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REGISTERED NUMBER: 02708052 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

FOR

THERADEX (EUROPE) LIMITED

THERADEX (EUROPE) LIMITED (REGISTERED NUMBER: 02708052)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 4 |

Report of the Independent Auditors | 6 |

Statement of Comprehensive Income | 10 |

Statement of Financial Position | 11 |

Statement of Changes in Equity | 12 |

Statement of Cash Flows | 13 |

Notes to the Statement of Cash Flows | 14 |

Notes to the Financial Statements | 15 |

THERADEX (EUROPE) LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 30 JUNE 2025

| DIRECTORS: | M J Valnoski

| B D Anderson

| H E Rosen

| SECRETARY: | R J Sullivan

| REGISTERED OFFICE: | Chancery House

| 3 Hatchlands Road

| Redhill

| RH1 6AA

| REGISTERED NUMBER: | 02708052 (England and Wales)

| AUDITORS: | Vista Audit LLP

| Chartered Accountants

| Statutory Auditor

| Chancery House

| 3 Hatchlands Road

| Redhill

| Surrey

| RH1 6AA

THERADEX (EUROPE) LIMITED (REGISTERED NUMBER: 02708052)

STRATEGIC REPORT

FOR THE YEAR ENDED 30 JUNE 2025

The directors present their strategic report for the year ended 30 June 2025.

REVIEW OF BUSINESS

The company has been providing full oncology clinical trial services in the US and Europe for over three decades now, recognising that the expansion and specification of cancer biology knowledge combined with their client's varied global drug development plans requires the formation of strategic alliances. The directors are committed to providing client focused, patient first services by expert staff.

There has been an increase in turnover and overall profitability in the reporting period. The company continues to seek new business and contracts from large customers in the global oncology market.

PRINCIPAL RISKS AND UNCERTAINTIES

There are a number of potential risks and uncertainties which could have a material impact on the company's performance and which could cause actual results to differ materially from expected and historical results.

1. Exposure to bad debts

The directors minimise the exposure to this risk by regular management reviews of trade debts. The company's clientele comprises a diverse range of pharmaceutical and biotech firms, including large, medium, and small enterprises. The risk of these customers failing to settle their invoices is assessed to be moderate.

2. Economic recession/worsening financial markets

The company operates in both European and US markets and the majority of costs are passed on to the customer.

The company has no external financing and has non-complex financial instruments which consist of bank balances, trade debtors, other debtors, trade creditors and other creditors. The main purpose is to ensure funds are in place to provide sufficient working capital for the company's current and future operations.

3. Price risk

Due to the nature of the financial instruments used by the company there is no exposure to price risk.

4. Liquidity/cashflow risk

The company actively manages the bank balances daily to ensure that it has sufficient available funds for operation. The trade creditor liquidity risk is also managed by ensuring that sufficient funds are available to meet the amounts payable.

5. Credit risk

The directors minimise the exposure to this risk by regular management reviews of trade and other debts. The balance owed by group undertakings are monitored and assessed by regularly reviewing their ability to repay the debt should it be necessary.

6. Health and safety

It is the company's policy to comply with the terms of the Health and Safety at Work Act 1974, and subsequent legislation, and to provide and maintain a healthy and safe working environment.

The health and safety objective of the company is to minimise the number of instances of occupational accidents and illnesses and ultimately achieve an accident-free workplace.

7. Foreign currencies

The company usually invoices clients in the currency of their choice, typically Sterling, Euros or US Dollars. With a significant proportion of the company's costs in the same currency as the revenue generated, there is a partial natural currency hedge. If Sterling weakens against other major foreign currencies, this tends to reduce the company's gross margin, and vice versa.

8. Fixed-price contracts

The company conducts clinical trials of drugs which are still in development. Consequently, there is always a risk that a study may be terminated early. In the event of early termination of the trial, a proper closing down procedure in compliance with laws and regulations is required and the company is able to agree closing down fees with the Sponsor.

THERADEX (EUROPE) LIMITED (REGISTERED NUMBER: 02708052)

STRATEGIC REPORT

FOR THE YEAR ENDED 30 JUNE 2025

KEY PERFORMANCE INDICATORS

Turnover

Turnover has increased to £15,170,738 from a restated £13,521,690 in 2024, further details of the restatement can be found in the notes to the accounts. Turnover increase of 12.2% is due to a number of existing studies progressing to more active stages during the year and a push from management to gain new business via networking.

