REGISTERED NUMBER: 06535447 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Period 21 March 2024 to 17 March 2025

for

Nicobloc Plc

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTORS:

Mr J C Dennehy

Mr G A Hayes

Mr A J Haymes

Mr C J Newman

REGISTERED OFFICE:

20-22 Wenlock Road

London

London

N1 7GU

REGISTERED NUMBER:

06535447 (England and Wales)

AUDITORS:

Nordens Audit Limited

Statutory Auditors

The Retreat

406 Roding Lane South

Woodford Green

Essex

IG8 8EY

The directors present their strategic report for the period 21 March 2024 to 17 March 2025.

REVIEW OF BUSINESS

Nicobloc plc is grateful to our body of shareholders for continuing to support the Company as we enter a new and exciting period.

R&D has featured significantly this year with the final development of our new product, the NicoPen for the retail market, which will radically improve the usability of NicoBloc and will be attractive to new customers who are now moving away from vapes.

Recently signed distribution agreements include Australia, Japan, China, Singapore, Maylasia, Indonesia, Egypt, GCC and Greece.

We are very confident of securing significant US Government backed business for NicoBloc following successful trials in the US by military doctors within one US state Veterans Association (VA) with the prospect of being rolled out across other VAs. First order is expected to be in the order of $1m.

As well as continuing our focus on national government health authorities for supporting their national smoking cessation programmes we have received interest from employers' insurance companies to include Nicobloc under sponsored work place initiatives.

Nicobloc plc is still seeking significant investment and is currently considering an offer of a 10 year loan of $50m interest-free but for a percentage of net profit. This will be attractive if the US Government orders are secured as this venture will require significant financial support.

After year-end we anticipate filing three new patents which will give us patent protection for another 20 years and add significantly to our patent valuation.

Financial position

At 17 March 2025, the Company reported net assets of £451,890 (2024: £478,182).

The Company remains in a development and growth phase and continues to rely on shareholder support and external funding to finance operations and future expansion.

Key performance indicators:

The directors monitor the business using the following key financial indicators:

Company

2025

2024

Change %

Turnover

38,700

659,284

(94.1%)

Gross Profit

26,884

580,263

(95.4%)

Net (Loss)/Profit

(146,470)

179,009

(181.8%)

Net Assets

451,890

478,182

(5.5%)

The reduction in turnover reflects timing and nature of revenue generation, while costs continue to be managed in line with the Company’s development strategy.

PRINCIPAL RISKS AND UNCERTAINTIES

The Company faces a number of risks and uncertainties, which the directors actively monitor:

Funding risk

The Company remains dependent on continued financial support from shareholders and the successful raising of additional funding to support its operations and growth plans. Failure to secure adequate funding could impact the Company’s ability to execute its strategy.

Commercialisation risk

The successful commercialisation of new and existing products, including the NicoPen, remains uncertain and dependent on market acceptance, regulatory factors and distribution success.

Revenue concentration and timing

Revenue generation is currently dependent on securing large contracts and distribution arrangements, which may result in variability in income between periods.

Regulatory and market risk

Operating in the healthcare and tobacco-related sectors exposes the Company to changes in regulation, public health policy and consumer behaviour.

SECTION 172(1) STATEMENT

Nicobloc PLC hereby confirms compliance with Section 172(1) of the Companies Act 2006 in that they acted in good faith promoting the success of the Firm for the benefit of its stakeholders, and in doing so had regard (amongst other matters) to:

- The consequences of any decisions in the long-term by ensuring that all due care, attention, and considerations were given to all aspects of the possible outcomes when making decisions at board level and that those decisions were made in the best interests of the stakeholders.

- The interests of the Firm's employees by ensuring that consideration was given to employee equality, training, education and natural progression within the Firm, participation in shaping the Firm's strategy and product development, and actively engendering an 'employee-centric' environment.

- The provision of reliable, safe, affordable, and fair products and services to its customers, by being continually attentive to their needs, developing new products and services, optimising the provision and costs for the Firm's products and services, and promoting security of online payments.

- The need to nurture the Firm's business relationships with partners and suppliers by promoting mutually beneficial contractual arrangements, punctual settlement of invoices, and the sharing of industry insights and innovations.

- The impact of the Firm's operations on the community and the environment by continually promoting reduction of environmental pollution by using electronic document workflow, reducing Co2 emissions by cutting unnecessary travel, particularly airline travel, and promoting the use of public transportation by the Firm's employees.

- The Firm's regulatory compliance requirements by maintaining timely and accurate reporting to regulatory, governmental, and taxation authorities, by maintaining a reputation for high standards of business conduct and integrity, and by maintaining a professional approach.

