ACCOUNTS - Final Accounts preparation

Unaudited Financial Statements

Sonrai Analytics Ltd

For the year ended 31 March 2025

Registered number: NI650803


Sonrai Analytics Ltd

Company Information

Directors	Darragh McArt
	Brian Aidan McCaul (resigned 4 August 2025)
	Luke Smith
	Paul Jones (resigned 4 August 2025)
	Tommy Michael Gerald O'Sullivan (appointed 4 August 2025)


Registered number	NI650803


Registered office	Concourse Building 2 Unit 2
	Suite 1
	Queens Road
	Belfast
	Northern Ireland
	BT3 9DT


Accountants	Grant Thornton Advisors (NI) LLP
	Chartered Accountants
	12 - 15 Donegall Square West
	Belfast
	BT1 6JH


Sonrai Analytics Ltd

Contents

	Page
Accountants' Report	1
Balance Sheet	2 - 3
Notes to the Financial Statements	4 - 12

Independent Accountant's Report to the directors of the unaudited financial statements of Sonrai Analytics Ltd for the year ended 31 March 2025

In order to assist you fulfil your duties under the Companies Act 2006, we have compiled the financial statements of Sonrai Analytics Ltd for the year ended 31 March 2025, which comprise the Statement of comprehensive income, the Balance Sheet and the related notes to the financial statements, including a summary of significant accounting policies, from the company's accounting records and from information and explanations you have given to us.

The financial statements have been prepared on the basis set out in the notes to the financial statements.

This report is made solely to the directors of Sonrai Analytics Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely that we might compile the financial statements that we have been engaged to compile, report to the company's directors that we have done so and state those matters that we have agreed to state to the directors of Sonrai Analytics Ltd, as a body, in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sonrai Analytics Ltd and its directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with International Standard on Related Services 4410 (Revised) Compilation Engagements issued by the International Auditing and Assurance Standards Board (the ‘IAASB’’) and have complied with the ethical guidance laid down by the IESBA Code and Chartered Accountants Ireland relating to members undertaking the compilation of financial statements.

You have approved the financial statements for the year ended 31 March 2025 and you have acknowledged on the Balance Sheet as at 31 March 2025 your duty to ensure that Sonrai Analytics Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view in accordance with the Companies Act 2006. You consider that Sonrai Analytics Ltd is exempt from the statutory audit requirement for the year ended 31 March 2025.

We have not been instructed to carry out an audit or review the financial statements of Sonrai Analytics Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Grant Thornton Advisors (NI) LLP
Chartered Accountants 12 - 15 Donegall Square West Belfast BT1 6JH

Date: 15 October 2025

Page 1


Sonrai Analytics Ltd Registered number:NI650803

Balance Sheet

As at 31 March 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	5		4,823		7,919
			4,823		7,919
Current assets
Debtors: amounts falling due within one year	6	642,282		367,889
Cash at bank and in hand	7	1,062,120		441,038
		1,704,402		808,927
Creditors: amounts falling due within one year	8	(439,109)		(471,459)
Net current assets			1,265,293		337,468
Total assets less current liabilities			1,270,116		345,387

Net assets			1,270,116		345,387

Capital and reserves
Called up share capital	9	7	6
Share premium account	10	5,922,753	3,547,708
Share option reserve	10	628,605	639,036
Profit and loss account	10	(5,281,249)	(3,841,363)
		1,270,116	345,387

Page 2


Sonrai Analytics Ltd Registered number:NI650803

Balance Sheet (continued)

As at 31 March 2025

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 October 2025.

Darragh McArt

Director

The notes on pages 4 to 12 form part of these financial statements.

Page 3


Sonrai Analytics Ltd

Notes to the Financial Statements

For the year ended 31 March 2025

1.	General information

Sonrai Analytics Ltd is a private Company limited by shares and registered in Northern Ireland. The registered address is Concourse Building 2 Unit 2, Suite 1, Queens Road, Belfast, Northern Ireland, BT3 9DT.
The principal activity of the Company is the development of healthcare research software and algorithms.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Going concern

The company meets its working capital requirements through its normal operations and through financial support from ongoing investor funding rounds. The directors have assessed that there are adequate resources to meet the ongoing costs of the business for a minimum of 12 months from the date of signing the financial statements. For this reason the financial statements have been prepared on a going concern basis.

