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Registered number: 10530319 OXFORD MEDICAL PRODUCTS LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 30 SEPTEMBER 2025
OXFORD MEDICAL PRODUCTS LIMITED REGISTERED NUMBER: 10530319 BALANCE SHEET AS AT 30 SEPTEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 695,191 |  | 743,838
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 5 | 649,533 |  | 979,237 |
Cash at bank and in hand | 6 | 219,242 |  | 1,502,825 |
|  | 868,775 |  | 2,482,062 |
Creditors: amounts falling due within one year | 7 | (111,125) |  | (751,580) |
Net current assets |  |  | 757,650 |  | 1,730,482
Total assets less current liabilities |  |  | 1,452,841 |  | 2,474,320
Creditors: amounts falling due after more than one year | 8 |  | (4,756,716) |  | (4,467,219)
Provisions for liabilities |  |  |  |  |
Other provisions | 9 | (121,204) |  | (121,204) |
|  |  | (121,204) |  | (121,204)
Net liabilities |  |  | (3,425,079) |  | (2,114,103)
Capital and reserves |  |  |  |  |
Called up share capital | 11 |  | 3,010 |  | 2,988
Share premium account |  |  | 4,358,550 |  | 4,078,736
Profit and loss account |  |  | (7,786,639) |  | (6,195,827)
|  |  | (3,425,079) |  | (2,114,103)
Page 1
OXFORD MEDICAL PRODUCTS LIMITED REGISTERED NUMBER: 10530319 BALANCE SHEET (CONTINUED) AS AT 30 SEPTEMBER 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 statement of comprehensive income 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:
Camilla Easter
Director
Date: 5 February 2026
The notes on pages 4 to 12 form part of these financial statements. Page 2
OXFORD MEDICAL PRODUCTS LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 SEPTEMBER 2025
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2024 | 2,988 | 4,078,736 | (4,265,612) | (183,888)
Loss for the period | - | - | (1,930,215) | (1,930,215)
At 1 October 2024 | 2,988 | 4,078,736 | (6,195,827) | (2,114,103)
Loss for the year | - | - | (1,752,536) | (1,752,536)
Shares issued during the year | 22 | 279,814 | - | 279,836
Share-based payment charge | - | - | 161,724 | 161,724
At 30 September 2025 | 3,010 | 4,358,550 | (7,786,639) | (3,425,079)
| The notes on pages 4 to 12 form part of these financial statements.
Page 3
OXFORD MEDICAL PRODUCTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
1. | General information
Oxford Medical Products Limited is a private company limited by shares and is registered and incorporated in England and Wales. The registered office is Unit 3, The Gateway, Windrush Park Road, Witney, Oxfordshire, OX29 7EY. 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of 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 presented on a going concern basis, which contemplates the realisation of assets and the satisfaction of liabilities in the normal course of business. The Company has financed its activities principally from the issuance of ordinary and preferred equity securities and convertible loan notes. As at 30th September 2025, the Company held £219,242 in cash and cash equivalents. Management and the Board of Directors have prepared budgets and forecasts to assess the resources required to continue operations for a minimum of 12 months from the balance sheet date. The Company is actively exploring potential sources of additional financing to support its ongoing operations, including funding for research and development programs and product portfolio expansion. However, there is a risk that the Company may be unable to secure additional financing in sufficient amounts or on acceptable terms. If such financing is not obtained, the Company may be required to delay, reduce, or discontinue some or all of its planned activities, which could negatively impact its financial performance and business prospects. Despite these uncertainties, management remains committed to securing the necessary resources to continue operations. After considering these factors, management has concluded that it is appropriate to prepare the financial statements on a going concern basis.
| 2.3 | Government grants
Grants are accounted for under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
| 2.4 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.5 | Research and development
Research expenditure is written off 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. Page 4
OXFORD MEDICAL PRODUCTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.6 | 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, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Long-term leasehold improvements | - | Depreciated over the term of the lease
|  |  |  | Plant and machinery | - | 25%
|  |  |  | Other fixed assets | - | 25% - 50%
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.
| 2.7 | 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.
| 2.8 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102. 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash Page 5
OXFORD MEDICAL PRODUCTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.8 | Financial instruments (continued)
equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Basic financial liabilities, which include trade and other payables, are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Other financial instruments Convertible loan notes are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the 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 | 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.
| 2.11 | Convertible debt
The proceeds received on issue of the Company's convertible debt are allocated to liabilities on the basis that the loan notes are not issued on a fixed-for-fixed basis, and derive their value from a future event. The potential equity values are therefore unknown. The amount initially attributed to the debt component equals the fair value, which is the transaction price. The liability is subsequently remeasured at fair value, with any movements recognised through the profit or loss. On conversion, the debt and equity elements are credited to share capital and share premium as appropriate. Page 6
OXFORD MEDICAL PRODUCTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.12 | 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.
| 2.13 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.14 | Share-based payments
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition. The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme). Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period. Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received. Page 7
OXFORD MEDICAL PRODUCTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.15 | 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 Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
3. | Employees
| The average monthly number of employees, including directors, during the year was 13 (2024 - 15).
