52 North Health Ltd

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

1. General Information

52 North Health Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11460425 . The registered office is Ketton Suite The King Centre, Main Road, Barleythorpe, Oakham, LE15 7WD.

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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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. Therefore the financial statements have been prepared on a going concern basis which assumes the Company will continue in operational existence for the foreseeable future.

The Company is involved in research and development activities and is working towards achieving a sustainable revenue generating activity. The directors have considered the basis of the financial statements and are satisfied that a combination of business growth and further investment commitments will enable the Company to meet its liabilities as they fall due.

2.3. Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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	20% Straight line
Computer Equipment	33% Straight line

2.5. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.6. Financial Instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are recognised at transaction price including transaction costs.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities.

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52 North Health Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.7. 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 profit / loss before taxation.

2.8. Taxation

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

2.9. 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.

2.10. 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.

2.11. Research and Development

In the research phase of an internal project, it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

2.12. Share Based Payments

The company operates an equity-settled, share-based compensation plan, under which the entity received services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee 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 estimated fair value of the option granted is calculated using the Black Scholes option pricing model. The total amount expensed is recognised 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 (nominal value) and share premium when the options are exercised.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 12 (2023: 9)

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52 North Health Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

4. Tangible Assets

	Plant & Machinery	Computer Equipment	Total
	£	£	£
Cost
As at 1 January 2024	36,776	9,901	46,677
Additions	10,163	3,012	13,175

As at 31 December 2024	46,939	12,913	59,852

Depreciation
As at 1 January 2024	6,985	4,364	11,349
Provided during the period	7,918	3,461	11,379

As at 31 December 2024	14,903	7,825	22,728

Net Book Value
As at 31 December 2024	32,036	5,088	37,124

As at 1 January 2024	29,791	5,537	35,328

5. Debtors

	2024	2023
	£	£
Due within one year
Prepayments and accrued income	6,526	253,865
Other debtors	634	17,505
Corporation tax recoverable assets	199,683	52,573
VAT	2,628	47,457

	209,471	371,400

6. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	66,874	14,337
Other taxes and social security	23,463	18,672
Other creditors	3,844	-
Accruals and deferred income	173,951	3,510
Directors' loan accounts	6,636	6,636

	274,768	43,155

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

	2024	2023
	£	£
Other loans	-	157,078

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52 North Health Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

8. Share Capital

	2024	2023
Allotted, called up and fully paid	£	£
170,086 Ordinary Shares of £ 0.0001 each	17	17
90,702 Series Seed shares of £ 0.0001 each	9	-
7,933 Ordinary B shares of £ 0.0001 each	1	-

	27	17


Shares issued during the period:	£
90,702 Series Seed shares of £ 0.0001 each	9
7,933 Ordinary B shares of £ 0.0001 each	1

	10

On 18th September 2024, 7,933 B Ordinary shares of £0.0001 each were allotted and fully paid at a price of £0.0001 per share.

On 7th November 2024, 86,445 Series Seed shares of £0.0001 each were allotted and fully paid at a price of £41.15 per share and 4,257 Series Seed shares of £0.0001 each were alloted and fully paid at a price of £37.0452 per share.

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		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		37,124		35,328

			37,124		35,328
CURRENT ASSETS
Debtors	5	209,471		371,400
Cash at bank and in hand		3,543,071		579,050

		3,752,542		950,450
Creditors: Amounts Falling Due Within One Year	6	(274,768 )		(43,155 )

NET CURRENT ASSETS (LIABILITIES)			3,477,774		907,295

TOTAL ASSETS LESS CURRENT LIABILITIES			3,514,898		942,623

Creditors: Amounts Falling Due After More Than One Year	7		-		(157,078 )

NET ASSETS			3,514,898		785,545

CAPITAL AND RESERVES
Called up share capital	8		27		17
Share premium account			4,934,576		1,219,672
Other reserves			169,335		-
Profit and Loss Account			(1,589,040 )		(434,144 )

SHAREHOLDERS' FUNDS			3,514,898		785,545