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Registered number: 04896951 PARAGON BIOMEDICAL LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
PARAGON BIOMEDICAL LIMITED CONTENTS
| Page
Company information | 1
Group strategic report | 2 - 3
Directors' report | 4
Directors' responsibilities statement | 5
Independent auditor's report | 6 - 9
Consolidated income statement | 10
Consolidated statement of comprehensive income | 11
Consolidated statement of financial position | 12
Company statement of financial position | 13
Consolidated statement of changes in equity | 14
Company statement of changes in equity | 15
Consolidated statement of cash flows | 16
Notes to the financial statements | 17 - 32
PARAGON BIOMEDICAL LIMITED COMPANY INFORMATION
Directors | S Brown
| D Rifkind
| CSC CLS (UK) Limited
Registered number | 04896951
Registered office | 5 Churchill Place
| 10th Floor
| London
| E14 5HU
Independent auditor | Blick Rothenberg Audit LLP
| Chartered Accountants & Statutory Auditor
| 16 Great Queen Street
| Covent Garden
| London
| WC2B 5AH
Page 1
PARAGON BIOMEDICAL LIMITED GROUP STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Introduction
The directors present the strategic report on the consolidated results of Paragon Biomedical Limited (the “company”) and its subsidiary (the “Group”) for the year ended 31 December 2025. The principal activity of the company is the provision of clinical monitoring, data management and statistical services to the pharmaceutical industry. The principal activity of the company’s subsidiary, Clinipace Clinical Research Private Limited, India, is the provision of a shared service function to the Caidya group, including Paragon Biomedical Limited.
Business review
Paragon Biomedical Limited remains reliant on the financial health and support of the wider Caidya group. It continues to be a vital company within that group. In recent years, the company has had its own third-party, UK, contracts. However, the focus of the company’s operations continues to be providing essential intercompany resource and expertise to the Caidya group globally, with 2025 seeing work on contracts predominantly owned by the US and Germany. Clinipace Clinical Research Private Limited provides a shared service function for the wider group with staff covering operational areas, such as data analysis, as well as administrative functions, including Finance. The Group delivered a solid financial performance in 2025, with turnover decreasing by 11% to £11.2m (2024: £12.6m). The decrease primarily reflects lower levels of clinical monitoring and data services provided to external parties, together with reduced service functions to group companies. Gross profit decreased by 4% to £4.1m, while gross margin improved to 37% (2024: 34%). The improvement in gross margin was primarily driven by efficiencies in the resourcing of contracts. Operating profit decreased by 25% to £0.7m. Profit after tax decreased to £450k (2024: £629k), reflecting the lower operating profit during the year. At year-end, net assets increased to £6.06m, reflecting the retained profit generated during the year. The directors remain satisfied with the Group's overall financial performance and believe that the business remains well positioned to support the continuing growth of the wider Caidya group.
Principal risks and uncertainties
The Group, as part of the Caidya group is dependent on the overall economic development and stability of the pharmaceutical and biotech industries. Changes in economic stability or significant changes in industry regulations could unfavourably impact the financial results of the company and wider Caidya group. As the Group is heavily reliant on inter-company revenue from overseas entities, it is susceptible to currency exchange rate fluctuations. These are estimated to be a low risk, as economic indicators and industry regulations are closely monitored to develop prompt and appropriate reactions in the form of planning and strategic adjustments. An inherent business risk is the possibility that customers will terminate current contracts within the contractual notice period. Poor safety standards of the tested products or unfavourable test results from ongoing studies are examples of reasons that can lead to termination by the customer. If the employees working on these projects cannot be deployed to other projects at short notice, unused capacity is to be expected, at least in the short term. Page 2
PARAGON BIOMEDICAL LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Financial key performance indicators
Turnover £11.2m, down by 11% on 2024. Gross profit £4.1m, down by 4%. Gross profit margin 37% (2024: 34%) Operating profit £0.7m, down by 25% Operating margin 6% (2024: 7%) Profit after tax 4% (2024: 5%)
Plans and future developments
The company benefits from being part of the wider Caidya group. The resulting access to a larger geographic reach and international customer base offers growth opportunities in the future. While market conditions remain competitive, the directors believe that the Group is well positioned to benefit from future opportunities across the clinical research sector. Caidya will continue to leverage its global presence in 23 countries and regions to accelerate the development of innovative therapeutics for global pharmaceutical and biotech customers. This will include expanding its global operational footprint and developing new therapeutic area capabilities to service a growing book of business. As the business scales up, the group should benefit from increasing profit margins as it takes on more profitable global studies while benefiting from operating leverage in utilizing its global infrastructure across a larger revenue base This report was approved by the board and signed on its behalf.
