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Company No: 14041502 (England and Wales)

ELIPTICA LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

ELIPTICA LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

ELIPTICA LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2024
ELIPTICA LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2024
DIRECTORS C Brigden
Dr G H Kruppa
Dr M Ralser
REGISTERED OFFICE C/O Davis Grant Ltd Treviot House
186-192 High Road
Essex
IG1 1LR
United Kingdom
COMPANY NUMBER 14041502 (England and Wales)
CHARTERED ACCOUNTANTS James Cowper Kreston
Greenham Business Park
2 Communications Road
Newbury
Berkshire
RG19 6AB
United Kingdom
ELIPTICA LIMITED

BALANCE SHEET

As at 31 December 2024
ELIPTICA LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 259,686 312,287
259,686 312,287
Current assets
Debtors 4 282,908 129,131
Cash at bank and in hand 5 951,051 2,148,850
1,233,959 2,277,981
Creditors: amounts falling due within one year 6 ( 80,001) ( 58,772)
Net current assets 1,153,958 2,219,209
Total assets less current liabilities 1,413,644 2,531,496
Net assets 1,413,644 2,531,496
Capital and reserves
Called-up share capital 7 318 318
Share premium account 3,999,882 3,999,882
Profit and loss account ( 2,586,556 ) ( 1,468,704 )
Total shareholders' funds 1,413,644 2,531,496

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Eliptica Limited (registered number: 14041502) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

C Brigden
Director

14 July 2025

ELIPTICA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
ELIPTICA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Eliptica Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Davis Grant Ltd Treviot House, 186-192 High Road, Essex, IG1 1LR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 2 years straight line
Tools and equipment 5 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a 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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 5

3. Tangible assets

Leasehold improve-
ments
Tools and equipment Computer equipment Total
£ £ £ £
Cost
At 01 January 2024 15,273 352,254 27,746 395,273
Additions 0 36,834 2,264 39,098
At 31 December 2024 15,273 389,088 30,010 434,371
Accumulated depreciation
At 01 January 2024 6,231 67,474 9,281 82,986
Charge for the financial year 7,086 74,817 9,796 91,699
At 31 December 2024 13,317 142,291 19,077 174,685
Net book value
At 31 December 2024 1,956 246,797 10,933 259,686
At 31 December 2023 9,042 284,780 18,465 312,287

4. Debtors

2024 2023
£ £
Prepayments 27,292 35,607
Corporation tax 234,790 0
Other debtors 20,826 93,524
282,908 129,131

5. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 951,051 2,148,850

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 80,042 23,722
Accruals 13,781 18,459
Other taxation and social security ( 15,409) 14,924
Other creditors 1,587 1,667
80,001 58,772

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2,000,000 Ordinary shares of £ 0.0001 each 200 200
1,176,100 Seed Preferred preference shares of £ 0.0001 each 118 118
318 318

8. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 2,235 1,667