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Registration number: 10533021

Anaphite Limited
Unaudited Filleted Financial Statements
for the Year Ended 31 December 2025

Pages for filing with Registrar

Anaphite Limited

Contents

Company Information | 1
Balance Sheet | 2 to 3
Notes to the Unaudited Financial Statements | 4 to 12

Anaphite Limited

Company Information

Directors | S Burrow A R Glover A J Hewitt M Granoff J W C Pollock J W Stevenson

Company secretary | A J Hewitt

Registered office | Unit 5 Chandos Trading Estate Chapel Street St. Philips Bristol BS2 0UH

Registered number | 10533021

Accountant | Corrigan Accountants Limited 1st Floor 25 King Street Bristol BS1 4PB

Anaphite Limited

(Registration number: 10533021)
Balance Sheet as at 31 December 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Intangible assets | 4 | 281,101 | 199,554
Tangible assets | 5 | 2,634,866 | 1,129,957
|  | 2,915,967 | 1,329,511
Current assets |  |  |
Debtors | 6 | 787,914 | 336,410
Cash at bank and in hand |  | 2,569,509 | 8,753,651
|  | 3,357,423 | 9,090,061
Creditors: Amounts falling due within one year | 7 | (324,853) | (560,195)
Net current assets |  | 3,032,570 | 8,529,866
Net assets |  | 5,948,537 | 9,859,377
Capital and reserves |  |  |
Called up share capital | 8 | 58 | 57
Share premium reserve |  | 18,064,168 | 17,364,168
Other reserves |  | 585,423 | 155,612
Profit and loss account |  | (12,701,112) | (7,660,460)
Total equity |  | 5,948,537 | 9,859,377

Anaphite Limited

(Registration number: 10533021)
Balance Sheet as at 31 December 2025

For the financial 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.

Directors' responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised for issue by the Board on 1 April 2026 and signed on its behalf by:

.........................................

A J Hewitt
Company secretary and director

Anaphite Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

1 | Statutory information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 5
Chandos Trading Estate Chapel Street
St. Philips
Bristol
BS2 0UH

2 | Accounting policies

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.
The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis. In assessing going concern, the directors have considered a period of at least twelve months from the date of approval of these financial statements.
Although commercial revenue is not expected to be significant during 2026, the company is currently pursuing external fundraising, with the expectation that this will complete in June 2026 and provide the necessary cash resources for the foreseeable future. The directors consider that this planned fundraising provides an appropriate basis for preparing the financial statements on a going concern basis.

Government grants

Government grants are recognised, using the accrual model, at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

Anaphite Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

Tax

The tax expense for the period comprises of current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible fixed assets

Tangible fixed assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, other than assets under construction, as follows:

Plant & machinery | 20 - 33% on cost
Computer equipment | 33% on cost
Office equipment | 20% on cost
Leasehold improvements | 10% on cost
Motor vehicles | 50% on cost

Assets under construction

Assets under construction comprise items of property, plant and equipment that are in the course of construction for use in the business. Such assets are stated at cost, which includes directly attributable costs incurred in bringing the asset to its working condition for its intended use. Depreciation is not charged on assets under construction until the asset is available for use, at which point it is transferred to the appropriate category of property, plant and equipment and depreciated over its estimated useful economic life.

Intangible fixed assets

Separately acquired trademarks, licences, and patents are shown at historical cost.
Intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Patents | 10% on cost

Research and development costs

Research and development costs are written off to profit or loss in the year incurred.

Anaphite Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are recognised initially at the transaction price. They are subsequently measured less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are recognised initially at the transaction price.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.

Share based payments

The company has issued options over its unissued shares to certain employees. The cost of equity-settled transactions is measured by reference to the fair value of the equity instruments granted at the date at which they are granted and is recognised as an expense over the vesting period, which ends on the date on which the option holder becomes fully entitled to the award. Fair value is determined using the Black Scholes pricing model.
At each balance sheet date before vesting, the cumulative expense is calculated, representing the extent to which the vesting period has expired and management’s best estimate of the achievement or otherwise of non-market conditions and of the number of equity instruments that will ultimately vest. The movement in cumulative expense since the previous balance sheet date is recognised in the profit and loss account, with a corresponding entry in equity.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 44 (2024 - 29).

