Atlas Labs Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

1. General Information

Atlas Labs Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13988976 . The registered office is 34-37 Liverpool Street, London, EC2M 7PP.

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. 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.

2.3. 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:

Computer Equipment

Straight line - 3 Years

2.4. 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.

2.5. 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.

2.6. 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.

2.7. 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.

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Atlas Labs Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.8. 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.

2.9. 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.

2.10. 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.

2.11. 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: 9 (2024: 3)

4. Tangible Assets

	Computer Equipment
	£
Cost
As at 1 April 2024	6,985
Additions	11,981

As at 31 March 2025	18,966

Depreciation
As at 1 April 2024	964
Provided during the period	6,321

As at 31 March 2025	7,285

Net Book Value
As at 31 March 2025	11,681

As at 1 April 2024	6,021

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Atlas Labs Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

5. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	61,592	-
Prepayments and accrued income	36,719	8,067
Other debtors	25,334	-
Corporation tax recoverable assets	171,124	54,813
VAT	10,227	14,281

	304,996	77,161

6. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	50,251	34,399
Other creditors	5,641	1,030
Accruals and deferred income	68,078	16,218

	123,970	51,647

7. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
108,072 Ordinary Shares of £ 0.001 each	108	108
92,110 Preferred shares of £ 0.001 each	92	42

	200	150


Shares issued during the period:	£
50,452 Preferred shares of £ 0.001 each	50

On 6th September 2024, 50,452 Preferred shares of £0.001 each were allotted and fully paid at a price of £47.57 per share.

8. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2025	2024
	£	£
Not later than one year	114,850	-
Later than one year and not later than five years	63,000	-

	177,850	-

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		11,681		6,021

			11,681		6,021
CURRENT ASSETS
Debtors	5	304,996		77,161
Cash at bank and in hand		2,221,888		936,530

		2,526,884		1,013,691
Creditors: Amounts Falling Due Within One Year	6	(123,970 )		(51,647 )

NET CURRENT ASSETS (LIABILITIES)			2,402,914		962,044

TOTAL ASSETS LESS CURRENT LIABILITIES			2,414,595		968,065

NET ASSETS			2,414,595		968,065

CAPITAL AND RESERVES
Called up share capital	7		200		150
Share premium account			3,695,993		1,296,042
Fair value reserve			337,424		-
Profit and Loss Account			(1,619,022 )		(328,127 )

SHAREHOLDERS' FUNDS			2,414,595		968,065