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Registered number: 12524885
Multus Biotechnology Limited
Unaudited Financial Statements
For The Year Ended 31 March 2025
Archangel Accounting Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 12524885
2025 2024
as restated
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 930,183 1,405,926
930,183 1,405,926
CURRENT ASSETS
Debtors 5 780,596 539,175
Cash at bank and in hand 4,333,508 3,452,602
5,114,104 3,991,777
Creditors: Amounts Falling Due Within One Year 6 (45,947 ) (24,614 )
NET CURRENT ASSETS (LIABILITIES) 5,068,157 3,967,163
TOTAL ASSETS LESS CURRENT LIABILITIES 5,998,340 5,373,089
Creditors: Amounts Falling Due After More Than One Year 7 (1,388,081 ) (247,191 )
NET ASSETS 4,610,259 5,125,898
CAPITAL AND RESERVES
Called up share capital 8 2 2
Share premium account 7,459,577 7,459,577
Other reserves 1,350,000 -
Profit and Loss Account (4,199,320 ) (2,333,681 )
SHAREHOLDERS' FUNDS 4,610,259 5,125,898
Page 1
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For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
The financial statements were approved by the board of directors on 12 August 2025 and were signed on its behalf by:
C Linton
Director
12/08/2025
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Multus Biotechnology Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12524885 . The registered office is Translation And Innovation Hub, 84 Wood Lane, London, W12 0BZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.
2.2. Going Concern Disclosure
The directors have considered the basis of the preparation of the accounts and are satisfied that the accounts should be prepared on a going concern basis.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings - 15% reducing balance
Equipment - 20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
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2.5. Financial Instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
2.6. Foreign Currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
2.7. Taxation
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
2.8. Pensions
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 19 (2024: 18)
19 18
4. Tangible Assets
Fixtures & Fittings Equipment Total
£ £ £
Cost or Valuation
As at 1 April 2024 697,626 1,174,157 1,871,783
Additions - 2,262 2,262
Disposals - (20,744 ) (20,744 )
Revaluation 17,373 (17,373 ) -
As at 31 March 2025 714,999 1,138,302 1,853,301
Depreciation
As at 1 April 2024 104,644 361,213 465,857
Provided during the period 243,245 231,988 475,233
Disposals - (17,972 ) (17,972 )
On revaluations 6,473 (6,473 ) -
As at 31 March 2025 354,362 568,756 923,118
Net Book Value
As at 31 March 2025 360,637 569,546 930,183
As at 1 April 2024 592,982 812,944 1,405,926
During the year, the directors undertook a review of the classification of tangible fixed assets and concluded that certain items — specifically lab furniture, office furniture, and production furniture — were more appropriately presented within Fixtures & Fittings rather than Equipment. These items were therefore reclassified accordingly.
The total cost of assets reclassified from Equipment to Fixtures & Fittings was £17,373, with accumulated depreciation of £6,473. This reclassification has had no impact on the overall net book value of tangible fixed assets and does not affect the company’s balance sheet or equity position. The comparative figures have been adjusted accordingly to reflect this revised classification.
5. Debtors
2025 2024
as restated
£ £
Due within one year
Trade debtors 56,482 4,849
Other debtors 724,114 534,326
780,596 539,175
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6. Creditors: Amounts Falling Due Within One Year
2025 2024
as restated
£ £
Trade creditors 25,540 -
Other creditors 19,470 23,715
Taxation and social security 937 899
45,947 24,614
7. Creditors: Amounts Falling Due After More Than One Year
2025 2024
as restated
£ £
Convertible loans 1,388,081 247,191
The company received convertible loan funding totalling £1,388,081 (2024: £247,191) from a number of investors, including bridge round participants and strategic partners. These loans are unsecured, accrue interest, and are subject to varying terms.
The loans are convertible into equity upon the occurrence of future qualifying events, such as fundraising rounds. In the event that a defined project phase fails, both the company and the noteholders have the option to either convert the outstanding balance into equity or require repayment in cash.
As the company may be required to settle the instruments in cash, they are classified as financial liabilities under creditors rather than equity.

8. Share Capital
2025 2024
as restated
£ £
Allotted, Called up and fully paid 2 2
The company has issued 2,070,952 (2024: 2,070,952) shares which at par gives a share capital total of £2.07 (2024: £2.07). Due to the rounding factor the accounts have been prepared with, the balance sheet only shows £2 (2024: £2) of share capital.

Other reserves – ASA

The ASA reserve represents funds received under an advanced subscription agreement that met the equity classification criteria under FRS 102 Section 22. These amounts are recognised within ‘Other reserves’ until shares are formally issued.

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9. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2025 2024
as restated
£ £
Not later than one year 381,941 342,964
Later than one year and not later than five years 392,564 687,243
774,505 1,030,207
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