ACCOUNTS - Final Accounts preparation

Company registration number: 15270866

	FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 DECEMBER 2025

	LIGANOVA MASH! LTD


LIGANOVA MASH! LTD

COMPANY INFORMATION

Directors	J Walkinshaw
	M Seiler (appointed 15 October 2025)
	B G Holzer (appointed 3 April 2025)


Registered number	15270866


Registered office	45 Gresham Street
	London
	England
	EC2V 7BG


Independent auditor	Menzies LLP
	Chartered Accountants & Statutory Auditor
	2nd Floor, Midas House
	62 Goldsworth Road
	Woking
	Surrey
	GU21 6LQ


LIGANOVA MASH! LTD

CONTENTS

	Page
Statement of financial position	1
Notes to the financial statements	2 - 7


LIGANOVA MASH! LTD REGISTERED NUMBER:15270866

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	4		32,915		22,493
			32,915		22,493
Current assets
Debtors: amounts falling due within one year	5	922,410		330,268
Cash at bank and in hand		487,176		43,736
		1,409,586		374,004
Creditors: amounts falling due within one year	6	(1,189,695)		(390,445)
Net current assets/(liabilities)			219,891		(16,441)
Total assets less current liabilities			252,806		6,052
Provisions for liabilities
Deferred tax		(6,981)		(2,935)
			(6,981)		(2,935)
Net assets			245,825		3,117

Capital and reserves
Called up share capital	100	100
Profit and loss account	245,725	3,017
	245,825	3,117

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 statement of income and retained earnings 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 Walkinshaw

Director

Date: 27 May 2026

The notes on pages 2 to 7 form part of these financial statements.

Page 1


LIGANOVA MASH! LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

Liganova Mash! Ltd is a private company, limited by shares incorporated in the United Kingdom under the Companies Act 2006, and registered in England and Wales. The address of the registered office is given on the Company Information page. The Company does not have a principal place of business.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of 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

Going concern

At the year end, the Company had net current assets of £219,891 (2024: net current liabilities of £16,441) and is reliant on one customer to generate income. A purchase order from the customer has been received which would allow Liganova Mash! Ltd to continue trading to 31 March 2027, however the current arrangement does not place an obligation on the customer to honour the order. This means that the services currently provided by Liganova Mash! Ltd may be terminated at any time. The Directors acknowledge that should this happen, the Company would no longer be a going concern and therefore there is material uncertainty over the Company's ability to continue as a going concern in the next 12 months.

2.3

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 Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

2.4

Revenue

Revenue is charged based on the expenditure incurred, with a mark-up added. Revenue is measured at the fair value of the consideration received or receivable, excluding value added tax and other sales taxes, for services rendered.

Page 2


LIGANOVA MASH! LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.5

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 3


LIGANOVA MASH! LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.10

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:

Computer equipment

over 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.

2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

Page 4


LIGANOVA MASH! LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.12

Financial instruments

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

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.

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.

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.

Employees

The average monthly number of employees, including directors, during the year was 42 (2024 -34).

Page 5


LIGANOVA MASH! LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

4.	Tangible fixed assets

		Computer equipment
		£
	Cost or valuation
	At 1 January 2025	30,499
	Additions	24,781
	At 31 December 2025	55,280
	Depreciation
	At 1 January 2025	8,006
	Charge for the year	14,359
	At 31 December 2025	22,365
	Net book value
	At 31 December 2025	32,915

Debtors

					2025	2024
					£	£


Trade debtors	779,374	-
Amounts owed by group undertakings	-	281,392
Other debtors	77,827	36,213
Prepayments and accrued income	65,209	12,663
	922,410	330,268

6.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors	234,387	2,712
Amounts owed to group undertakings	644,504	269,912
Corporation tax	78,884	-
Other taxation and social security	86,389	69,198
Accruals and deferred income	145,531	48,623
	1,189,695	390,445

Page 6


LIGANOVA MASH! LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

7.	Parent company

The immediate parent company is Liganova Group GmbH. The registered office is Herdweg 59, 70174 Stuttgart, Germany.

The parent company of the smallest group for which consolidated financial statements are drawn up is Going Beyond Group GmbH. The address of their registered office is Herdweg 59, 70174 Stuttgart, Germany.

8.	Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2025 was unqualified.

The audit report was signed on 27 May 2026 by Tom Woods FCA (Senior statutory auditor) on behalf of Menzies LLP.

Page 7