Nexus BioQuest Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—7

1. General Information

Nexus BioQuest Limited is a private company, limited by shares, incorporated in England & Wales, registered number 14131243 . The registered office is 9th Floor 107 Cheapside, London, EC2V 6DN.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

The Company recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer, (b) the Company retains no continuing involvement or control over the goods, (c) the amount of revenue can be measured reliably, (d) it is probable that future economic benefits will flow to the entity, (e) when the specific criteria relating to the each of Company's sales channels have been met, as described below:

(i) Sale of services

The Company provides pharmaceutical research services to its customers in exchange for a fee which is generally dependent on the resource dedicated to the project and charged at a certain rate per full time equivalent (FTE) employee per year. Revenue on such contracts is recognised as the services are rendered. The Company also receives milestone payments, these are recognised as revenue when achieved. In other cases, the Company performs research services on a fixed price basis. In this case, turnover is recognised as work is performed using the percentage of completion method, as measured by costs incurred to date compared to estimated total costs at completion.

The timing of revenue recognition, billings and cash collections results in contract assets (unbilled revenue), and contract liabilities (current and long-term deferred revenue and customer contract deposits) on the balance sheet. A contract asset is recorded when a right to consideration in exchange for goods or services transferred to a customer is conditioned other than passage of time. A contract liability is recorded when consideration is received, or such consideration is unconditionally due, from a customer prior to transferring goods or services to the customer under the terms of a contract. Contract liabilities are recognised aa revenue after control of the products or services is transferred to the customer and all revenue recognition criteria have been met.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Improvements	10Y Straight line basis
Plant & Machinery	5Y Straight line basis
Fixtures & Fittings	10Y Straight line basis
Computer Equipment	3Y Straight line basis

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Nexus BioQuest Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2025

2.4. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.5. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.6. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.7. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 34 (2024: 28)

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Nexus BioQuest Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2025

4. Tangible Assets

	Land & Property
	Improvements	Plant & Machinery	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£	£
Cost
As at 1 October 2024	436,481	1,148,396	75,911	93,109	1,753,897
Additions	-	155,050	-	18,872	173,922
Disposals	-	(8,579 )	-	-	(8,579 )

As at 30 September 2025	436,481	1,294,867	75,911	111,981	1,919,240

Depreciation
As at 1 October 2024	81,235	413,665	14,339	42,736	551,975
Provided during the period	35,823	164,366	6,209	19,662	226,060

As at 30 September 2025	117,058	578,031	20,548	62,398	778,035

Net Book Value
As at 30 September 2025	319,423	716,836	55,363	49,583	1,141,205

As at 1 October 2024	355,246	734,731	61,572	50,373	1,201,922

Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:

	2025	2024
	£	£
Plant & Machinery	84,322	-

5. Stocks

	2025	2024
	£	£
Materials	20,847	25,745

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Nexus BioQuest Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2025

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	840,844	460,886
Other debtors	392,513	463,358

	1,233,357	924,244

The directors have chosen not to recognise a portion of the deferred tax asset related to available tax losses at this time. This decision is based on a conservative approach given recent losses experienced by the company.

The decision not to recognise the deferred tax asset is not indicative of a lack of confidence in the company'sfuture profitability. On the contrary, the directors express confidence in the company's ability to achieve sustained profis in the future. This decision aligns with a cautious approach, recognising the unpredictability inherent in business environments.

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	35,225	-
Trade creditors	126,808	208,885
Other creditors	190,507	157,627
Taxation and social security	17,019	-

	369,559	366,512

8. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	53,018	-
Landlord contribution	58,000	58,000

	111,018	58,000

9. Obligations Under Finance Leases and Hire Purchase

	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	35,225	-
Later than one year and not later than five years	53,018	-

	88,243	-

	88,243	-

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Nexus BioQuest Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2025

10. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	25,117	25,117

11. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2025	2024
	£	£
Not later than one year	151,558	151,558
Later than one year and not later than five years	151,558	151,558
Later than five years	151,558	151,558

	454,674	454,674

12. FRC's Ethical Standard - Provision Available for Small Entities

In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

13. Ultimate Controlling Party

It is the opinion of the directors that the controlling party is not known.

14. Audit Information

The auditor's report on the accounts of Nexus BioQuest Limited for the year ended 30 September 2025 was unqualified.

The auditor's report was signed by Philip Evans (Senior Statutory Auditor) for and on behalf of PJE Chartered Accountants , Statutory Auditor.

PJE Chartered Accountants

2 Oakfield Road

Clifton

Bristol

BS8 2AL

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		1,141,205		1,201,922

			1,141,205		1,201,922
CURRENT ASSETS
Stocks	5	20,847		25,745
Debtors	6	1,233,357		924,244
Cash at bank and in hand		1,448,401		871,132

		2,702,605		1,821,121
Creditors: Amounts Falling Due Within One Year	7	(369,559 )		(366,512 )

NET CURRENT ASSETS (LIABILITIES)			2,333,046		1,454,609

TOTAL ASSETS LESS CURRENT LIABILITIES			3,474,251		2,656,531

Creditors: Amounts Falling Due After More Than One Year	8		(111,018 )		(58,000 )

NET ASSETS			3,363,233		2,598,531

CAPITAL AND RESERVES
Called up share capital	10		25,117		25,117
Share premium account			4,303,005		4,303,005
Profit and Loss Account			(964,889 )		(1,729,591 )

SHAREHOLDERS' FUNDS			3,363,233		2,598,531