S Brown Director
Date: 3 August 2026
Page 3
PARAGON BIOMEDICAL LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors present their report and the financial statements for the year ended 31 December 2025.
Results and dividends
The profit for the year, after taxation, amounted to £450,356 (2024 - £629,366). The directors do not recommend a dividend.
Directors
The directors who served during the year were:
S Brown
D Rifkind
CSC CLS (UK) Limited
Qualifying third-party indemnity provisions
The company has made qualifying third party indemnity provisions for the benefit of its directors during the year and these remain in force at the date of this report.
Matters covered in the Group strategic report
As permitted by s414c(11) of the Companies Act 2006, the directors have elected to disclose information, required to be in the directors' report by Schedule 7 of the 'Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008', in the strategic report.
Disclosure of information to auditor
Each of the persons who are directors at the time when this directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the company and the Group's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company and the Group's auditor is aware of that information.
Auditor
The auditor, Blick Rothenberg Audit LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
S Brown Director
Date: 3 August 2026
Page 4
PARAGON BIOMEDICAL LIMITED DIRECTORS' RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors are responsible for preparing the group strategic report, the directors' report and the consolidated financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Group's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 5
PARAGON BIOMEDICAL LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PARAGON BIOMEDICAL LIMITED FOR THE YEAR ENDED 31 DECEMBER 2025
Opinion
We have audited the financial statements of Paragon Biomedical Limited (the 'parent company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the consolidated income statement, the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Group's and of the parent company's affairs as at 31 December 2025 and of the Group's profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Page 6
PARAGON BIOMEDICAL LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PARAGON BIOMEDICAL LIMITED (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the group strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the group strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the group strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or ∙the parent company financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent company or to cease operations, or have no realistic alternative but to do so. Page 7
PARAGON BIOMEDICAL LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PARAGON BIOMEDICAL LIMITED (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: ∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; ∙we identified the laws and regulations applicable to the group through discussions with directors and other management, and from our commercial knowledge and experience of the group's sector; ∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Group, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, and health and safety legislation; ∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: ∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and ∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: ∙performed analytical procedures to identify any unusual or unexpected relationships; ∙tested a sample of journal entries to identify unusual transactions; ∙assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias; and ∙investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: ∙agreeing financial statement disclosures to underlying supporting documentation; ∙reading the minutes of meetings of those charged with governance; and ∙enquiring of management as to actual and potential litigation and claims. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards require that we identify non-compliance with laws and regulations through enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any, as well as any additional procedures deemed necessary. Page 8
PARAGON BIOMEDICAL LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PARAGON BIOMEDICAL LIMITED (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Mark Hart (senior statutory auditor) for and on behalf of Blick Rothenberg Audit LLP Chartered Accountants Statutory Auditor 16 Great Queen Street Covent Garden London WC2B 5AH 3 August 2026 Page 9
PARAGON BIOMEDICAL LIMITED CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 11,228,651 | 12,592,910
Cost of sales |  | (7,109,997) | (8,282,496)
Gross profit |  | 4,118,654 | 4,310,414
Administrative expenses |  | (3,443,404) | (3,405,854)
Operating profit | 5 | 675,250 | 904,560
Interest receivable and similar income | 9 | 114 | 1,603
Interest payable and similar expenses | 10 | (12,512) | (12,893)
Profit before tax |  | 662,852 | 893,270
Tax on profit | 11 | (212,496) | (263,904)
Profit for the financial year |  | 450,356 | 629,366
Profit for the year attributable to: |  |  |
Owners of the parent company |  | 450,356 | 629,366
The notes on pages 17 to 32 form part of these financial statements.
Page 10
PARAGON BIOMEDICAL LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
|  |  |  | 2025 | 2024
|  |  |  | £ | £
Profit for the financial year |  | 450,356 | 629,366
Other comprehensive income |  |  |
Currency translation differences |  | (258,234) | -
Total comprehensive income for the year |  | 192,122 | 629,366
Profit for the year attributable to: |  |  |
Owners of the parent company |  | 450,356 | 629,366
Total comprehensive income attributable to: |  |  |
Owners of the parent company |  | 192,122 | 629,366
The notes on pages 17 to 32 form part of these financial statements.
