iso4217:GBP
xbrli:pure
xbrli:shares
iso4217:GBP
xbrli:shares
SC212868
2025-11-30
SC212868
2024-11-30
SC212868
2024-12-01
2025-11-30
SC212868
2023-12-01
2024-11-30
SC212868
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bus:PrivateLimitedCompanyLtd
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2025-11-30
Registration Number SC212868 (Scotland)
Filleted Unaudited Financial Statements
for the year ended 30 November 2025
Filleted Financial Statements for the year ended 30 November 2025
Intangible assets
3
63,198
72,226
Tangible assets
4
40,123
43,470
Debtors
5
926,755
1,415,881
Cash at bank and in hand
26,730
79,620
Creditors: amounts falling due within one year
6
4,367,338
4,072,483
Net current liabilities
(3,413,853)
(2,576,982)
Total assets less current liabilities
3,310,532
2,461,286
Net liabilities
3,310,532
2,461,286
Called up share capital
8
1,000
1,000
Profit and loss account
(3,311,532)
(2,462,286)
Shareholder's deficit
(3,310,532)
(2,461,286)
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 Act with respect to accounting records and the preparation of financial statements.
The financial statements were approved and authorised for issue by the Board of Directors on 31 July 2026.
_______________________
_______________________
Dr C C Thomson
Prof H N E Stevens
The notes on pages 3 to 9 form part of these financial statements.
Company registration number: SC212868
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
BDD Pharma Ltd is a private company limited by shares, registered in Scotland. The address of the registered office and registration number are as below:
Within Glasgow Royal Infirmary
These financial statements have been prepared in accordance with FRS 102 the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland as adapted by Section 1A of FRS 102 and the Companies Act 2006.
The nature of the company's operations and principal activity during the year was research and development on biotechnology.
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling (£) which is the functional currency of the company and rounded to the nearest £.
1.2 Turnover and other income
Turnover represents net invoiced sales of goods and services, excluding VAT, except in respect of service contracts where turnover is recognised when the company obtains the right to consideration.
Licence fees and royalties paid for the use of intangible assets are recognised in accordance with the substance of the licencing agreement.
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Filleted Financial Statements for the year ended 30 November 2025
Notes to the Financial Statements
Intangible assets relate to own development that are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Developments costs
10 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
1.7 Tangible fixed assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Improvements to property
15% reducing balance
Plant and machinery
25% reducing balance
Fixtures and fittings
25% reducing balance
Equipment
25% reducing balance
1.8 Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.9 Impairment of fixed assets
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.
Filleted Financial Statements for the year ended 30 November 2025
Notes to the Financial Statements
1.10 Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial assets, which include trade and other debtors and cash, 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 payments discounted at a market rate of interest for a similar debt instrument.
Basic financial liabilities, which include trade 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 payments discounted at a 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.
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model and the performance model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value is expensed on a straight-line basis over the vesting period, with a corresponding increase in equity. This is based upon the company's estimate of the shares or share options that will eventually vest which takes into account all vesting conditions and non-market performance conditions, with adjustments being made where new information indicates the number of shares or share options expected to vest differs from previous estimates.
Fair value is determined using an appropriate pricing model. All market conditions and non-vesting conditions are taken into account when estimating the fair value of the shares or share options. As long as all other vesting conditions are satisfied, no adjustment is made irrespective of whether market or non-vesting conditions are met.
Where the terms of an equity-settled transaction are modified, an expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any increase in the fair value of the transaction, as measured at the date of modification.
Where an equity-settled transaction is cancelled or settled, it is treated as if it had vested on the date of cancellation or settlement, and any expense not yet recognised in profit or loss is expensed immediately.
Cash-settled share-based payment transactions are measured at the fair value of the liability. Until the liability is settled, the fair value of the liability is re-measured at each reporting date and at the date of settlement, with any changes in fair value recognised in profit or loss for the period.
Filleted Financial Statements for the year ended 30 November 2025
Notes to the Financial Statements
• It is technically feasible to complete the intangible asset so that it will be available for use or sale;
• There is the intention to complete the intangible asset and use or sell it;
• There is the ability to use or sell the intangible asset;
• The use or sale of the intangible asset will generate probable future economic benefits;
• There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and
• The expenditure attributable to the intangible asset during its development can be measured reliably.
Expenditure that does not meet the above criteria is expensed as incurred.
As at 30 November 2025, the Company had net liabilities of £3,310,532 (2024: £2,461,286). The directors draw attention to the fact that this net liability position is, in substance, entirely attributable to the balance owed to the Company's parent, Bio-Images Drug Delivery Ltd, of £3,713,975 (2024: £3,545,290), which represents cumulative funding provided to support the Company's CDMO operations and growth strategy. The directors of Bio-Images Drug Delivery Ltd have confirmed that they will not seek repayment of this balance for a period of not less than twelve months from the date of approval of these financial statements. Excluding this intragroup balance, the Company's external creditors total £653,363, all of which are being met within normal trading terms.
