Company registration number 11824812 (England and Wales)
EPOCH BIODESIGN LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
EPOCH BIODESIGN LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 11
EPOCH BIODESIGN LTD
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
769,388
1,008,915
Current assets
Debtors
4
1,601,947
1,120,921
Cash at bank and in hand
11,571,182
2,035,215
13,173,129
3,156,136
Creditors: amounts falling due within one year
5
(467,523)
(311,060)
Net current assets
12,705,606
2,845,076
Total assets less current liabilities
13,474,994
3,853,991
Creditors: amounts falling due after more than one year
6
-
0
(978,838)
Net assets
13,474,994
2,875,153
Capital and reserves
Called up share capital
8
272
172
Share premium account
9
25,006,974
10,961,800
Equity reserve
10
-
0
(974,979)
Other reserves
392,388
339,945
Profit and loss reserves
(11,924,640)
(7,451,785)
Total equity
13,474,994
2,875,153

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

EPOCH BIODESIGN LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 January 2026 and are signed on its behalf by:
J L Nathan
Director
Company Registration No. 11824812
EPOCH BIODESIGN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
1
Accounting policies
Company information

Epoch Biodesign Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 10 Finsbury Square, London, EC2A 1AJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The company meets its working capital requirements through the support of true its investors. The directors believe the company remains financially stable with this full support. At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

Leasehold land and buildings
4 years straight line
Plant and machinery
3 years straight line
Fixtures and fittings
3 years straight line
Office equipment
3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

EPOCH BIODESIGN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
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.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

EPOCH BIODESIGN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 5 -
1.9
Compound instruments

The component parts of compound instruments issued by the company are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. This amount is recorded as a liability on an amortised cost basis using the effective interest method until extinguished upon conversion or at the instrument's maturity date. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised and included in equity net of income tax effects and is not subsequently remeasured.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Retirement benefits

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

1.13
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black Scholes model. The fair value determined at the grant date is expensed in accordance with the legal vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

EPOCH BIODESIGN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 6 -

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 and 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 original 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.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.15
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates 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 or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
27
25
EPOCH BIODESIGN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
3
Tangible fixed assets
Leasehold land and buildings
Plant and machinery
Fixtures and fittings
Office equipment
Total
£
£
£
£
£
Cost
At 1 April 2024
761,091
1,625,465
3,923
43,861
2,434,340
Additions
27,417
244,914
-
0
16,332
288,663
Disposals
-
0
(5,041)
-
0
(1,249)
(6,290)
At 31 March 2025
788,508
1,865,338
3,923
58,944
2,716,713
Depreciation and impairment
At 1 April 2024
295,748
1,089,559
3,285
36,833
1,425,425
Depreciation charged in the year
194,353
321,753
334
6,709
523,149
Eliminated in respect of disposals
-
0
-
0
-
0
(1,249)
(1,249)
At 31 March 2025
490,101
1,411,312
3,619
42,293
1,947,325
Carrying amount
At 31 March 2025
298,407
454,026
304
16,651
769,388
At 31 March 2024
465,343
535,906
638
7,028
1,008,915
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
7,500
4,500
Corporation tax recoverable
752,159
522,380
Other debtors
272,600
79,130
Prepayments and accrued income
340,053
285,276
1,372,312
891,286
2025
2024
Amounts falling due after more than one year:
£
£
Other debtors
229,635
229,635
Total debtors
1,601,947
1,120,921
EPOCH BIODESIGN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
5
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
298,624
178,187
Taxation and social security
70,891
55,113
Other creditors
28,207
29,928
Accruals and deferred income
69,801
47,832
467,523
311,060
6
Creditors: amounts falling due after more than one year
2025
2024
£
£
Convertible loans
-
0
978,838

On 10 October 2023 an investor purchased 457,222 ordinary shares of £0.0001 each in the capital of Epoch from an existing shareholder for a total purchase price of £1,000,000 (plus 0.5% stamp duty) (the “consideration”). On 18 January 2024 the investor subscribed for 1,236,273 convertible loan notes of US$1 each in the capital of the Company (such total amount being equal to the USD equivalent of the consideration) (the “CLN”). As such, there was no cash consideration paid by the investor for the issue of the CLN. On 30 October 2024, a conversion event occurred, resulting in the conversion of the CLN to 77,487 Series A2 Shares, whilst 457,772 were converted into deferred shares.

