REGISTERED NUMBER: NI618546 (Northern Ireland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

FOR

CARDINAL ANALYTICS LTD

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

8

DIRECTOR:

Dr M Fletcher

REGISTERED OFFICE:

54 Elmwood Avenue

Belfast

BT9 6AZ

REGISTERED NUMBER:

NI618546 (Northern Ireland)

ACCOUNTANTS:

Baker Tilly Mooney Moore

17 Clarendon Road

Belfast

BT1 3BG

CURRENT ASSETS

Debtors

5

198,688

185,145

Cash at bank

264

51,672

198,952

236,817

CREDITORS

Amounts falling due within one year

6

1,270,364

1,207,196

NET CURRENT LIABILITIES

(1,071,412

)

(970,379

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,071,412

)

(970,379

)

CREDITORS

Amounts falling due after more than one year

7

1,030,155

905,320

NET LIABILITIES

(2,101,567

)

(1,875,699

)

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Other reserves

119,461

109,129

Retained earnings

(2,222,028

)

(1,985,828

)

SHAREHOLDERS' FUNDS

(2,101,567

)

(1,875,699

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 13 May 2026 and were signed by:

Dr M Fletcher - Director

1.	STATUTORY INFORMATION

Cardinal Analytics Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

During the year the company made a loss of £236,200 and had net liabilities of £2,101,567. The financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future.

The validity of this assumption depends on the continued support of the director and the company's other creditors. Both the director and the company's other creditors have indicated their willingness to continue to support the company for at least one year from the date of approval of these financial statements to ensure that the company can meet its liabilities as they fall due.

The director therefore believes it is appropriate for the financial statements to be prepared on a going concern basis. The financial statements do not include any adjustments that would result if the support was withdrawn.

Significant judgements and estimates

There were no significant judgements and estimates.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures, fittings & equipment

-

33% on cost

Financial instruments

All financial instruments of the company are considered to meet the definition of basic financial instruments.

- Short term debtors and creditors

Debtors and creditors with no stated interest rate and are receivable or payable on demand are recognised at transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in the profit and loss account.

- Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

- Loans and borrowings

All loans and borrowings are initially recorded at the present value of cash payable to the lender in settlement of the liability discounted at the market interest rate. Subsequently loans and borrowings are stated at amortised cost using the effective interest rate method. The computation of amortised cost includes any issue costs, transaction costs and fees, and any discount or premium on settlement, and the effect of this is to amortise these amounts over the expected borrowing period. Loans with no stated interest rate and repayable within one period or on demand are not amortised. Loans and borrowings are classified as current liabilities unless the borrower has an unconditional right to defer settlement of the liability for at least 12 months after the financial period end date.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Expenditure on research and development is written off in the period in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Grants

Revenue grants are credited to the profit and loss account in the period to which they relate.

Convertible debt

The proceeds received on issue of the company's convertible debt are allocated into their liability and equity components and presented separately in the balance sheet.

The amount initially attributed to the debt component equals the discounted cash flows using a market rate of interest that would be payable on a similar debt instrument that did not include an option to convert.

The difference between the net proceeds of the convertible debt and the amount allocated to the debt component is credited direct to equity and is not subsequently re-measured, this is classified as other reserves. On conversion, the debt and equity elements are credited to share capital and share premium as appropriate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2024 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures,

fittings

& equipmen

£

COST

At 1 September 2024

and 31 August 2025

1,982

DEPRECIATION

At 1 September 2024

and 31 August 2025

1,982

NET BOOK VALUE

At 31 August 2025

-

At 31 August 2024

-

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.25

31.8.24

£

£

Amounts owed by related party

15,136

73,858

Other debtors

183,552

111,287

198,688

185,145

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.25

31.8.24

£

£

Bank loans and overdrafts

14,383

20,183

Taxation and social security

153,390

140,566

Other creditors

1,102,591

1,046,447

1,270,364

1,207,196

Included in other creditors are loans from related parties of £936,139 (2024: £923,689 which are interest free and repayable on demand.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.25

31.8.24

£

£

Bank loans

23,634

27,431

Other creditors

1,006,521

877,889

1,030,155

905,320

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Convertible bonds

213,111

206,988

Convertible loan notes

333,260

255,551

546,371

462,539

Included in the convertible bonds above are:

31.8.25

31.8.24

£

£

Bonds 10% over 8 years

146,667

143,704

Bonds 5% over 7 years

42,000

39,333

Bonds 10% over 7 years

24,444

23,951

213,111

206,988

The bonds are convertible to equity in the event of a sale (i.e merger, acquisition, IPO etc). The level of equity conversion depends on revenue targets.

Included in the convertible loan notes above are:

31.8.25

31.8.24

£

£

Loan notes 6% over 5 years

160,927

153,713

Loan notes 6% over 5 years

107,068

101,838

Loan notes 6% over 4 years

65,265

-

333,260

255,551

The loan notes are convertible to equity upon the earlier of an event of default or the maturity date.

8.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Dr M Fletcher.