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Registration number: 09655087

Science Creates Services Ltd
Annual Report and Unaudited Financial Statements
for the Year Ended 30 June 2025

Science Creates Services Ltd

Contents

Company Information | 1
Directors' Report | 2 to 3
Profit and Loss Account | 4
Balance Sheet | 5 to 6
Statement of Changes in Equity | 7
Notes to the Financial Statements | 8 to 17
Accountant's Report | 18

Science Creates Services Ltd

Company Information

Directors | Dr H S Destecroix K J MacDonald Dr A Brewer C A Proctor J M Williams

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

Registered number | 09655087

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

Science Creates Services 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:

T M Smart (ceased 9 July 2024)

Dr H S Destecroix

K J MacDonald

Dr A Brewer

C A Proctor

J M Williams

Principal activity

The principal activity of the company is the provision of facilities, business support and expertise for early stage scientific businesses.

The company also provides 'Accelerator' programmes, run by our expert in-house staff who have provided fundamental training, mentorship and funding for early-stage founders who were looking to translate and accelerate their EngBio technology into living, breathing businesses.

Restructuring of operations

The company operates very closely with Unit DX Limited, which creates and rents laboratory space to start-ups, known as incubator premises. On 1 July 2024, both companies implemented the restructuring of the operations, moving the day-to-day running of these incubators to Science Creates Services Limited.
This has resulted in increases in revenues and expenses compared to the prior year, particularly regarding establishment costs (rent, rates and utilities costs).

Post balance sheet events

There have been two post balance sheet events:

1. By 8 August 2025, two interest free loans of £60,000 each have been provided by two directors of the company to support operational cash flow and allow it to continue on a going concern basis. The total facility available to the company is for £240,000 between the two directors. The loans are repayable in five equal instalments annually from 30 June 2028. |

2. On 1 July 2025, the company was awarded grant funding up to £600,000 by UK Research and Innovation to provide a third Accelerator programme (see note 8). |

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.

Science Creates Services Ltd

Directors' Report for the Year Ended 30 June 2025 (continued)

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

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

Science Creates Services Ltd

Profit and Loss Account for the Year Ended 30 June 2025

| Note | 2025 £ | 2024 £
Turnover |  | 1,761,951 | 877,245
Cost of sales |  | (131,828) | (71,209)
Gross profit |  | 1,630,123 | 806,036
Employment costs |  | (816,618) | (693,089)
Establishment costs (rent, rates and utilities) |  | (616,068) | (5,952)
Operating expenses |  | (721,564) | (485,421)
Finance charges |  | (1,556) | (585)
Depreciation costs |  | (9,034) | (9,289)
Other gains/losses |  | 1,083 | -
Other operating income | 3 | 294,440 | 384,194
Operating loss |  | (239,194) | (4,106)
Other interest receivable and similar income |  | 182 | -
Interest payable and similar charges |  | (57) | (14)
|  | 125 | (14)
Loss before tax |  | (239,069) | (4,120)
Taxation | 5 | 97 | 422
Loss for the financial year |  | (238,972) | (3,698)

Science Creates Services Ltd

(Registration number: 09655087)
Balance Sheet as at 30 June 2025

| Note | 2025 £ | 2024 £
Non current assets |  |  |
Tangible fixed assets | 6 | 11,786 | 12,507
Investments | 7 | 18,491 | 17,491
|  | 30,277 | 29,998
Current assets |  |  |
Stocks |  | 1,360 | 1,777
Debtors | 8 | 78,310 | 200,097
Cash at bank and in hand |  | 9,024 | 298,629
|  | 88,694 | 500,503
Creditors: Amounts falling due within one year | 9 | (240,452) | (410,023)
Net current (liabilities)/assets |  | (151,758) | 90,480
Total assets less current liabilities |  | (121,481) | 120,478
Provisions for liabilities |  | - | (2,987)
Net (liabilities)/assets |  | (121,481) | 117,491
Capital and reserves |  |  |
Called up share capital | 10 | 33 | 33
Profit and loss account |  | (121,514) | 117,458
Total equity |  | (121,481) | 117,491

Science Creates Services Ltd

(Registration number: 09655087)
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

Science Creates Services Ltd

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

| Share capital £ | Profit and loss account £ | Total £
At 1 July 2024 | 33 | 117,458 | 117,491
Loss for the year | - | (238,972) | (238,972)
At 30 June 2025 | 33 | (121,514) | (121,481)

| Share capital £ | Profit and loss account £ | Total £
At 1 July 2023 | 33 | 121,156 | 121,189
Loss for the year | - | (3,698) | (3,698)
At 30 June 2024 | 33 | 117,458 | 117,491

Science Creates Services Ltd

Notes to the 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 accounts have been prepared on a going concern basis which assumes that the company has sufficient funds to continue to trade for the foreseeable future. The directors have indicated their willingness to continue to support the company and accordingly the accounts have been prepared on the basis that the company is a going concern.

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.

Science Creates Services Ltd

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

2 | Accounting policies (continued)

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

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

Plant and machinery | 25% on cost
Computer equipment | 33% on cost
Catering equipment | 33% on cost
Bicycles | 100% on cost

Investments

Investments are measured at cost less impairment.