Gross profit margin

The gross profit margin has increased for the year to 48% (2024: 43%). The main reason is an improvement in staff efficiency resulting in reduced labour costs.

Debtor days

Debtor days have increased from 34 days in 2024 to 37 days this year.

ON BEHALF OF THE BOARD:

H E Rosen - Director

17 March 2026

THERADEX (EUROPE) LIMITED (REGISTERED NUMBER: 02708052)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 30 JUNE 2025

The directors present their report with the financial statements of the company for the year ended 30 June 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of providing professional services in clinical and medical research and development of pharmaceutical agents.

DIVIDENDS

No dividends will be distributed for the year ended 30 June 2025.

RESEARCH AND DEVELOPMENT

The company's research and development activities during the year related to finding alternative clinical trial protocols.

FUTURE DEVELOPMENTS

The company has ongoing projects with market leaders in the oncology field which are intended to develop for a number of years.

The company continues to expand its client base and the directors consider the company to be well positioned to take advantage of any new opportunities that may arise in the future.

DIRECTORS

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

M J Valnoski

B D Anderson

H E Rosen

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.

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.

THERADEX (EUROPE) LIMITED (REGISTERED NUMBER: 02708052)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 30 JUNE 2025

AUDITORS

The auditors, Vista Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

H E Rosen - Director

17 March 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

THERADEX (EUROPE) LIMITED

Opinion

We have audited the financial statements of Theradex (Europe) Limited (the 'company') for the year ended 30 June 2025 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 30 June 2025 and of its profit 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.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

THERADEX (EUROPE) LIMITED

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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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

THERADEX (EUROPE) 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.

Extent to which the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit:

- |  | in respect of fraud, are to identify and assess the risks of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management; and |

- |  | in respect of irregularities, considered to be non-compliance with laws and regulations, are to obtain sufficient appropriate audit evidence regarding compliance with the provisions of those laws and regulations generally recognised to have a direct effect on the determination of material amounts and disclosures in the financial statements, and perform other audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements. We are not responsible for preventing non-compliance with laws and regulations and our audit procedures cannot be expected to detect non-compliance with all laws and regulations. |

Our approach was as follows: |

- |  | We obtained an understanding of the legal and regulatory frameworks that are applicable to the company through discussions with management and from our commercial knowledge and previous experience of this specific business sector. |

- |  | We determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework (FRS 102), the UK Companies Act and tax legislation; and |

- |  | We identified the key laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid material penalty. These included the Bribery Act, the Data Protection Act 2018, UK employment law, environmental health and safety legislation, Good Clinical Practice requirements, Medicines and Healthcare Products Regulation Agency regulations and Food and Drug Administration regulations |

We obtained a general understanding of how the company complies with these legal and regulatory frameworks by making enquiries of management and those responsible for legal and compliance matters. We also reviewed minutes of the Board and gained an understanding of the company's approach to governance.

There are inherent limitations in the audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. The primary responsibility for the prevention and detection of fraud rests with those charged with governance of the group and parent company and management. We are not responsible for preventing non-compliance with laws and regulations and our audit procedures 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

THERADEX (EUROPE) LIMITED

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.

Mrs Susan Jones FCA (Senior Statutory Auditor)

for and on behalf of Vista Audit LLP

Chartered Accountants

Statutory Auditor

Chancery House

3 Hatchlands Road

Redhill

Surrey

RH1 6AA

19 March 2026

THERADEX (EUROPE) LIMITED (REGISTERED NUMBER: 02708052)