Page 11
|  | REGISTERED NUMBER:04896951
PARAGON BIOMEDICAL LIMITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 13 |  | 71,771 |  | 92,401
Current assets |  |  |  |  |
Debtors: amounts falling due after more than one year | 15 | 145,138 |  | 101,532 |
Debtors: amounts falling due within one year | 15 | 6,671,538 |  | 7,161,309 |
Cash at bank and in hand |  | 679,950 |  | 286,212 |
|  | 7,496,626 |  | 7,549,053 |
Creditors: amounts falling due within one year | 16 | (1,201,767) |  | (1,576,733) |
Net current assets |  |  | 6,294,859 |  | 5,972,320
Total assets less current liabilities |  |  | 6,366,630 |  | 6,064,721
Provisions for liabilities |  |  |  |  |
Deferred taxation | 17 | (42,581) |  | (849) |
Other provisions | 18 | (265,719) |  | (197,664) |
|  |  | (308,300) |  | (198,513)
Net assets |  |  | 6,058,330 |  | 5,866,208
Capital and reserves |  |  |  |  |
Called up share capital | 19 |  | 44,160 |  | 44,160
Share premium account | 20 |  | 80,840 |  | 80,840
Foreign exchange reserve | 20 |  | (258,234) |  | -
Profit and loss account | 20 |  | 6,191,564 |  | 5,741,208
Equity attributable to owners of the parent company |  |  | 6,058,330 |  | 5,866,208
Total equity |  |  | 6,058,330 |  | 5,866,208
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
S Brown
Director
Date: 3 August 2026
The notes on pages 17 to 32 form part of these financial statements. Page 12
|  | REGISTERED NUMBER:04896951
PARAGON BIOMEDICAL LIMITED COMPANY STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 13 |  | 22,316 |  | 20,176
Investments | 14 |  | 1,998 |  | 1,998
|  |  | 24,314 |  | 22,174
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 15 | 4,905,456 |  | 5,324,241 |
Debtors: amounts falling due after more than one year | 15 | 1,780 |  | 1,780 |
Cash at bank and in hand |  | 553,761 |  | 227,881 |
|  | 5,460,997 |  | 5,553,902 |
Creditors: amounts falling due within one year | 16 | (897,694) |  | (1,211,813) |
Net current assets |  |  | 4,563,303 |  | 4,342,089
Total assets less current liabilities |  |  | 4,587,617 |  | 4,364,263
Deferred taxation |  |  | (6,545) |  | (849)
Net assets |  |  | 4,581,072 |  | 4,363,414
Capital and reserves |  |  |  |  |
Called up share capital | 19 |  | 44,160 |  | 44,160
Share premium account | 20 |  | 80,840 |  | 80,840
Profit and loss account | 20 |  | 4,456,072 |  | 4,238,414
Total Equity |  |  | 4,581,072 |  | 4,363,414
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
S Brown
Director
Date: 3 August 2026
The notes on pages 17 to 32 form part of these financial statements. Page 13
PARAGON BIOMEDICAL LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Share premium account | Foreign exchange reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 January 2024 | 44,160 | 80,840 | - | 5,111,842 | 5,236,842
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | - | 629,366 | 629,366
At 1 January 2025 | 44,160 | 80,840 | - | 5,741,208 | 5,866,208
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | - | 450,356 | 450,356
Exchange differences on translation of foreign operations | - | - | (258,234) | - | (258,234)
At 31 December 2025 | 44,160 | 80,840 | (258,234) | 6,191,564 | 6,058,330
| The notes on pages 17 to 32 form part of these financial statements.
Page 14
PARAGON BIOMEDICAL LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2024 | 44,160 | 80,840 | 3,894,927 | 4,019,927
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 343,487 | 343,487
At 1 January 2025 | 44,160 | 80,840 | 4,238,414 | 4,363,414
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 217,658 | 217,658
At 31 December 2025 | 44,160 | 80,840 | 4,456,072 | 4,581,072
| The notes on pages 17 to 32 form part of these financial statements.
