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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2025
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MOA TECHNOLOGY LIMITED
COMPANY INFORMATION
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MOA TECHNOLOGY LIMITED
CONTENTS
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MOA TECHNOLOGY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present the Strategic Report for the year ended 31 December 2025.
The principal activity of Moa Technology Limited ("the Company") is the research and development of new agricultural herbicides.
The Company’s purpose is to discover and develop safe, effective and affordable herbicides to help farmers globally to protect their harvests, with the goal of becoming the leading innovator for the crop protection industry. The key factor determining the Company’s success is its ability to discover multiple molecules which have novel herbicidal modes of action, meaning that they can impede weed growth in ways that are completely different to existing commercial herbicides and are thus capable of breaking herbicide resistance.
Spun out of Oxford University in 2017, the Company has developed a significant body of IP, including its GALAXY platform which carries out high-throughput screening of synthetic and naturally occurring chemical compounds to identify those with potential novel herbicidal mode of action. Having screened to date over 800,000 synthetic and naturally occurring compounds, GALAXY has identified over 80 novel mode of action areas. Four of these modes of action have already successfully progressed through further evaluation by the Company’s other platforms in its Oxford laboratories and testing at the Company’s glasshouse facility. In 2025, three of these advanced programmes were tested extensively in global field trials, in which strong and consistent evidence of herbicidal effectiveness was recorded. Further rounds of international field trials are planned for 2026.
In September 2025, the Company announced a new advanced programme, which is effective on blackgrass, one of the most economically damaging weeds in northern Europe and is exceptionally difficult for farmers to control. This herbicide was one of those tested in H2 2025 field trials.
In 2024, the Company entered into its first major commercial agreement which was with Nufarm, a leading global manufacturer and distributor of agricultural products based in Melbourne, Australia. In September 2025, the Company and Nufarm announced the start of the next phase of this collaboration. During the next phase, the two companies will be conducting larger global field trials, crop use and safety studies, human and environmental safety testing, and optimising the product for commercial use. The deal provides Nufarm with exclusive access to one of the Company’s new modes of action, with an option to commercialise other compounds from the same mode of action area. Nufarm and the Company will be jointly responsible for steering the new mode of action through the research phase, expected to take until late 2026.
In August 2025, the Company announced its second commercial collaboration, with Gowan Company, a leading agricultural solutions business based in the United States. This partnership will work on a new class of novel Moa AmplifierTM molecules discovered by Moa. A Moa Amplifier is non-herbicidal on its own but potentially allows farmers to reduce the amount or concentration of the agricultural herbicides they currently use. Gowan will make a significant investment involving upfront payments and future value creation sharing through milestone payments and royalties, to see Moa and Gowan working together to develop a new Moa Amplifier for a specific active ingredient.
A third commercial collaboration was signed in December 2025 with Certis Belchim, an international crop protection company based in the Netherlands. As with Gowan, Moa will work with Certis Belchim to co-develop a novel Moa Amplifier molecule for a different specific active ingredient.
The Company’s management believes that a licensing model, in which the Company receives a combination of upfront payments, milestone payments and royalty payments from commercial partners in exchange for the rights to develop and commercialise its new modes of action, represents the most profitable and capital efficient route to market. The Company has also seen significant interest from potential commercial partners wishing to collaborate on product development at an even earlier stage, leveraging the Company’s proprietary platforms, data and R&D expertise, which could lead to additional revenue streams in the short to mid-term.
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MOA TECHNOLOGY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Regulatory risk
The agricultural crop protection industry is highly regulated and appropriate regulatory approvals must be gained before new products can be launched into the market. New product registration processes require extensive human and environmental safety studies and can take several years. While the Company rigorously screens its products for toxicity from a very early stage in the R&D process, long term studies are essential to ensure that farmers and consumers have complete confidence in the safety of the products, and that the environmental impact is minimal.