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 JUNE 2025

| 2025 |  | 2024

| (as

| restated)

| Notes | £ | £ |

TURNOVER | 5 | 15,170,738 |  | 13,521,690 |  |

Cost of sales | 7,825,255 |  | 7,728,882 |  |

GROSS PROFIT | 7,345,483 |  | 5,792,808 |  |

Administrative expenses | 3,186,017 |  | 2,692,451 |  |

4,159,466 |  | 3,100,357 |  |

Other operating income | 346,964 |  | 223,482 |  |

OPERATING PROFIT | 7 | 4,506,430 |  | 3,323,839 |  |

Interest receivable and similar income | 162,324 |  | 51,472 |  |

4,668,754 |  | 3,375,311 |  |

Interest payable and similar expenses | 8 | 85,000 |  | - |  |

PROFIT BEFORE TAXATION | 4,583,754 |  | 3,375,311 |  |

Tax on profit | 9 | 1,503,887 |  | 488,800 |  |

PROFIT FOR THE FINANCIAL YEAR | 3,079,867 |  | 2,886,511 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 3,079,867 |  | 2,886,511 |  |

THERADEX (EUROPE) LIMITED (REGISTERED NUMBER: 02708052)

STATEMENT OF FINANCIAL POSITION

30 JUNE 2025

| 2025 | 2024 |

| (as |

| restated) |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 10 | 37,457 |  | 30,157 |  |

CURRENT ASSETS

Debtors | 11 | 13,607,109 |  | 2,566,020 |  |

Cash at bank and in hand | 3,624,335 |  | 11,671,371 |  |

17,231,444 |  | 14,237,391 |  |

CREDITORS

Amounts falling due within one year | 12 | 2,908,328 |  | 2,988,832 |  |

NET CURRENT ASSETS | 14,323,116 |  | 11,248,559 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 14,360,573 |  | 11,278,716 |  |

PROVISIONS FOR LIABILITIES | 15 | 8,616 |  | 6,626 |  |

NET ASSETS | 14,351,957 |  | 11,272,090 |  |

CAPITAL AND RESERVES

Called up share capital | 16 | 100 |  | 100 |  |

Retained earnings | 17 | 14,351,857 |  | 11,271,990 |  |

SHAREHOLDERS' FUNDS | 14,351,957 |  | 11,272,090 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 17 March 2026 and were signed on its behalf by:

H E Rosen - Director

THERADEX (EUROPE) LIMITED (REGISTERED NUMBER: 02708052)

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 JUNE 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 July 2023 | 100 |  | 8,385,479 |  | 8,385,579 |  |

Changes in equity

Total comprehensive income | - |  | 2,886,511 |  | 2,886,511 |  |

Balance at 30 June 2024 | 100 |  | 11,271,990 |  | 11,272,090 |  |

Changes in equity

Total comprehensive income | - |  | 3,079,867 |  | 3,079,867 |  |

Balance at 30 June 2025 | 100 |  | 14,351,857 |  | 14,351,957 |  |

THERADEX (EUROPE) LIMITED (REGISTERED NUMBER: 02708052)

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 JUNE 2025

| 2025 |  | 2024

| (as

| restated)

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 1,882,080 |  | 3,485,634 |  |

Tax paid | (460,000 | ) | (510,378 | ) |

Taxation refund | 343,091 |  | 49,514 |  |

Net cash from operating activities | 1,765,171 |  | 3,024,770 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (29,148 | ) | (10,063 | ) |

Interest received | 162,324 |  | 51,472 |  |

Net cash from investing activities | 133,176 |  | 41,409 |  |

Cash flows from financing activities

Loan to group undertakings | (9,945,383 | ) | - |  |

Net cash from financing activities | (9,945,383 | ) | - |  |

(Decrease)/increase in cash and cash equivalents | (8,047,036 | ) | 3,066,179 |  |

Cash and cash equivalents at beginning of year | 2 | 11,671,371 |  | 8,605,192 |  |

Cash and cash equivalents at end of year | 2 | 3,624,335 |  | 11,671,371 |  |

THERADEX (EUROPE) LIMITED (REGISTERED NUMBER: 02708052)

NOTES TO THE STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 JUNE 2025

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2025 |  | 2024

| (as

| restated)

