Company No: 09559611 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	A Delestienne
	M A Fuchs
	P R Palaniappan
	R K Taylor

SECRETARY

Mbm Secretarial Services Limited

REGISTERED OFFICE	164-180 Union Street
	Unit 311
	London
	SE1 0LH
	United Kingdom

COMPANY NUMBER

09559611 (England and Wales)

ACCOUNTANT	Gravita Essex Limited
	Kings House
	101-135 Kings Road
	Brentwood
	Essex
	CM14 4DR
	United Kingdom

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	4, 9	326,291		0
Tangible assets	5	567		8,138
		326,858		8,138
Current assets
Debtors	6	763,552		458,582
Cash at bank and in hand		368,375		211,230
		1,131,927		669,812
Creditors: amounts falling due within one year	7	( 1,225,543)		( 745,741)
Net current liabilities		(93,616)		(75,929)
Total assets less current liabilities		233,242		(67,791)
Net assets/(liabilities)		233,242		( 67,791)
Capital and reserves
Called-up share capital		38		38
Share premium account		7,798,304		7,793,159
Other reserves		34,584		34,696
Profit and loss account		( 7,599,684 )		( 7,895,684 )
Total shareholders' funds/(deficit)		233,242		( 67,791)

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 financial statements for the financial year 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Origin Primary Limited (registered number: 09559611) were approved and authorised for issue by the Board of Directors on 27 March 2026. They were signed on its behalf by:

P R Palaniappan Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Origin Primary Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 164-180 Union Street, Unit 311, London, SE1 0LH, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover represents the total invoice value, excluding value added tax, of sales relating to the year.

Share-based payment

The grant date fair value of share-based payments awards granted to employees is recognised as an employee expense, with a corresponding increase in equity, over the period in which the employees become unconditionally entitled to the awards. The fair value of the awards granted is measured using an option valuation model, taking into account the terms and conditions upon which the awards were granted. The amount recognised as an expense is adjusted to reflect the actual number of awards for which the related service and non-market vesting conditions are expected to be met, such that the amount ultimately recognised as an expense is based on the number of awards that do meet the related service and non-market performance conditions at the vesting date.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets

5 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc.

3 years straight line

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	9		17

3. Share-based payments

Equity-settled share-based payment schemes

The company operates an equity settled Enterprise Management Incentive (EMI) Share Option Scheme. The options are B Ordinary shares granted with a fixed exercise price determined at the grant of the option. The majority of the options vest over a period of up to 4 years following the date of the grant with the remainder vesting as performance milestones are achieved. The options are exercisable until up to the 10th anniversary from the date of grant. Employees are not entitled to dividends until the shares are exercised. Vesting of options is subject to continued employment with the company.

The company also operates an Unapproved Share Option Scheme. The options are B Ordinary shares granted with a fixed exercise price determined at the grant of the option. The majority of the options vest immediately with the remainder vesting as performance milestones are achieved. The options are exercisable until up to the 10th anniversary from the date of grant.

Details of the share options outstanding during the financial year are as follows:

	2025			2024
	Weighted Average			Weighted Average
	Number of share options	Average exercise price (£)		Number of share options	Average exercise price (£)
Outstanding at beginning of period	42,016	1.27		42,277	1.21
Granted during the period	0	0		2,900	2.81
Forfeited during the period	( 1,789)	2.81		( 1,739)	1.76
Exercised during the period	( 2,488)	2.19		( 1,422)	2.06
Outstanding at the end of the period	37,739	0.94		42,016	1.27
Exercisable at the end of the period	21,097	0.76		29,280	1.31

The fair value of the share options at the grant date was calculated using the Black Scholes model, which is considered to be the most appropriate generally accepted valuation method of measuring fair value.

The Company recognised total expenses of £1,434 and £4,151 related to equity-settled share-based payment transactions in 2025 and 2024 respectively.

4. Intangible assets

	Other intangible assets		Total
	£		£
Cost
At 01 January 2025	0		0
Additions	407,864		407,864
At 31 December 2025	407,864		407,864
Accumulated amortisation
At 01 January 2025	0		0
Charge for the financial year	81,573		81,573
At 31 December 2025	81,573		81,573
Net book value
At 31 December 2025	326,291		326,291
At 31 December 2024	0		0

5. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 January 2025	98,824		98,824
Disposals	( 10,617)		( 10,617)
At 31 December 2025	88,207		88,207
Accumulated depreciation
At 01 January 2025	90,686		90,686
Charge for the financial year	7,262		7,262
Disposals	( 10,308)		( 10,308)
At 31 December 2025	87,640		87,640
Net book value
At 31 December 2025	567		567
At 31 December 2024	8,138		8,138

6. Debtors

	2025		2024
	£		£
Trade debtors	653,635		247,793
Corporation tax	20,319		71,723
Other debtors	89,598		139,066
	763,552		458,582

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	25,253		12,132
Other taxation and social security	113,398		39,362
Other creditors	1,086,892		694,247
	1,225,543		745,741

8. Financial commitments

Other financial commitments

	2025		2024
	£		£
Financial commitments	48,480		137,950

9. Change in accounting policy for Research and Development costs

During the year the company changed its accounting policy for development costs. Previously, all research and development (“R&D”) expenditure was expensed as incurred. Under the new policy, qualifying development costs are capitalised as intangible assets when the criteria for recognition are met, with amortisation recognised over the asset’s useful life of 5 years. This change means development costs are matched with the future economic benefits expected to arise. The change resulted in an increase in intangible assets of £407,864 and a reduction in R&D expense of £407,864 for the year.