REGISTERED NUMBER: 03809941 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

ACM GLOBAL CENTRAL LABORATORY LTD

Page

Company Information

1

Strategic Report

2

Report of the Director

3

Report of the Independent Auditors

4

Income Statement

7

Other Comprehensive Income

8

Statement of Financial Position

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11

DIRECTOR:

K B Babineau

REGISTERED OFFICE:

23 Hospital Fields Road

York

YO10 4DZ

REGISTERED NUMBER:

03809941 (England and Wales)

The director presents his strategic report for the year ended 31 December 2025.

REVIEW OF BUSINESS

2025 Performance

ACM delivered £24.6m in consolidated revenue in 2025, this is in line with both our 2024 revenue and our 2025 expectations.

ACM delivered £3.2m of EBITDA in 2025, which was £1.4m below the 2024 figure. This has been driven by increased costs across the business, which were outside of our control.

2026 Expected Performance

ACM is expecting to deliver £24m of revenue in 2026 based on current budget projections. There is a strong sales pipeline in place for 2026 and Q4 2025 signings were higher than expected, which has fuelled the revenue expectations for 2026. The budgeted EBITDA is £5.1m for 2026.

Despite challenges in the overall business environment, ACM is continuing to see growth and improved performance. The focus on operational improvements and quality, along with dedicated efforts to secure new clients and projects are materializing. ACM expects to accelerate its new sales bookings and rebuild the backlog of studies being performed in the UK labs. With the US-based bookings already on track for the sixth year of growth, ACM expects to win a greater percentage of the studies that incorporate a UK/EU component.

PRINCIPAL RISKS AND UNCERTAINTIES

The key business risks remain the competitive nature of the sector in which ACM Global Central Laboratory Ltd operates, Geopolitical risks in Eastern Europe and the Middle East. These risks are mitigated by the geographic diversity of the larger ACM Group business, client diversification, and continued effort to expand capabilities (in our BioAnalytical Lab and investment in newer technology) and coverage. Further, recent investments in leadership, IT infrastructure, quality systems and customer facing teams will position ACM to benefit from both the growing market and preferred partnerships it maintains with its top customers.

ON BEHALF OF THE BOARD:

K B Babineau - Director

26 May 2026

The director presents his report with the financial statements of the company for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the provision of clinical laboratory services.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2025.

RESEARCH AND DEVELOPMENT

The company is engaged in research and development activities through the provision of clinical trials and related central laboratory services to the pharmaceutical industry.

FUTURE DEVELOPMENTS

Details regarding future developments can be found in the Strategic Report.

DIRECTOR

K B Babineau held office during the whole of the period from 1 January 2025 to the date of this report.

FINANCIAL INSTRUMENTS

The company's principal financing arrangements are bank balances, trade debtors and creditors, and loan funding from its parent company in order to fund the company's operations.

GOING CONCERN

Information relating to going concern can be found in the Notes to the Financial Statements.

DIRECTOR'S RESPONSIBILITIES STATEMENT

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

K B Babineau - Director

26 May 2026

Opinion

We have audited the financial statements of ACM Global Central Laboratory Ltd (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and 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 31 December 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Director 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 Director have been prepared in accordance with applicable legal requirements.

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 Director.

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 director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Director's Responsibilities Statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive and Medicines and Healthcare Products Regulatory Agency, as well as the company's legal advisors.

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances 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.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

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.

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.

Steven Aitken BSc ACA CTA (Senior Statutory Auditor)

