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Registered number: 04081117
Breathe Research Limited
Unaudited Financial Statements
For The Year Ended 31 July 2025
Sempar Accountancy and Tax Limited
Breathe Research Limited
Contents
Contents

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

Page 1
Breathe Research Limited
Balance Sheet
As At 31 July 2025
Balance Sheet
Registered number: 04081117

| 2025 | 2024
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Tangible Assets | 4 |  | 1,949 |  | 1,061
|  |  | 1,949 |  | 1,061
CURRENT ASSETS
Debtors | 5 | 104,903 |  | 450,418 |
Cash at bank and in hand |  | 283,553 |  | 73,109 |
|  | 388,456 |  | 523,527 |
Creditors: Amounts Falling Due Within One Year | 6 | (151,716 ) |  | (265,797 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | 236,740 |  | 257,730
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 238,689 |  | 258,791
Creditors: Amounts Falling Due After More Than One Year | 7 |  | - |  | (9,167 )
PROVISIONS FOR LIABILITIES
Deferred Taxation |  |  | (488 ) |  | (202 )
NET ASSETS |  |  | 238,201 |  | 249,422
CAPITAL AND RESERVES
Called up share capital | 8 |  | 204 |  | 204
Profit and Loss Account |  |  | 237,997 |  | 249,218
SHAREHOLDERS' FUNDS |  |  | 238,201 |  | 249,422

Page 1
Page 2
Breathe Research Limited
Balance Sheet (continued)
As At 31 July 2025
For the year ending 31 July 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit 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 accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board

Mrs April Camilleri Director
4 February 2026

The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Breathe Research Limited
Notes to the Financial Statements
For The Year Ended 31 July 2025
Notes to the Financial Statements
1. General Information
Breathe Research Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04081117 . The registered office is C/O Sempar, Office 2.026, Innovation Centre 7, Keele University, Keele, Staffordshire, ST5 5NU.
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.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
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:

Plant & Machinery | 20% on reducing balance
Fixtures & Fittings | 15% on reducing balance
Computer Equipment | 33.33% on cost

2.4. 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 operating profit.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Page 3
Page 4
Breathe Research Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 July 2025
2.6. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2024: 4)
4 4
4. Tangible Assets

| Plant & Machinery | Fixtures & Fittings | Computer Equipment | Total
--- | --- | --- | --- | ---
| £ | £ | £ | £
Cost
As at 1 August 2024 | 2,499 | 549 | 32,512 | 35,560
Additions | - | - | 2,245 | 2,245
As at 31 July 2025 | 2,499 | 549 | 34,757 | 37,805
Depreciation
As at 1 August 2024 | 2,071 | 419 | 32,009 | 34,499
Provided during the period | 86 | 19 | 1,252 | 1,357
As at 31 July 2025 | 2,157 | 438 | 33,261 | 35,856
Net Book Value
As at 31 July 2025 | 342 | 111 | 1,496 | 1,949
As at 1 August 2024 | 428 | 130 | 503 | 1,061

5. Debtors

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Due within one year
Trade debtors | 93,865 |  | 374,309
Prepayments and accrued income | 1,291 |  | 2,805
VAT | 2,863 |  | 11,384
Other taxes and social security | 6,884 |  | -
Directors' loan accounts | - |  | 61,920
| 104,903 |  | 450,418

6. Creditors: Amounts Falling Due Within One Year

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Trade creditors | 32,244 |  | 35,754
Bank loans and overdrafts | 9,167 |  | 10,000
Corporation tax | 21,161 |  | 47,596
Other taxes and social security | - |  | 209
Other creditors | 385 |  | 1,339
Accruals and deferred income | 4,526 |  | 9,695
Directors' loan accounts | 84,233 |  | 161,204
| 151,716 |  | 265,797

Page 4
Page 5
Breathe Research Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 July 2025
7. Creditors: Amounts Falling Due After More Than One Year

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Bank loans | - |  | 9,167

8. Share Capital

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Allotted, Called up and fully paid | 204 |  | 204

9. Directors Advances, Credits and Guarantees
Total dividends paid to the directors during the year were £84,273 (2024: £130,000).
Page 5