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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2025
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APOLLO SCIENTIFIC LTD
COMPANY INFORMATION
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APOLLO SCIENTIFIC LTD
CONTENTS
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APOLLO SCIENTIFIC LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present the strategic report for the year ended 31 December 2025.
The results for the financial period were considered disappointing by the directors, with the company recording an operating loss of £1,145,882. This was primarily driven by a 2.7% decrease in the gross profit percentage, which fell to 32.9%.
Despite these challenges, the overall financial position of the business remains strong, underpinned by healthy cash reserves of £3,606,692. Top-line growth was positive, with turnover increasing by £808,366 (8.5%) to a total of £10,308,185 compared to the prior year. However, this growth was driven by lower-margin bulk business, while catalogue sales remained static with tighter margins. The decrease in profitability is largely attributed to continuing poor market conditions, characterized by sustained inflationary pressures impacting worldwide economies, with a particular effect on the UK and EU market. Furthermore, intense competition from overseas competitors has continued to put pressure on margins. Overheads increased by £350,005 (8.4%) against the previous year. This rise was driven by increased national insurance contributions, alongside strategic investments in staff welfare, health and safety, IT improvements and, in anticipation of expanding into the US and EU markets, higher legal fees. Despite ongoing logistical and regulatory issues stemming from Brexit, the directors are pleased to report that the EU market remained consistent with the prior year's sales. Furthermore, notwithstanding challenging and uncertain international tariffs throughout the year, sales to North America demonstrated strong growth, increasing by over 12.5%. To combat the current margin pressures, the company is diversifying its portfolio by expanding its product range and increasing focus on new product lines that face less competition. The aim is to offer a more complete laboratory product and service solution to the customer base. Looking ahead, the directors and executive management team are focused on returning to profitability in the near future. The strategy involves investing in stock across the UK, US, and EU to drive revenue growth. Furthermore, the company aims to establish a dedicated stocking location in the EU in 2026 and expand its US stockholding to capitalize on international demand. By improving operational efficiencies through continued investment in IT and automation, the company aims to achieve higher throughput within the catalogue business, securing long-term stability and a return to profitability.
The company trades in overseas markets. Both sales and purchases are made in foreign currencies and therefore a natural hedge exists to an extent. Prices are constantly monitored and where unfavourable exchange rate movements are expected, are altered accordingly where possible.
Credit risk is managed by standard procedures including the use of credit rating agencies when deciding upon credit terms and the ongoing monitoring of accounts. Liquidity risk is managed by keeping sufficient cash deposits in order to meet liabilities as they fall due. The company sells into a range of different markets across the international stage and therefore exposed to risks associated with declining economics within these markets. This is offset to some extent by trading to a number of different countries and industrial sectors however the company is working to reduce reliance on the
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APOLLO SCIENTIFIC LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
pharmaceutical sector which had accounted for a large proportion of bulk sales within recent years.
Operating within the chemical industry, the company is subject to a number of laws and regulations and remains at risk to changing legislation which could impact ability to trade in certain product lines or markets. This can impact both product sales and overheads through increasing cost of compliance.
This report was approved by the board on 28 April 2026 and signed on its behalf.
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APOLLO SCIENTIFIC LTD
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.
The loss for the year, after taxation, amounted to £864,500 (2024 - loss £412,954).
Dividends declared in the year amounted to £Nil (2024: £Nil)
The directors who served during the year were:
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The company is committed to ensuring it conducts all its activities in full compliance with all laws and regulations whilst maintaining a high ethical and social standing with great emphasis placed on environmental, social and governance (ESG) principles.
The company produces an annual CSR report and continues to lead the way within its sector being one of few to hold the EcoVadis Platinum award for corporate sustainability, a medal held since 2020, placing it within the top 1% of companies assessed within the sector. The company remains signatories to the UN Global Compact, reporting an annual Communication of Progress, and has maintained its ISO 9001:2015 and 12001:2015
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APOLLO SCIENTIFIC LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
accreditations along with holding Known Consignor and Authorised Economic Operator status.
The company continues to invest in research and development to increase in-house production capabilities in order to enable fulfilment of more client custom projects and increase the number of novel higher value products being brought to market.
The principal risks and uncertainties including references to financial instruments are included in the strategic report.
The auditors, Nyman Libson Paul LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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APOLLO SCIENTIFIC LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF APOLLO SCIENTIFIC LTD
We have audited the financial statements of Apollo Scientific Ltd (the 'company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Analysis of Net Debt, the Statement of Financial Position, the Statement of Cash Flows, the 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).
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company 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.
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 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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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
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APOLLO SCIENTIFIC LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF APOLLO SCIENTIFIC LTD (CONTINUED)
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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the 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 Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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 Auditors' 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 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,
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APOLLO SCIENTIFIC LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF APOLLO SCIENTIFIC LTD (CONTINUED)
including fraud is detailed below:
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following:
∙the nature of the industry and specific sector, the control environment and business performance;
∙results of our enquiries of management about their own identification and assessment of the risks of irregularities;
∙matters identified from the review of company documentation in respect of their policies and procedures relating to:
∙identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
∙detecting and responding to the risks of fraud and whether they have knowledge of any actual suspected or alleged fraud;
∙internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and
∙matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK legislation and regulations in relation to the operation and governance of the company, direct and indirect tax legislation.
