Actuation Lab Ltd

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

1. General Information

Actuation Lab Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11415741 . The registered office is Unit 3a Princess Street, Bedminster, Bristol, BS3 4AG.

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 have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

2.3. 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:

Leasehold Improvements	Straight line over 3 years
Plant & Machinery	Straight line over 3 - 10 years
Bicycles	Straight line over 1 - 1.5 years
Fixtures & Fittings	Straight line over 5 - 10 years
Computer Equipment	Straight line over 3 - 5 years

2.4. 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.

2.5. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.6. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

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Actuation Lab Ltd

Notes to the Financial Statements (continued)

For The Year Ended 30 June 2025

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.

Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.

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

2.8. Research and Development Costs

Research and development costs are written off to profit or loss in the year incurred.

2.9. Share Based Payments

The company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the company. The fair value of the services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The fair value of the option granted is calculated using the Black Scholes pricing model. The total amount expensed is recognised to profit and loss, with a corresponding increase in share option reserve, over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. The proceeds received net of any directly attributable transaction costs are credited to share capital and share premium when the options are exercised.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 18 (2024: 19)

4. Tangible Assets

	Land & Property
	Leasehold Improvements	Plant & Machinery	Bicycles	Fixtures & Fittings
	£	£	£	£
Cost
As at 1 July 2024	42,566	84,754	3,656	16,967
Additions	4,110	19,891	1,457	3,618
Disposals	-	-	(3,836 )	-

As at 30 June 2025	46,676	104,645	1,277	20,585

Depreciation
As at 1 July 2024	9,939	15,440	830	2,259
Provided during the period	15,558	26,434	3,331	5,120
Disposals	-	-	(3,026 )	-

As at 30 June 2025	25,497	41,874	1,135	7,379

Net Book Value
As at 30 June 2025	21,179	62,771	142	13,206

As at 1 July 2024	32,627	69,314	2,826	14,708

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Actuation Lab Ltd

Notes to the Financial Statements (continued)

For The Year Ended 30 June 2025


	Computer Equipment	Total
	£	£
Cost
As at 1 July 2024	20,208	168,151
Additions	1,726	30,802
Disposals	(748 )	(4,584 )

As at 30 June 2025	21,186	194,369

Depreciation
As at 1 July 2024	8,033	36,501
Provided during the period	6,719	57,162
Disposals	(498 )	(3,524 )

As at 30 June 2025	14,254	90,139

Net Book Value
As at 30 June 2025	6,932	104,230

As at 1 July 2024	12,175	131,650

5. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	-	253,418
Other debtors	299,715	589,673

	299,715	843,091

6. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	31,355	49,347
Bank loans and overdrafts	-	149,658
Other creditors	76,473	95,664
Taxation and social security	42,508	18,386

	150,336	313,055

7. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
455,078 Ordinary Shares of £ 0.00001 each	5	5
118,285 Ordinary A shares of £ 0.00001 each	1	-

	6	5

During the year 16,267 Ordinary shares with an aggregate nominal value of 6p were issued for a total consideration of £50,006 and 26,431 Ordinary A shares with an aggregate nominal value of 26p were issued for a total consideration of £208,013.

On 10th June 2025, 91,874 Ordinary shares were reclassified as Ordinary A shares.

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Actuation Lab Ltd

Notes to the Financial Statements (continued)

For The Year Ended 30 June 2025

8. Other Commitments

The company has operating leases relating to office and equipment rental. The total of future minimum lease payments under non-cancellable operating leases are as following:

	2025	2024
	£	£
Not later than one year	103,219	162,530
Later than one year and not later than five years	48,343	151,074

	151,562	313,604

9. Post Balance Sheet Events

Since the year end the company has issued a total of 8,864 shares for a total consideration of £69,760.

10. Share based payments

Approved share scheme

Certain employees have been granted options over unissued share capital of the company. The options expire ten years after the grant date.

The movements in the number of share options during the year were as follows:

Outstanding at beginning of year: 764 (2024: nil)

Granted during the year: 6,837 (2024: 1,769)

Lapsed during the year: 5,221 (2024: 1,005)

Outstanding at end of year: 2,380 (2024: 764)

The weighted average exercise price of share options issued and lapsed during the year was £1.12000 (2024: £0.00001). The weighted average exercise price of all share options at the year end was £0.76053 (2024: £0.00001).

Unapproved share scheme

Certain officers have been granted options over unissued share capital of the company. The options expire ten years after the grant date.

The movements in the number of share options during the year were as follows:

Outstanding at beginning of year: nil (2024: nil)

Granted during the year: 1,256 (2024: nil)

Lapsed during the year: nil (2024: nil)

Outstanding at end of year: 1,256 (2024: nil)

The weighted average exercise price of share options issued during the year was £1.12 (2024: N/A). The weighted average exercise price of all share options at the year end was £1.12 (2024: N/A).

Warrants

Certain shareholders have warrants conferring the right to subscribe for additional ordinary shares in the company.

The movement in the number of warrants during the year was as follows:

Outstanding at beginning of year: 1,706 (2024: 1,706)

Issued during the year: nil (2024: nil)

Outstanding and exercisable at end of year: 1,706 (2024: 1,706)

The weighted average exercise price of share warrants in issue at the start and end of the year was £4.24 (2024: £4.24).

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		104,230		131,650

			104,230		131,650
CURRENT ASSETS
Debtors	5	299,715		843,091
Cash at bank and in hand		601,414		211,988

		901,129		1,055,079
Creditors: Amounts Falling Due Within One Year	6	(150,336 )		(313,055 )

NET CURRENT ASSETS (LIABILITIES)			750,793		742,024

TOTAL ASSETS LESS CURRENT LIABILITIES			855,023		873,674

PROVISIONS FOR LIABILITIES
Deferred Taxation			(2,599 )		-

NET ASSETS			852,424		873,674

CAPITAL AND RESERVES
Called up share capital	7		6		5
Share premium account			1,610,446		1,360,435
Profit and Loss Account			(758,028 )		(486,766 )

SHAREHOLDERS' FUNDS			852,424		873,674