Intellectual Property (IP) risk
Safeguarding proprietary discoveries is crucial. Moa has implemented robust IP protection strategies to maintain its competitive advantage through a combination of patents, trade secrets and know how.
Economic and Financial risks
The Company will require periodic capital investment to support its R&D activities until it is cash flow positive.
Financial risk management
The principal financial risks to which the Company are exposed are discussed below.
Currency risks
Most of the Company’s revenue to date has been in US Dollars but we pay for goods and services in a variety of currencies, mainly pound sterling, US Dollar, Euro and Australian Dollar. The Company mitigates the risk by holding cash in a variety of currencies and by monitoring the fluctuations in the exchange rates, taking advantage of favourable market conditions.
Liquidity risks
The Company is currently pre revenue in respect of product commercialisation and continues to incur significant research and development expenditure as it progresses its pipeline of novel herbicides and amplifier technologies. As a result, the Company is dependent on securing external funding to support its operations until it becomes cash flow positive.
At the balance sheet date, the Company had cash and cash equivalents of £5.7m; however, the directors recognise that the Company’s ability to continue its activities beyond the short to medium term is dependent on the successful completion of its Series C funding round or the securing of alternative funding arrangements.
The directors actively manage this risk through regular cash flow forecasting, close cost control and ongoing engagement with existing and potential investors. Negotiations in respect of the Series C funding round are well advanced, and the directors remain confident in the Company’s ability to secure the funding required to support its strategic objectives. Further details of the directors’ going concern assessment are set out in note 2.2 to the financial statements.
Credit risk
Investments of cash surpluses are made through banks which must fulfil credit rating criteria approved by the board. All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
Competition risks
There is a risk that new entrants could enter the market and reduce future profit potential for the Company. To reduce this risk the Company has patented its GALAXY and TARGET platforms and remains firmly focused on its commercial goals.
Supply Chain risks
The Company has a procurement system in place to ensure that product levels are monitored and remain at a consistent level. Key consumables are managed through a preferred supplier list to help ensure the Company can benefit from stable prices and economies of scale. The risk is further reduced by setting up standing orders with companies and putting in place contracts with suppliers which are most critical to our operations. This ensures our supply remains stable and as per the agreed terms of the contract.
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MOA TECHNOLOGY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Compliance risks
The Company uses a variety of resources to ensure compliance regulations are adhered to. The Company is required to appoint a Biological Safety Officer (BSO), conduct, and review regular risk assessments, appoint a Health and Safety and a GM Safety Committee, and to hold health and safety and GM safety review sessions. We also work with an experienced Health and Safety organisation to help with our approval requirements and conduct external audits of our processes, procedures and facilities. The Company is required to follow the HSE GMO Contained Regulations 2014 and has plant phytosanitary requirements from APHA and Defra to adhere to.
Product Pipeline
There is a risk that anticipated income from our platform and pipeline technology could be delayed. The Company has established clear goals to ensure the transition to a commercial Company is successful. The Company has invested in people and created new roles to facilitate this.
Government risks
There is a risk that the Government could reduce the scope or revoke the R&D tax credit scheme that the Company currently benefits from. This is regularly monitored so that any changes can be managed.
The main financial KPIs are revenue and cost tracking versus budget, whilst the main non-financial KPI's are progress tracking regarding completion of Company strategic milestones.
Revenue for FY25 was £2.5m, primarily due to the Company’s research collaboration with Nufarm, in addition to the collaboration with Gowan. £1.2m of deferred revenue from FY24 was recognised in FY25. In addition to the £2.5m recognised as Revenue in FY25 a further £2.5m was recognised as Deferred Income, to be recognised in FY26.
Costs are tracked continuously over time (full monthly closing) to be able to identify any deviations early. In FY25 the Company made significant savings versus Budget, as it conserved cash in the run up to its Series C round. The Company utilised 83% of its annual budget in 2025 with 85% being spent on research and development expenses. The remainder of the costs were spent on general and administrative expenses. The Company's loss for the year, after taxation, amounted to £9.4m (FY24: £10.7m). The net assets of the Company totalled £3.2m (FY24: £12.2m).
