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REGISTERED NUMBER: 08973262 (England and Wales)




FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

MEDHERANT LIMITED

MEDHERANT LIMITED (REGISTERED NUMBER: 08973262)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2025




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MEDHERANT LIMITED

COMPANY INFORMATION
for the year ended 31 March 2025







DIRECTORS: Professor D M Haddleton
Mercia Fund Management (Nominees) Limited
Dr K T Cunningham
Dr W J E Burt
Dr F E Crawford
A C Fisher





SECRETARY: J Robson





REGISTERED OFFICE: The Venture Centre
University Of Warwick Science Park
Sir William Lyons Road
Coventry
West Midlands
CV4 7EZ





REGISTERED NUMBER: 08973262 (England and Wales)





AUDITORS: Luckmans Duckett Parker Limited
1110 Elliott Court
Coventry Business Park
Herald Avenue
Coventry
West Midlands
CV5 6UB

MEDHERANT LIMITED (REGISTERED NUMBER: 08973262)

BALANCE SHEET
31 March 2025

2025 2024
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 515,770 366,693
Tangible assets 5 131,098 98,400
646,868 465,093

CURRENT ASSETS
Debtors 6 1,755,804 1,359,938
Cash at bank and in hand 905,024 706,041
2,660,828 2,065,979
CREDITORS
Amounts falling due within one year 7 1,612,558 2,114,105
NET CURRENT ASSETS/(LIABILITIES) 1,048,270 (48,126 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,695,138

416,967

CAPITAL AND RESERVES
Called up share capital 9 739 713
Share premium 17,245,096 14,658,237
Share option reserve 8,855 8,855
Retained earnings (15,559,552 ) (14,250,838 )
SHAREHOLDERS' FUNDS 1,695,138 416,967

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 June 2025 and were signed on its behalf by:





Dr W J E Burt - Director


MEDHERANT LIMITED (REGISTERED NUMBER: 08973262)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2025

1. STATUTORY INFORMATION

Medherant Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared on the going concern basis, which assumes that the company will continue in operational existence for the foreseeable future. Due to the nature of scientific research, the company continues to make operating losses and is therefore dependant on securing equity investment and generating income from feasibility studies and development collaborations to continue to fund its operations.

The company has a clear plan to develop a lead product for menopause hormone therapy, showing the time, cost, and resources required to develop the products through to registration and, in parallel, seek commercial partners to bring it to market. The company has obtained scientific advice from MHRA for the development and registration pathway in the UK for this product. The first In-Human clinical trial commenced in 2023, interim results are encouraging and is expected to be completed Q3 2025.

The Company is expected to require additional investment for the next 3-5 years, until the point that significant revenue is being generated from licensing transactions and/or commercial product sales.

In addition, the Company has a development collaboration ongoing with Bayer, a leading global healthcare company, to develop a patch to clinical proof of concept. Bayer covers the development costs in the short/medium term as well as paying annual field exclusivity fees for access to and an option for the company’s intellectual property and, subject to successful conclusion of the development collaboration, a subsequent licence agreement on terms to be negotiated would be expected to give rise to milestone payments and product royalties in the medium/long term.

In January & March 2025 the company raised £1.0m of further funding with a further £0.5m committed for June 2025. In March 2025, the Company converted £1.6m of debt to equity, as a consequence the Company now has no long term debt only normal trading creditors. The company has sufficient committed funding to complete development of its lead menopause hormone therapy product through to the end of September 2025.

In the Board's opinion, the company has a reasonable prospect of raising further funding in 2025 to take the lead menopause hormone therapy through the end of the next clinical trial in mid-2026. However, if funding or development project revenue is not received or delayed, the Board can reduce the rate of external development expenditure and ensure that the company's operations are scaled appropriately.

In the reasonable opinion of the Directors the Company has or will have sufficient funding to continue as a going concern for at least 12 months from the date of approval of the financial statements. Should the company be unable to continue trading for whatever reason, adjustments would have to be made to reduce the value of assets to their recoverable amounts and to provide for any further liabilities which might arise.