for and on behalf of Smailes Goldie Watson Limited

Statutory Auditors

Chartered Accountants

Units 7-8 Manor Court

Manor Garth

Eastfield

Scarborough

North Yorkshire

YO11 3TU

26 May 2026

REVENUE

3

24,645,350

24,379,893

Cost of sales

17,230,313

16,024,966

GROSS PROFIT

7,415,037

8,354,927

Administrative expenses

6,077,489

5,311,734

1,337,548

3,043,193

Other operating income

4

1,176,042

1,044,147

OPERATING PROFIT

6

2,513,590

4,087,340

Interest receivable and similar income

316,699

205,431

2,830,289

4,292,771

Interest payable and similar expenses

7

3,480

-

PROFIT BEFORE TAXATION

2,826,809

4,292,771

Tax on profit

8

691,046

1,115,937

PROFIT FOR THE FINANCIAL YEAR

2,135,763

3,176,834

PROFIT FOR THE YEAR

2,135,763

3,176,834

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,135,763

3,176,834

FIXED ASSETS

Intangible assets

9

-

-

Property, plant and equipment

10

2,222,860

2,258,379

Investments

11

2

2

2,222,862

2,258,381

CURRENT ASSETS

Inventories

12

1,082,778

819,837

Debtors

13

13,615,083

13,848,976

Cash at bank

7,701,456

5,450,282

22,399,317

20,119,095

CREDITORS

Amounts falling due within one year

14

8,225,876

8,091,840

NET CURRENT ASSETS

14,173,441

12,027,255

TOTAL ASSETS LESS CURRENT LIABILITIES

16,396,303

14,285,636

PROVISIONS FOR LIABILITIES

16

391,956

417,052

NET ASSETS

16,004,347

13,868,584

CAPITAL AND RESERVES

Called up share capital

17

58,630

58,630

Share premium

18

476,501

476,501

Capital redemption reserve

18

30,100

30,100

Retained earnings

18

15,439,116

13,303,353

SHAREHOLDERS' FUNDS

16,004,347

13,868,584

The financial statements were approved and authorised for issue by the director and authorised for issue on 26 May 2026 and were signed by:

K B Babineau - Director

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 January 2024

58,630

10,126,519

476,501

30,100

10,691,750

Changes in equity

Total comprehensive income

-

3,176,834

-

-

3,176,834

Balance at 31 December 2024

58,630

13,303,353

476,501

30,100

13,868,584

Changes in equity

Total comprehensive income

-

2,135,763

-

-

2,135,763

Balance at 31 December 2025

58,630

15,439,116

476,501

30,100

16,004,347

1.	STATUTORY INFORMATION

ACM Global Central Laboratory Ltd 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 financial statements have been prepared under the historical cost convention.

Going concern

The accounts have been prepared on a going concern basis on the strength of confirmation of continued support from the ultimate controlling party that they will continue to provide financial support by not seeking repayment of loan accounts due until other creditors have been paid in full, alongside guaranteeing full repayment of amounts loaned by the company to fellow subsidiaries.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d);

•

the requirement of paragraph 33.7.

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 members of the group which are wholly owned.

Significant judgements and estimates

In preparing the financial statements, management is required to make estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.

Critical judgements in applying the company's policies

1. Related party loans

The management judge that the terms of the related party loans are representative of a market rate of interest for similar debt instruments.

2. Goodwill amortisation

Management judge that the goodwill relating to the acquisition of subsidiary companies has a nil recoverable amount and therefore a provision for full impairment is included in these financial statements.

Critical accounting estimates and assumptions

The directors do not consider that any other estimates and assumptions used in the preparation of these financial statements have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover

Turnover represents services supplied, excluding value added tax. Revenue is recognised to the extent that the company has obtained the right to consideration through its performance and is measured at the fair value of the right to consideration.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2018, was being amortised evenly over its original estimated useful life of ten years. Impairment losses are recognised to the extent that management judges the carrying amount to exceed the recoverable amount.

Tangible fixed assets

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

Improvements to property

-

over the length of the lease

Plant and machinery

-

14% - 33% on cost

Furniture, fittings and equipment

-

20% on cost

Assets under construction

-

not provided

Investments in subsidiaries

Investments in subsidiaries are valued at cost less provision for impairment.

Inventories

Stock is valued at the lower of cost and net realisable value.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end 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.

Research and development

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

Foreign currencies

The company has a presentation and functional currency of Pound Sterling (GBP).

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date, unless they are to be settled at a contracted rate, in which case the contracted rate is used. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets acquired under finance lease agreements, including hire purchase agreements, are capitalised and the corresponding liability is included in creditors. Finance lease interest is charged to the income statement on a sum of digits basis over the period of the agreement. Operating lease rentals are charged against profits of the period to which they relate.