The Company generated revenue of £2,158,433 for the year (2024: £2,384,739), comprising study fees (£1,407,565), licence fees (£234,102 - a new and recurring income stream from the group's IP portfolio), and pass-through income (£516,766). Revenue declined by £226,306 (9.5%) compared to the prior year, attributable primarily to study timing / contract completion factors. The directors do not regard this as indicative of a structural deterioration in the business. Other operating income includes RDEC of £98,646 (2024: nil) and government grant income of £23,573, representing material additional income streams in the current year.
Directors' advances to the Company at the year end amounted to £111,657 (2024: £4,897). No interest was charged on the outstanding balance during the year. The directors have confirmed that these advances will not be demanded within the going concern period (unless sufficient cash reserves allow) and are subordinated to the interests of third-party creditors.
The directors have prepared and the Board approved a cash flow forecast and having considered the contracted pipeline, the continued support of Bio-Images Drug Delivery Ltd (itself materially strengthened by its February 2026 equity raise of £799,448), the RDEC and grant income, and the subordinated nature of directors' advances, 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.
Filleted Financial Statements for the year ended 30 November 2025
Notes to the Financial Statements
3. Intangible fixed assets
Reconciliation of changes in intangible assets
At 01 December 2024
90,282
At 30 November 2025
90,282
At 01 December 2024
(18,056)
At 30 November 2025
(27,084)
At 01 December 2024
72,226
At 30 November 2025
63,198
Balances at year end and movements for the year
Improvements to property
£
Plant and machinery
£
Fixtures and fittings
£
Equipment
£
Total
£
At 01 December 2024
14,265
249,487
13,311
63,266
340,329
Additions
-
9,832
-
-
9,832
At 30 November 2025
14,265
259,319
13,311
63,266
350,161
At 01 December 2024
(12,795)
(213,390)
(12,460)
(58,214)
(296,859)
Charge for the year
(221)
(11,482)
(213)
(1,263)
(13,179)
At 30 November 2025
(13,016)
(224,872)
(12,673)
(59,477)
(310,038)
At 01 December 2024
1,470
36,097
851
5,052
43,470
At 30 November 2025
1,249
34,447
638
3,789
40,123
Filleted Financial Statements for the year ended 30 November 2025
Notes to the Financial Statements
Amounts falling due within one year
Trade debtors
148,866
663,580
Amounts owed to group undertakings and undertakings in which the company has a participating interest
616,290
549,861
Other debtors
161,599
202,440
6. Creditors: amounts falling due within one year
Creditors: amounts falling due within one year comprise:
Trade creditors
113,268
122,973
Amounts owed to group undertakings and undertakings in which the company has a participating interest
3,713,975
3,545,290
Other creditors
499,001
368,686
Social security and other taxes
41,094
35,534
The company has an unrecognised deferred tax asset of £468,854 at 30 November 2025 (2024: £287,358) which has arisen
mainly 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.
8. Called up share capital
Issued, called up and fully paid
Ordinary shares of £0.10 each
10,000
1,000
10,000
1,000
9. Directors' advances, credits and guarantees
During the year, the company was advanced £111,657 (2024: £4,897) from the directors. No interest was charged during the year on the outstanding balance, and the maximum amount outstanding during the year was £111,657 (2024: £4,897). A balance of £111,657 (2024: £4,897) was due to the Directors from the company at the year end.
Filleted Financial Statements for the year ended 30 November 2025
Notes to the Financial Statements
10. Related party transactions
At the year-end BDD Pharma Ltd is owed £616,290 (2024: £549,861) by Drug Delivery International Ltd. The loan is
interest free and there are no fixed repayment terms.
The immediate and ultimate parent company is Bio-Images Drug Delivery Ltd, whose registered office address is Bio
Imaging Unit, Basement Medical Block Within Glasgow Royal Infirmary, 84 Castle Street, Glasgow, Scotland, G4 0SF.
Appendix - Additional XBRL Tags and Values
Accounting standards applied
Accounts status, audited or unaudited
Average number of employees during the period
Average number of employees during the period
Date of authorisation of financial statements for issue
Director signing Directors' Report
Director signing financial statements
End date for period covered by report
Entity current legal or registered name
Entity is dormant [true/false]
Equity [Multiple Tags or Values]
Equity [Multiple Tags or Values]
Name of individual auditor
Name of production software
Start date for period covered by report
UK Companies House registered number
Version of production software