- The need to always act fairly by maintaining standards that ensured no bias to any particular group or individual.

OUTLOOK

We are confident with the new sales strategy of selling at national government level to support national smoking cessation programmes we can achieve significant growth of the company through large government contracts which in turn will increase brand awareness of our products across the globe. With the introduction of our product for cigarette companies to reduce the nicotine content of manufactured cigarettes we envisage significant opportunities from this sector.

ON BEHALF OF THE BOARD:

Mr A J Haymes - Director

28 May 2026

The directors present their report with the financial statements of the company for the period 21 March 2024 to 17 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the period under review was that of Consumer Healthcare business

DIVIDENDS

No dividends will be distributed for the period ended 17 March 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 21 March 2024 to the date of this report.

Mr J C Dennehy

Mr G A Hayes

Mr A J Haymes

Mr C J Newman

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Nordens Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr A J Haymes - Director

28 May 2026

Opinion

We have audited the financial statements of Nicobloc Plc (the 'company') for the period ended 17 March 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 17 March 2025 and of its loss for the period 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.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Discussions were held with the directors with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

- Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation.

- It is considered that there are no laws and regulations for which non-compliance may be fundamental to the operating aspects of the business.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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 Report of the Auditors.

Use of our report

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 a Report of the Auditors 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.

Lorraine Curtis (Senior Statutory Auditor)

for and on behalf of Nordens Audit Limited

Statutory Auditors

The Retreat

406 Roding Lane South

Woodford Green

Essex

IG8 8EY

29 May 2026

TURNOVER

38,700

659,284

Cost of sales

11,816

79,021

GROSS PROFIT

26,884

580,263

Administrative expenses

170,276

398,021

OPERATING (LOSS)/PROFIT

4

(143,392

)

182,242

Interest payable and similar expenses

5

3,078

3,233

(LOSS)/PROFIT BEFORE TAXATION

(146,470

)

179,009

Tax on (loss)/profit

6

-

-

(LOSS)/PROFIT FOR THE FINANCIAL PERIOD

(146,470

)

179,009

(LOSS)/PROFIT FOR THE PERIOD

(146,470

)

179,009

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

(146,470

)

179,009

FIXED ASSETS

Intangible assets

7

39,077

94,137

Tangible assets

8

12,724

17,024

51,801

111,161

CURRENT ASSETS

Stocks

9

4,145

4,145

Debtors

10

535,407

549,910

Cash at bank and in hand

23,623

315

563,175

554,370

CREDITORS

Amounts falling due within one year

11

132,555

157,394

NET CURRENT ASSETS

430,620

396,976

TOTAL ASSETS LESS CURRENT LIABILITIES

482,421

508,137

CREDITORS

Amounts falling due after more than one year

12

30,531

29,955

NET ASSETS

451,890

478,182

CAPITAL AND RESERVES

Called up share capital

14

1,681,140

1,681,140

Share premium

15

1,185,314

1,065,136

Retained earnings

15

(2,414,564

)

(2,268,094

)

SHAREHOLDERS' FUNDS

451,890

478,182

The financial statements were approved by the Board of Directors and authorised for issue on 28 May 2026 and were signed on its behalf by:

Mr G A Hayes - Director

Mr A J Haymes - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 April 2023

1,500,202

(2,447,103

)

189,229

(757,672

)

Changes in equity

Issue of share capital

180,938

-

875,907

1,056,845

Total comprehensive income

-

179,009

-

179,009

Balance at 20 March 2024

1,681,140

(2,268,094

)

1,065,136

478,182

Changes in equity

Issue of share capital

-

-

120,178

120,178

Total comprehensive income

-

(146,470

)

-

(146,470

)

Balance at 17 March 2025

1,681,140

(2,414,564

)

1,185,314

451,890

Cash flows from operating activities

Cash generated from operations

1

(108,749

)

(320,869

)

Interest paid

(3,078

)

(3,233

)

Net cash from operating activities

(111,827

)

(324,102

)

Cash flows from investing activities

Purchase of intangible fixed assets

-

(1,313

)

Purchase of tangible fixed assets

(506

)

(891

)

Net cash from investing activities

(506

)

(2,204

)

Cash flows from financing activities

Amount withdrawn by directors

-

(739,148

)

Share issue

-

1,047,061

Share Premium

126,429

-

Net cash from financing activities

126,429

307,913

Increase/(decrease) in cash and cash equivalents

14,096

(18,393

)

Cash and cash equivalents at beginning of period

2

(18,221

)

172

Cash and cash equivalents at end of period

2

(4,125

)

(18,221

)

1.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period

Period

21.3.24

1.4.23

to

to

17.3.25

20.3.24

£

£

(Loss)/profit before taxation

(146,470

)

