Apconix Ltd

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

Apconix Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09364380 . The registered office is Mereside, Alderley Park, Alderley Edge, Cheshire, SK10 4TG.

2. Accounting Policies

2.1. Basis of Preparation of 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" including the provisions of section 1a "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Rendering of services

When the outcome of a transaction can be estimated reliably, turnover from the provision of ion channel biology services and other non clinical programmes is recognised by reference to the stage of completion of the contract at the balance sheet date. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided at the following rates in order to write off each asset over its estimated useful life.

Plant & Machinery	4 - 6 years on cost
Fixtures & Fittings	4 years on cost
Computer Equipment	4 - 7 years on cost

2.4. Investments

Investments are recognised at cost.

2.5. Leasing and Hire Purchase Contracts

Assets acquired under hire purchase contracts are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. The related obligations, net of future finance charges, are included in creditors.

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

2.6. Foreign Currencies

Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

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Apconix Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.7. Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

2.8. Pensions

The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

2.9. Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 46 (2024: 43)

4. Tangible Assets

	Plant & Machinery	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 January 2025	1,073,253	23,624	59,452	1,156,329

As at 31 December 2025	1,073,253	23,624	59,452	1,156,329

Depreciation
As at 1 January 2025	776,052	14,524	8,493	799,069
Provided during the period	152,071	5,906	8,493	166,470

As at 31 December 2025	928,123	20,430	16,986	965,539

Net Book Value
As at 31 December 2025	145,130	3,194	42,466	190,790

As at 1 January 2025	297,201	9,100	50,959	357,260

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Apconix Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

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

	2025	2024
	£	£
Plant & Machinery	-	78,385

5. Investments

	Other
	£
Cost
As at 1 January 2025	3

As at 31 December 2025	3

Provision
As at 1 January 2025	-

As at 31 December 2025	-

Net Book Value
As at 31 December 2025	3

As at 1 January 2025	3

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	1,280,611	899,850
Prepayments and accrued income	149,015	154,269

	1,429,626	1,054,119

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	52,337	49,599
Trade creditors	239,878	223,506
Corporation tax	313,235	269,380
Other taxes and social security	112,536	82,663
VAT	37,717	14,225
Pension	20,401	244
Accruals and deferred income	88,347	23,626
Directors' loan accounts	285,287	-

	1,149,738	663,243

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

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	95,951	140,531

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Apconix Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

9. Secured Creditors

Obligations under finance leases and hire purchases are secured against the assets they relate to.

10. Obligations Under Finance Leases and Hire Purchase

	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	52,337	49,599
Later than one year and not later than five years	95,951	140,531

	148,288	190,130

	148,288	190,130

11. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
1,000 Ordinary A shares of £ 0.001 each	1	1
1,000 Ordinary B shares of £ 0.001 each	1	1
1,000 Ordinary C shares of £ 0.001 each	1	1

	3	3

12. Other Commitments

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £835,913 (2024: £954,906).

13. Audit Information

The auditor's report on the accounts of Apconix Ltd for the year ended 31 December 2025 was unqualified.

The auditor's report was signed by Richard Stonier (Senior Statutory Auditor) for and on behalf of Deans , Statutory Auditor.

Deans

Gibson House

Hurricane Court, Hurricane Close

Stafford

Staffordshire

ST16 1GZ

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		190,790		357,260
Investments	5		3		3

			190,793		357,263
CURRENT ASSETS
Debtors	6	1,429,626		1,054,119
Cash at bank and in hand		1,441,573		1,341,713

		2,871,199		2,395,832
Creditors: Amounts Falling Due Within One Year	7	(1,149,738 )		(663,243 )

NET CURRENT ASSETS (LIABILITIES)			1,721,461		1,732,589

TOTAL ASSETS LESS CURRENT LIABILITIES			1,912,254		2,089,852

Creditors: Amounts Falling Due After More Than One Year	8		(95,951 )		(140,531 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(47,128 )		(88,620 )

NET ASSETS			1,769,175		1,860,701

CAPITAL AND RESERVES
Called up share capital	11		3		3
Profit and Loss Account			1,769,172		1,860,698

SHAREHOLDERS' FUNDS			1,769,175		1,860,701

Dr M J Morton Director	Dr R J Knight Director	Professor R A Roberts Director
13 July 2026