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4


Sonrai Analytics Ltd

Notes to the Financial Statements

For the year ended 31 March 2025

2.Accounting policies (continued)

2.3

Foreign currency translation (continued)

Page 5


Sonrai Analytics Ltd

Notes to the Financial Statements

For the year ended 31 March 2025

2.Accounting policies (continued)

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙ the stage of completion of the contract at the end of the reporting period can be measured
reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

Support and maintenance fees are recognised on a straight line basis over the contracted term in line with the estimated delivery of performance obligations.

2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 6


Sonrai Analytics Ltd

Notes to the Financial Statements

For the year ended 31 March 2025

2.Accounting policies (continued)

2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 7


Sonrai Analytics Ltd

Notes to the Financial Statements

For the year ended 31 March 2025

2.Accounting policies (continued)

2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment

33%

straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.13

Share based payments

The Company provides share-based payment arrangements to certain employees. Equity-settled arrangements are measured at fair value (excluding the effect on non-market based vesting conditions) at the date of the grant. The fair value is expensed on a straight- line basis over the vesting period. The amount recognised as an expense is adjusted to reflect the actual number of shares or options that will vest.

Page 8


Sonrai Analytics Ltd

Notes to the Financial Statements

For the year ended 31 March 2025

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
a) Recoverability of debtors
Estimates are made in respect of the recoverable value of trade and other debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the ageing profile of debtors are considered.
b) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on future investments, economic utilisation and the physical condition of the assets.

Employees

The average monthly number of employees, including directors, during the year was 36 (2024 - 38).

5.	Tangible fixed assets

		Office equipment
		£
	Cost or valuation
	At 1 April 2024	44,022
	Additions	1,813
	At 31 March 2025	45,835
	Depreciation
	At 1 April 2024	36,103
	Charge for the year	4,909
	At 31 March 2025	41,012
	Net book value
	At 31 March 2025	4,823
	At 31 March 2024	7,919

Page 9


Sonrai Analytics Ltd

Notes to the Financial Statements

For the year ended 31 March 2025

Debtors

					2025	2024
					£	£


Trade debtors	172,729	73,325
Other debtors	18,045	24,162
Prepayments and accrued income	52,027	270,402
Tax recoverable	399,481	-
	642,282	367,889

7.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	1,062,120	441,038
	1,062,120	441,038

8.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors	161,915	223,534
Other taxation and social security	55,808	58,630
Other creditors	9,071	14,372
Accruals and deferred income	212,315	174,923
	439,109	471,459

9.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid
35,657 (2024 - 30,742) Ordinary shares of £0.0001 each	3	3
6,241 (2024 - 6,241) Preference shares of £0.0001 each	1	1
19,416 (2024 - 19,416) Seed shares of £0.0001 each	2	2
10,718 (2024 - Nil) Seed II shares of £0.0001 each	1	-
	7	6

Page 10


Sonrai Analytics Ltd

Notes to the Financial Statements

For the year ended 31 March 2025

10.

Reserves

Share premium account

This includes all premiums received on issue of share capital. Any transactions costs associated with the issuing shares are deducted from share premium.

Share option reserve

Represents the accumulated value of share options granted and unexercised.

Profit and loss account

This includes all current and prior period retained profits and losses.

11.	Share-based payment transactions

The company has granted share options. Under the option agreements, share options are granted at the exercise price. If options remain unexercised after an agreed upon period from the date of grant, the options expire. Furthermore, options lapse if the employee leaves before they have become entitled to exercise share options.
The fair value of options granted in the year was determined using the directors’ judgment based on the most recent transactions in the company’s shares at grant date. Service conditions are considered by adjusting the number of options expected to vest at each reporting date.
During the year, the company recognised total share based payment expenses of £374,337 (2024: £1,037,510) which related to equity settled share based payment transactions.

	No. of share options 2025	No. of share options 2024	Weighted average exercise price 2025	Weighted average exercise price 2024
			£	£
Outstanding at the beginning of the year	9,987	-	102	-
Issued	-	17,014	-	93
Exercised	(3,757)	(6,557)	101	82
Lapsed	(105)	(470)	165	62
Oustanding at the end of the year	6,125	9,987	101	102
Exercisable at the end of the year	5,730	1,982	120	118

Page 11


Sonrai Analytics Ltd

Notes to the Financial Statements

For the year ended 31 March 2025

12.	Pension commitments

The pension cost for the financial period amounted to £51,587 (2024: £52,014). The balance owed at the year end was £8,970 (2024: £8,526).

13.	Related party transactions
	The Company had no related party transactions in current or previous period requiring disclosure.

14.	Controlling party

The Company is controlled by the shareholders.

Page 12