Caseware UK (AP4) 2025.0.111 2025.0.111 2025-12-31 2025-12-31 2026-05-19 2025-01-01 13 Research and experimental development on biotechnology false 14 true true The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. false 11175710 2025-01-01 2025-12-31 11175710 2024-01-01 2024-12-31 11175710 2025-12-31 11175710 2024-12-31 11175710 c:Director2 2025-01-01 2025-12-31 11175710 d:PlantMachinery 2025-01-01 2025-12-31 11175710 d:PlantMachinery 2025-12-31 11175710 d:PlantMachinery 2024-12-31 11175710 d:PlantMachinery d:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 11175710 d:FurnitureFittings 2025-01-01 2025-12-31 11175710 d:FurnitureFittings 2025-12-31 11175710 d:FurnitureFittings 2024-12-31 11175710 d:FurnitureFittings d:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 11175710 d:OfficeEquipment 2025-01-01 2025-12-31 11175710 d:OfficeEquipment 2025-12-31 11175710 d:OfficeEquipment 2024-12-31 11175710 d:OfficeEquipment d:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 11175710 d:ComputerEquipment 2025-01-01 2025-12-31 11175710 d:ComputerEquipment 2025-12-31 11175710 d:ComputerEquipment 2024-12-31 11175710 d:ComputerEquipment d:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 11175710 d:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 11175710 d:PatentsTrademarksLicencesConcessionsSimilar 2025-01-01 2025-12-31 11175710 d:PatentsTrademarksLicencesConcessionsSimilar 2025-12-31 11175710 d:PatentsTrademarksLicencesConcessionsSimilar 2024-12-31 11175710 d:CurrentFinancialInstruments 2025-12-31 11175710 d:CurrentFinancialInstruments 2024-12-31 11175710 d:CurrentFinancialInstruments d:WithinOneYear 2025-12-31 11175710 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 11175710 d:ShareCapital 2025-12-31 11175710 d:ShareCapital 2024-12-31 11175710 d:SharePremium 2025-12-31 11175710 d:SharePremium 2024-12-31 11175710 d:RetainedEarningsAccumulatedLosses 2025-12-31 11175710 d:RetainedEarningsAccumulatedLosses 2024-12-31 11175710 c:OrdinaryShareClass2 2025-01-01 2025-12-31 11175710 c:OrdinaryShareClass2 2025-12-31 11175710 c:OrdinaryShareClass2 2024-12-31 11175710 c:OrdinaryShareClass3 2025-01-01 2025-12-31 11175710 c:OrdinaryShareClass3 2025-12-31 11175710 c:OrdinaryShareClass3 2024-12-31 11175710 c:OrdinaryShareClass4 2025-01-01 2025-12-31 11175710 c:OrdinaryShareClass4 2025-12-31 11175710 c:OrdinaryShareClass4 2024-12-31 11175710 c:OrdinaryShareClass5 2025-01-01 2025-12-31 11175710 c:OrdinaryShareClass5 2025-12-31 11175710 c:OrdinaryShareClass5 2024-12-31 11175710 c:FRS102 2025-01-01 2025-12-31 11175710 c:AuditExempt-NoAccountantsReport 2025-01-01 2025-12-31 11175710 c:FullAccounts 2025-01-01 2025-12-31 11175710 c:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 11175710 d:PatentsTrademarksLicencesConcessionsSimilar d:ExternallyAcquiredIntangibleAssets 2025-01-01 2025-12-31 11175710 2 2025-01-01 2025-12-31 11175710 6 2025-01-01 2025-12-31 11175710 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2025-01-01 2025-12-31 11175710 e:PoundSterling 2025-01-01 2025-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11175710 SMI DRUG DISCOVERY LIMITED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
SMI DRUG DISCOVERY LIMITED REGISTERED NUMBER: 11175710 BALANCE SHEET AS AT 31 DECEMBER 2025
|  |  |  | As restated
|  | 2025 |  | 2024
Note |  | £ |  | £
FIXED ASSETS |  |  |  |  |
Intangible assets | 4 |  | 112,803 |  | 116,592
Tangible assets | 5 |  | 93,423 |  | 25,791
Investments | 6 |  | 1 |  | 1
|  |  | 206,227 |  | 142,384
CURRENT ASSETS |  |  |  |  |
Debtors: amounts falling due within one year | 7 | 450,962 |  | 407,111 |
Bank and cash balances |  | 825,012 |  | 668,805 |
|  | 1,275,974 |  | 1,075,916 |
Creditors: amounts falling due within one year | 8 | (162,841) |  | (86,614) |
NET CURRENT ASSETS |  |  | 1,113,133 |  | 989,302
NET ASSETS |  |  | 1,319,360 |  | 1,131,686
CAPITAL AND RESERVES |  |  |  |  |
Called up share capital | 9 |  | 9,462 |  | 8,845
Share premium account |  |  | 6,652,271 |  | 4,945,162
Profit and loss account |  |  | (5,342,373) |  | (3,822,321)
|  |  | 1,319,360 |  | 1,131,686
Page 1
SMI DRUG DISCOVERY LIMITED REGISTERED NUMBER: 11175710 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2025 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. 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. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
J Clark
Director
Date: 19 May 2026
The notes on pages 3 to 9 form part of these financial statements. Page 2
SMI DRUG DISCOVERY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | GENERAL INFORMATION
The Company is a private company limited by shares and incorporated in England and Wales. The registered office address is 23 Longmeadow, Lode, Cambridge, United Kingdom, CB25 9HA. 2. ACCOUNTING POLICIES
| 2.1 | BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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 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 following principal accounting policies have been applied:
| 2.2 | FOREIGN CURRENCY TRANSLATION
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.3 | OPERATING LEASES: THE COMPANY AS LESSEE
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.4 | RESEARCH AND DEVELOPMENT
Research and development expenditure is recognised in the Profit and Loss Account in the period in which the expenditure is incurred. Page 3
SMI DRUG DISCOVERY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2. ACCOUNTING POLICIES (CONTINUED)
| 2.5 | GOVERNMENT GRANTS
Grants are accounted for under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Profit and Loss Account in the same period as the related expenditure.
