Company registration number 13691257 (England and Wales)
PICTURA BIO LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
PICTURA BIO LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
The following pages do not form part of the statutory financial statements
PICTURA BIO LTD
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
26,141
36,261
Investments
5
3
3
26,144
36,264
Current assets
Debtors
6
290,851
346,971
Cash at bank and in hand
523,925
998,277
814,776
1,345,248
Creditors: amounts falling due within one year
7
(913,888)
(190,840)
Net current (liabilities)/assets
(99,112)
1,154,408
Net (liabilities)/assets
(72,968)
1,190,672
Capital and reserves
Called up share capital
8
329
328
Share premium account
4,874,201
4,874,201
Profit and loss reserves
(4,947,498)
(3,683,857)
Total equity
(72,968)
1,190,672

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 December 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.

The financial statements were approved by the board of directors and authorised for issue on 6 February 2026 and are signed on its behalf by:
Mr A J Batchelor
Director
Company registration number 13691257 (England and Wales)
PICTURA BIO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
1
Accounting policies
Company information

Pictura Bio Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 35 Westgate, Huddersfield, West Yorkshire, HD1 1PA.

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. The principal accounting policies adopted are set out below.

1.2
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

1.3
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.

1.4
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:

Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Computers
33% straight line
PICTURA BIO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 3 -

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.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

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.

PICTURA BIO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 4 -
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.

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.

PICTURA BIO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 5 -
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.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

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

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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

PICTURA BIO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -
3
Employees

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

2025
2024
Number
Number
Total
10
9
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2025 and 31 December 2025
59,249
4,734
10,105
74,088
Depreciation and impairment
At 1 January 2025
26,618
2,510
8,699
37,827
Depreciation charged in the year
8,158
556
1,406
10,120
At 31 December 2025
34,776
3,066
10,105
47,947
Carrying amount
At 31 December 2025
24,473
1,668
-
0
26,141
At 31 December 2024
32,631
2,224
1,406
36,261
5
Fixed asset investments
2025
2024
£
£
Shares in group undertakings
3
3
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Corporation tax recoverable
229,932
193,398
Other debtors
14,344
29,845
Prepayments and accrued income
46,575
123,728
290,851
346,971
PICTURA BIO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
7
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Convertible loans
840,000
-
0
Trade creditors
63,306
157,847
Amounts owed to group undertakings
3
3
Other creditors
10,579
24,991
Accruals and deferred income
-
0
7,999
913,888
190,840
8
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
12,628
12,505
126
125
Ordinary A shares of 1p each
20,286
20,286
203
203
32,914
32,791
329
328

During the period a total of 123 ordinary shares were issued fully paid for cash at par.

The rights of the different classes of share are set out in the company's Articles of Association.

The company has granted options over shares in the company to various employees in the current and prior periods. The fair value of the shares at the date of each grant has been considered to be immaterial. Accordingly, no employment cost for equity settled share-based payments has been recognised in the profit and loss account.

9
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
£
£
25,477
78,305
10
Related party transactions

Included in other creditors are unsecured loans of £840,000 (2024: £Nil) which represent a convertible loan note instrument carrying an interest rate of 8% per annum, with a maturity date of 31st December 2026. These monies are owed to certain shareholders in the company.

11
Control

There is no one controlling party of the company

PICTURA BIO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
12
Going concern

To date the company has been reliant on shareholder funding to meet its working capital requirements. Shareholders have historically provided sufficient capital to support the company’s operations, and the directors are currently progressing a further fundraising round, although contracts have not yet been signed at the date of approval of these financial statements. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis. Nevertheless, the successful completion of the proposed fundraise represents a material uncertainty that may cast significant doubt on the company’s ability to continue as a going concern. These financial statements do not include any adjustments that would arise if the going concern basis were not appropriate.

2025-12-31 2025-01-01 false false false 06 February 2026 CCH Software CCH Accounts Production 2025.300 No description of principal activity Mr A J Batchelor Dr N Robb IQ Capital Director Nominees Limited Mr I D Miller Dr S J Powell S R Fullman 13691257 2025-01-01 2025-12-31 13691257 2025-12-31 13691257 2024-12-31 13691257 core:PlantMachinery 2025-12-31 13691257 core:FurnitureFittings 2025-12-31 13691257 core:ComputerEquipment 2025-12-31 13691257 core:PlantMachinery 2024-12-31 13691257 core:FurnitureFittings 2024-12-31 13691257 core:ComputerEquipment 2024-12-31 13691257 core:CurrentFinancialInstruments core:WithinOneYear 2025-12-31 13691257 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 13691257 core:CurrentFinancialInstruments 2025-12-31 13691257 core:CurrentFinancialInstruments 2024-12-31 13691257 core:ShareCapital 2025-12-31 13691257 core:ShareCapital 2024-12-31 13691257 core:SharePremium 2025-12-31 13691257 core:SharePremium 2024-12-31 13691257 core:RetainedEarningsAccumulatedLosses 2025-12-31 13691257 core:RetainedEarningsAccumulatedLosses 2024-12-31 13691257 core:ShareCapitalOrdinaryShareClass1 2025-12-31 13691257 core:ShareCapitalOrdinaryShareClass1 2024-12-31 13691257 core:ShareCapitalOrdinaryShareClass2 2025-12-31 13691257 core:ShareCapitalOrdinaryShareClass2 2024-12-31 13691257 core:ShareCapitalOrdinaryShares 2025-12-31 13691257 core:ShareCapitalOrdinaryShares 2024-12-31 13691257 bus:Director1 2025-01-01 2025-12-31 13691257 core:PlantMachinery 2025-01-01 2025-12-31 13691257 core:FurnitureFittings 2025-01-01 2025-12-31 13691257 core:ComputerEquipment 2025-01-01 2025-12-31 13691257 2024-01-01 2024-12-31 13691257 core:PlantMachinery 2024-12-31 13691257 core:FurnitureFittings 2024-12-31 13691257 core:ComputerEquipment 2024-12-31 13691257 2024-12-31 13691257 bus:OrdinaryShareClass1 2025-01-01 2025-12-31 13691257 bus:OrdinaryShareClass2 2025-01-01 2025-12-31 13691257 bus:OrdinaryShareClass1 2025-12-31 13691257 bus:OrdinaryShareClass1 2024-12-31 13691257 bus:OrdinaryShareClass2 2025-12-31 13691257 bus:OrdinaryShareClass2 2024-12-31 13691257 bus:AllOrdinaryShares 2025-12-31 13691257 bus:AllOrdinaryShares 2024-12-31 13691257 bus:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 13691257 bus:SmallCompaniesRegimeForAccounts 2025-01-01 2025-12-31 13691257 bus:FRS102 2025-01-01 2025-12-31 13691257 bus:AuditExemptWithAccountantsReport 2025-01-01 2025-12-31 13691257 bus:Director2 2025-01-01 2025-12-31 13691257 bus:Director3 2025-01-01 2025-12-31 13691257 bus:Director4 2025-01-01 2025-12-31 13691257 bus:Director5 2025-01-01 2025-12-31 13691257 bus:CompanySecretary1 2025-01-01 2025-12-31 13691257 bus:FullAccounts 2025-01-01 2025-12-31 xbrli:pure xbrli:shares iso4217:GBP