zero iso4217:GBP xbrli:pure xbrli:shares iso4217:GBP xbrli:shares SC383233 2025-11-30 SC383233 2024-11-30 SC383233 2024-12-01 2025-11-30 SC383233 2023-12-01 2024-11-30 SC383233 bus:Director2 2024-12-01 2025-11-30 SC383233 bus:Director4 2024-12-01 2025-11-30 SC383233 bus:Director5 2024-12-01 2025-11-30 SC383233 bus:Director3 2024-12-01 2025-11-30 SC383233 bus:Director1 2024-12-01 2025-11-30 SC383233 bus:MediumEntities 2024-12-01 2025-11-30 SC383233 bus:AuditExemptWithAccountantsReport 2024-12-01 2025-11-30 SC383233 bus:FilletedAccounts 2024-12-01 2025-11-30 SC383233 bus:SmallCompaniesRegimeForAccounts 2024-12-01 2025-11-30 SC383233 bus:Director1 2024-12-01 2025-11-30 SC383233 2024-12-01 2025-11-30 SC383233 bus:PrivateLimitedCompanyLtd 2024-12-01 2025-11-30
BIO-IMAGES DRUG DELIVERY LTD
Registration Number SC383233 (Scotland)
Filleted Unaudited Financial Statements
for the year ended 30 November 2025
BIO-IMAGES DRUG DELIVERY LTD
Filleted Financial Statements for the year ended 30 November 2025
BALANCE SHEET
Notes
2025 £
2024 £
Fixed assets
Tangible assets
520,532
506,653
Investments
30,944
27,421
551,476
534,074
Current assets
Debtors
5
4,271,156
3,996,245
Cash at bank and in hand
1,727
20,279
4,272,883
4,016,524
Current liabilities
Creditors: amounts falling due within one year
6
(399,746)
(277,576)
Net current assets
3,873,137
3,738,948
Total assets less current liabilities
4,424,613
4,273,022
Non-current liabilities
Creditors: amounts falling due after more than one year
7
(512,941)
(185,890)
Net assets
3,911,672
4,087,132
Capital and reserves
Called up share capital
9
15,359
15,359
Share premium account
5,124,337
5,124,337
Other reserves
12,945
9,421
Capital redemption reserve
8,928
8,928
Profit and loss account
(1,249,897)
(1,070,913)
Shareholder's funds
3,911,672
4,087,132
These financial statements and reports have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the statement of comprehensive income has been taken.
For the year ended 30 November 2025, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its accounts for the year ended 30 November 2025 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The financial statements were approved and authorised for issue by the Board of Directors on 31 July 2026.
_______________________
Dr C C Thomson
Company registration number: SC383233
BIO-IMAGES DRUG DELIVERY LTD
Filleted Financial Statements for the year ended 30 November 2025
NOTES TO THE FINANCIAL STATEMENTS
1. Summary of significant accounting policies
1.1 General information and basis of preparation
Bio-Images Drug Delivery Ltd is a private company limited by shares, registered in Scotland. The address of the registered office and registration number are as below:
Bio Imaging Unit, Basement Medical Block
Within Glasgow Royal Infirmary
84 Castle Street
Glasgow
G4 0SF
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
The nature of the company's operations and principal activity during the year was that of a head office.
The financial statements have been prepared on the historical cost basis.
The accounts are prepared in sterling, which is the functional currency of the entity.
1.2 Going concern
The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern for a period of not less than twelve months from the date of approval of these financial statements. The Company's principal activity is the provision of head-office management services to its wholly owned subsidiaries, BDD Pharma Ltd and Drug Delivery International Ltd, and the management of group facilities including the registered office at Glasgow Royal Infirmary. Revenue (management charges of £228,743) is derived entirely from intragroup recharges. Net assets of £3,911,672 are predominantly represented by amounts owed by group undertakings (£3,989,880), which are in turn dependent on the trading performance of BDD Pharma Ltd. Subsequent to the year end, on 9 February 2026, the Company strengthened its financial position through the allotment of 116,368 ordinary shares at £6.88 per share, raising gross proceeds of £799,448 (total consideration £800,611). These additional funds provided working capital to support the Company's ongoing operations and have been taken into account by the directors in their assessment of the Company's ability to continue as a going concern. Further details in note 10. The directors have prepared and approved a cash flow forecast for the going concern period to not less than twelve months from signing. The forecast reflects management charge income from BDD Pharma Ltd at a rate consistent with the year under review, together with the proceeds of the post year-end equity raise and the continued deferral of intragroup balances. Having considered these matters, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, these financial statements have been prepared on the going concern basis of accounting.
