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Registered number: 10446752
SMC PHARMA SERVICES LTD
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2025
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REGISTERED NUMBER: 10446752
BALANCE SHEET
AS AT 31 DECEMBER 2025
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Debtors due after more than 1 year
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Debtors due within 1 year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Capital redemption reserve
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Page 1
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REGISTERED NUMBER: 10446752
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2025
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 September 2026.
................................................
M Schick
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The notes on pages 3 to 12 form part of these financial statements.
Page 2
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
SMC Pharma Services Ltd. (formerly Cambridge Pharma Limited) is a company limited by shares incorporated in England and Wales within the United Kingdom. The address of the registered office if 50-60 Station Road, Cambridge, CB1 2JH.
The principal activity of the Company, is investment in research and development of novel syringe and autoinjector technologies to include pharmaceutical process development to support small aseptic batch filing for clinical trials.
2.Accounting policies
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Basis of preparation of financial statements
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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 disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
The financial statements have been prepared on the basis that the Company is a going concern. In reaching this decision, the directors have considered projections of the cash flows of the Company for the next twelve months covering the existing commitments of the Company together with additional investment required to develop autoinjector technologies required to ensure the business completes the fit-out of its leasehold facility that will deliver pharmaceutical development and contract manufacturing services for small batch fill finish. The cash flows indicate that the Company may need additional finance during 2027, which will be provided via a related Company, Scientific Molding Corporation Ltd. Scientific Molding Corporation Ltd have confirmed they have sufficient funds to provide such further funding and their willingness to provide their continued financial support for a period of 12 months from the date of approval of these financial statements.
It is on this assumption that these financial statements are prepared on a going concern basis.
The directors have considered a period of not less than 12 months from the date of approval of these financial statements.
Accordingly, the financial statements have been prepared on a going concern basis and do not contain any adjustments that would result if the Company was not able to continue as a going concern.
Page 3
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Foreign currency translation
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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 Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Turnover represents the amounts billed, excluding VAT, for work performed during the financial year. Revenue recognised under contractual agreements is recognised in the following ways:
Process development and device development programmes: Both revenue and costs of sales are recognised using the percentage of completion method. The amount by which revenue exceeds payments on account is included in accrued income; to the extent that payments on account exceed the respective revenue, the excess is included in deferred income.
Upfront payments: From time to time, customers pay up-front payments in return for certain exclusive rights as contractually agreed. These up-front payments are recognised upon invoice provided that there are no further performance obligations to be provided by the Group and provided that payment is considered to be recoverable with reasonable certainty within a reasonable time frame. In such circumstances, the risks and rewards of these exclusive rights are considered to have been transferred.
Expenditure on all research and development is charged to the Statement of Income in the period in which it is incurred.
Interest income is recognised in profit or loss using the effective interest method.
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.
Page 4
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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.
Tax is recognised in profit or loss 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.
The current corporation 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; 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.
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.
Page 5
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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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:
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Cost written off over the terms of the lease remaining at the point of asset capitalisation, the intial term being 15 years.
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Assets under construction are not depreciated until in use.
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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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Impairment of fixed assets and goodwill
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Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
Investments in subsidiaries are measured at cost less accumulated impairment.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Page 6
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Cash and cash equivalents
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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.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Provisions for liabilities
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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.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. 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. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyong normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
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 Consolidated Statement of Comprehensive Income.
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The average monthly number of employees, including directors, during the year was 26 (2024 - 29).
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Page 7
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Short-term leasehold property
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Assets Under Construction
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Transfers between classes
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Charge for the year on owned assets
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Investments in subsidiary companies
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Due after more than one year
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Amounts owed by group undertakings
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Page 8
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
6.Debtors (continued)
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Amounts owed by group undertakings
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Prepayments and accrued income
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Transactions with subsidiary company
The Company entered into a related party transaction with its subsidiary, Oval Medical Technologies Limited, whereby the Company signed a promissory note effective 1 December 2021 with Oval Medical Technologies Limited. This note was for a fluctuating sum which amalgamated previous loan amounts between the Company and Oval Medical Technologies Limited.
Interest is calculated on the loan at 3.2% interest per annum, being deemed by the Directors to be market rate. Interest is compounded on a monthly basis and is payable each year. The Company has the option to repay the capital element of the loan any time prior to the end of the term.
