Company registration number 14262205 (England and Wales)
SEARO LABS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
PAGES FOR FILING WITH REGISTRAR
SEARO LABS LTD
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
SEARO LABS LTD
STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2025
31 July 2025
- 1 -
2025
2024
Notes
£
£
£
£
Non-current assets
Intangible assets
3
316,428
260,217
Property, plant and equipment
4
135,668
137,672
452,096
397,889
Current assets
Inventories
-
4,342
Trade and other receivables
8,869
34,276
Cash and cash equivalents
131,326
975,362
140,195
1,013,980
Current liabilities
(84,610)
(62,096)
Net current assets
55,585
951,884
Net assets
507,681
1,349,773
Equity
Called up share capital
109
100
Share premium account
2,607,336
1,350,010
Other reserves
-
0
1,321,197
Retained earnings
(2,099,764)
(1,321,534)
Total equity
507,681
1,349,773

The notes on pages 3 to 7 form part of these financial statements.

SEARO LABS LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2025
31 July 2025
- 2 -

For the financial year ended 31 July 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 28 August 2025 and are signed on its behalf by:
Mr Francis Field
Director
Company registration number 14262205 (England and Wales)
SEARO LABS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
- 3 -
1
Accounting policies
Company information

Searo Labs Ltd is a private company limited by shares incorporated in England and Wales. The registered office is St John’s Innovation Centre, Cowley Road, Cambridge, CB4 0WS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have given their assurance that they will continue to true operate the company using shareholder funds for a period of 12 months following the approval of these financial statement. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

As the company is in the research and development stage of business, the revenue received relates to the sale of samples and product trials. Revenue from these sales is recogni s ed when the significant risks and rewards of ownership have passed to the buyer (usually upon dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity, and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

SEARO LABS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
1
Accounting policies
(Continued)
- 4 -
1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

The patents have not yet been amortised as they are pending approval. Similarly, the trademarks have not been amortised since they are renewable upon payment of a fee.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Patents & Trademarks
Over its useful life
1.7
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
10% Straight line
Fixtures, fittings and equipment
20% Straight line
Computers
30% Straight line

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.

1.8
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

Inventories held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

SEARO LABS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
1
Accounting policies
(Continued)
- 5 -
1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position 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 and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the 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.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

SEARO LABS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
1
Accounting policies
(Continued)
- 6 -
1.14
Leases

Rentals 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 lease s asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
11
9
3
Intangible fixed assets
Goodwill
Patents & Trademarks
Total
£
£
£
Cost
At 1 August 2024
10,000
250,217
260,217
Additions
-
0
56,211
56,211
At 31 July 2025
10,000
306,428
316,428
Amortisation and impairment
At 1 August 2024 and 31 July 2025
-
0
-
0
-
0
Carrying amount
At 31 July 2025
10,000
306,428
316,428
At 31 July 2024
10,000
250,217
260,217
4
Property, plant and equipment
Plant and machinery
Fixtures, fittings and equipment
Computers
Total
£
£
£
£
Cost
At 1 August 2024
103,610
34,215
18,802
156,627
Additions
1,476
25,333
-
0
26,809
Disposals
(1,149)
-
0
-
0
(1,149)
At 31 July 2025
103,937
59,548
18,802
182,287
Depreciation and impairment
At 1 August 2024
9,738
4,203
5,014
18,955
Depreciation charged in the year
10,486
11,539
5,639
27,664
At 31 July 2025
20,224
15,742
10,653
46,619
SEARO LABS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
4
Property, plant and equipment
Plant and machinery
Fixtures, fittings and equipment
Computers
Total
£
£
£
£
(Continued)
- 7 -
Carrying amount
At 31 July 2025
83,713
43,806
8,149
135,668
At 31 July 2024
93,872
30,012
13,788
137,672
5
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
Total commitments
25,800
81,366

T he company entered into an office lease at St Johns Innovation Centre on 25 April 2025, expiring on 25 January 2026. The lease is payable monthly in advance at £4,300 per month

2025-07-31 2024-08-01 false false false 28 August 2025 CCH Software CCH Accounts Production 2026.100 No description of principal activity Mr Francis Field Mrs Ayca Dundar Field 14262205 2024-08-01 2025-07-31 14262205 2025-07-31 14262205 2024-07-31 14262205 core:Goodwill 2025-07-31 14262205 core:PatentsTrademarksLicencesConcessionsSimilar 2025-07-31 14262205 core:Goodwill 2024-07-31 14262205 core:PatentsTrademarksLicencesConcessionsSimilar 2024-07-31 14262205 core:PlantMachinery 2025-07-31 14262205 core:FurnitureFittings 2025-07-31 14262205 core:ComputerEquipment 2025-07-31 14262205 core:PlantMachinery 2024-07-31 14262205 core:FurnitureFittings 2024-07-31 14262205 core:ComputerEquipment 2024-07-31 14262205 core:WithinOneYear 2025-07-31 14262205 core:WithinOneYear 2024-07-31 14262205 core:ShareCapital 2025-07-31 14262205 core:ShareCapital 2024-07-31 14262205 core:SharePremium 2025-07-31 14262205 core:SharePremium 2024-07-31 14262205 core:OtherMiscellaneousReserve 2025-07-31 14262205 core:OtherMiscellaneousReserve 2024-07-31 14262205 core:RetainedEarningsAccumulatedLosses 2025-07-31 14262205 core:RetainedEarningsAccumulatedLosses 2024-07-31 14262205 bus:Director1 2024-08-01 2025-07-31 14262205 core:Goodwill 2024-08-01 2025-07-31 14262205 core:IntangibleAssetsOtherThanGoodwill 2024-08-01 2025-07-31 14262205 core:PatentsTrademarksLicencesConcessionsSimilar 2024-08-01 2025-07-31 14262205 core:PlantMachinery 2024-08-01 2025-07-31 14262205 core:FurnitureFittings 2024-08-01 2025-07-31 14262205 core:ComputerEquipment 2024-08-01 2025-07-31 14262205 2023-08-01 2024-07-31 14262205 core:Goodwill 2024-07-31 14262205 core:PatentsTrademarksLicencesConcessionsSimilar 2024-07-31 14262205 2024-07-31 14262205 core:Goodwill core:ExternallyAcquiredIntangibleAssets 2024-08-01 2025-07-31 14262205 core:PatentsTrademarksLicencesConcessionsSimilar core:ExternallyAcquiredIntangibleAssets 2024-08-01 2025-07-31 14262205 core:ExternallyAcquiredIntangibleAssets 2024-08-01 2025-07-31 14262205 core:PlantMachinery 2024-07-31 14262205 core:FurnitureFittings 2024-07-31 14262205 core:ComputerEquipment 2024-07-31 14262205 bus:PrivateLimitedCompanyLtd 2024-08-01 2025-07-31 14262205 bus:SmallCompaniesRegimeForAccounts 2024-08-01 2025-07-31 14262205 bus:FRS102 2024-08-01 2025-07-31 14262205 bus:AuditExemptWithAccountantsReport 2024-08-01 2025-07-31 14262205 bus:Director2 2024-08-01 2025-07-31 14262205 bus:FullAccounts 2024-08-01 2025-07-31 xbrli:pure xbrli:shares iso4217:GBP