Serac Imaging Systems Limited
Unaudited Financial Statements
For the year ended 31 December 2025
Pages for Filing with Registrar
Company Registration No. 11074795 (England and Wales)
Serac Imaging Systems Limited
Balance Sheet
As at 31 December 2025
Page 1
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
4
3,639,530
3,485,192
Current assets
Debtors
5
383,590
315,376
Cash at bank and in hand
85,427
127,729
469,017
443,105
Creditors: amounts falling due within one year
6
(44,931)
(101,125)
Net current assets
424,086
341,980
Total assets less current liabilities
4,063,616
3,827,172
Creditors: amounts falling due after more than one year
7
(8,151,518)
(6,754,688)
Net liabilities
(4,087,902)
(2,927,516)
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
(4,088,002)
(2,927,616)
Total equity
(4,087,902)
(2,927,516)

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

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

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.

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.

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

Serac Imaging Systems Limited
Balance Sheet (Continued)
As at 31 December 2025
Page 2
The financial statements were approved by the board of directors and authorised for issue on 28 May 2026 and are signed on its behalf by:
G J McCutcheon
Director
Company Registration No. 11074795
Serac Imaging Systems Limited
Notes to the Financial Statements
For the year ended 31 December 2025
Page 3
1
Accounting policies
Company information

Serac Imaging Systems Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, Charlotte Building, 17 Gresse Street, London, W1T 1QL.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of 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 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
Going concern

The company had net liabilities at 31 December 2025 of £4,087,902 (31 December 2024 - £2,927,516). T he financial statements have however been prepared on the going concern basis. The directors believe that this is applicable as the company is able to meet all of its day to day working capital requirements using a loan from the parent company. The parent company has confirmed that they will not seek repayment of the loan until the company has achieved profitability and will continue to support the company for a period of at least one year from the date of approval of these financial statements. The directors therefore consider it is appropriate to prepare the financial statements on the going concern basis.

1.3
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.

1.4
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 if the fair value can be measured reliably.

Intangible assets comprise licence fees paid in advance for the use of patents and the cost of acquiring patents. Such assets are defined as having finite useful lives and the costs will be amortised on a straight line basis over their estimated useful life. Intangible assets are stated at cost less amortisation and are reviewed for impairment whenever there is an indication that the carrying value may be impaired. The amortisation charge of the assets only commences when the intangible asset is ready for use.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Serac Imaging Systems Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
Page 4

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.6
Cash and cash equivalents

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

1.7
Financial instruments

The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.

1.8
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.

1.9
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.

1.10
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.

1.11
Retirement benefits

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

Serac Imaging Systems Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
Page 5
1.12
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.

1.13
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 profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 7 (2024: 8)

3
Taxation
2025
2024
£
£
Current tax
Research and development tax credit
(109,067)
(260,982)
4
Intangible fixed assets
Patents & licences
Development costs
Total
£
£
£
Cost
At 1 January 2025
25,873
3,459,319
3,485,192
Additions
-
0
154,338
154,338
At 31 December 2025
25,873
3,613,657
3,639,530
Amortisation and impairment
At 1 January 2025 and 31 December 2025
-
0
-
0
-
0
Carrying amount
At 31 December 2025
25,873
3,613,657
3,639,530
At 31 December 2024
25,873
3,459,319
3,485,192

The intangible assets will be amortised at the date that the asset becomes available to sell.

Serac Imaging Systems Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 6
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Corporation tax recoverable
370,049
260,982
Amounts owed by group undertakings
-
0
1,734
Other debtors
2,664
46,989
Prepayments and accrued income
10,877
5,671
383,590
315,376
6
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
15,538
72,113
Taxation and social security
11,808
11,063
Other creditors
4,555
4,611
Accruals and deferred income
13,030
13,338
44,931
101,125
7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Other creditors
8,151,518
6,754,688
8
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
9
Related party transactions

The company has taken the exemption in accordance with FRS 102 - section 33 "Related Party Disclosures", from disclosing related party transactions entered into between members of a group, provided that any subsidiary who is party to the transaction is wholly owned by such a member.

10
Parent company

The parent company is Serac Life Sciences Limited, a company registered in England and Wales. The registered office is 6th Floor, Charlotte Building, 17 Gresse Street, London, W1T 1QL.

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