£ | £ |

| Profit before taxation | 4,583,754 |  | 3,375,311 |  |

| Depreciation charges | 21,682 |  | 30,214 |  |

| Loss on disposal of fixed assets | 166 |  | 238 |  |

| (Gain)/Loss on revaluation of assets | (299,318 | ) | 86,779 |  |

| R&D tax credits | (346,964 | ) | (223,482 | ) |

| Finance costs | 85,000 |  | - |  |

| Finance income | (162,324 | ) | (51,472 | ) |

3,881,996 |  | 3,217,588 |  |

| (Increase)/decrease in trade and other debtors | (2,642,704 | ) | 374,139 |  |

| Increase/(decrease) in trade and other creditors | 642,788 |  | (106,093 | ) |

| Cash generated from operations | 1,882,080 |  | 3,485,634 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

| Year ended 30 June 2025

| 30/6/25 |  | 1/7/24

£ | £ |

| Cash and cash equivalents | 3,624,335 |  | 11,671,371 |  |

| Year ended 30 June 2024

| 30/6/24 |  | 1/7/23

| (as |

| restated) |

£ | £ |

| Cash and cash equivalents | 11,671,371 |  | 8,605,192 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1/7/24 | Cash flow | At 30/6/25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 11,671,371 |  | (8,047,036 | ) | 3,624,335 |  |

11,671,371 |  | (8,047,036 | ) | 3,624,335 |  |

| Total | 11,671,371 |  | (8,047,036 | ) | 3,624,335 |  |

THERADEX (EUROPE) LIMITED (REGISTERED NUMBER: 02708052)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

1. | STATUTORY INFORMATION

| Theradex (Europe) 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 (£).

| All amounts in the financial statements have been rounded to the nearest £.

2. | STATEMENT OF COMPLIANCE

| 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 preparation of the financial statements in accordance with FRS102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in applying the company's accounting policies. The areas involving a higher degree of judgement or where assumptions and estimates have been made which are significant to the financial statements are disclosed in note 4.

3. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| The financial statements have been prepared under the historical cost convention.

| The company has considerable financial resources together with long term contracts with a number of customers across different geographical areas. As a result, the directors believe that the company is well placed to manage its business risks successfully in the current economic environment and have therefore adopted the going concern basis of accounting.

| Related party exemption

| 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.

| Changes in accounting policies

| During the year management changed the company's revenue recognition policy in relation to fixed price contracts. The stage of completion is now to be measured by the project managers as an estimate of the work completed based on their professional judgement. Revenue in relation to these fixed price contracts was previously measured using an input measure determined by the number of hours spent. Management believe that this new method of revenue recognition is a more accurate measure of work done and recognises efficiencies of the work-force in fulfilling the company's obligations to its customers. The change in policy to this new recognition criteria has resulted in an increase in turnover and profitability in the year of £2,583,354 and 2024 has been restated and an increase in turnover and profit before tax for that year of £1,374,004 has resulted. The opening reserves at 1 May 2023 have also been restated by an adjustment of £572,146. In each of 2025 and 2024 there has been a corresponding increase in the values for accrued and deferred income on the balance sheet.

THERADEX (EUROPE) LIMITED (REGISTERED NUMBER: 02708052)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

3. | ACCOUNTING POLICIES - continued

| Turnover and revenue recognition

| Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

| Turnover comprises two distinct elements: professional fees and reimbursed pass-through costs.

| Professional fees arise from services provided by the company to design and undertake clinical studies.

| Pass-through costs turnover represents study related costs borne by the company on behalf of clients in the performance of clinical studies where such costs are reimbursed by clients on a £ to £ basis. Pass-through costs are also recognised in cost of sales and are shown net of VAT and other sales related taxes.

| The nature of the contracts that the company has with its customers are either fixed-price contracts or contracts billed on a time and materials basis.

| Fixed price contracts

| The company recognises revenue under its fixed-price contracts using the percentage completion method, measured by meeting contractual deliverables required under each contract. By their nature these fixed price contracts are typically performed over extended periods of time. Consequently, professional fees are accounted for as revenue and represent the value of work done in the accounting period. The value of work done is estimated by the company's project managers using their professional judgement in conjunction with the client study budget. The study budget is reviewed during the project and changes in the scope of work done are agreed via change orders.

| Deliverables are defined for each line of service such as completion, contract rates and specific milestones.

| Time and material contracts

| Revenue under time-and-material contracts are recognised as the work is performed.

| Accrued income and deferred income

| An asset for unbilled revenue is recognised when services are provided and revenue is recognised before the company has invoiced the customer. In these cases, revenue recognised will exceed amounts billed, and the difference, representing unbilled revenue, is recorded for the amount that is currently unbillable to the client pursuant to contractual terms. Once the company has invoiced the customer, the unbilled receivable is reduced for the amount billed, and a corresponding account receivable is recorded. Contracts typically include milestones with upfront invoices issued at contract execution. Subsequent invoices are issued as work is completed and billing milestones are met.

