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Registered number: 12687410 HOTHOUSE THERAPEUTICS LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 DECEMBER 2025
HOTHOUSE THERAPEUTICS LIMITED REGISTERED NUMBER: 12687410 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
FIXED ASSETS |  |  |  |  |
Tangible assets | 4 |  | 58,175 |  | -
|  |  | 58,175 |  | -
CURRENT ASSETS |  |  |  |  |
Debtors: amounts falling due within one year | 5 | 461,280 |  | 169,328 |
Cash at bank and in hand |  | 1,351,776 |  | 1,646,332 |
|  | 1,813,056 |  | 1,815,660 |
Creditors: amounts falling due within one year | 6 | (132,309) |  | (82,680) |
NET CURRENT ASSETS |  |  | 1,680,747 |  | 1,732,980
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 1,738,922 |  | 1,732,980
NET ASSETS |  |  | 1,738,922 |  | 1,732,980
CAPITAL AND RESERVES |  |  |  |  |
Called up share capital | 7 |  | 263 |  | 232
Share premium account |  |  | 2,890,483 |  | 2,089,927
Profit and loss account |  |  | (1,151,824) |  | (357,179)
|  |  | 1,738,922 |  | 1,732,980
Page 1
HOTHOUSE THERAPEUTICS LIMITED REGISTERED NUMBER: 12687410 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 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 profit and loss account 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 by:
Dr D W Sheppard
Director
Date: 6 February 2026
The notes on pages 4 to 8 form part of these financial statements. Page 2
HOTHOUSE THERAPEUTICS LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2024 | 232 | 2,089,927 | (505) | 2,089,654
Loss for the year | - | - | (356,674) | (356,674)
At 1 January 2025 | 232 | 2,089,927 | (357,179) | 1,732,980
Loss for the year | - | - | (794,645) | (794,645)
Shares issued during the year | 31 | 800,556 | - | 800,587
AT 31 DECEMBER 2025 | 263 | 2,890,483 | (1,151,824) | 1,738,922
| The notes on pages 4 to 8 form part of these financial statements.
Page 3
HOTHOUSE THERAPEUTICS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | GENERAL INFORMATION
Hothouse Therapeutics Limited is a private company limited by shares and incorporated in England and Wales. The address of its registered office is Centrum Norwich Research Park, Colney Lane, Norwich, NR4 7GJ. 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and 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 following principal accounting policies have been applied:
| 2.2 | GOING CONCERN
The financial statements have been prepared on the going concern basis, which assumes that the Company will continue to be able to meet its liabilities as they fall due for the foreseeable future. The trading losses reported to date are consistent with the Company's business plan as it progresses its research and development activities.
| 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 Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.4 | GOVERNMENT GRANTS
Grant income is recognised in the Profit and Loss Accounts in the same period as the related expenditure occured. Page 4
HOTHOUSE THERAPEUTICS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.5 | INTEREST INCOME
Interest income is recognised in profit or loss using the effective interest method.
| 2.6 | 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.
| 2.7 | 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 5
HOTHOUSE THERAPEUTICS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.8 | 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, Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 25% - Reducing balance
|  |  |  | 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.
| 2.9 | 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.
| 2.10 | 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.
| 2.11 | 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.
3. | EMPLOYEES
| The average monthly number of employees, including directors, during the year was 8 (2024 - 7).
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HOTHOUSE THERAPEUTICS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
4. | TANGIBLE FIXED ASSETS
|  | Plant and machinery | Office equipment | Total
|  | £ | £ | £
| COST OR VALUATION |  |  |
| Additions | 56,656 | 7,686 | 64,342
| At 31 December 2025 | 56,656 | 7,686 | 64,342
| DEPRECIATION |  |  |
| Charge for the year on owned assets | 4,189 | 1,978 | 6,167
| At 31 December 2025 | 4,189 | 1,978 | 6,167
| NET BOOK VALUE |  |  |
| At 31 December 2025 | 52,467 | 5,708 | 58,175
| At 31 December 2024 | - | - | -
5. | DEBTORS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other debtors | 283,011 | 125,814
| Prepayments and accrued income | 178,269 | 43,514
|  | 461,280 | 169,328
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HOTHOUSE THERAPEUTICS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 41,732 | 21,352
| Other taxation and social security | 14,580 | 22,707
| Other creditors | 8,405 | 9,496
| Accruals and deferred income | 67,592 | 29,125
|  | 132,309 | 82,680
| Other creditors include contributions of £7,194 (2024 - £8,678) payable to the Company's defined contribution pension scheme at the balance sheet date.
7. | SHARE CAPITAL
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | ALLOTTED, CALLED UP AND FULLY PAID |  |
|  | 826,747 (2024 - 826,747) Ordinary shares of £0.0001 each | 83 | 83
|  | 473,253 (2024 - 473,253) Deferred shares of £0.0001 each | 47 | 47
|  | 1,111,767 (2024 - 803,849) Seed shares of £0.0001 each | 111 | 80
|  |  | 241 | 210
|  | ALLOTTED, CALLED UP AND NIL PAID |  |
|  | 220,000 (2024 - 220,000) Ordinary shares of £0.0001 each | 22 | 22
During the year, 307,918 £0.0001 Seed shares were issued in the year for total consideration of £800,556.
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