1.3 Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
BIO-IMAGES DRUG DELIVERY LTD
Filleted Financial Statements for the year ended 30 November 2025
NOTES TO THE FINANCIAL STATEMENTS
1.4 Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
1.5 Tax
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.
1.6 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.
1.7 Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Assets under construction are recorded at cost, and no depreciation is recognised. Upon completion of the asset, costs will be transferred to an appropriate category of property, plant and equipment, and depreciation will commence.
1.8 Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
1.9 Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
BIO-IMAGES DRUG DELIVERY LTD
Filleted Financial Statements for the year ended 30 November 2025
NOTES TO THE FINANCIAL STATEMENTS
1.10 Financial instruments
A financial asset or financial liability is recognised only when the company becomes a party to the contractual provisions of the financial instrument.
Basic financial assets, which include trade and other debtors, amounts due from group undertakings, and cash and bank balances, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future receipts discounted at the market rate of interest for a similar debt instrument.
Basic financial liabilities, which include trade creditors, bank loans and overdrafts, and other creditors, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future receipts discounted at the market rate of interest for a similar debt instrument.
At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.
2. Tangible assets
Balances at year end and movements for the year
Assets under construction £
Cost
At 01 December 2024
506,653
Additions
13,879
At 30 November 2025
520,532
Net book value
At 01 December 2024
506,653
At 30 November 2025
520,532
3. Investments
Movement in investments
Shares in group undertakings £
Cost or valuation
At 01 December 2024
27,421
Additions
3,523
At 30 November 2025
30,944
Carrying amount
At 30 November 2024
27,421
At 30 November 2025
30,944
BIO-IMAGES DRUG DELIVERY LTD
Filleted Financial Statements for the year ended 30 November 2025
NOTES TO THE FINANCIAL STATEMENTS
4. Subsidiary undertakings
Class of Share
Percentage of shares held
BDD Pharma Ltd
Ordinary
100
Drug Delivery International Ltd
Ordinary
100
During the year the company recognised an increase in the cost of the investment in its subsidiary, BDD Pharma Ltd. This is to reflect the share based payment in respect of options to subscribe for shares in the company which were awarded to employees of the subsidiary company. The registered office for BDD Pharma Ltd and Drug Delivery International Ltd is Bio Imaging Unit, Basement Medical Block, Glasgow Royal Infirmary, 84 Castle Street, Glasgow G4 0SF.
5. Debtors
2025 £
2024 £
Amounts falling due after less than one year
Amounts owed by group undertakings and undertakings in which the company has a participating interest
3,989,880
3,765,195
Other debtors
266,609
231,050
Social security and other taxes
14,667
-
4,271,156
3,996,245
The debtors above include the following amounts falling due after more than one year
Deposits Paid
25,211
25,211
6. Creditors: amounts falling due within one year
2025 £
2024 £
Trade creditors
296,298
130,079
Bank loans and overdrafts
78,772
47,356
Other creditors
-
68,939
Social security and other taxes
-
19,002
Accruals and deferred income
24,676
12,200
399,746
277,576
7. Creditors: amounts falling due after more than one year
2025 £
2024 £
Bank loans and overdrafts
512,941
185,890
512,941
185,890
The following loans are included within creditors: amounts falling due after more than one year:
A bounce back loan of £50,000 was granted to the company in 2022. The UK Government covered the first months of interest and repayments commence after 12 months with an interest rate of 2.5% applied. The loan is structured to be repaid over a 6 year period.
BIO-IMAGES DRUG DELIVERY LTD
Filleted Financial Statements for the year ended 30 November 2025
NOTES TO THE FINANCIAL STATEMENTS
A loan of £250,000 was granted by UMI in 2022; the loan is subject to fixed capital and interest repayments of £7,949.93 per month over a 3 year period. This loan is now fully repaid.
AVPL agreed to lend the company the principal sum of £200,000 in 2024, by way of unsecured interest. Interest on the outstanding loan accrues on a daily basis at an annual rate of 10% from the date the loan is provided to the company. Interest is paid at the same time as the principal sum is repaid.