179,009

Depreciation charges

59,867

71,212

Finance costs

3,078

3,233

(83,525

)

253,454

Increase in trade and other debtors

(934

)

(38,447

)

Decrease in trade and other creditors

(24,290

)

(535,876

)

Cash generated from operations

(108,749

)

(320,869

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 17 March 2025

17.3.25

21.3.24

£

£

Cash and cash equivalents

23,623

315

Bank overdrafts

(27,748

)

(18,536

)

(4,125

)

(18,221

)

Period ended 20 March 2024

20.3.24

1.4.23

£

£

Cash and cash equivalents

315

172

Bank overdrafts

(18,536

)

-

(18,221

)

172

3.	ANALYSIS OF CHANGES IN NET DEBT

At 21.3.24

Cash flow

At 17.3.25

£

£

£

Net cash

Cash at bank and in hand

315

23,308

23,623

Bank overdrafts

(18,536

)

(9,212

)

(27,748

)

(18,221

)

14,096

(4,125

)

Debt

Debts falling due within 1 year

860

9,761

10,621

Debts falling due after 1 year

(29,955

)

(576

)

(30,531

)

(29,095

)

9,185

(19,910

)

Total

(47,316

)

23,281

(24,035

)

1.	STATUTORY INFORMATION

Nicobloc Plc is a public limited company, registered in England and Wales. 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

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.

Turnover

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

Intangible fixed assets other than goodwill

Intangible assets are stated at cost less accumulated amortisation.

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

Computer Software 10% on a straight line basis

Patents Over the life of the patent acquired

Trademarks Over the lift of the trademark duration

Tangible fixed assets

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

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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.

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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

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 payments 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 payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation

Taxation for the period 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 period 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.

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.

Going concern

The financial statements have been prepared on a going concern basis.

In assessing the appropriateness of this basis, the directors have prepared cash flow forecasts and projections for a period of at least twelve months from the date of approval of these financial statements. These forecasts take into account expected trading performance, committed expenditure, and anticipated developments in the business, including the continued development and commercialisation of the Company’s products.

The Company is currently dependent on continued financial support from its shareholders and external funding in order to meet its liabilities as they fall due and to support future growth. The shareholders have indicated their intention to provide such financial support as required for the foreseeable future.

Whilst the directors have a reasonable expectation that such support will continue to be available, this reliance on future funding indicates the existence of an uncertainty which may cast significant doubt on the Company’s ability to continue as a going concern.

Notwithstanding this uncertainty, the directors believe that it remains appropriate to prepare the financial statements on a going concern basis, as they are confident that sufficient funding will be secured and that the Company will be able to realise its assets and discharge its liabilities in the normal course of business.

Accordingly, the financial statements do not include any adjustments that would result if the going concern basis of preparation were no longer appropriate.

3.	EMPLOYEES AND DIRECTORS

There were no staff costs for the period ended 17 March 2025 nor for the period ended 20 March 2024.

The average number of employees during the period was as follows:

Period

Period

21.3.24

1.4.23

to

to

17.3.25

20.3.24

Management

4

4

No remuneration was paid to the Directors of the company during the year (2024: £Nil).

Period

Period

21.3.24

1.4.23

to

to

17.3.25

20.3.24

£

£

Directors' remuneration

-

-

4.	OPERATING (LOSS)/PROFIT

The operating loss (2024 - operating profit) is stated after charging/(crediting):

Period

Period

21.3.24

1.4.23

to

to

17.3.25

20.3.24

£

£

Depreciation - owned assets

4,806

5,008

Patents and licences amortisation

49,734

60,878

Trademarks amortisation

418

418

Computer software amortisation

4,908

4,909

Auditors' remuneration

21,000

-

Foreign exchange differences

(2

)

12,841

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

Period

Period

21.3.24

1.4.23

to

to

17.3.25

20.3.24

£

£

Bank interest

2,502

2,369

Bank loan interest

576

864

3,078

3,233

6.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the period ended 17 March 2025 nor for the period ended 20 March 2024.

7.	INTANGIBLE FIXED ASSETS

Patents

and

Computer

licences

Trademarks

software

Totals

£

£

£

£

COST

At 21 March 2024

and 17 March 2025

1,521,955

4,179

49,086

1,575,220

AMORTISATION

At 21 March 2024

1,472,221

681

8,181

1,481,083

Amortisation for period

49,734

418

4,908

55,060

At 17 March 2025

1,521,955

1,099

13,089

1,536,143

NET BOOK VALUE

At 17 March 2025

-

3,080

35,997

39,077

At 20 March 2024

49,734

3,498

40,905

94,137