Company registration number 12948837 (England and Wales)
SENISCA LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
SENISCA LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
SENISCA LTD
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
194,370
246,616
Investments
4
100
100
194,470
246,716
Current assets
Debtors
5
518,956
866,783
Cash at bank and in hand
1,147,438
1,660,472
1,666,394
2,527,255
Creditors: amounts falling due within one year
6
(636,529)
(331,609)
Net current assets
1,029,865
2,195,646
Total assets less current liabilities
1,224,335
2,442,362
Creditors: amounts falling due after more than one year
7
-
0
(11,249)
Net assets
1,224,335
2,431,113
Capital and reserves
Called up share capital
9
218
217
Share premium account
11
7,129,797
7,129,797
Equity reserve
10
317,200
-
0
Profit and loss reserves
12
(6,222,880)
(4,698,901)
Total equity
1,224,335
2,431,113
SENISCA LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2025
31 December 2025
- 2 -

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.

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.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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

The financial statements were approved by the board of directors and authorised for issue on 20 April 2026 and are signed on its behalf by:
Dr S L Cole
Director
Company registration number 12948837 (England and Wales)
SENISCA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
1
Accounting policies
Company information

Senisca Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Innovation Centre, University of Exeter, Rennes Drive, Exeter, Devon, England, EX4 4RN.

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
Going concern

The directors have considered the ability of the company to continue trading as a going concern for the foreseeable future as this is contingent upon receiving external investment and funding.

There was a net loss for the year of £1,523,979 (202 4: £1,965,083) and at the year end the Company had cash and cash equivalents of £1,147,438 (202 4: £1,660,472).

Funding was secured in 2025 in the form of ASA and SAFE notes totalling £887,033. There is a further round of investment funding due to take place in October 2026. The directors have prepared profit and loss and cash flow projections allowing for these sources of investment. Those projections demonstrate the company ability to continue to trade as a going concern for the foreseeable future.

As with all projections, there are potential variances in the timing and value of future cash flows and various contingencies have been considered in this case.

Based on the above, the directors are satisfied that the company is a going concern and have prepared the financial statements on that basis.

1.3
Turnover

The company recognises revenue from long term research and development and licence agreements.

Revenue is recognised when the company has transferred the significant risks and rewards of ownership of the promised goods and services to the customer, measured at an amount that reflects the fair value of the consideration management expects the Company to receive in exchange for those goods and/ or services.

The company enters into research services and licencing agreements under which it carries out research to potentially create IP which the customer has licence rights over. The company separately identifies the components of these revenue transactions. The revenue recognition criteria is applied to each components separately.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

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

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Office and IT equipment
33% straight line
Laboratory equipment
20% reducing balance

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.

1.6
Financial instruments
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and simple agreement for future equity (SAFE) notes 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.

1.7
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.

1.8
Retirement benefits

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

SENISCA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 5 -
1.9
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

1.10
Grant income

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.

Grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

1.11
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.

1.12

Share premium

The share premium account represents the equity element on the issue of ordinary shares on the date of initial recognition and not subsequently remeasured. This is calculated as the issue proceeds less the nominal value of the shares issued.

2
Employees

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

2025
2024
Number
Number
Total
16
18
SENISCA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -
3
Tangible fixed assets
Plant and machinery etc
Laboratory equipment
Total
£
£
£
Cost
At 1 January 2025
41,913
345,634
387,547
Additions
-
0
1,263
1,263
At 31 December 2025
41,913
346,897
388,810
Depreciation and impairment
At 1 January 2025
33,719
107,212
140,931
Depreciation charged in the year
5,740
47,769
53,509
At 31 December 2025
39,459
154,981
194,440
Carrying amount
At 31 December 2025
2,454
191,916
194,370
At 31 December 2024
8,194
238,422
246,616
4
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
100
100
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Corporation tax recoverable
357,692
390,082
Other debtors
53,811
360,001
Prepayments and accrued income
107,453
116,700
518,956
866,783
6
Creditors: amounts falling due within one year
2025
2024
£
£
Convertible loans
539,580
-
0
Trade creditors
73,750
184,306
Other creditors
23,199
147,303
636,529
331,609
SENISCA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
6
Creditors: amounts falling due within one year
(Continued)
- 7 -

Included within other creditors is £11,249 (202 4: £67,49 3) of hire purchase agreements that are secured against the assets to which they relate.

7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Other creditors
-
0
11,249

Included within other creditors is £NIL (202 4: £11,249) of hire purchase agreements that are secured against the assets to which they relate.

8
Convertible loan notes
2025
2024
£
£
Liability component of convertible loan notes
539,580
-

During the year, the company has issued a Simple Agreement for Future Equity (SAFE).

The net proceeds received from the issue SAFE notes are included as a financial liability until such point a financing event occurs.

The liability component is measured at transaction price less any transaction costs. No interest was payable on these amounts.

9
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Oridnary Shares of 0.1p each
218,086
217,317
218
217

During the year, 769 ordinary shares of £0.001 each were issued fully paid for cash at £0.77.

The holders of ordinary shares are entitled to one vote per share at meetings of the company. All ordinary shares rank equally with regard to the company's residual assets.

Called-up share capital represents the nominal value of shares that have been issued.

SENISCA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
10
Equity reserve
2025
2024
£
£
At the beginning of the year
-
0
-
0
Arising in the year
317,200
-
At the end of the year
317,200
-
0

During the year, subscribers have agreed to make advance subscription funds available to the company for use of general working capital purposes.

The Advance Subscription Funds automatically converted into conversion shares at the conversion price in January 2026 and the Company issued and allotted to the Subscriber the number of fully paid conversion shares to which it is entitled.

No amount of the Advance Subscription Funds was repayable by the company and no interest was payable.

11
Share premium account
2025
2024
£
£
At the beginning of the year
7,129,797
3,450,044
At the beginning of the year
7,129,797
3,450,044
Issue of new shares
-
0
3,721,974
Other movements
-
0
(42,221)
At the end of the year
7,129,797
7,129,797

The share premium reserve contains the premium arising on issue of equity shares, net of issue expenses.

12
Profit and loss reserves
2025
2024
£
£
At the beginning of the year
(4,698,901)
(2,733,818)
Adjusted balance
(4,698,901)
(2,733,818)
Loss for the year
(1,523,979)
(1,965,083)
At the end of the year
(6,222,880)
(4,698,901)
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