Page 8
OXFORD MEDICAL PRODUCTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
4. | Tangible fixed assets
|  | Long-term leasehold property | Plant and machinery | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 October 2024 | 518,266 | 413,803 | 932,069
| Additions | - | 121,724 | 121,724
| At 30 September 2025 | 518,266 | 535,527 | 1,053,793
| Depreciation |  |  |
| At 1 October 2024 | 49,503 | 138,728 | 188,231
| Charge for the year on owned assets | 54,922 | 115,449 | 170,371
| At 30 September 2025 | 104,425 | 254,177 | 358,602
| Net book value |  |  |
| At 30 September 2025 | 413,841 | 281,350 | 695,191
| At 30 September 2024 | 468,763 | 275,075 | 743,838
5. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other debtors | 12,934 | 109,953
| Prepayments and accrued income | 35,110 | 336,129
| Tax recoverable | 601,489 | 533,155
|  | 649,533 | 979,237
6. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 219,242 | 1,502,825
Page 9
OXFORD MEDICAL PRODUCTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 43,475 | 376,720
| Other taxation and social security | 24,831 | 35,128
| Other creditors | 5,121 | 9,292
| Accruals and deferred income | 37,698 | 330,440
|  | 111,125 | 751,580
8. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Convertible loan notes | 4,756,716 | 4,467,219
| The convertible loan notes are a fixed rate, unsecured instrument. They were issued in December 2022 for £564,130, and in various tranches throughout 2023 for a total of £3,157,876. The convertible loan notes will automatically be converted into a variable number of shares on the Company's next qualifying funding round or when there is a change in control event. If not converted earlier, then at the maturity of the loans, December 2025, the loans together with unpaid accrued interest will be due and payable. Interest accrues at a non compound annual equivalent rate of 5%. The loan notes are measured at fair value through profit or loss. Additional convertible loan notes were received in February and March 2025 totalling £250,000. The terms of the loan notes are identical to those previously issued excluding that no interest is being paid.
9. | Provisions
|  | Dilapidation provision
|  | £
| At 1 October 2024 | 121,204
| At 30 September 2025 | 121,204
Page 10
OXFORD MEDICAL PRODUCTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
10. | Share-based payments
| The Company operates equity-settled share-based remuneration plans for its employees. None of the Company's plans are cash-settled. All goods and services received in exchange for the grant of any share-based payments are measured at their fair values. Where employees are rewarded using their share-based payments, the fair value of the employees' services is determined indirectly by reference to the fair value of the equity instruments granted. This fair value is appraised at the grant date and excludes the impact of non-market vesting conditions. All share based remuneration is ultimately recognised as an expense in profit or loss with a corresponding credit to retained earnings. If vesting periods or other vesting conditions apply, the expense is allocated over the vesting period, based on the best available estimate of the number of share options expected to vest. Non-market vesting conditions are included in assumptions about the number of options that are expected to become exercisable. Estimates are subsequently revised if there is any indication that the number of share options expected to vest differs from previous estimates. Any adjustment to the cumulative share-based compensation resulting from a revision is recognised in the current period. The number of vested options ultimately exercised by holders does not impact the expense recorded in any period. Upon exercise of share options, the proceeds received, net of any directly attributable transaction costs, are allocated to share capital up to the nominal (or par) value of the shares issued with any excess being recorded as share premium.
|  | Weighted average exercise price (pence) 2025 | Number 2025 | Weighted average exercise price (pence) 2024 | Number 2024
| Outstanding at the beginning of the year | 0.01 | 54,401 | 0.01 | 51,733
| Granted during the year | 0.01 | 1,414 | 0.01 | 2,668
| Outstanding at the end of the year | 0.01 | 55,815 | 0.01 | 54,401
| The fair value of the options issued during the year was estimated using a pricing model which takes into account the conditions which exercise of the options would be permitted, plus the following parameters:
|  |  |  |  | 2025 | 2024
| Option pricing model used | Black-scholes | Black-scholes
| Weighted average share price (£) | 114.69 | 53.33
| Exercise price (£) | 0.01 | 0.01
| Expected volatility | 91.28 | 95.33
| Expected life | 6.4 | 5.6
| Risk-free interest rate | 4.42 | 4.19
Page 11
OXFORD MEDICAL PRODUCTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
11. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 220,251 (2024 - 220,251) Ordinary shares of £0.01 each | 2,203 | 2,203
|  | 47,487 (2024 - 47,487) Seed Convertible Preferred shares of £0.01 each | 474 | 474
|  | 27,698 (2024 - 27,698) Series A1 Convertible Preferred shares of £0.01 each | 277 | 277
|  | 5,572 (2024 - 3,376) Series A2 Convertible Preferred shares of £0.01 each | 56 | 34
|  |  | 3,010 | 2,988
During the period 2,196 Series A2 convertibles preferred shares of £0.01 were issued for a consideration of £279,836.
12. | Commitments under operating leases
| At 30 September 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 39,900 | 39,900
| Later than 1 year and not later than 5 years | 114,672 | 154,572
|  | 154,572 | 194,472
13. | Controlling party
The Directors do not consider there to be any one controlling party.
Page 12