| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| FOR |
| MEDHERANT LIMITED |
| REGISTERED NUMBER: |
| 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: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 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 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 9 |
| Share premium |
| Share option reserve |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| MEDHERANT LIMITED (REGISTERED NUMBER: 08973262) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 31 March 2025 |
| 1. | STATUTORY INFORMATION |
| Medherant Limited is a |
| 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 |
| 4. | INTANGIBLE FIXED ASSETS |
| Patents |
| and |
| licences | Trademarks | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2024 |
| Additions |
| At 31 March 2025 |
| AMORTISATION |
| At 1 April 2024 |
| Amortisation for year |
| At 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| At 31 March 2024 |
| 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 |
| Additions |
| At 31 March 2025 |
| DEPRECIATION |
| At 1 April 2024 |
| Charge for year |
| At 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| At 31 March 2024 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Tax |
| Prepayments |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Convertible loan |
| Trade creditors |
| Social security and other taxes |
| Other creditors |
| Deferred income |
| Accrued expenses |
| 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 |
| Between one and five years |
| 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. |
| for and on behalf of |
| 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. |