The Company broadly achieved all its strategic milestones for FY25, including advancing the Nufarm collaboration, signing a second and third major commercial deal, advancing its novel mode-of-action herbicides through successful international field trials and discovering a novel blackgrass herbicide.
Section 172(1) Companies Act 2006
The directors confirm that they have acted in good faith in the way they consider what would be most likely to promote the success of the Company for the benefit of its members. In doing so they have considered, among other matters, those set out in section 172(1) (a) to (f) of the Companies Act 2006: the likely consequences of any decision in the long term; the interests of the Company's employees; the need to foster the Company's business relationships with suppliers, customers and others; the impact of the Company's operations on the community and the environment; the desirability of the Company maintaining a reputation for high standards of business conduct; and the need to act fairly as between members of the Company. This statement applies equally to the directors individually and when acting collectively as the board. In discharging their duties in relation to section 172 (1), careful consideration is given to the matters set out above. The stakeholders we consider in this regard are primarily employees, suppliers and customers, the communities we operate in, the wider world and environment. Engagement with our shareholders and all stakeholders is of fundamental importance across the business and the directors are focused on building these relationships on a continuous basis.
Communities
Our purpose is to support the agricultural community by empowering farmers to protect their harvests. In doing so, the Company will support the wider community by helping ensure affordable food security for all. The Company also provides skilled employment at different levels of experience and qualification, offering opportunities to individuals from a wide diversity of backgrounds to develop to their full potential. These include year-long industry sandwich placements and summer internships to give university students experience of working in a professional research laboratory, and short work experience placements to school-age children.
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MOA TECHNOLOGY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Environment
The Company aims to make its biggest impact on the environment by helping farmers meet rising global food demand by increasing yield from their existing land, rather than converting more land to agricultural use. The Company estimates that avoided land use change from future Moa herbicides could annually save as much as 600 million tonnes of CO2e and over 2 million hectares of nature loss.
The Company also aims to reduce the impact of its own business operations on the environment. It set up an internal Green Team in 2024 which has partnered with the MyGreenLab scheme to benchmark and help reduce the impact of our laboratories on the environment, achieving Gold certification in our first year of participation. In 2025 we recorded 4 tonnes CO2e in Scope 1 emissions, zero Scope 2 emissions and 1,645 tonnes CO2e in Scope 3 emissions (22 tonnes per FTE). In 2024 the Company also measured its CO2e emissions for the 1st time, working with Positive Planet.
Engagement with employees
Our employees are critical to the success of our business, and we are committed to helping them develop their full potential while working together to fulfil the Company’s purpose. The Company encourages two-way participation from all personnel and conducts quarterly anonymous workplace surveys to gather feedback and measure employee sentiment so that any concerns can be quickly addressed.
Employee development
Continuous learning is essential to achieving the Company’s goals, and to that end the Company encourages all employees to develop their professional skills, whether by studying for advanced degrees, on the job practical training, attendance at academic and industry conferences, or participating in the Company’s mentorship programme.
This report was approved by the board and signed on its behalf.
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MOA TECHNOLOGY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The Directors present their report and the financial statements for the year ended 31 December 2025.
The Directors who served during the year were:
The Directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The auditor, James Cowper Kreston Audit, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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MOA TECHNOLOGY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The loss for the year, after taxation, amounted to £9,423,882 (2024 - loss £10,769,678).
This report was approved by the board and signed on its behalf.
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MOA TECHNOLOGY LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MOA TECHNOLOGY LIMITED
We have audited the financial statements of Moa Technology Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We draw attention to note 2.2 in the financial statements, which indicates that the Company is reliant on the completion of the Series C funding round to continue as a going concern. As stated in note 2.2, these events or conditions, along with the other matters as set forth in note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
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MOA TECHNOLOGY LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MOA TECHNOLOGY LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The Directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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MOA TECHNOLOGY LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MOA TECHNOLOGY LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims;
∙Enquiry of management and those charged with governance to identify any material instances of non compliance with laws and regulations;
∙Reviewing minutes of meetings of those charged with governance.
