab equipment | Straight-line basis over 3 years

Intangible fixed assets

Intangible fixed assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Website | Straight-line basis over 3 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Unit DX Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025 (continued)

2 | Accounting policies (continued)

Trade debtors

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost less any provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2024 - 4).

Unit DX Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025 (continued)

4 | Taxation

No liability to UK corporation tax arose on ordinary activities for the period from 1 March 2023 to 30 June 2024 nor for the year ended 30 June 2025.

5 | Intangible fixed assets

| Website £
Cost
At 1 July 2024 | 15,545
At 30 June 2025 | 15,545
Amortisation
At 1 July 2024 | 13,546
Amortisation charge | 1,791
At 30 June 2025 | 15,337
Carrying amount
At 30 June 2025 | 208
At 30 June 2024 | 1,999

Unit DX Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025 (continued)

6 | Tangible fixed assets

| Tenant improvements £ | Assets under construction £ | Fixtures & Fittings £ | Lab equipment £ | Computer equipment £ | Total £
Cost
At 1 July 2024 | 8,723,463 | 639,884 | 153,209 | 16,287 | 33,306 | 9,566,149
Additions | 554 | 1,774,426 | 7,957 | - | - | 1,782,937
Transfers | - | (145,263) | 145,263 | - | - | -
At 30 June 2025 | 8,724,017 | 2,269,047 | 306,429 | 16,287 | 33,306 | 11,349,086
Depreciation
At 1 July 2024 | 2,354,402 | - | 74,404 | 11,266 | 23,439 | 2,463,511
Charge for the period | 582,175 | - | 30,200 | 2,400 | 5,623 | 620,398
At 30 June 2025 | 2,936,577 | - | 104,604 | 13,666 | 29,062 | 3,083,909
Carrying amount
At 30 June 2025 | 5,787,440 | 2,269,047 | 201,825 | 2,621 | 4,244 | 8,265,177
At 30 June 2024 | 6,369,061 | 639,884 | 78,805 | 5,021 | 9,867 | 7,102,638

Assets under construction represent £2,269,047 relating to the third incubator site, OMX, in Bristol. Construction is expected to complete on 2nd March 2026. Transfers of £145,263 relate to solar panels under contruction at the St. Philips site in Bristol moving to Fixtures & Fittings following the completion of the installation of the panels.
Capitalised borrowing costs

Within 'Tenant improvements' are capitalised borrowing costs of £18,454 (2024 - £21,256).

Within 'Assets under construction' are capitalised borrowing costs of £135,205 (2024 - £14,333).

Unit DX Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025 (continued)

7 | Debtors: amounts falling due within one year

| Note | 30 June 2025 £ | 30 June 2024 £
Trade debtors |  | 9,375 | 32,983
Amounts owed by related parties | 12 | 62,205 | 63,529
Other debtors |  | 298,963 | 156,067
VAT |  | 96,971 | 15,345
Prepayments and accrued income |  | 117,125 | 142,584
|  | 584,639 | 410,508

8 | Creditors

| Note | 30 June 2025 £ | 30 June 2024 £
Loans and borrowings | 9 | 587,869 | 587,869
Trade creditors |  | 304,502 | 67,429
Amounts owed to related parties | 12 | 7,711 | 136,112
Directors' loan accounts |  | 1,067,635 | 1,067,635
Other creditors |  | 153,259 | 104,238
Accruals and deferred income |  | 525,436 | 322,311
|  | 2,646,412 | 2,285,594

Unit DX Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025 (continued)

8 | Creditors (continued)

| Note | 30 June 2025 £ | 30 June 2024 £
Due after one year |  |  |
Loans and borrowings | 9 | 5,512,485 | 5,566,985
Deferred income |  | 3,496,899 | 898,334
|  | 9,009,384 | 6,465,319

Deferred income is made up of two grants received. The first grant relates to the building of the second incubator site in Old Market, Bristol, for £1,400,000, which is being amortised over a period of 10 years. The amortisation for the year of £140,000 (2024: £140,000) is recorded as other operating income in the profit and loss account. Amounts still held on the balance sheet in relation to this grant is £898,334.
The second grant relates to the building of the third incubator site in Old Market, Bristol, for £2,738,565, which is being amortised over a period of 10 years. No amortisation has been charged for the year (2024: Nil) as the new site is not yet complete. The income will be released in line with the depreciation once the asset is in use. Amounts held on the balance sheet in relation to this grant are £2,738,565.

Unit DX Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025 (continued)

9 | Loans and borrowings

| 30 June 2025 £ | 30 June 2024 £
Current loans and borrowings
Shareholder loans | 587,869 | 587,869
Directors' loan accounts | 1,067,635 | 1,067,635
| 1,655,504 | 1,655,504

| 30 June 2025 £ | 30 June 2024 £
Non-current loans and borrowings
Shareholder loans | 3,801,306 | 3,513,571
Directors loan account | 1,711,179 | 2,053,414
| 5,512,485 | 5,566,985

Shareholder loans
Shareholder loans issued in prior periods are interest free and unsecured. The first of 20 equal 6-monthly repayments commenced in September 2021.
Although the shareholder loans are interest free the accounts do not contain any amendments for calculating the net present value of the obligations because all of the loans have been issued to directors or closely connected individuals.
During the year, £737,500 of further shareholder loans were advanced to the company. These loans carry interest at 8%, which accrues daily from the relevant drawdown date. These loans are unsecured.

Directors' loan accounts

The directors' loan accounts are interest free and unsecured. To comply with FRS102 the directors' loans have not been discounted to net present value. The first of 20 equal 6-monthly repayments commenced in September 2021.

Unit DX Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025 (continued)

10 | Share capital

Allotted, called up and fully paid shares

| 30 June 2025 | 30 June 2024
| No. | £ | No. | £
Ordinary shares of £1 each | 80,000 | 80,000 | 80,000 | 80,000

11 | Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments (on property leases) are as follows:

| 30 June 2025 £ | 30 June 2024 £
| 3,993,530 | 4,322,286

The amount of non-cancellable operating lease payments recognised as an expense during the year was £328,359 (2024 - £455,471).

Unit DX Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025 (continued)

12 | Related party transactions

Income and receivables from related parties

2025 | Entities with joint control or significant influence £
Provision of services | 280,790
Amounts receivable from related party | 62,605

2024 | Entities with joint control or significant influence £
Provision of services | 208,652
Amounts receivable from related party | 63,529

Expenditure with and payables to related parties

2025 | Entities with joint control or significant influence £
Rendering of services | 320,428
Amounts payable to related party | 7,711

2024 | Entities with joint control or significant influence £
Rendering of services | 948,869
Amounts payable to related party | 136,112

Unit DX Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025 (continued)

12 | Related party transactions (continued)

Loans from related parties

2025 | Entities with joint control or significant influence £
At start of period | 575,350
Repaid | (46,035)
At end of period | 529,315

2024 | Entities with joint control or significant influence £
At start of period | 460,350
Advanced | 115,000
At end of period | 575,350

Loans from related parties are unsecured and interest free.

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Unit DX Ltd
for the Year Ended 30 June 2025

As described on the balance sheet you are responsible for the preparation of the financial statements for the 16 month year ended 30 June 2025 as set out on pages 3 to 17. You consider that Unit DX Ltd is exempt from the statutory audit requirement for the year.
In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the company's accounting records and from information and explanations you have given us.

......................................
Corrigan Accountants Limited
1st Floor
25 King Street
Bristol
BS1 4PB

5 March 2026