Company registration number 08337863 (England and Wales)
AB BIOTECHNOLOGY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
AB BIOTECHNOLOGY LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2
Notes to the financial statements
3 - 8
AB BIOTECHNOLOGY LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr S Scotto
Mr I Pavlovskyi
Company number
08337863
Registered office
90 Bartholomew Close
London
UK
EC1A 7BN
Auditor
Consilium Audit Limited
169 West George Street
Glasgow
Scotland
G2 2LB
Business address
Pentlands Science Park
Bush Loan
Penicuik
Mid Lothian
Scotland
EH26 OPZ
AB BIOTECHNOLOGY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 2 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,266,653
962,367
Current assets
Stocks
271,279
145,466
Debtors
4
1,260,505
497,535
Cash at bank and in hand
1,578,316
4,335,076
3,110,100
4,978,077
Creditors: amounts falling due within one year
5
(1,667,738)
(2,311,617)
Net current assets
1,442,362
2,666,460
Total assets less current liabilities
2,709,015
3,628,827
Provisions for liabilities
6
-
0
(181,953)
Net assets
2,709,015
3,446,874
Capital and reserves
Called up share capital
7
1
1
Share premium account
199,999
199,999
Profit and loss reserves
2,509,015
3,246,874
Total equity
2,709,015
3,446,874

The notes on pages 3 to 8 form part of these financial statements.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 30 April 2026 and are signed on its behalf by:
Mr S Scotto
Mr I Pavlovskyi
Director
Director
Company Registration No. 08337863
AB BIOTECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
1
Accounting policies
Company information

AB Biotechnology Limited is a private company limited by shares incorporated in England and Wales. The registered office is 90 Bartholomew Close, London, UK, EC1A 7BN. The principal place of business is Pentlands Science Park, Bush Loan, Penicuik, Mid Lothian, Scotland, EH26 OPZ. The company's registration number is 08337863.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Revenue represents amounts receivable for pharmaceutical and bio-technological services net of Value Added Tax. The company use the stage of completion of the contract to recognise income. Revenue is recognised when all of the following conditions are met:

- Revenue can be measured reliably;

- It is probable that the economic benefits will flow to the entity;

- The stage of completion at the end of the period can be measured reliably; and

- Costs incurred to complete can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets 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 equipment
10% straight line
Computers
33% straight line
Facility upgrade
10% 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 the profit and loss account.

Depreciation is not charged on assets under construction as these assets are still in the development phase. Once complete, these assets will be transferred and depreciated accordingly.

AB BIOTECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 4 -
1.4
Stocks

Stocks 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 stocks to their present location and condition.

Stocks 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 stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the profit and loss account. Reversals of impairment losses are also recognised in the profit and loss account.

1.5
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 balance sheet 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 debtors 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 creditors, 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 creditors 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
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.

AB BIOTECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 5 -
1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
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 fixed 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.

1.9
Retirement benefits

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

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account 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.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in the profit and loss account.

AB BIOTECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -
2
Employees

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

2025
2024
Total
21
22
3
Tangible fixed assets
Assets under construction
Plant and equipment
Computers
Facility upgrade
Total
£
£
£
£
£
Cost
At 1 January 2025
382,254
1,180,226
76,592
240,560
1,879,632
Additions
-
0
32,969
7,886
430,264
471,119
Disposals
-
0
-
0
(9,461)
-
0
(9,461)
Transfers
(382,254)
-
0
-
0
382,254
-
0
At 31 December 2025
-
0
1,213,195
75,017
1,053,078
2,341,290
Depreciation and impairment
At 1 January 2025
-
0
614,995
71,200
231,070
917,265
Depreciation charged in the year
-
0
97,926
4,549
64,358
166,833
Eliminated in respect of disposals
-
0
-
0
(9,461)
-
0
(9,461)
At 31 December 2025
-
0
712,921
66,288
295,428
1,074,637
Carrying amount
At 31 December 2025
-
0
500,274
8,729
757,650
1,266,653
At 31 December 2024
382,254
565,231
5,392
9,490
962,367
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,950
-
0
Other debtors
1,258,555
497,535
1,260,505
497,535
AB BIOTECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
5
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
56,613
141,675
Taxation and social security
72,071
65,571
Other creditors
1,539,054
2,104,371
1,667,738
2,311,617
6
Deferred taxation

The following are the major deferred tax liabilities recognised by the company and movements thereon:

2025
2024
Balances:
£
£
Accelerated capital allowances
-
238,268
Tax losses
-
(56,315)
-
181,953
2025
Movements in the year:
£
Liability at 1 January 2025
181,953
Credit to profit or loss
(181,953)
Liability at 31 December 2025
-
7
Called up share capital
2025
2024
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1
1
1
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Andrew McKay
Statutory Auditor:
Consilium Audit Limited
AB BIOTECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
9
Operating lease commitments
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
£
£
485,075
655,075
10
Capital commitments

Amounts contracted for but not provided in the financial statements:

2025
2024
£
£
Acquisition of tangible fixed assets
-
482,601
11
Related party transactions

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.

No further transactions with related parties were undertaken such as are required to be disclosed under the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

12
Ultimate parent undertaking and ultimate controlling party

The company's immediate parent undertaking is Mapix S.A.R.L by virtue of its majority shareholding. Its address is 32-36 Boulevard d'Avranches, L-1160, Luxembourg. The consolidated financial statements of Mapix S.A.R.L are available from its registered office. The ultimate controlling party is Ms I Epshteyn.

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