| Deferred revenue is recognised when amounts invoiced are in excess of revenue recognised. In these cases, payment received in advance of services being provided are deferred as unearned revenue on the balance sheet. As the contracted services are subsequently performed and the associated revenue is recognised, the unearned revenue balance is reduced by the amount of revenue recongised during the period. Contracts are typically in a deferred status at the beginning of the project life cycle due to the upfront milestone.

| Tangible fixed assets

| Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

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

| Fixtures & fittings |  | - 10% on cost |  |

| Office equipment |  | - 33.33% on cost |  |

| 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 asset, and is credited or charged to profit or loss.

THERADEX (EUROPE) LIMITED (REGISTERED NUMBER: 02708052)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

3. | ACCOUNTING POLICIES - continued

| Financial instruments

| The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" of FRS 102 to all of its financial instruments. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

| Basic financial assets

| Basic financial assets, which include trade debtors, accrued income, other debtors, amounts owed by group undertakings and cash and bank balances, are initially measured at the transaction price including transaction costs and are subsequently recognised at amortised cost. An adjustment of the carrying amount of the assets is made when there is objective evidence that the company will not be able to collect all amounts due. The impairment loss is included in administrative expenses in the Statement of Comprehensive Income.

| If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is included in administrative expenses in the Statement of Comprehensive Income.

| Basic financial liabilities

| Basic financial liabilities, including trade creditors, other creditors and amounts owed to group undertakings, are initially recognised at transaction price and are subsequently recognised at amortised cost.

| Equity instruments

| Equity instruments issued by the company are recorded at the fair value of proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

| 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 statement of financial position date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 the financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end date 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.

THERADEX (EUROPE) LIMITED (REGISTERED NUMBER: 02708052)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

3. | ACCOUNTING POLICIES - continued

| Research and development

| Expenditure on research and development is written off against profits in the year in which it is incurred.

| Above the line tax credits

| Above the line tax credits are credited to a deferral account and released to profit or loss over the period in which they are expected to be recovered. Any current asset recognised in respect of the tax recoverable is recognised to the extent that it is considered probable that the asset will be recovered in the future. Any impairment to the current asset in respect of tax recoverable is charged to profit and loss as part of the tax expense for the period.

| Foreign exchange

| Transactions in currencies other than the functional currency (GBP) are initially recorded at the exchange rate prevailing on the date of the transaction.

| Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. All transaction differences are taken to profit or loss.

| Leases

| Rental payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

| 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.

| Holiday pay accrual

| A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary costs of the future holiday entitlement accrued at the balance sheet date.

THERADEX (EUROPE) LIMITED (REGISTERED NUMBER: 02708052)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

4. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

| In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods, where the revision affects both current and future periods.

| The areas for which estimation has been applied are considered to be in calculating depreciation and the useful economic lives of assets, deferred tax, accrued and deferred income and accrued and prepaid expenditure. Although these areas are subject to judgement, they are not considered to be subject to significant estimation.

| In the opinion of the directors the principal judgements, estimates and assumptions made in preparing these financial statements are as follows:

| Revenue recognition

| The company's revenue recognition policy as set out in note 3, including the paragraph headed "accrued income and deferred income", are central to how the company measures the work it has performed during the period. For certain contracts, key judgements are taken to recognise revenue in relation to contract extensions and amendments.

| Judgement is required based on the percentage of completion of the contract as outlined in the revenue recognition policy in note 3, the value of work done/ stage of completed on each study is estimated by the company's project managers using their professional judgement in conjunction with the client study budget that assigns professional fees to each element of work within the study. The study budget is contractually agreed with the client at the start of a study and is kept under review throughout the study. Changes in the scope of work are contractually agreed with the client as early as possible as part of a formal "change in scope" process.

| Bad debt and accrued income provisions

| The trade debtors and accrued income balances recorded in the balance sheet comprises a relatively small number of large balances. A line by line review of these balances is carried out and a provision applied based on the repayment of each balance subsequent to the year end. Whilst every attempt is made to ensure that the bad debt and accrued income provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts and accrued income which ultimately prove to be recoverable. This amount is calculated as the directors best estimate and at 30 June 2025 amounted to £461,824 (2024: £nil) and it is included in administrative expenses in the Statement of Comprehensive Income.

