Flox Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

Registered number: 11174409

		31 December 2024		31 January 2024 as restated
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		5,399		12,311
Investments	5		1,038		1,037

			6,437		13,348
CURRENT ASSETS
Stocks	6	29,427		24,165
Debtors	7	673,125		100,729
Cash at bank and in hand		65,527		132,345

		768,079		257,239
Creditors: Amounts Falling Due Within One Year	8	(367,091 )		(86,402 )

NET CURRENT ASSETS (LIABILITIES)			400,988		170,837

TOTAL ASSETS LESS CURRENT LIABILITIES			407,425		184,185

Creditors: Amounts Falling Due After More Than One Year	9		(502,087 )		(62,949 )

NET (LIABILITIES)/ASSETS			(94,662 )		121,236

CAPITAL AND RESERVES
Called up share capital	10		3		3
Share premium account			1,994,618		1,994,618
Profit and Loss Account			(2,089,283 )		(1,873,385 )

SHAREHOLDERS' FUNDS			(94,662)		121,236

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Flox Limited

Balance Sheet (continued)

As At 31 December 2024

For the period ending 31 December 2024 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.

On behalf of the board

Mr M I Shamsuddin

Director

25th September 2025

The notes on pages 3 to 6 form part of these financial statements.

1. General Information

Flox Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11174409 . The registered office is Mare Street Studios Unit 401, 203/213 Mare Street, London, England, E8 3JS.

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.

2.2. Going Concern Disclosure

The directors believe that the company has adequate financial resources to continue in operational existence for the foreseeable future and meet its liabilities as they fall due. Therefore, the directors have adopted the going concern basis in the preparation of these financial statements.

During the financial period the company incurred a pre-tax loss of £183,063 (2023: £521,526) following extensive investment in the company’s research and development activities. The company’s losses have to date been funded in part by the company’s parent company, Flox US Inc.

The company plans to fund future operations through secured external funding and continued support of its parent company Flox US Inc.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

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:

Plant & Machinery	5 years
Fixtures & Fittings	3 years
Computer Equipment	3 years

2.5. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.6. Taxation

The corporation tax credit is in respect of a repayable Research and Development tax credit on qualifying R&D

expenditure in the period.

2.7. Government Grant

Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.

Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.

All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.

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Flox Limited

Notes to the Financial Statements (continued)

For the Period 1 February 2024 to 31 December 2024

2.8. Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2.9. Research and development

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

2.10. Share-based payments

The parent company operates an equity-settled compensation plan on behalf of the company.

The fair value of the services received in exchange for the grant of the options is recognised as an expense. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions. At each statement of financial position date, the entity revises its estimates of the number of options that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the income statement. The credit entry is taken to reserves because the share options are equity-settled and then subsequently reclassified to creditors because the equity awards are fulfilled in the shares of the parent company.

3. Average Number of Employees

Average number of employees, including directors, during the period was: 10 (2024: 12)

4. Tangible Assets

	Plant & Machinery	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 February 2024	3,947	15,423	30,223	49,593
Additions	-	-	1,857	1,857
Disposals	(1,722 )	(16 )	-	(1,738 )

As at 31 December 2024	2,225	15,407	32,080	49,712

Depreciation
As at 1 February 2024	935	12,618	23,729	37,282
Provided during the period	251	2,746	3,608	6,605
Disposals	426	-	-	426

As at 31 December 2024	1,612	15,364	27,337	44,313

Net Book Value
As at 31 December 2024	613	43	4,743	5,399

As at 1 February 2024	3,012	2,805	6,494	12,311

5. Investments

	Subsidiaries
	£
Cost or Valuation
As at 1 February 2024	1,037
Additions	1

As at 31 December 2024	1,038

Provision
As at 1 February 2024	-

As at 31 December 2024	-

...CONTINUED

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Flox Limited

Notes to the Financial Statements (continued)

For the Period 1 February 2024 to 31 December 2024

Net Book Value
As at 31 December 2024	1,038

As at 1 February 2024	1,037

6. Stocks

	31 December 2024	31 January 2024 as restated
	£	£
Materials	29,427	24,165

7. Debtors

	31 December 2024	31 January 2024 as restated
	£	£
Due within one year
Trade debtors	316,135	28,240
Prepayments and accrued income	7,025	63,052
Other debtors	341,803	5,041
VAT	8,162	4,396

	673,125	100,729

8. Creditors: Amounts Falling Due Within One Year

	31 December 2024	31 January 2024 as restated
	£	£
Trade creditors	3,516	20,001
Bank loans and overdrafts	10,043	-
Other taxes and social security	21,476	21,096
Net wages	-	7,777
Other creditors	-	4,500
Accruals and deferred income	332,056	33,028

	367,091	86,402

9. Creditors: Amounts Falling Due After More Than One Year

	31 December 2024	31 January 2024 as restated
	£	£
Amounts owed to group undertakings	502,087	62,949

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Flox Limited

Notes to the Financial Statements (continued)

For the Period 1 February 2024 to 31 December 2024

10. Share Capital

	31 December 2024	31 January 2024 as restated
Allotted, called up and fully paid	£	£
2,896,770 Ordinary Shares of £ 0.000001 each	3	3

Share Capital comprises 2,738,181 Ordinary shares and 158,589 A Ordinary shares.

11. Ultimate Controlling Party

The immediate and ultimate parent undertaking is Flox (US) Inc. , a company incorporated in the United States of America and with a registered office address at 3500 South Dupont Highway, Dover, DE 19901.

The Directors consider there to be no ultimate controlling party.

12. Share-based payments

The parent company operates an equity-settled share-based payment scheme on behalf of the company. This scheme has been provided to certain employees, contractors, and advisors.

At the date of the financial statements the company had granted 102,331 share options to 17 employees or consultants with an average exercise price of $0.000001 per share. As at the period-end 77,660 options had vested, no options had been exercised and 23,875 had lapsed.

Share options vest over a period of 18 to 30 months from the date of grant, in accordance with the option contracts.

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