Anaphite Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

4 | Intangible fixed assets

| Patents £
Cost
At 1 January 2025 | 213,304
Additions | 87,286
At 31 December 2025 | 300,590
At 1 January 2025 | 13,750
Amortisation charge | 5,739
At 31 December 2025 | 19,489
Carrying amount
At 31 December 2025 | 281,101
At 31 December 2024 | 199,554

Anaphite Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

5 | Tangible fixed assets

| Leasehold improvements £ | Office equipment £ | Computer equipment £ | Plant & machinery £ | Asset under construction £ | Total £
Cost
At 1 January 2025 | 145,392 | 19,499 | 61,100 | 1,443,557 | - | 1,669,548
Additions | 346,730 | 24,732 | 44,501 | 1,283,323 | 271,639 | 1,970,925
Disposals | - | - | - | (52,238) | - | (52,238)
At 31 December 2025 | 492,122 | 44,231 | 105,601 | 2,674,642 | 271,639 | 3,588,235
Depreciation
At 1 January 2025 | 27,370 | 9,869 | 35,627 | 466,725 | - | 539,591
Charge for the year | 32,453 | 6,229 | 25,074 | 368,495 | - | 432,251
Eliminated on disposal | - | - | - | (18,473) | - | (18,473)
At 31 December 2025 | 59,823 | 16,098 | 60,701 | 816,747 | - | 953,369
Carrying amount
At 31 December 2025 | 432,299 | 28,133 | 44,900 | 1,857,895 | 271,639 | 2,634,866
At 31 December 2024 | 118,022 | 9,630 | 25,473 | 976,832 | - | 1,129,957

Anaphite Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

6 | Debtors: amounts falling due within one year

| 2025 £ | 2024 £
Trade debtors | 11,336 | 17,189
Other debtors | 64,363 | 18,640
VAT | 86,624 | 91,122
Prepayments and accrued income | 218,834 | 209,459
Corporation tax | 406,757 | -
| 787,914 | 336,410

7 | Creditors

| 2025 £ | 2024 £
Trade creditors | 192,665 | 381,935
Taxation and social security | 86,829 | 60,388
Other creditors | 13,739 | 9,101
Accruals | 31,620 | 108,771
| 324,853 | 560,195

Anaphite Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

8 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary shares of £0.00001 each | 2,272,494 | 22.72 | 2,246,523 | 22.47
Preferred shares of £0.00001 each | 603,566 | 6.04 | 603,566 | 6.04
Series A of £0.00001 each | 2,863,486 | 28.63 | 2,863,486 | 28.63
Series A2 of £0.00001 each | 105,856 | 1.06 | - | -
| 5,845,402 | 58.45 | 5,713,575 | 57.14

During the year:
• 25,971 Ordinary shares with an aggregate nominal value of £0.25971 were allotted for an aggregate consideration of £137,906.
• 105,856 Series A2 shares with an aggregate nominal value of £1.05856 were allotted for an aggregate consideration of £562,095.

Anaphite Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

9 | Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
| 173,442 | 61,250

10 | Share-based payments

Approved share scheme

Scheme details and movements

Certain employees have been granted options over the unissued share capital of the company. The options expire ten years after the grant date.

The movements in the number of share options during the year were as follows:

| 2025 Number | 2024 Number
Outstanding, start of period | 154,281 | 147,338
Granted during the period | 989,691 | 7,940
Forfeited during the period | (11,881) | (997)
Outstanding, end of period | 1,132,091 | 154,281
Exercisable, end of period | 436,894 | 92,511

The movements in the weighted average exercise price of share options during the year were as follows:

| 2025 £ | 2024 £
Outstanding, start of period | 0.75 | 0.75
Granted during the period | 0.36 | 0.75
Forfeited during the period | 0.36 | 0.75
Outstanding, end of period | 0.41 | 0.75
Exercisable, end of period | 0.46 | 0.75

Anaphite Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

Unapproved share scheme

Scheme details and movements

Certain employees have been granted options over the unissued share capital of the company. The options expire ten years after the grant date.

The movements in the number of share options during the year were as follows:

| 2025 Number | 2024 Number
Outstanding, start of period | 64,000 | 64,000
Granted during the period | 30,525 | -
Outstanding, end of period | 94,525 | 64,000
Exercisable, end of period | 74,175 | 64,000

The movements in the weighted average exercise price of share options during the year were as follows:

| 2025 £ | 2024 £
Outstanding, start of period | 2.12 | 2.12
Granted during the period | 0.36 | -
Outstanding, end of period | 1.55 | 2.12
Exercisable, end of period | 1.88 | 2.12