Page 15
PARAGON BIOMEDICAL LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 450,356 | 629,366
Adjustments for: |  |
Depreciation of tangible assets | 50,883 | 89,883
Loss on disposal of tangible assets | 10,955 | 6,523
Interest paid | 12,512 | 12,893
Interest received | (114) | (1,603)
Taxation charge | 212,496 | 263,904
Decrease/(increase) in debtors | 481,882 | (1,216,071)
Decrease in creditors | (403,297) | (35,070)
Increase in provisions | 68,055 | 30,717
Corporation tax paid | (178,150) | (146,972)
Foreign exchange | (249,958) | (10,399)
Net cash generated from operating activities | 455,620 | (376,829)
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (49,484) | (74,332)
Interest received | 114 | 1,603
Net cash from investing activities | (49,370) | (72,729)
Cash flows from financing activities |  |
Interest paid | (12,512) | (12,893)
Net cash used in financing activities | (12,512) | (12,893)
Net increase/(decrease) in cash and cash equivalents | 393,738 | (462,451)
Cash and cash equivalents at beginning of year | 286,212 | 748,663
Cash and cash equivalents at the end of year | 679,950 | 286,212
Cash and cash equivalents at the end of year comprise: |  |
Bank and cash balances | 679,950 | 286,212
The notes on pages 17 to 32 form part of these financial statements.
Page 16
PARAGON BIOMEDICAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
The company is a private company limited by shares and incorporated in England and Wales. The address of its registered office and principal place of business is 5 Churchill Place, 10th Floor, London, E14 5HU. The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3). The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own income statement in these financial statements. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated income statement from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 31 December 2015.
| 2.3 | Going concern
Paragon Biomedical Limited remains reliant on the financial health and support of the wider group in order to meets its liabilities as they fall due. The company is reliant on the group for its trade and the cash is managed on a group basis. The company’s ultimate parent, dMedClinical Company Ltd, a company incorporated in The Cayman Islands, has provided an undertaking that it will provide the necessary financial support to allow the company to continue to trade and to meet its liabilities as they fall due for a minimum period of at least 12 months from the date of approval of these financial statements. Based on the cash position of the wider group and the forecast for 2026 and 2027, the Directors have full confidence that the ultimate parent company can provide the necessary financial support and therefore consider that it is appropriate for these financial statements to be prepared on the going concern basis. Page 17
PARAGON BIOMEDICAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | Foreign currency translation
Functional and presentation currency The company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the consolidated income statement within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.
| 2.5 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 18
PARAGON BIOMEDICAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.7 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.8 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.
| 2.9 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income. Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Page 19
PARAGON BIOMEDICAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.10 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Short-term leasehold property | - | 2% to 20% straight line
|  |  |  | Office fixtures and fittings | - | 10% to 20% straight line
|  |  |  | Office equipment | - | 10% to 20% straight line
|  |  |  | Computer equipment | - | 33% straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.11 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.12 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
| 2.13 | Financial instruments
The Group has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments. Financial assets and financial liabilities are recognised when the Group becomes 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 Group after deducting all of its liabilities. The Group’s policies for its major classes of financial assets and financial liabilities are set out below. Page 20
PARAGON BIOMEDICAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
|  | Financial instruments (continued)
Financial assets Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. Financial liabilities Basic financial liabilities, including trade and other 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Impairment of financial assets Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the Group would receive for the asset if it were to be sold at the reporting date. For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. Page 21
PARAGON BIOMEDICAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
|  | Financial instruments (continued)
Derecognition of financial assets and financial liabilities Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Offsetting of financial assets and financial liabilities Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
| 2.14 | Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.