The aggregate amount of the loan notes drawn down at the year end and included within Debtors due after more than one year was £6,278,310 (2024 - £4,408,122).
At 31 December 2025, the balance of interest owed by Oval Medical Technologies Limited under the promissory note, and included within Debtors due within one year, amounted to £122,699 (2024 - £131,496).
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Page 9
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Creditors: Amounts falling due after more than one year
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Transactions with associated company
The Company signed a promissory note, effective 1 December 2021 with Scientific Molding Corporation Ltd. This note was for a fluctuating sum which amalgamated previous loan amounts between the Company and Scientific Molding Corporation Ltd.
Interest is calculated on the loan at 3.2% interest per annum, being deemed by the Directors to be market rate. Interest is compounded on a monthly basis and is payable each year. The Company has the option to repay the capital element of the loan any time prior to the end of the term.
The aggregate amount of the loan notes drawn down at the year end was £48,106,353 (2024 - £43,521,366).
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Analysis of the maturity of loans is given below:
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Allotted, called up and fully paid
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24,100 (2024 - 24,100) Ordinary shares of £0.10 each
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Share premium account
Includes and premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.
Capital redemption reserve
Includes all capital contributions from the Company's members. Capital contributions are in relation to extinguished liabilities and interest on intergroup loans at below market rate.
Profit and loss account
Includes all current and prior period retained profits and losses less any dividends paid.
Page 10
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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At 31 December 2025 the Company had capital commitments as follows:
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Contracted for but not provided in these financial statements
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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 to £132,900 (2024 - £119,881) . Contributions totalling £22,024 (2024 - £18,980) were payable to the fund at the balance sheet date and are included in creditors.
Page 11
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Related party transactions
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Transactions with associated companies
The Company signed a new promissory note in early 2022, effective of 1 December 2021 with an associated company, Scientific Molding Corporation Ltd. This note was for a fluctuating sum which amalgamated the previous loan amounts between the Company and Scientific Molding Corporation Ltd. The total balance outstanding on the promissory note at 31 December 2025 was £48,106,353 (2024 - £43,521,366). Interest charged during the year to 31 December 2025 totalled £1,509,594 (2024 - £1,364,927).
At 31 December 2025 the balance of interest owing to Scientific Molding Corporation Ltd. amounted to £1,509,594 (2024 - £1,364,527) and was included in Creditors: Amounts due within one year.
During the year the Group:
• made purchases and generated accruals from Scientific Molding Corporation Ltd totalling £18,021 (2024 - £48,817). At 31 December 2025 the balance for these purchases and accruals included in Creditors: due within one year was £nil (2024 - £2,468).
• made net sales to Scientific Molding Corporation Ltd totalling £14,443 (2024 - £26,427). At 31 December 2025 the balance for these sales included in Debtors: due within one year was £nil (2024 - £nil).
• made sales to SMC Pharma Services L.L.C., an associated company, totalling £330,453 (2024 - £153,057). At 31 December 2025 the balance for these sales included in Debtors: due within one year was £76,660 (2024 - £154,556).
• generated accruals from SMC Pharma Services L.L.C. totalling £58,189 (2024 - £62,214). At 31 December 2025 the balance for these accruals included in Creditors: due within one year was £nil (2024 - £62,214).
• entered into a related party transaction with an associated company, SMC Costa Rica, whereby the Group made sales totalling £nil (2024 - £124,428) to SMC, Costa Rica. At 31 December 2025 the balance owed to the Group and included within Debtors was £nil (2024 - £nil).
Transactions with subsidiary company
The Company signed a new promissory note in early 2022, effective of 1 December 2021 with its subsidiary company, Oval Medical Technologies Limited. This note was for a fluctuating sum which amalgamated the previous loan amounts between the Company and Oval Medical Technologies Limited.
The total balance outstanding on the promissory note owed from Oval Medical Technologies Limited at 31 December 2025 and included in Debtors: falling due after one year was £6,278,310 (2024 - £4,408,122). Interest charged during the year to 31 December 2025 totalled £122,699 (2024 - £131,496).
At 31 December 2025 the balance of interest owing from Oval Medical Technologies Limited amounted to £122,699 (2024 - £131,496) and was included in Debtors: falling due within one year.
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The immediate controlling party is Somerset Medical LLC.
Page 12
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