Company Registration No. 03699022 (England and Wales)
XIM LIMITED
T/A LIFELIGHT
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
XIM LIMITED
T/A LIFELIGHT
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 11
XIM LIMITED
T/A LIFELIGHT
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
4
5,523,768
5,993,256
Tangible assets
5
940
5,795
5,524,708
5,999,051
Current assets
Debtors
7
693,127
482,894
Cash at bank and in hand
1,484,147
1,010,461
2,177,274
1,493,355
Creditors: amounts falling due within one year
8
(678,971)
(463,265)
Net current assets
1,498,303
1,030,090
Total assets less current liabilities
7,023,011
7,029,141
Creditors: amounts falling due after more than one year
9
(1,590,778)
(1,930,184)
Provisions for liabilities
(762,000)
(994,400)
Net assets
4,670,233
4,104,557
Capital and reserves
Called up share capital
12
8,932
7,456
Share premium account
7,605,203
5,462,215
Profit and loss reserves
(2,943,902)
(1,365,114)
Total equity
4,670,233
4,104,557

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

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

The financial statements were approved by the board of directors and authorised for issue on 7 May 2026 and are signed on its behalf by:
LD Pearce
Director
Company Registration No. 03699022
XIM LIMITED
T/A LIFELIGHT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
1
Accounting policies
Company information

XIM Limited is a private company limited by shares incorporated in England and Wales. The registered office is The University of Southampton Science Park, Venture Road, Chilworth, Southampton, Hampshire, SO16 7NP.

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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered a period in excess of 12 months from the date of signing these financial statements when making this decision. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

The company continues to be at the early stage of revenue but has continued to attract funds to support its ongoing development and expansion, through the issue of further shares and the signing on new contract deals with partners. The company’s budgets and forecasts for the next twelve months support the going concern assessment which has been made by the company.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Intangible fixed assets other than goodwill

Intangible assets are initially recognised at cost once the recognition criteria has been met. After recognition, under the cost model, intangible assets are measured at cost less accumulated amortisation and accumulated impairment loss.

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

Development costs
20% straight line
XIM LIMITED
T/A LIFELIGHT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 3 -

All intangible assets are considered to have finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. Where factors, such as technological advancement or changes in market price, indicate that residual value or useful life have changed, the residual value, useful life or amortisation rate are amended prospectively to reflect the new circumstances. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired.

Costs associated with maintaining software are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique products controlled by the company are recognised as intangible assets when the following criteria are met;

- it is technically feasible to complete the software so that it will be available for use;

- management intends to complete the software and use or sell it;

- there is an ability to use or sell the software;

- it can be demonstrated how the software will generate probable future economic benefits;

- adequate technical, financial and other resources to complete the development and to use or sell the software are available; and

- the expenditure attributable to the software during its development can be reliably measured.

Other development expenditures that do not meet these criteria are recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period.

1.6
Tangible fixed assets

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

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

Fixtures and fittings
25% straight line
Computers
50% straight line

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.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

XIM LIMITED
T/A LIFELIGHT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
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.

XIM LIMITED
T/A LIFELIGHT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 5 -
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

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

1.13
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

1.14
Government grants

Government 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.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.15
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.

XIM LIMITED
T/A LIFELIGHT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The directors use their judgement in determining the useful economic life of the intangible fixed assets based on their specialist knowledge of the industry.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Intangible fixed assets

The directors use their judgement in determining the useful economic life of intangible fixed assets based on their specialist knowledge of the industry. They have determined that 5 years is an appropriate economic life.

In addition, they have determined that the capitalised development costs included in intangible fixed assets should not be amortised until such time as development is complete and the "product" is commercially useable/in use. The "product" was considered commercially viable in the prior accounting period, as a result amortisation commenced from this date.

Capitalisation of staff costs

The directors use their judgement in determining that certain salaries are to be capitalised in line with the company's research and development activities. These costs are included as additions to the intangible fixed asset.

Share-based payments

The directors use their judgement in determining the various factors and variables included in the Black Scholes Model which is used to determine any share based payment cost/reserve required. Judgement is also required in respect of these options where they are exercisable at the point of an "exit event" in determining in what timescale that event might occur. As a result of these judgements the directors have determined that this is no material cost to the options granted in the period or to date and therefore no share based payment cost or reserve is included in these financial statements.