| 2.15 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation. Increases in provisions are generally charged as an expense to profit or loss.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
Judgement is required in assessing whether the group balances are recoverable from the relevant group company. This includes judgement over the financial position of the relevant group debtor and involves an assessment on the group wide inter-company balances picture. Judgement is also applied in calculating the revenue value earned on fixed price contracts, using the percentage of work (and cost) complete. Page 22
PARAGON BIOMEDICAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Clinical monitoring and data services to external parties | 37,729 | 757,534
| Clinical monitoring and data services to group companies | 7,839,734 | 7,985,841
| Service function to group companies | 3,351,188 | 3,849,535
|  | 11,228,651 | 12,592,910
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 37,729 | 757,534
| Rest of Europe | 139,132 | 1,500,668
| Rest of World | 11,051,790 | 10,334,708
|  | 11,228,651 | 12,592,910
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Exchange differences | 91,135 | 74,090
| Depreciation of fixed assets | 50,883 | 89,883
| Operating lease rentals | 14,587 | 17,839
6. | Auditor's remuneration
| During the year, the Group obtained the following services from the company's auditor:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the company's auditor for the audit of the consolidated and parent company's financial statements | 52,800 | 52,500
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PARAGON BIOMEDICAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Wages and salaries | 7,871,135 | 8,470,239 | 5,224,806 | 5,439,283
| Social security costs | 749,036 | 755,841 | 699,626 | 648,074
| Cost of defined contribution scheme | 293,524 | 235,090 | 203,320 | 200,717
|  | 8,913,695 | 9,461,170 | 6,127,752 | 6,288,074
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | Group | Group | Company | Company
|  |  | 2025 | 2024 | 2025 | 2024
|  |  | No. | No. | No. | No.
|  | Technical staff | 187 | 207 | 41 | 56
|  | Administrative staff | 98 | 88 | 21 | 4
|  |  | 285 | 295 | 62 | 60
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 256,243 | 251,934
| Group contributions to defined contribution pension schemes | 8,155 | 8,004
|  | 264,398 | 259,938
| During the year retirement benefits were accruing to no directors (2024 - 1) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £256,243 (2024 - £219,889).
| The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £8,155 (2024 - £8,004).
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 114 | 1,603
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PARAGON BIOMEDICAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
10. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Pension interest | 12,512 | 12,893
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 67,853 | 122,277
| Foreign tax on income for the year | 203,355 | 148,353
| Total current tax | 271,208 | 270,630
| Deferred tax |  |
| Origination and reversal of timing differences | (58,712) | (6,726)
| Tax on profit | 212,496 | 263,904
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 662,852 | 893,270
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 165,713 | 223,318
| Effects of: |  |
| Capital allowances for year in excess of depreciation | 22,316 | 35,666
| Higher rate taxes on overseas earnings | 15,171 | 15,038
| Adjustments to tax charge in respect of prior periods | 5,434 | -
| Other timing differences leading to an increase (decrease) in taxation | 3,862 | (10,118)
| Total tax charge for the year | 212,496 | 263,904
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PARAGON BIOMEDICAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
12. | Parent company profit for the year
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own income statement in these financial statements. The profit after tax of the parent company for the year was £217,658 (2024 - £343,487).
13. | Tangible fixed assets
| Group
|  | Short-term leasehold property | Fixtures and fittings | Office equipment | Computer equipment | Total
|  | £ | £ | £ | £ | £
| Cost |  |  |  |  |
| At 1 January 2025 | 9,474 | 20,949 | 8,271 | 443,936 | 482,630
| Additions | - | 2,587 | - | 46,897 | 49,484
| Disposals | (8,847) | - | - | (7,437) | (16,284)
| Exchange adjustments | (627) | (2,491) | (933) | (39,898) | (43,949)
| At 31 December 2025 | - | 21,045 | 7,338 | 443,498 | 471,881
| Depreciation |  |  |  |  |
| At 1 January 2025 | 2,402 | 18,182 | 8,081 | 361,564 | 390,229
| Charge for the year | (922) | 4,076 | 28 | 47,701 | 50,883
| Disposals | (1,321) | - | - | (4,008) | (5,329)
| Exchange adjustments | (159) | (2,254) | (2,269) | (30,991) | (35,673)
| At 31 December 2025 | - | 20,004 | 5,840 | 374,266 | 400,110
| Net book value |  |  |  |  |
| At 31 December 2025 | - | 1,041 | 1,498 | 69,232 | 71,771
| At 31 December 2024 | 7,072 | 2,767 | 190 | 82,372 | 92,401
| The net book value of land and buildings may be further analysed as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Short leasehold | - | 7,072