In addition, we considered other laws and regulations that could have an effect on the company and result in the imposition of financial or other penalties and litigation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. These limited procedures did not identify actual or suspected non-compliance. All matters in relation to non-compliance with laws and regulations and potential fraud risks were communicated to all members of the engagement team and we remained alert to any indications of non-compliance throughout the audit. As a result of performing the above, we identified the susceptibility of assets to misappropriation as a potential risk of fraud. Our procedures to respond to risks identified included the following:
∙reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
∙enquiries with management concerning actual and potential litigation and claims;
∙assessing the appropriateness and where appropriate with third parties concerning actual and potential litigation and claims;
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APOLLO SCIENTIFIC LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF APOLLO SCIENTIFIC LTD (CONTINUED)
∙physical inspections of assets;
∙performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
∙examining minutes of meetings of those charged with governance and correspondence with HMRC and other third parties; and
∙in addressing the risk of fraud through management override of controls, reviewing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
There are inherent limitations in the audit procedures described above even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. We did not identify any key audit matters relating to irregularities, including fraud.
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 Auditors' 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 Auditors' 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
124 Finchley Road
NW3 5JS
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APOLLO SCIENTIFIC LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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APOLLO SCIENTIFIC LTD
REGISTERED NUMBER: 02856632
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 29 form part of these financial statements.
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APOLLO SCIENTIFIC LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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APOLLO SCIENTIFIC LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
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APOLLO SCIENTIFIC LTD
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2025
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APOLLO SCIENTIFIC LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Apollo Scientific Limited is a private company limited by share capital and incorporated in England and Wales, registered under the number 02856632. The address of the registered office and principal place of business is Unit 3 & 4 Parkway, Denton, Manchester, England, M34 3SG.
The nature of the company's operation and its principal activity is that of the supply of chemicals and other related products.
2.Accounting policies
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 management to exercise judgment in applying the company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of a state other than the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.
The directors have prepared the financial statements on a going concern basis which assumes the company will have sufficient reserves to meet liabilities as they fall due, for a period of at least twelve months from the date of signing the audit report.
During the year ended 31 December 2025, the company reported losses of £864,500 (2024: £412,954) and net assets of £10,987,805 (2024: £11,852,305) and cash reserves of £3,606,692 (2024: £4,006,429). The directors have prepared forecasts for the next financial year which show a growth in sales and a significantly smaller loss is expected. The Senior Management Team remains confident that 2026 budgets will be met considering the strong backorders position as at end of January 2026 and given the significant cash reserves and net asset position, the directors have no concerns over meeting liabilities as they fall due.
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APOLLO SCIENTIFIC LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
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:
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.
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APOLLO SCIENTIFIC LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Functional and presentation currency
Transactions and balances
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other receivables.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. Financial assets that are 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 Statement of Comprehensive Income. For financial assets measured at amortised cost, the impairment loss is measured as the difference
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APOLLO SCIENTIFIC LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a 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.
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.
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds. 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 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.
∙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
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APOLLO SCIENTIFIC LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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. Increases in provisions are generally charged as an expense to profit or loss.
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APOLLO SCIENTIFIC LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Provision for impairment loss on trade receivables The management of the company exercises significant judgement in providing for the impairment loss on trade receivables. Should these estimates vary, the profit or loss and balance sheet of the following years could be significantly impacted. The carrying value of trade receivables was £1,197,739 (2024: £1,489,451). Provision for obsolete and slow-moving stocks The company reviews its stocks to assess loss on account of obsolescence on a regular basis. In determining whether provision for obsolescence should be recorded in profit or loss, the company makes judgements as to whether there is any observable data indicating that there is any future saleability of the product and the estimated net realisable value for such product. Accordingly, provision for impairment is made where the net realisable value is less than the cost based on best estimates by the management. The provision for obsolescence of stock is based on the ageing and historical sales pattern. The carrying value of stocks was £5,078,793 (2024: £5,414,334).
Analysis of turnover by country of destination:
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APOLLO SCIENTIFIC LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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APOLLO SCIENTIFIC LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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APOLLO SCIENTIFIC LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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APOLLO SCIENTIFIC LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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APOLLO SCIENTIFIC LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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APOLLO SCIENTIFIC LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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APOLLO SCIENTIFIC LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
15.Debtors (continued)
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APOLLO SCIENTIFIC LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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APOLLO SCIENTIFIC LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Profit and loss account
The company operates a defined contribution pension scheme. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the company and amounted to £138,512 (2024: £143,762). Contributions totalling £1,489 (2024: £828) were payable to the fund at the balance sheet date and are included in creditors.
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APOLLO SCIENTIFIC LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The company was a wholly owned subsidiary of Central Glass Co. Ltd, a company incorporated in Japan and listed on the Tokyo Stock Exchange (First Section) in Japan until 19 December 2025.
On 19 December 2025, 100% of the share capital of Apollo Scientific Limited was purchased by Shanghai Titan Scientific Co Ltd, a company registered and listed on the Shanghai Stock Exchange in China.
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