3
Employees

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

2025
2024
Number
Number
Total
17
18
XIM LIMITED
T/A LIFELIGHT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
4
Intangible fixed assets
Development costs
£
Cost
At 1 January 2025
7,351,128
Additions
1,121,582
At 31 December 2025
8,472,710
Amortisation and impairment
At 1 January 2025
1,357,872
Amortisation charged for the year
1,591,070
At 31 December 2025
2,948,942
Carrying amount
At 31 December 2025
5,523,768
At 31 December 2024
5,993,256
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2025
36,990
Disposals
(34,882)
At 31 December 2025
2,108
Depreciation and impairment
At 1 January 2025
31,195
Depreciation charged in the year
1,054
Eliminated in respect of disposals
(31,081)
At 31 December 2025
1,168
Carrying amount
At 31 December 2025
940
At 31 December 2024
5,795
XIM LIMITED
T/A LIFELIGHT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
6
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
(276,407)
(235,601)
Deferred tax
Origination and reversal of timing differences
(232,400)
(278,645)
Total tax credit
(508,807)
(514,246)

The actual credit for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Loss before taxation
(2,087,595)
(2,024,815)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(521,899)
(506,204)
Tax effect of expenses that are not deductible in determining taxable profit
7,503
33,128
Change in unrecognised deferred tax assets
-
0
2,238
Amortisation on assets not qualifying for tax allowances
358,714
333,182
Research and development tax credit
(276,407)
(235,601)
Other non-reversing timing differences
(141,551)
(96,262)
Deferred tax movements
64,833
(44,727)
Taxation credit for the year
(508,807)
(514,246)
7
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
233,428
97,978
Corporation tax recoverable
276,407
235,601
Other debtors
183,292
149,315
693,127
482,894
XIM LIMITED
T/A LIFELIGHT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
8
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
468,027
95,156
Trade creditors
86,134
203,023
Taxation and social security
65,032
37,137
Other creditors
59,778
127,949
678,971
463,265

Bank loans at the balance sheet date are secured by a fixed and floating charge over the company's assets.

9
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
1,590,778
1,930,184
Creditors which fall due after five years are payable as follows:
Payable by instalments
-
3,400
10
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
1,222,312
1,364,809
Tax losses
(460,312)
(370,030)
Retirement benefit obligations
-
(379)
762,000
994,400
2025
Movements in the year:
£
Liability at 1 January 2025
994,400
Credit to profit or loss
(232,400)
Liability at 31 December 2025
762,000
XIM LIMITED
T/A LIFELIGHT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
10
Deferred taxation
(Continued)
- 10 -

The company has recognised the deferred tax balance at the balance sheet date at the substantively enacted corporation tax rate of 25%. The directors anticipate that in future periods the company will access the Patent Box Regime currently available under existing legislation and therefore the effective future tax rate of the company may in fact be substantially lower than 25%. Should this be the case the deferred tax liability recognised may reverse at a lower rate than presented in these financial statements.

11
Share-based payment transactions
Liabilities and expenses

At the balance sheet date the company had cumulatively granted 24,542 (2024: 23,212) share options which had not been exercised. During the year, 11,130 (2024: nil) share options were granted and nil (2024:3,656) share options were exercised by employees. A total of 9,800 (2024: 2,200) options were cancelled/lapsed in the year. The directors have considered the fair value of the options granted and consider that no provision for a share based payment cost is required in these financial statements.

12
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary B shares of 1p each
427,589
427,589
4,275
4,275
Ordinary shares of 1p each
465,619
318,069
4,657
3,181
893,208
745,658
8,932
7,456

During the year, the company completed an issue of shares. This issue was for 147,550 Ordinary shares with a nominal value of 1p each. Proceeds from this issue totalled £2,199,971 and £2,142,988 is therefore included in share premium, after the deduction of associated costs.

The Ordinary Shares and Ordinary B Shares have the same voting and dividend rights. On a return of capital on a liquidation or capital reduction, the Ordinary B shares rank above the Ordinary Shares.

13
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its loss for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

XIM LIMITED
T/A LIFELIGHT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
13
Audit report information
(Continued)
- 11 -
Senior Statutory Auditor:
Michael Breame
Statutory Auditor:
Rickard Luckin Limited
Date of audit report:
12 May 2026
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