Ion Beam Services U.K. Limited

	Page
Balance Sheet	1
Notes to the Financial Statements	2—5

1. General Information

Ion Beam Services U.K. Limited is a private company, limited by shares, incorporated in Scotland, registered number SC180205 . The registered office is 50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention.

In adopting the going concern basis for preparing the financial statements, the directors have considered the issues impacting the company during the period. The directors have also reviewed the impact of trading conditions since the year end. The company had net current liabilities of £2,245,170 as at 31 December 2025 and net liabilities of £1,841,540. Throughout the year, and since the year end the company has continued to meet its current liabilities as they fall due whilst operating within the facilities agreed with its bank. Based on the cash flow forecasts and operating budgets, and assuming current levels of trade are maintained, the directors believe that the company will generate sufficient cash to continue to meet its requirements for at least the next 12 months, whilst working within agreed bank facilities. The company's bankers and parent undertaking have continued to support the company since the year end and indications are that this support will continue. Accordingly, the directors believe that the financial statements should be prepared on a going concern basis. No adjustment has been made should this support be withdrawn and the company be unable to replace the facilities.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.

The accounting policy for recognising turnover is to recognise 90% of the contract value when the customer agrees that the goods are complete and ready to be delivered. The remaining 10% of the contract balance is recognised once the goods are delivered and installed to the customer.

Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

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:

Freehold	2% straight line
Plant & Machinery	20% straight line
Fixtures & Fittings	20% straight line
Computer Equipment	33% straight line

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

Stock and work in progress are stated at the lower of cost and net realisable value. Stock is valued after making due allowance for obsolete stock and slow moving items.

Work in progress is reflected in the accounts on a contract by contract basis. Work in progress includes the relevant amount of income attributable to the contract less raw materials, labour, other direct costs and the absorption of an appropriate proportion of production overheads based on normal production capacity. The effect of the change in accounting policy on 2025 to absorb overheads in to work in progress was to reduce the loss for the year by £960,106 and increase work in progress by the same amount.

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Ion Beam Services U.K. Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.6. Financial Instruments

Basic financial instruments are initially recognised at transaction price, including transaction costs, and subsequently measured at amortised cost using the effective interest method, where applicable. These can include trade and other debtors, cash and bank balances, trade and other creditors, and intercompany balances. Financial assets are assessed at the end of each reporting period for evidence of impairment and adjusted if necessary. The company does not hold or issue any complex financial instruments such as derivatives.

2.7. 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.

2.8. 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: 28 (2024: 25)

4. Tangible Assets

	Land & Property
	Freehold	Plant & Machinery	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£	£
Cost
As at 1 January 2025	-	1,732,025	37,441	145,865	1,915,331
Additions	219,466	142,019	448	11,202	373,135

As at 31 December 2025	219,466	1,874,044	37,889	157,067	2,288,466

Depreciation
As at 1 January 2025	-	1,544,892	33,191	114,877	1,692,960
Provided during the period	-	100,593	1,292	13,344	115,229

As at 31 December 2025	-	1,645,485	34,483	128,221	1,808,189

Net Book Value
As at 31 December 2025	219,466	228,559	3,406	28,846	480,277

As at 1 January 2025	-	187,133	4,250	30,988	222,371

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Ion Beam Services U.K. Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

5. Stocks

	2025	2024
	£	£
Stock	1,436,552	1,532,595
Work in progress	6,297,905	1,999,242

	7,734,457	3,531,837

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	296,479	966,481
Other debtors	4,636,583	193,577

	4,933,062	1,160,058

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	6,817	6,817
Trade creditors	1,016,698	1,167,847
Bank loans and overdrafts	-	147,249
Amounts owed to group undertakings	10,812,365	3,193,871
Other creditors	2,976,429	1,448,766
Taxation and social security	122,433	30,963

	14,934,742	5,995,513

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

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	15,732	21,981

9. Secured Creditors

The bank overdraft and loan from the parent undertaking are secured with a bond and floating charge over the assets of the company.

The finance lease/hire purchase liabilities are secured over the assets concerned.

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	22,549	28,797
Bank loans and overdrafts	-	165,981

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Ion Beam Services U.K. Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

10. Obligations Under Finance Leases and Hire Purchase

	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	6,817	6,817
Later than one year and not later than five years	15,732	21,981

	22,549	28,798

	22,549	28,798

11. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	500,000	500,000

12. Related Party Transactions

The company operates a loan account with IBS SA.

During the year IBS SA advanced loans totalling £7,618,494 to the company. At the year end the balance due to IBS SA was £10,812,365 (2024 - £3,193,871). This loan is unsecured and has no fixed repayment terms.

13. 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.

14. Audit Information

The auditor's report on the accounts of Ion Beam Services U.K. Limited for the year ended 31 December 2025 was unqualified.

The auditor's report was signed by Robert A Pollock, CA (Senior Statutory Auditor) for and on behalf of Sharles Audit Ltd , Statutory Auditor.

Sharles Audit Ltd

29 Brandon Street

Hamilton

ML3 6DA

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		480,277		222,371

			480,277		222,371
CURRENT ASSETS
Stocks	5	7,734,457		3,531,837
Debtors	6	4,933,062		1,160,058
Cash at bank and in hand		22,053		-

		12,689,572		4,691,895
Creditors: Amounts Falling Due Within One Year	7	(14,934,742 )		(5,995,513 )

NET CURRENT ASSETS (LIABILITIES)			(2,245,170 )		(1,303,618 )

TOTAL ASSETS LESS CURRENT LIABILITIES			(1,764,893 )		(1,081,247 )

Creditors: Amounts Falling Due After More Than One Year	8		(15,732 )		(21,981 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(60,915 )		(55,598 )

NET LIABILITIES			(1,841,540 )		(1,158,826 )

CAPITAL AND RESERVES
Called up share capital	11		500,000		500,000
Profit and Loss Account			(2,341,540 )		(1,658,826 )

SHAREHOLDERS' FUNDS			(1,841,540)		(1,158,826)