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Company No: 01353334 (England and Wales)

# SELBORNE BIOLOGICAL SERVICES LIMITED

### UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 JULY 2025
PAGES FOR FILING WITH THE REGISTRAR

SELBORNE BIOLOGICAL SERVICES LIMITED

## UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2025

Contents

SELBORNE BIOLOGICAL SERVICES LIMITED

## COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 31 JULY 2025
SELBORNE BIOLOGICAL SERVICES LIMITED

## COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 31 JULY 2025

DIRECTORS | L G Phillips (Resigned 30 August 2025)
| N G Pope

SECRETARY | N G Pope

REGISTERED OFFICE | Goleigh Farm
| Selborne
| Alton
| Hants
| GU34 3SE
| United Kingdom

COMPANY NUMBER | 01353334 (England and Wales)

ACCOUNTANT | Shaw Gibbs Limited
| Wey Court West
| Union Road
| Farnham
| Surrey
| GU9 7PT

SELBORNE BIOLOGICAL SERVICES LIMITED

## BALANCE SHEET

AS AT 31 JULY 2025
SELBORNE BIOLOGICAL SERVICES LIMITED

## BALANCE SHEET (continued)

AS AT 31 JULY 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Intangible assets | 3 | 5,526 |  | 11,054
Tangible assets | 4 | 53,060 |  | 71,079
|  | 58,586 |  | 82,133
Current assets |  |  |  |
Stocks |  | 155,621 |  | 120,035
Debtors | 5 | 627,567 |  | 675,709
Cash at bank and in hand |  | 7,998 |  | 3,041
|  | 791,186 |  | 798,785
Creditors: amounts falling due within one year | 6 | ( 1,514,256) |  | ( 1,229,168)
Net current liabilities |  | (723,070) |  | (430,383)
Total assets less current liabilities |  | (664,484) |  | (348,250)
Creditors: amounts falling due after more than one year | 7 | ( 2,209,250) |  | ( 2,233,521)
Net liabilities |  | ( 2,873,734) |  | ( 2,581,771)
Capital and reserves |  |  |  |
Called-up share capital |  | 1,000,102 |  | 1,000,102
Profit and loss account |  | ( 3,873,836 ) |  | ( 3,581,873 )
Total shareholder's deficit |  | ( 2,873,734) |  | ( 2,581,771)

For the financial year ending 31 July 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Selborne Biological Services Limited (registered number: 01353334) were approved and authorised for issue by the Director on 22 July 2026. They were signed on its behalf by:

N G Pope Director |

SELBORNE BIOLOGICAL SERVICES LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2025
SELBORNE BIOLOGICAL SERVICES LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Selborne Biological Services Limited (the Company) is a private company, registered number 01353334, limited by shares, incorporated in the United Kingdom. The address of the Company's registered office is Goleigh Farm, Selborne, Alton, Hants, GU34 3SE.
The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

##### Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.
Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

##### Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

##### Taxation

Current tax
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 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.

##### Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Development costs | 10 years straight line

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery | 6.85 - 21.17 % reducing balance
Vehicles | 33.33 % reducing balance

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.
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 profit or loss.

##### Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

##### Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.
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 profit or loss. Reversals of impairment losses are also recognised in profit or loss.

##### Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

##### Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

##### Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

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 payments 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. Amounts 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.

##### Pensions

Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including the director | 14 |  | 14

#### 3. Intangible assets

| Development costs |  | Total
| £ |  | £
Cost |  |  |
At 01 August 2024 | 55,278 |  | 55,278
At 31 July 2025 | 55,278 |  | 55,278
Accumulated amortisation |  |  |
At 01 August 2024 | 44,224 |  | 44,224
Charge for the financial year | 5,528 |  | 5,528
At 31 July 2025 | 49,752 |  | 49,752
Net book value |  |  |
At 31 July 2025 | 5,526 |  | 5,526
At 31 July 2024 | 11,054 |  | 11,054

#### 4. Tangible assets

| Plant and machinery |  | Vehicles |  | Total
| £ |  | £ |  | £
Cost |  |  |  |  |
At 01 August 2024 | 296,552 |  | 82,476 |  | 379,028
Additions | 2,928 |  | 0 |  | 2,928
Disposals | ( 4,105) |  | ( 46,072) |  | ( 50,177)
At 31 July 2025 | 295,375 |  | 36,404 |  | 331,779
Accumulated depreciation |  |  |  |  |
At 01 August 2024 | 252,688 |  | 55,261 |  | 307,949
Charge for the financial year | 3,874 |  | 8,825 |  | 12,699
Disposals | ( 2,610) |  | ( 39,319) |  | ( 41,929)
At 31 July 2025 | 253,952 |  | 24,767 |  | 278,719
Net book value |  |  |  |  |
At 31 July 2025 | 41,423 |  | 11,637 |  | 53,060
At 31 July 2024 | 43,864 |  | 27,215 |  | 71,079
Leased assets included above: |  |  |  |  |
Net book value |  |  |  |  |
At 31 July 2025 | 0 |  | 11,637 |  | 11,637
At 31 July 2024 | 0 |  | 26,858 |  | 26,858

#### 5. Debtors

| 2025 |  | 2024
| £ |  | £
Trade debtors | 473,220 |  | 612,599
Amounts owed by Group undertakings | 39,937 |  | 36,646
VAT recoverable | 68,576 |  | 0
Other debtors | 45,834 |  | 26,464
| 627,567 |  | 675,709

Trade debtors include factored amounts of £473,220 (2024 - £564,564).

#### 6. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Trade creditors | 413,124 |  | 335,395
Amounts owed to Group undertakings | 249,803 |  | 169,654
Accruals | 81,353 |  | 112,651
Other taxation and social security | 12,049 |  | 6,499
Obligations under finance leases and hire purchase contracts | 4,478 |  | 10,891
Other creditors | 753,449 |  | 594,078
| 1,514,256 |  | 1,229,168

#### 7. Creditors: amounts falling due after more than one year

| 2025 |  | 2024
| £ |  | £
Amounts owed to Group undertakings | 1,177,664 |  | 1,179,744
Obligations under finance leases and hire purchase contracts | 2,700 |  | 15,323
Other creditors | 1,028,886 |  | 1,038,454
| 2,209,250 |  | 2,233,521

#### 8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

| 2025 |  | 2024
| £ |  | £
Within one year | 0 |  | 10,000

Pensions

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £24,464 (2024 - £24,375). Employee and employer contributions totalling £11,498 (2024 - £2,701) were payable to the fund at the balance sheet date and are included in creditors.

#### 9. Related party transactions

During the year, the company maintained a loan account with International Therapeutic Proteins Limited and its subsidiary Australian Therapeutic Proteins Pty Ltd, companies in which the director N G Pope, has a controlling interest. At the year end, Selborne Biological Services Limited (SBS) owed International Therapeutic Proteins Limited (ITP) and Australian Therapeutic Proteins Pty Ltd combined £81,693 (2024 - £102,480).
During the year, the company maintained a loan account with College Farms Pty Ltd, a company in which the director N G Pope, has a controlling interest. At the year end, Selborne Biological Services Limited (SBS) owed College Farms Pty Ltd £107,804 (2024 - £nil).

#### 10. Ultimate controlling party

Parent Company:

Equalbrief Limited