| 2.6 | INTEREST INCOME
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | FINANCE COSTS
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.8 | PENSIONS
DEFINED CONTRIBUTION PENSION PLAN The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.9 | TAXATION
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
| 2.10 | INTANGIBLE ASSETS
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. 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. Page 4
SMI DRUG DISCOVERY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2. ACCOUNTING POLICIES (CONTINUED)
| 2.11 | TANGIBLE FIXED ASSETS
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. 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:
|  |  |  | Plant and machinery | - | 5 years
|  |  |  | Fixtures and fittings | - | 5 years
|  |  |  | Office equipment | - | 5 years
|  |  |  | Computer equipment | - | 3 years
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.
| 2.12 | VALUATION OF INVESTMENTS
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.13 | DEBTORS
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.14 | CASH AND CASH EQUIVALENTS
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.15 | CREDITORS
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
3. | EMPLOYEES
| The average monthly number of employees, including directors, during the year was 14 (2024 - 13).
Page 5
SMI DRUG DISCOVERY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
4. | INTANGIBLE ASSETS
|  | Patents
|  | £
| COST |
| At 1 January 2025 | 118,410
| Additions | 20,813
| Disposals | (22,622)
| At 31 December 2025 | 116,601
| AMORTISATION |
| At 1 January 2025 | 1,818
| Charge for the year on owned assets | 1,980
| At 31 December 2025 | 3,798
| NET BOOK VALUE |
| At 31 December 2025 | 112,803
| At 31 December 2024 | 116,592
Page 6
SMI DRUG DISCOVERY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
5. | TANGIBLE FIXED ASSETS
|  | Plant and machinery | Fixtures and fittings | Office equipment | Computer equipment | Total
|  | £ | £ | £ | £ | £
| COST OR VALUATION |  |  |  |  |
| At 1 January 2025 | 14,501 | 387 | 14,583 | 38,584 | 68,055
| Additions | 79,793 | 913 | 399 | 1,537 | 82,642
| At 31 December 2025 | 94,294 | 1,300 | 14,982 | 40,121 | 150,697
| DEPRECIATION |  |  |  |  |
| At 1 January 2025 | 767 | 61 | 7,835 | 33,601 | 42,264
| Charge for the year on owned assets | 7,586 | 191 | 2,930 | 4,303 | 15,010
| At 31 December 2025 | 8,353 | 252 | 10,765 | 37,904 | 57,274
| NET BOOK VALUE |  |  |  |  |
| At 31 December 2025 | 85,941 | 1,048 | 4,217 | 2,217 | 93,423
| At 31 December 2024 | 13,734 | 326 | 6,748 | 4,983 | 25,791
6. | FIXED ASSET INVESTMENTS
|  | Investments in subsidiary companies
|  | £
| COST OR VALUATION |
| At 1 January 2025 | 1
| At 31 December 2025 | 1
Page 7
SMI DRUG DISCOVERY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
7. | DEBTORS
|  |  |  |  |  | As restated
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts owed by group undertakings | - | 17,310
| Other debtors | 414,296 | 360,947
| Prepayments and accrued income | 36,666 | 28,854
|  | 450,962 | 407,111
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Commercial card | 1,180 | -
| Trade creditors | 38,923 | 15,624
| Amounts owed to group undertakings | 17,866 | -
| Other taxation and social security | 26,064 | 20,611
| Other creditors | 31,152 | 31,309
| Accruals and deferred income | 47,656 | 19,070
|  | 162,841 | 86,614
| Other creditors include £11,832 (2024 - £11,989) payable to the Company's defined contribution pension scheme.
Page 8
SMI DRUG DISCOVERY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
9. | SHARE CAPITAL
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | ALLOTTED, CALLED UP AND FULLY PAID |  |
|  | 4,866,623 (2024 - 4,274,973) A1 shares of £0.001 each | 4,867 | 4,275
|  | 3,960,000 (2024 - 3,960,000) A2 shares of £0.001 each | 3,960 | 3,960
|  | 475,000 (2024 - 450,000) B shares of £0.001 each | 475 | 450
|  | 120,000 (2024 - 120,000) C shares of £0.001 each | 120 | 120
|  |  | 9,422 | 8,805
|  | ALLOTTED, CALLED UP AND PARTLY PAID |  |
|  | 40,000 (2024 - 40,000) A2 shares of £0.001 each | 40 | 40
During the year, the Company issued 591,650 A1 shares of £0.001 each at a price per share of £3.18 and 25,000 B shares of £0.001 each at par.
Page 9