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Registered number: 13634184
Cardiatec Biosciences Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2025
Wilson Partners Ltd
Ketton Suite
The King Centre
Oakham
Rutland
LE15 7WD
Cardiatec Biosciences Ltd
Contents
Contents

| Page
--- | ---
Balance Sheet | 1—2
Notes to the Financial Statements | 3—6

Page 1
Cardiatec Biosciences Ltd
Balance Sheet
As At 31 December 2025
Balance Sheet
Registered number: 13634184

| 2025 | 2024
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Intangible Assets | 4 |  | 4,066 |  | -
Tangible Assets | 5 |  | 4,510 |  | 6,199
|  |  | 8,576 |  | 6,199
CURRENT ASSETS
Debtors | 6 | 485,637 |  | 203,937 |
Cash at bank and in hand |  | 3,209,176 |  | 4,991,795 |
|  | 3,694,813 |  | 5,195,732 |
Creditors: Amounts Falling Due Within One Year | 7 | (199,225 ) |  | (34,041 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | 3,495,588 |  | 5,161,691
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 3,504,164 |  | 5,167,890
NET ASSETS |  |  | 3,504,164 |  | 5,167,890
CAPITAL AND RESERVES
Called up share capital | 8 |  | 252 |  | 252
Share premium account |  |  | 6,482,130 |  | 6,482,130
Other reserves |  |  | 204,231 |  | 67,851
Profit and Loss Account |  |  | (3,182,449 ) |  | (1,382,343 )
SHAREHOLDERS' FUNDS |  |  | 3,504,164 |  | 5,167,890

Page 1
Page 2
Cardiatec Biosciences Ltd
Balance Sheet (continued)
As At 31 December 2025
For the year ending 31 December 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

Ms Thelma Zablocki Director
17 February 2026

The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Cardiatec Biosciences Ltd
Notes to the Financial Statements
For The Year Ended 31 December 2025
Notes to the Financial Statements
1. General Information
Cardiatec Biosciences Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13634184 . The registered office is Ketton Suite The King Centre, Main Road, Barleythorpe, Oakham, Rutland, LE15 7WD.
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.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern. Therefore the financial statements have been prepared on a going concern basis which assumes the Company will continue in operational existence for the foreseeable future.
The Company is involved in research and development activities and is working towards achieving a sustainable revenue generating activity. The directors have considered the basis of the financial statements and are satisfied that a combination of business growth and further investment commitments will enable the Company to meet its liabilities as they fall due.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets include Patents and trademarks. They are amortised to the profit and loss account over the estimated economic life of 5 years.
2.4. 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:

Computer Equipment | 3 years straight line

2.5. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.6. 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.
Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.
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, are recognised at transaction price including transaction costs.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities.
Page 3
Page 4
Cardiatec Biosciences Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
2.7. 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 profit / loss before taxation.
2.8. Taxation
Tax is recognised in profit or loss except that a charge is attributable to an item of income and expense recognised as other comphrehensive income or to an item recognised directly in equity is also recognised in other comphrehensive 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.
2.9. 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.
2.10. Research and Development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
2.11. Share Based Payments
The company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated using the Black Scholes option pricing model. The total amount expensed is
recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.
The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.
2.12. Convertible Debt
Compound financial instruments issued by the Company comprise convertible loan notes that can be converted to share capital at the option of the holder. The interest on the loan notes is compounding annually and as such the number of shares to be issued will vary with changes in the fair value.
Due to the varying number of shares to be issued the loan notes are treated as liabilities and not split between equity and liabilities. The liability is initially and subsequently measured at fair value, with the fair value movements recognised in the Statement of Comprehensive Income.
Transaction costs that relate to the issue of the instrument are expensed to the Statement of Comprehensive Income.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2024: 6)
7 6
Page 4
Page 5
Cardiatec Biosciences Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
4. Intangible Assets

| Other - Patents and trademarks
--- | ---
| £
Cost
As at 1 January 2025 | -
Additions | 4,645
As at 31 December 2025 | 4,645
Amortisation
As at 1 January 2025 | -
Provided during the period | 579
As at 31 December 2025 | 579
Net Book Value
As at 31 December 2025 | 4,066
As at 1 January 2025 | -

5. Tangible Assets

| Computer Equipment
--- | ---
| £
Cost
As at 1 January 2025 | 19,666
Additions | 3,194
As at 31 December 2025 | 22,860
Depreciation
As at 1 January 2025 | 13,467
Provided during the period | 4,883
As at 31 December 2025 | 18,350
Net Book Value
As at 31 December 2025 | 4,510
As at 1 January 2025 | 6,199

6. Debtors

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Due within one year
Prepayments and accrued income | 106,396 |  | 27,754
Other debtors | 28,765 |  | 8,802
Corporation tax recoverable assets | 333,787 |  | 156,583
VAT | 16,689 |  | 10,798
| 485,637 |  | 203,937

Page 5
Page 6
Cardiatec Biosciences Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
7. Creditors: Amounts Falling Due Within One Year

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Trade creditors | 42,901 |  | 7,011
Other taxes and social security | 15,772 |  | 14,031
Net wages | 129 |  | -
Other creditors | 1,700 |  | 1,539
Accruals and deferred income | 138,723 |  | 11,460
| 199,225 |  | 34,041

8. Share Capital

| 2025 |  | 2024
--- | --- | --- | ---
Allotted, called up and fully paid | £ |  | £
103,289 Ordinary Shares of £ 0.001 each | 103 |  | 103
43,584 Preference shares of £ 0.001 each | 44 |  | 44
105,360 Series Seed Preferred shares of £ 0.001 each | 105 |  | 105
| 252 |  | 252

9. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Not later than one year | 10,840 |  | 7,770
Later than one year and not later than five years | 5,520 |  | -
| 16,360 |  | 7,770

Page 6