Page 26
PARAGON BIOMEDICAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 13.Tangible fixed assets (continued)
| Company
|  | Computer equipment
|  | £
| Cost |
| At 1 January 2025 | 109,551
| Additions | 17,629
| Disposals | (4,857)
| At 31 December 2025 | 122,323
| Depreciation |
| At 1 January 2025 | 89,375
| Charge for the year on owned assets | 12,060
| Disposals | (1,428)
| At 31 December 2025 | 100,007
| Net book value |
| At 31 December 2025 | 22,316
| At 31 December 2024 | 20,176
14. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 January 2025 | 1,998
| At 31 December 2025 | 1,998
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PARAGON BIOMEDICAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
| Subsidiary undertaking
| The following was a subsidiary undertaking of the company:
| Name | Registered office | Class of shares | Holding
| Clinipace Clinical Research Private Limited | B-16, 2nd Floor, Gayathri Buildings, Technopark, Trivandrum, Kerala, India, 695581 | Ordinary | 100%
15. | Debtors
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Due after more than one year |  |  |  |
| Other debtors | 8,974 | 9,889 | 1,780 | 1,780
| Deferred tax asset | 136,164 | 91,643 | - | -
|  | 145,138 | 101,532 | 1,780 | 1,780
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Due within one year |  |  |  |
| Trade debtors | 96,014 | 207 | 96,000 | 99
| Caidya group companies | 6,468,180 | 6,942,523 | 4,752,250 | 5,274,927
| Other debtors | 67,673 | 52,529 | 32,574 | 25,559
| Prepayments and accrued income | 39,671 | 43,223 | 24,632 | 23,656
| Tax recoverable | - | 122,827 | - | -
|  | 6,671,538 | 7,161,309 | 4,905,456 | 5,324,241
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PARAGON BIOMEDICAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
16. | Creditors: amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade creditors | 48,977 | 179,556 | 46,160 | 174,478
| Caidya group companies | 192,422 | 78,399 | 192,575 | 79,463
| Corporation tax | 203,787 | 289,479 | 96,000 | 131,956
| Other taxation and social security | 240,574 | 277,612 | 224,607 | 249,504
| Other creditors | 33,243 | 2,411 | 238 | -
| Accruals and deferred income | 482,764 | 749,276 | 338,114 | 576,412
|  | 1,201,767 | 1,576,733 | 897,694 | 1,211,813
| The company has access to a bank facility of £450,000. At 31 December 2025, the company had not drawn against the facility.
17. | Deferred taxation
| Group
|  | 2025
|  | £
| At beginning of year | 90,794
| Charged to profit or loss | 2,789
| At end of year | 93,583
Page 29
PARAGON BIOMEDICAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 17.Deferred taxation (continued)
| Company
|  | 2025
|  | £
| At beginning of year | (849)
| Charged to profit or loss | (5,696)
| At end of year | (6,545)
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Fixed asset temporary differences | 620 | 1,177 | (5,579) | (5,044)
| Short term temporary differences | 92,963 | 89,617 | (966) | 4,195
|  | 93,583 | 90,794 | (6,545) | (849)
| Comprising: |  |  |  |
| Asset - due after one year | 136,164 | 91,643 | - | -
| Liability | (42,581) | (849) | (6,545) | (849)
|  | 93,583 | 90,794 | (6,545) | (849)
18. | Provisions
| Group
|  | Unfunded pension liability
|  | £
| At 1 January 2025 | 197,664
| Charged to profit or loss | 68,055
| At 31 December 2025 | 265,719
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PARAGON BIOMEDICAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
19. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 184,004 (2024 - 184,004) Ordinary shares of £0.24 each | 44,160 | 44,160
20. | Reserves
Share premium account Share premium represents excess consideration received for shares issued above their nominal value. Foreign exchange reserve The foreign currency translation reserve represents exchange differences arising on the translation of the net assets of foreign operations from their functional currency into the Group's presentation currency. Profit and loss account Profit and loss account represents the cumulative comprehensive income net of distributions to owners.
21. | Pension commitments
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 £293,524 (2024 - £235,090). Contributions totalling £45,467 (2024 - £16,778) were payable to the fund at the balance sheet date and are included in creditors.
22. | Commitments under operating leases
| The Group and the company had no commitments under non-cancellable operating leases at the reporting date.
23. | Related party transactions
| The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.
24. | Post balance sheet events
There have been no significant events since the date of the balance sheet, 31 December 2025. Page 31
PARAGON BIOMEDICAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
25. | Controlling party
The company's immediate parent company is Clinipace Inc., incorporated in Delaware, USA. The ultimate parent company is dMedClinical Company Limited. There is not an ultimate controlling party due to the share ownership of dMedClinical Company Limited.
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