Viramal Limited

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

Registered number: 8485006

		28 February 2025		29 February 2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		276,830		289,068
Tangible Assets	5		-		2,799
Investments	6		1,703,037		1,703,037

			1,979,867		1,994,904
CURRENT ASSETS
Debtors		68,708		120,846
Cash at bank and in hand		85,044		57,165

		153,752		178,011
Creditors: Amounts Falling Due Within One Year		(750,745 )		(800,658 )

NET CURRENT ASSETS (LIABILITIES)			(596,993 )		(622,647 )

TOTAL ASSETS LESS CURRENT LIABILITIES			1,382,874		1,372,257

Creditors: Amounts Falling Due After More Than One Year			(22,516 )		(34,221 )

NET ASSETS			1,360,358		1,338,036

CAPITAL AND RESERVES
Called up share capital	7		567,975		561,225
Share premium account			668,932		270,685
Other reserves			845,062		845,062
Profit and Loss Account			(721,611 )		(338,936 )

SHAREHOLDERS' FUNDS			1,360,358		1,338,036

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Viramal Limited

Abridged Balance Sheet (continued)

As At 28 February 2025

For the year ending 28 February 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.

All of the company's members have consented to the preparation of an Abridged Balance Sheet for the year end 28 February 2025 in accordance with section 444(2A) of the Companies Act 2006.

On behalf of the board

O Bates

Director

27th November 2025

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

1. General Information

Viramal Limited is a private company, limited by shares, incorporated in England & Wales, registered number 8485006 . The registered office is 167-169 Great Portland Street, London, W1W 5PF.

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.

Comparative figures represent the ten month period ending 29 February 2024.

2.2. Going Concern Disclosure

The company carries out research and development and, to date, has not generated any revenue form its primary activities. As a consequence, it is reliant on raising external funding to continue its activities. The directors have prepared forecasts for the next financial year which indicate that additional funding is required to support the company's ongoing activities and, as such, there are uncertainties surrounding going concern. However, since incorporation, the directors have successfully raised external funding and they have a reasonable expectation that sufficient funding will continue to be available. These financial statements have, therefore, been prepared on a going concern basis.

2.3. Intangible Fixed Assets and Amortisation - Other Intangible

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following basis:

Intellectual Property - Over the life of the patent (20 years straight line)

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation.

Depreciation is recognised so as to write off the cost of valuation of assets less their residual values over their useful lives on the following bases:

Fixtures & Fittings	3 Years Straight Line
Computer Equipment	3 Years Straight Line

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

2.5. Foreign Currencies

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the date of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit and loss.

2.6. Taxation

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

Current tax

The company has claimed a research and development tax credit in the year.

Deferred tax

Deferred tax is not accounted for where any assets or provisions calculated are considered to be significantly immaterial to the financial statements.

Additionally, deferred tax assets calculated arising on trading losses are not recognised due to the uncertainty of the timing of future profits against which these losses will be offset.

2.7. Pensions

Payments to defined contribution retirement benefit schemes are charged as expense as they fall due.

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Viramal Limited

Notes to the Abridged Financial Statements (continued)

For The Year Ended 28 February 2025

2.8. Research and development expenditure

Research and development expenditure is written off against profits in the year in which it is incurred. Where patent applications are successful, the filing costs associated with the patent are deferred and amortised over the term of the patent.

2.9. Fixed asset Investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from activities.

2.10. Share- based payments

Equity-settled share-based payments are measured at fair value at the date of the grant by reference to the fair value of the equity instruments granted.

Share options are valued using the Black Scholes model. Ordinary shares (growth shares) are valued based on a projected share evolution with a lognormal geometric Brownian motion process and simulated using Monte Carlo.

The fair value determined at the grant date is expensesd on a straight-line basis over the vesting period, based, for share options on the estimate of shares that will eventually vest, and for growth shares on the expected number of shares to be forfeited under the conditions attached to their grant. A corresponding adjustment is made to equity.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions are under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the priginal share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 11 (2024: 13)

4. Intangible Assets

	Total
	£
Cost
As at 1 March 2024	916,193
Additions	4,560

As at 28 February 2025	920,753

Amortisation
As at 1 March 2024	627,125
Provided during the period	16,798

As at 28 February 2025	643,923

Net Book Value
As at 28 February 2025	276,830

As at 1 March 2024	289,068

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Viramal Limited

Notes to the Abridged Financial Statements (continued)

For The Year Ended 28 February 2025

5. Tangible Assets

	Total
	£
Cost
As at 1 March 2024	15,591
Disposals	(4,139 )

As at 28 February 2025	11,452

Depreciation
As at 1 March 2024	12,792
Provided during the period	1,534
Disposals	(2,874 )

As at 28 February 2025	11,452

Net Book Value
As at 28 February 2025	-

As at 1 March 2024	2,799

6. Investments

	Total
	£
Cost or Valuation
As at 1 March 2024	1,862,749

As at 28 February 2025	1,862,749

Provision
As at 1 March 2024	159,712

As at 28 February 2025	159,712

Net Book Value
As at 28 February 2025	1,703,037

As at 1 March 2024	1,703,037

Investments comprise shares in group undertakings.

Fixed asset investments not carried at market value

The carrying value of the fixed asset investments represents the cost of the shares in group undertakings, less any provision for impairment in accordance with section 14.5 of FRS 102.

Subsidiaries and associates

Details of the company's subsidiaries and associates at 28 February 2025 are as follows:

Bigel Limited

Incorporated in England and Wales

Nature of business: Dormant

100% of Ordinary shares held

Viramal Scandinavia AB

Incorporated in Sweden

Nature of business: Dormant

100% of Ordinary shares held

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Viramal Limited

Notes to the Abridged Financial Statements (continued)

For The Year Ended 28 February 2025

7. Share Capital

	28 February 2025	29 February 2024
Allotted, called up and fully paid	£	£
53,130,978 Ordinary Shares of £ 0.01 each	531,310	524,560
3,666,500 Ordinary A shares of £ 0.01 each	36,665	36,665

	567,975	561,225


Shares issued during the period:	£
674,994 Ordinary Shares of £ 0.01 each	6,750

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