Company registration number 12679434 (England and Wales)
ELUSCIDATE LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
ELUSCIDATE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
ELUSCIDATE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
-
0
459
Current assets
Debtors
4
173,000
303,586
Cash at bank and in hand
84,052
47,945
257,052
351,531
Creditors: amounts falling due within one year
5
(149,479)
(256,557)
Net current assets
107,573
94,974
Total assets less current liabilities
107,573
95,433
Provisions for liabilities
-
0
(106)
Net assets
107,573
95,327
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
106,573
94,327
Total equity
107,573
95,327

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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 10 March 2026 and are signed on its behalf by:
Dr K E Holmes
Director
Company Registration No. 12679434
ELUSCIDATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
- 2 -
1
Accounting policies
Company information

Eluscidate Limited is a private company limited by shares incorporated in England and Wales. The registered office is Abney Hall, Manchester Road, Cheadle, SK8 2PD.

1.1
Basis of preparation

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 financial statements are prepared in Pound 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 except that as disclosed in the accounting policies which are shown at fair value.

1.2
Going concern

Subsequent to the reporting date, the directors have indicated their intention to commence steps towards the winding up of the Company as part of a wider group operational restructuring. The intention is driven by considerations of operational efficiency and does not arise from any adverse trading conditions or withdrawal of group financial support. As a result, the directors consider it inappropriate to prepare the financial statements on a going concern basis in accordance with FRS 102. Accordingly, these financial statements have been prepared on a basis other than going concern.

The financial statements have been prepared on a basis, under which all assets and liabilities have been measured at the lower of their carrying amount and fair value. As a result of measurement, no adjustments were necessary to the carrying amount reported. and accordingly no gain or loss was realised. There is no impact on the financial statements as a result of this preparation.

1.3
Revenue

Revenue represents amounts receivable for consultancy and support services provided to group companies. The company operates a cost-plus service model whereby employee-related and other directly attributable costs incurred in providing services are recharged to group entities together with an agreed margin in accordance with the group's transfer pricing policy.

Revenue is recognised over the period in which the services are provided, as this reflects the transfer of services to the customer, Revenue is measured at the fair value of the consideration receivable, excluding VAT, and is recognised based on the costs incurred during the period plus the applicable margin. Income invoiced in advance of services being performed is deferred and recognised in the period the services are delivered.

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:

Computers
20% straight line

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.

ELUSCIDATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 3 -
1.5
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.

1.6
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.

1.7
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.

ELUSCIDATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
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.

1.8
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.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
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.

ELUSCIDATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 5 -
1.11
Retirement benefits

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

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.13

Comparative information and change in accounting period

The comparative financial information has been reinstated to ensure accurate presentation and consistency with the current year's financial statements.

The comparative period covers a period of 12 months, whereas the current financial year comprises a 15-month period. This change in the reporting period was made to align the Company's financial year-end with the Group's updated reporting timetable. As a result, the results for the current period are not directly comparable with those of the prior period in all respects.

2
Employees

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

2025
2023
Number
Number
Total
2
3
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 31 December 2023
1,148
Disposals
(1,148)
At 31 March 2025
-
0
Depreciation and impairment
At 31 December 2023
689
Depreciation charged in the period
230
Eliminated in respect of disposals
(919)
At 31 March 2025
-
0
Carrying amount
At 31 March 2025
-
0
At 30 December 2023
459
ELUSCIDATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
- 6 -
4
Debtors
2025
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
173,000
302,000
Other debtors
-
0
1,586
173,000
303,586
5
Creditors: amounts falling due within one year
2025
2023
£
£
Trade creditors
-
0
9,517
Amounts owed to group undertakings
140,202
224,523
Taxation and social security
3,677
6,539
Other creditors
5,600
15,978
149,479
256,557
6
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the period then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Emphasis of matter - financial statements prepared on basis other than going concern

In auditing these financial statements, we have concluded that the directors' use of the basis other than going concern in the preparation of the financial statements is appropriate.

We draw attention to note 1.1 of the financial statements which describes the directors' intention, subsequent to the reporting date, to begin winding up the Company as part of a wider group operational restructuring. As a result, the directors determined that the going-concern basis is inappropriate, and the financial statements have been prepared on a basis other than going concern.

Our opinion is not modified in respect of this matter.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

ELUSCIDATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
6
Audit report information
(Continued)
- 7 -
Senior Statutory Auditor:
Amanjit Singh FCA
Statutory Auditor:
KNAV Limited
Date of audit report:
10 March 2026
7
Related party transactions

The Company has taken advantage of the exemption available in section 1AC.35 of FRS 102 Section 1A from disclosing transactions with related parties that are wholly owned by Cactus Communications Private Limited group, on the basis that 100% of the Company's voting rights are controlled within the group and consolidated financial statements in which the Company is included are publicly available.

8
Parent company

As at 31 March 2025, the immediate parent company was Elusidate AG, a company registered in Switzerland. The ultimate parent company and controlling party is Cactus Communications Private Limited, a company registered in India.

9
Post balance sheet events

On 16 April 2025, shares of the Company were transferred from Eluscidate AG to Cactus Life Sciences AG becoming the immediate parent company,

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