On 18 January 2024, the Company issued 1,236,273 convertible loan notes of US$1 each to existing shareholders in return for a Call Option over 457,222 ordinary shares in the Company. On 30 October 2024, a conversion event occurred, resulting in the conversion of the CLN to 77,487 Series A2 Shares, whilst 457,772 ordinary shares were converted into deferred shares. As a result, the Call Option has been extinguished.

7
Share-based payment transactions

During the year, the company recognised total share-based payment expenses of £52,443 (2024 - £85,844) which related to equity settled share based payment transactions.

EPOCH BIODESIGN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
7
Share-based payment transactions
(Continued)
- 9 -

Tranche 1

The company had 35,762 EMI share options outstanding at the start of 31 March 2024, with an exercise price of £0.70 per share. During the year ended 31 March 2024, 8,571 options were fortified, leaving 27,191 options outstanding at 31 March 204. During year ended 31 March 2025, 4,285 options were exercised and a further 8,571 options were fortified. As a result 12,956 options remained outstanding at 31 March 2025.

Tranche 2

The company had 15,623 EMI share options outstanding at the start of 31 March 2024, with an exercise price of £2.53 per share. During the year ended 31 March 2024, 1,032 options were fortified, leaving 14,591 options outstanding at 31 March 204. During year ended 31 March 2025, 1,645 options were fortified. As a result 14,335 options remained outstanding at 31 March 2025.

The options have an expected exit period of 4 years from the date of grant, consistent with the vesting period:

- Tranche 1: granted on 24 February 2022

- Tranche 2: granted on 2 May 2023

The above EMI share options relate to the A ordinary shares.

The fair value of the share options is derived from market data. The key inputs in determining the fair value of the share options at the grant date are share price derived from market valuations. Service conditions are not considered in the grant date fair value.

8
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.01p each
935,449
1,393,221
94
140
Ordinary Seed shares of 0.01p each
118,002
118,002
12
12
Ordinary Seed Preferred shares of 0.01p each
252,595
206,457
25
20
Series A1 shares of 0.01p each
852,202
-
85
-
Series A2 shares of 0.01p each
97,016
-
10
-
Deferred shares of 0.01p each
457,772
-
46
-
A Ordinary shares of 0.01p each
4,285
-
-
-
2,717,321
1,717,680
272
172

See Companies House for the various rights attached to each share class.

EPOCH BIODESIGN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
8
Called up share capital
(Continued)
- 10 -

On 30 October 2024, 457,772 Ordinary shares of £0.0001 each were designated to 457,772 Deferred shares of £0.0001 each.

On 13 November 2024, 600,213 Series A1 shares were issued for a premium.

On 13 November 2024, 46,138 Seed Preferred shares were issued at par for cash.

On 13 November 2024, 97,016 Series A2 shares were issued at par.

.

On 17 December 2024, 121,940 Series A1 shares were issued for a premium.

On 17 January 2025, 75,194 Series A1 shares were issued for a premium.

On 27 January 2025, 4,285 A Ordinary shares were issued for a premium.

On 6 March 2025, 54,855 Series A1 shares were issued for a premium.

9
Share premium account

The reserve represents the amount above the nominal value received for issued share capital, less transaction costs.

10
Equity reserve

This reserve relates to the Call Option over the shares in the Company as consideration for the convertible loan notes.

11
Share option reserve
2025
2024
£
£
At the beginning of the year
85,844
-
Additions
52,443
85,844
At the end of the year
138,287
85,844

The share option reserve is an undistributable reserve and consists of the movement arising on shares granted and share options exercised.

12
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
Total future commitment
382,725
765,450
EPOCH BIODESIGN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
13
Prior period adjustment

It was identified that during the prior year, the company issued a convertible loan note and share options that had not been previously recognised. This has been corrected as a prior year adjustment, as set out below.

Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Mar 2024
£
£
£
Creditors due after one year
Convertible loans
-
(978,838)
(978,838)
Capital and reserves
Other reserves
254,101
85,844
339,945
Equity reserve
-
(974,979)
(974,979)
Profit and loss reserves
(7,362,082)
(89,703)
(7,451,785)
Total equity
3,853,991
(978,838)
2,875,153
Reconciliation of changes in equity
1 April
31 March
2023
2024
£
£
Adjustments to prior year
Issue of convertible loan note
-
(978,838)
Equity as previously reported
7,177,622
3,853,991
Equity as adjusted
7,177,622
2,875,153
Analysis of the effect upon equity
Share option reserve
-
85,844
Equity reserve
-
(974,979)
Profit and loss reserves
-
(89,703)
-
(978,838)
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