These financial statements do not reflect any such adjustments and have been prepared on the going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

MEDHERANT LIMITED (REGISTERED NUMBER: 08973262)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2025

2. ACCOUNTING POLICIES - continued

Patent & trademarks
The costs incurred in filing, prosecuting and maintaining patent applications, patents and trade marks are measured at cost and capitalised as intangible fixed assets. The intangible fixed assets are then amortised over 20 years for patents and 10 years for trademarks, from the date of application or registration respectively.

Tangible fixed assets
Depreciation is charged at the following rates to reflect the estimated useful life of the assets.

Plant and machinery - 20% on cost per annum
Fixtures and fittings - 20% on cost per annum
Computer equipment - 33% on cost per annum

Tangible fixed assets are capitalised at their initial cost of bringing the asset into useable condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Share premium
It is the policy of the company not to deduct the costs of share funding rounds from share premium reserves. Share premium represents the cash paid above the nominal value of the shares issued.

MEDHERANT LIMITED (REGISTERED NUMBER: 08973262)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2025

2. ACCOUNTING POLICIES - continued

Share based payments
The company provides a non-contractual equity settled share based payments to employees where it receives services from the employees in exchange for its own equity instruments by way of share options.

These share options are valued at fair value using a share option valuation methodology such as an option pricing model. This model uses the weighted average share price, the exercise price, expected volatility in the share price, the option life and the risk free interest rate.

The fair value of the share options granted are recognised as a cost from the date of grant of the options over the vesting period of the options granted.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme or employee's Self-Invested Personal Pension are charged to profit or loss in the period to which they relate.The funds of these schemes are held separately from those of the company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2024 - 21 ) .

4. INTANGIBLE FIXED ASSETS
Patents
and
licences Trademarks Totals
£    £    £   
COST
At 1 April 2024 578,340 7,669 586,009
Additions 180,656 - 180,656
At 31 March 2025 758,996 7,669 766,665
AMORTISATION
At 1 April 2024 216,442 2,874 219,316
Amortisation for year 30,812 767 31,579
At 31 March 2025 247,254 3,641 250,895
NET BOOK VALUE
At 31 March 2025 511,742 4,028 515,770
At 31 March 2024 361,898 4,795 366,693

MEDHERANT LIMITED (REGISTERED NUMBER: 08973262)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2025

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 April 2024 529,976 16,122 42,897 588,995
Additions 66,608 3,685 3,019 73,312
At 31 March 2025 596,584 19,807 45,916 662,307
DEPRECIATION
At 1 April 2024 444,211 15,772 30,612 490,595
Charge for year 33,933 290 6,391 40,614
At 31 March 2025 478,144 16,062 37,003 531,209
NET BOOK VALUE
At 31 March 2025 118,440 3,745 8,913 131,098
At 31 March 2024 85,765 350 12,285 98,400

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Trade debtors 1,182,915 744,397
Other debtors 40,956 108,488
Tax 488,580 492,758
Prepayments 43,353 14,295
1,755,804 1,359,938

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Convertible loan - 1,000,000
Trade creditors 302,796 451,447
Social security and other taxes 142,128 43,405
Other creditors 26,717 11,232
Deferred income 981,380 109,174
Accrued expenses 159,537 498,847
1,612,558 2,114,105

On 31st March 2025, the convertible loan from May 2019 of £1,000,000 (excl. interest), with an owner holding a participating interest in the company, converted into equity.

Accrued expenses includes £NIL of convertible loan interest (2024: £483,317).

MEDHERANT LIMITED (REGISTERED NUMBER: 08973262)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2025

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2025 2024
£    £   
Within one year 66,657 41,098
Between one and five years 133,314 -
199,971 41,098

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2025 2024
value: £ £
27,474 Ordinary 1p 275 260
7,907 A Ordinary 1p 79 79
8,348 B Ordinary 1p 83 83
26,944 B2 Ordinary 0.1p 27 27
787 C Ordinary 1p 8 8
20,945 D1 Ordinary 0.1p 21 10
3,333 D2 Ordinary 0.1p 3 3
242,496 Deferred 0.1p 243 243
739 713

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Natalie Essex FCCA (Senior Statutory Auditor)
for and on behalf of Luckmans Duckett Parker Limited

11. RELATED PARTY DISCLOSURES

During the year, the company paid professional and consultancy fees to its directors of £17,837 (2024: £19,066).

During the year, the company paid professional fees of £65,000 (2024: £92,830) to owners holding a participating interest in the company.