Scottish Enterprise agreed to lend £400,000 to the company in 2025. The repayment term of this loan is 5 years - with an initial 6 months holiday from both capital and interest repayments, followed by a further 6 months of interest-only payments. Full repayment of capital and interest begins 18 months after the loan drawdown.
8. Deferred tax
The company has an unrecognised deferred tax asset of £277,046 at 30 November 2025 (2024: £232,301) which has arisen from losses carried forward. Its recoverability is dependent upon future profits arising, the likelihood of which cannot at this stage be determined with reasonable certainty.
9. Called up share capital
Issued, called up and fully paid
2025 Number
2024 Number
Ordinary shares of £0.01 each
1,535,883
1,535,883
Issued, called up and fully paid
2025 £
2024 £
Ordinary shares of £0.01 each
15,359
15,359
10. Events after the end of the period
On 9 February 2026 116,368 ordinary shares were allotted with a purchase price of £6.88 each for a total consideration of £800,611. The shares were issued at premium resulting in £799,448 being credited to the share premium account. This transaction took place after the reporting date and has therefore not been reflected in these financial statements.
11. Related party transactions
At the year-end BDD Pharma Ltd owed £3,713,976 (2024: £3,545,290) to Bio-Images Drug Delivery Ltd. The loan is interest free and there are no fixed repayment terms, although the directors of the parent company have indicated that they will not be seeking repayment of the loan for a period of at least 12 months from signing these financial statements.
At the year-end Drug Delivery International Ltd owed £275,904 (2024: £219,904) to Bio-Images Drug Delivery Ltd. The loan is interest free and there are no fixed repayment terms.
12. Controlling party
In the opinion of the directors, there is no ultimate controlling party of the Company as at 30 November 2025. No individual shareholder holds a controlling interest in the Company's issued share capital or is able to exercise control over the Company's financial and operating policies.
BIO-IMAGES DRUG DELIVERY LTD
Filleted Financial Statements for the year ended 30 November 2025
NOTES TO THE FINANCIAL STATEMENTS
13. Operational leases
As at 30 November 2025, the Company had total commitments under non-cancellable operating leases of £222,497 (2024: £221,046).
Appendix - Additional XBRL Tags and Values
Accounting standards applied
[Current]
bus_MediumEntities
Accounts status, audited or unaudited
[Current]
bus_AuditExemptWithAccountantsReport
Accounts type
[Current]
bus_FilletedAccounts
Applicable legislation
[Current]
bus_SmallCompaniesRegimeForAccounts
Average number of employees during the period
[Current]
0
Average number of employees during the period
[Prior]
0
Balance sheet date
[Current]
30 November 2025
Creditors [Multiple Tags or Values]
[Prior]
277,576
Creditors [Multiple Tags or Values]
[Current]
399,746
Date of auditor's report
[Current]
0001-01-01
Date of authorisation of financial statements for issue
[Current]
31 July 2026
Director signing Directors' Report
[Current]
bus_Director1
Director signing financial statements
[Current]
bus_Director1
End date for period covered by report
[Current]
30 November 2025
Entity current legal or registered name
[Current]
Bio-Images Drug Delivery Ltd
Entity is dormant [true/false]
[Current]
false
Entity trading status
[Current]
[default]
Equity [Multiple Tags or Values]
[Prior]
8,174,264
Equity [Multiple Tags or Values]
[Current]
7,823,344
Legal form of entity
[Current]
bus_PrivateLimitedCompanyLtd
Name of entity auditors
[Current]
CT
Name of entity officer
[Current]
Ms J Kelley
Name of entity officer
[Current]
Professor H N E Stevens
Name of entity officer
[Current]
Dr C C Thomson
Name of entity officer
[Current]
Mrs L Gow
Name of entity officer
[Current]
Dr G Crocker
Name of individual auditor
[Current]
CT
Name of production software
[Current]
Draftworx Cloud
Name of senior statutory auditor
[Current]
CT
Own shares [Multiple Tags or Values]
[Current]
15,359
Own shares [Multiple Tags or Values]
[Prior]
15,359
Start date for period covered by report
[Current]
01 December 2024
Total assets [Multiple Tags or Values]
[Current]
4,824,359
Total assets [Multiple Tags or Values]
[Prior]
4,550,598
UK Companies House registered number
[Current]
SC383233
Version of production software
[Current]
2026.13.0.0
Appendix - Footnotes
Average number of employees during the period
[Current]
zero