Pensions

The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade, other accounts receivable and payable and loans to related parties.

Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Debt instruments such as loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised costs using the effective interest method.

Other operating income

Above the line research and development credits are included as other operating income to the extent that they are expected to be repayable in the future.

3.

REVENUE

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

An analysis of revenue by geographical market is given below:

2025

2024

£

£

United Kingdom

1,990,637

2,231,027

Europe

5,438,539

3,284,040

United States of America

14,922,660

17,947,951

Asia

2,293,514

916,875

24,645,350

24,379,893

4.	OTHER OPERATING INCOME

2025

2024

£

£

Other operating income

1,176,042

1,044,147

Other operating income includes an 'Above the line research and development credit of £1,171,212 (2024 - £1,039,317).

5.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

6,332,173

5,635,992

Social security costs

839,074

637,230

Other pension costs

556,759

496,130

7,728,006

6,769,352

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

2025

2024

Laboratory, project and logistics

128

126

Administration and support functions

39

35

167

161

2025

2024

£

£

Director's remuneration

-

-

The director is remunerated by a parent company of the group.

6.	OPERATING PROFIT

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

2025

2024

£

£

Hire of plant and machinery

80,196

77,118

Other operating leases

6,343

6,556

Depreciation - owned assets

647,238

499,182

Profit on disposal of fixed assets

(12,987

)

-

Foreign exchange differences

438,980

65,829

Auditors' remuneration

53,100

44,730

Auditors' remuneration - other services

15,600

13,450

Operating lease property rentals

361,734

329,109

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank overdraft interest paid

3,480

-

8.

TAXATION

Analysis of the tax charge

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

2025

2024

£

£

Current tax:

UK corporation tax

716,142

940,010

Adjustments in respect of prior periods

-

(54,644

)

Total current tax

716,142

885,366

Deferred tax

(25,096

)

230,571

Tax on profit

691,046

1,115,937

UK corporation tax has been charged at 25% (2024 - 25%).

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit before tax

2,826,809

4,292,771

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

706,702

1,073,193

Effects of:

Adjustments to tax charge in respect of previous periods

-

(54,645

)

Permanent timing differences

(15,656

)

97,389

rate

not provided for

Total tax charge

691,046

1,115,937

The charge to taxation is reduced due to allowances on research and development expenditure. Research and development expenditure recognised as an expense during the period was £7,938,154 (2024 - £7,438,429).

9.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2025

and 31 December 2025

344,231

AMORTISATION

At 1 January 2025

and 31 December 2025

344,231

NET BOOK VALUE

At 31 December 2025

-

At 31 December 2024

-

10.	PROPERTY, PLANT AND EQUIPMENT

Furniture,

Improvements

fittings

Assets

to

Plant and

and

under

property

machinery

equipment

construction

Totals

£

£

£

£

£

COST

At 1 January 2025

2,068,667

2,305,007

41,398

783,650

5,198,722

Additions

-

213,446

-

398,273

611,719

Disposals

-

(426,619

)

-

-

(426,619

)

Reclassification/transfer

-

485,534

-

(485,534

)

-

At 31 December 2025

2,068,667

2,577,368

41,398

696,389

5,383,822

DEPRECIATION

At 1 January 2025

1,770,917

1,155,755

13,671

-

2,940,343

Charge for year

207,152

431,806

8,280

-

647,238

Eliminated on disposal

-

(426,619

)

-

-

(426,619

)

At 31 December 2025

1,978,069

1,160,942

21,951

-

3,160,962

NET BOOK VALUE

At 31 December 2025

90,598

1,416,426

19,447

696,389

2,222,860

At 31 December 2024

297,750

1,149,252

27,727

783,650

2,258,379

11.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2025

and 31 December 2025

2

NET BOOK VALUE

At 31 December 2025

2

At 31 December 2024

2

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

ABS Laboratories Holdings Limited

Registered office: 23 Hospital Fields Road, York, YO10 4DZ

Nature of business: Dormant company

%

Class of shares:

holding

Ordinary

100.00

2025

2024

£

£

Aggregate capital and reserves

1

1