Research and development costs

Research and development costs are written off to profit or loss in the year incurred.

Cash and cash equivalents

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

Trade debtors

Trade debtors are recognised initially at the transaction price. They are subsequently measured less 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.

Science Creates Services Ltd

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

2 | Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are recognised at the transaction price.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.

Science Creates Services Ltd

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

3 | Other operating income

Other operating income includes £294,440 (2024: £382,366) relating to grant funding awarded by UK Research and Innovation to provide a third Accelerator programme.

4 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 25 (2024 - 17).

Science Creates Services Ltd

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

5 | Taxation

Tax charged/(credited) in the profit and loss account

| 2025 £ | 2024 £
Current taxation |  |
UK corporation tax adjustment to prior periods | 2,890 | -
Deferred taxation |  |
Arising from origination and reversal of timing differences | (2,987) | (422)
Tax receipt in the profit and loss account | (97) | (422)

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

Deferred tax

Deferred tax assets and liabilities

2025 | Asset £ | Liability £
Accelerated capital allowances | - | 2,987
| - | 2,987

2024 | Asset £ | Liability £
Accelerated capital allowances | - | 2,987
Tax losses carry-forwards | - | -
| - | 2,987

Science Creates Services Ltd

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

6 | Tangible fixed assets

| Computer equipment £ | Plant and machinery £ | Catering equipment £ | Bicycles £ | Total £
Cost
At 1 July 2024 | 17,926 | 105,106 | 183 | 2,287 | 125,502
Additions | 9,255 | 4,000 | 641 | - | 13,896
Disposals | (1,666) | (4,000) | - | - | (5,666)
At 30 June 2025 | 25,515 | 105,106 | 824 | 2,287 | 133,732
Depreciation
At 1 July 2024 | 15,694 | 95,408 | 66 | 1,827 | 112,995
Charge for the year | 3,368 | 5,139 | 122 | 405 | 9,034
Eliminated on disposal | - | (83) | - | - | (83)
At 30 June 2025 | 19,062 | 100,464 | 188 | 2,232 | 121,946
Carrying amount
At 30 June 2025 | 6,453 | 4,642 | 636 | 55 | 11,786
At 30 June 2024 | 2,232 | 9,698 | 117 | 460 | 12,507

Bicycles relate to staff bicycles under the cycle to work scheme which is offered to the company employees.

Science Creates Services Ltd

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

7 | Investments

| 2025 £ | 2024 £
Investments | 18,491 | 17,491

The company owns 100,000 shares in QLM Technology Ltd which represents less than 1% of total share capital and 621 shares in Carbometrics Limited which represents 2.6% of total share capital.

The company owns 100 partner points in Science Creates Ventures LLP, representing 1% of the total available partner points.
During the year, the company purchased 1,143 shares in Emenda Therapeutics Australia Pty Ltd for £1,000, the shareholding represents 3.92% of issued share capital.

8 | Debtors: amounts falling due within one year

| Note | 2025 £ | 2024 £
Trade debtors |  | 47,696 | 10,037
Amounts owed by related parties | 12 | 7,711 | 136,112
Other debtors |  | - | 78
Prepayments |  | 22,903 | 53,869
Corporation tax |  | - | 1
|  | 78,310 | 200,097

Science Creates Services Ltd

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

9 | Creditors

| 2025 £ | 2024 £
Due within one year |  |
Trade creditors | 37,032 | 15,995
Amounts owed to related parties | 62,605 | 64,454
Taxation and social security | 62,322 | 33,046
Other creditors | 6,316 | 6,048
Accruals and deferred income | 72,177 | 290,480
| 240,452 | 410,023

As at June 2025, there was no deferred income (2024: £259,163) relating to grant funding from the government department UK Research and Innovation. The company provides 'Accelerator' programmes, run by our expert in-house staff who have provided fundamental training, mentorship and funding for early-stage founders who were looking to translate and accelerate their EngBio technology into living, breathing businesses.
A third Accelerator programme was awarded by UK Research and Innovation on 1 July 2025, with funding up to £600,000.

10 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary of £0.03 each | 1,000 | 33 | 1,000 | 33

Science Creates Services Ltd

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

11 | Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
| 383,174 | -

The amount of non-cancellable operating lease payments recognised as an expense during the year was £192,929 (2024 - £2,000).

12 | Related party transactions

Income and receivables from related parties

2025 | Entities with joint control or significant influence £
Provision of services | 321,312
Amounts receivable from related party | 7,711

2024 | Entities with joint control or significant influence £
Provision of services | 758,552
Amounts receivable from related party | 136,112

Science Creates Services Ltd

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

12 | Related party transactions (continued)

Expenditure with related parties

2025 | Entities with joint control or significant influence £
Rendering of services | 257,305
Amounts payable to related party | 62,605

2024 | Entities with joint control or significant influence £
Rendering of services | 135,769
Amounts payable to related party | 64,454

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Science Creates Services 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 year ended 30 June 2025 as set out on pages 4 to 17. You consider that Science Creates Services 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