| Carrying value of tangible fixed assets

| Tangible fixed assets are carried at cost less provision for depreciation and impairment. Carrying values are subject to periodic impairment reviews to ensure they are consistent with management's expectations of recoverability through value in use. The carrying value of tangible fixed assets, the depreciation charged during the year and any impairment charged recognised in the year are disclosed in notes 10.

| Leases

| The company assesses whether leases entered into by the company as a lessee are finance leases. These depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.

THERADEX (EUROPE) LIMITED (REGISTERED NUMBER: 02708052)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

5. | TURNOVER

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

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

| 2025 |  | 2024

| (as

| restated)

£ | £ |

| United Kingdom | 5,545,681 |  | 3,554,039 |  |

| Europe | 8,546,898 |  | 8,872,044 |  |

| United States of America | 1,078,030 |  | 648,950 |  |

| Australia | 129 |  | 438,789 |  |

| Rest of World | - |  | 7,868 |  |

15,170,738 |  | 13,521,690 |  |

| Turnover is derived from the rendering of services.

6. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

| (as

| restated)

£ | £ |

| Wages and salaries | 6,204,483 |  | 6,337,437 |  |

| Social security costs | 586,981 |  | 483,809 |  |

| Other pension costs | 267,656 |  | 273,926 |  |

7,059,120 |  | 7,095,172 |  |

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

| 2025 |  | 2024

| (as

| restated)

| Employees | 42 |  | 45 |  |

| Director | 1 |  | 1 |  |

43 |  | 46 |  |

| 2025 |  | 2024

| (as

| restated)

£ | £ |

| Directors' remuneration | 346,047 |  | 277,042 |  |

| Directors' pension contributions to money purchase schemes | 25,152 |  | 59,618 |  |

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

| Money purchase schemes | 1 |  | 1 |  |

THERADEX (EUROPE) LIMITED (REGISTERED NUMBER: 02708052)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

6. | EMPLOYEES AND DIRECTORS - continued

| Information regarding the highest paid director is as follows:

| 2025 |  | 2024

| (as

| restated)

£ | £ |

| Emoluments etc | 346,047 |  | 277,042 |  |

| Pension contributions to money purchase schemes | 25,152 |  | 59,618 |  |

7. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

|  | 2025 |  |  | 2024 |

|  | £ |  |  | £ |

| Other operating leases |  | 118,170 |  |  | 108,761 |

| Depreciation - owned assets |  | 21,682 |  |  | 30,214 |

| Loss on disposal of fixed assets |  | 166 |  |  | 238 |

| Auditors' remuneration |  | 61,200 |  |  | 38,350 |

| (Gain)/loss on foreign exchange |  | (220,082 | ) |  | 163,234 |

| Research and development expensed |  | 703,823 |  |  | 1,031,002 |

8. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

| (as

| restated)

£ | £ |

| Interest payable | 85,000 |  | - |  |

9. | TAXATION

| Analysis of the tax charge

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

| 2025 |  | 2024

| (as

| restated)

£ | £ |

| Current tax:

| UK corporation tax | 1,092,669 |  | 312,078 |  |

| Prior year adjustment | 409,228 |  | 181,624 |  |

| Total current tax | 1,501,897 |  | 493,702 |  |

| Deferred tax | 1,990 |  | (4,902 | ) |

| Tax on profit | 1,503,887 |  | 488,800 |  |

| UK corporation tax was charged at 25%) in 2024.

