Company registration number 15717017 (England and Wales)
ASCENSION EARTH RESOURCES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2025
ASCENSION EARTH RESOURCES LTD
CONTENTS
Page
Directors' report
1
Balance sheet
2
Notes to the financial statements
3 - 7
ASCENSION EARTH RESOURCES LTD
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 MAY 2025
- 1 -

The directors present their annual report and financial statements for the period ended 31 May 2025.

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

BLUNDY, Jonathan David, Professor (Appointed 13 May 2024)
BUSSMANN, Lilly Bella Paloma Circe (Appointed 17 October 2024 and Resigned 29 July 2025)
KENDALL, John Michael, Professor (Appointed 13 May 2024)
SUMI, Motoaki (Appointed 13 May 2024)
WALTER, Samantha Zhou (Appointed 29 July 2025)
Small companies regime
The report of the directors has been prepared taking advantage of the small companies exemptions of Section 415A of the Companies Act 2006.
On behalf of the board
Mr Motoaki Sumi
Director
9 February 2026
ASCENSION EARTH RESOURCES LTD
BALANCE SHEET
AS AT 31 MAY 2025
31 May 2025
- 2 -
2025
Notes
£
£
Fixed assets
Intangible assets
3
421,738
Tangible assets
4
9,763
431,501
Current assets
Debtors
5
127,231
Cash at bank and in hand
3,825,936
3,953,167
Creditors: amounts falling due within one year
6
(51,548)
Net current assets
3,901,619
Net assets
4,333,120
Capital and reserves
Called up share capital
219
Share premium
4,453,606
Other reserves
27,991
Profit and loss account
(148,696)
Shareholders' funds
4,333,120
The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the period in question 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 financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Directors have chosen to not file a copy of the company's profit and loss account under section 444 (5A) Companies Act 2006.
The financial statements were approved by the Board of Directors and authorised for issue on 9 February 2026 and are signed on its behalf by:
Mr Motoaki Sumi
Director
Company registration number 15717017 (England and Wales)
ASCENSION EARTH RESOURCES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2025
- 3 -
1
Accounting policies
Statutory information

The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

1.1
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
1.2
Basis of preparation
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.
These financial statements cover the period from 13 May 2024 to 31 May 2025 and represent the first period of trading.
The financial statements are presented in pounds sterling, which is the company's functional and presentation currency. Amounts in the financial statements have been rounded to the nearest £1, unless otherwise stated.
1.3
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, being 12-months from the signing of the balance sheet. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statement.
1.4
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
1.5
Defined contribution pension plan
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.6
Share-based payments
ASCENSION EARTH RESOURCES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 4 -
Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value is expensed on a straight-line basis over the vesting period, with a corresponding increase in equity. This is based upon the company's estimate of the share options that will eventually vest which takes into account all vesting conditions and non-market performance conditions, with adjustments being made where new information indicates the number of shares or share options expected to vest differs from previous estimates.
Fair value is determined using an appropriate pricing model. All market conditions and non-vesting conditions are taken into account when estimating the fair value of the shares or share options. As long as all other vesting conditions are satisfied, no adjustment is made irrespective of whether market or non-vesting conditions are met.
Where the terms of an equity-settled transaction are modified, an expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any increase in the fair value of the transaction, as measured at the date of modification.
Where an equity-settled transaction is cancelled or settled, it is treated as if it had vested on the date of cancellation or settlement, and any expense not yet recognised in profit or loss is expensed immediately.
1.7
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
1.8
Deferred Tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
1.9
Intangible assets
Intangible assets represent capitalised development costs and are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired.
1.10
Research and development
Research expenditure is written off in the period in which it is incurred.
Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met:
- It is technically feasible to complete the intangible asset so that it will be available for use or sale;
-There is the intention to complete the intangible asset and use or sell it;
- There is the ability to use or sell the intangible asset;
- There are adequate technical, financial and other resources available to complete the development
and to use or sell the intangible asset; and
ASCENSION EARTH RESOURCES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 5 -
- The expenditure attributable to The intangible asset during its development can be measured reliably.
Expenditure that does not meet the above criteria is expensed as incurred.
1.11
Development costs
Capitalised development costs are stated at cost less accumulated amortisation and accumulated
impairment losses (cost model). Amortisation is recognised using the straight-line basis and results in
the carrying amount being expensed in profit or loss over the estimated useful life. Amortisation will
commence only once commercial production has started or when the developed product or service
comes into use. The capitalised project costs will be reviewed annually to ensure that the recognition
criteria are still met.
1.12
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:
Office Equipment
Straight line - 3 years
1.13
Financial instruments
The company has applied sections 11 and 12 of FRS 102. The company entered into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.
An equity instrument is defined as any contract that evidences a residual interest in an entity's assets
after deducting all of its liabilities.
1.14
Government grants or assistance
Government grants are recognised at the fair value of the asset received 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.
2
Employees
2025
Average number of employees during the year
3
ASCENSION EARTH RESOURCES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2025
- 6 -
3
Intangible assets
Intangible assets represent capitalised development costs.
Other
Total
£
£
Cost or valuation
Additions
421,738
421,738
At 31 May 2025
421,738
421,738
Net book value
At 31 May 2025
421,738
421,738
4
Tangible fixed assets
Office Equipment
Total
£
£
Cost or valuation
Additions
12,435
12,435
At 31 May 2025
12,435
12,435
Depreciation and impairment
Charge for the year
2,672
2,672
At 31 May 2025
2,672
2,672
Net book value
At 31 May 2025
9,763
9,763
5
Debtors: amounts due within one year
2025
£
Called up share capital not paid, current asset
80
Other debtors
90,947
Prepayments and accrued income
36,204
127,231
6
Creditors: amounts due within one year
2025
£
Trade creditors / trade payables
20,338
Taxation and social security
12,001
Other creditors
1,739
Accrued liabilities and deferred income
17,470
51,548
ASCENSION EARTH RESOURCES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2025
- 7 -
7
Other commitments
The Company has an EMI share option scheme and an Unapproved Share Option scheme. The EMI options vest over four years and the Unapproved options vest over three years.
The exercise price and vesting conditions of the Share Options is subject to approval by the Board of Directors. Share Options are subject to good leaver/bad leaver provisions.
As at 31 May 2025 the Company had issued 264,490 Share Options to its employees and consultants of which 39,276 had vested.
Each share option has an exercise price of £1.137.
The fair value of Share Options issued was measured using the Black-Scholes valuation model. The expected volatility of the Share Options was assessed at 150% and a risk free rate of 5% due to comparison with other similar stage investment backed enterprises. As a result of the fair value exercise performed, a profit and loss charge of £27,991 was recorded in the accounts, with corresponding credits to equity.
8
Directors' advances, credits and guarantees
Brought forward
Amounts advanced
Amounts repaid
Carried forward
£
£
£
£
BLUNDY, JonathanDavid, Professor
-
65
-
65
KENDALL, John Michael, Professor
-
25
-
25
SUMI, Motoaki
-
10
-
10
-
100
-
100
The loan of £20 owed by Jonathan Blundy was repaid in full in July 2025.
At the balance sheet date, the directors owed the company £80 in respect of called-up share capital not paid. The amount was non-interest bearing and repayable on demand. This balance was fully settled after the year end.
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