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
∙Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
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MOA TECHNOLOGY LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MOA TECHNOLOGY LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants and Statutory Auditor
201 Cumnor Hill
Cumnor Hill
Oxfordshire
OX2 9GG
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MOA TECHNOLOGY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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MOA TECHNOLOGY LIMITED
REGISTERED NUMBER: 10895764
BALANCE SHEET
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 30 form part of these financial statements.
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MOA TECHNOLOGY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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MOA TECHNOLOGY LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
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MOA TECHNOLOGY LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2025
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MOA TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Moa Technology Limited is a private company limited by share capital and incorporated in England and
Wales.
The Company's registered office is The Bellhouse Building, The Magdalen Centre, The Oxford Science Park, 1 Robert Robinson Avenue, Oxford, United Kingdom, OX4 4GA
The Company's principal activity is Research and Development in the field of sustainable herbicides.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
During the year Moa Technology Limited made a pre tax loss of £11,168,691 (2024: £12,671,504) and had net assets at 31 December 2025 of £3,210,075 (2024: £12,158,397) including cash and cash equivalents of £5,749,406 (2024: £11,424,689).
The Company is currently raising equity financing in a Series C round. That funding round (or an alternative funding mechanism) is necessary for the Company to continue as a going concern. Negotiations with investors are well advanced and the Directors have full confidence that the round will be concluded within the next couple of months. Nonetheless, they recognise that until the funding round is completed there is a material uncertainty in this regard.
The Directors have prepared budgets and forecasts assessing the required resources to continue in operational existence for the foreseeable future. The Directors consider these budgets and forecasts to be achievable, however, the Directors have considered alternative scenarios which continue to demonstrate the Company remaining cash positive for a period of at least 12 months from the approval of these financial statements.
The Directors, therefore, continue to prepare the financial statements on the going concern basis.
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MOA TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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MOA TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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.
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MOA TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme). Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period. Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Amortisation is provided on the following bases:
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MOA TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
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MOA TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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MOA TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as the remaining life of the assets and projected disposal values. The fair value of the share options at the date of grant is determined using the Black-Scholes model. This model uses key assumptions including the risk free rate, share price and volatility of the share price. The fair value of the options at the date of grant is then charged to the Consolidated Statement of Comprehensive Income over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each Balance Sheet date so that ultimately the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. The Company makes an assessment of its future performance obligations and the extent to which the costs incurred represent the value attributable to revenue. Due to the early stage of contracts, there is some uncertainty as to the stage of progress towards satisfaction of the performance obligations.
Analysis of turnover by country of destination:
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MOA TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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MOA TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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MOA TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
12.Taxation (continued)
An unprovided deferred tax asset arises principally in respect of trading losses totalling £5,616,481 (2024: £4,551,784) at 31 December 2025 together with other immaterial timing differences. This deferred
tax asset has not been recognised due to the uncertainty of the future taxable profits against which it may be settled.
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MOA TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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MOA TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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MOA TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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MOA TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
As part of a collaboration agreement signed in 2024, MoA Technology Limited may be required to reimburse a proportion of the funding received, should MoA Technology Limited or a partner commercialise a compound from the programme released from exclusivity with the partner in September 2025. This amount is less than $2 million and would only be paid following the commercial launch of the herbicide, at a stage when the Company would be receiving product revenues or royalties. Whilst the Company is engaged discussions with potential partners to commercialise this, there are, as yet no agreements to do so and the likelihood of the generation of any such revenues or royalties is therefore uncertain, this does not, therefore, meet the criteria to be recognised as a provision.
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MOA TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £313,558 (2024: £266,696). Contributions totalling £Nil (2024: £51,583) were payable to the fund at the balance sheet date.
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