THERADEX (EUROPE) LIMITED (REGISTERED NUMBER: 02708052)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

9. | TAXATION - continued

| 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

| (as

| restated)

£ | £ |

| Profit before tax | 4,583,754 |  | 3,375,311 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 1,145,939 |  | 843,828 |  |

| Effects of:

| Expenses not deductible for tax purposes | 269 |  | 332 |  |

| Income not taxable for tax purposes | (51,550 | ) | (55,870 | ) |

| Adjustments to tax charge in respect of previous periods | 409,229 |  | (299,490 | ) |

| Total tax charge | 1,503,887 |  | 488,800 |  |

10. | TANGIBLE FIXED ASSETS

| Plant and

| machinery

£ |

| COST

| At 1 July 2024 | 266,384 |  |

| Additions | 29,148 |  |

| Disposals | (385 | ) |

| At 30 June 2025 | 295,147 |  |

| DEPRECIATION

| At 1 July 2024 | 236,227 |  |

| Charge for year | 21,682 |  |

| Eliminated on disposal | (219 | ) |

| At 30 June 2025 | 257,690 |  |

| NET BOOK VALUE

| At 30 June 2025 | 37,457 |  |

| At 30 June 2024 | 30,157 |  |

THERADEX (EUROPE) LIMITED (REGISTERED NUMBER: 02708052)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

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

2025 | 2024 |

| (as

| restated)

£ | £ |

| Trade debtors | 1,809,989 |  | 2,061,956 |  |

| Amounts owed by group undertakings | 10,421,784 |  | - |  |

| Other debtors | 51,089 |  | 241,331 |  |

| Prepayments | 184,870 |  | 190,113 |  |

| Accrued income | 1,139,377 |  | 72,620 |  |

13,607,109 |  | 2,566,020 |  |

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

2025 | 2024 |

| (as

| restated)

£ | £ |

| Trade creditors | 296,009 |  | 273,323 |  |

| Amounts owed to group undertakings | - |  | 1,352,489 |  |

| Tax | 1,336,139 |  | 398,054 |  |

| Social security and other taxes | 171,785 |  | 85,473 |  |

| VAT | 230,512 |  | 163,942 |  |

| Other creditors | 26,587 |  | 60,073 |  |

| Accruals and deferred income | 847,296 |  | 655,478 |  |

2,908,328 |  | 2,988,832 |  |

13. | LEASING AGREEMENTS

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

2025 | 2024 |

| (as

| restated)

£ | £ |

| Within one year | - |  | 123,930 |  |

| Between one and five years | 415,050 |  | 393,900 |  |

415,050 |  | 517,830 |  |

14. | FINANCIAL INSTRUMENTS

| The Company's financial instruments may be analysed as follows: |  |

| Financial assets |  |  | 2025 |  |  | 2024 |

| (as restated) |  |

|  | £ |  |  | £ |

| Financial assets measured at amortised cost |  |  | 17,046,575 |  |  | 14,047,278 |

| Financial liabilities |  |  | 2025 |  |  | 2024 |

|  | (as restated) |

|  | £ |  |  | £ |

| Financial liabilities measured at amortised cost |  |  | 1,038,095 |  |  | 2,252,348 |

THERADEX (EUROPE) LIMITED (REGISTERED NUMBER: 02708052)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

15. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

| (as

| restated)

£ | £ |

| Deferred tax | 8,616 |  | 6,626 |  |

| Deferred |

| tax |

£ |

| Balance at 1 July 2024 | 6,626 |  |

| Movement in year | 1,990 |  |

| Balance at 30 June 2025 | 8,616 |  |

16. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

|  | value: |  |  | £ |  |  | £ |  |

| 100 |  | Ordinary |  | £1 |  |  | 100 |  |  | 100 |  |

| The shares rank equally for voting purposes, for any distribution on a winding-up and entitlement to dividends.

17. | RESERVES

| Retained

| earnings

£ |

| At 1 July 2024 | 11,271,990 |  |

| Profit for the year | 3,079,867 |  |

| At 30 June 2025 | 14,351,857 |  |

18. | PENSION COMMITMENTS

| Pension contributions for the year totalled £267,656 (2024: £273,926) of which £nil (2024: £nil) was outstanding at the year end.

19. | ULTIMATE PARENT COMPANY

| The ultimate parent company is Theradex Systems Inc, a company incorporated and registered in the USA.

20. | RELATED PARTY DISCLOSURES

| The company considers that the directors comprise key management personnel and their remuneration is disclosed in note 6.

21. | PARENT UNDERTAKING

| The controlling party is the company's parent, Theradex Systems Inc, a company operating and based in the United States of America, the registered office and principal place of business of which is at 4365 Route 1 South, Suite 101, Princeton, NJ 08540. The group headed by Theradex Systems Inc, is the largest group.