Company registration number 11643516 (England and Wales)
MICROFLUIDX LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
PAGES FOR FILING WITH REGISTRAR
MICROFLUIDX LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 7
MICROFLUIDX LTD
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MICROFLUIDX LTD FOR THE YEAR ENDED 31 MARCH 2026
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Microfluidx Ltd for the year ended 31 March 2026 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the b oard of d irectors of Microfluidx Ltd, as a body, in accordance with the terms of our engagement letter dated 27 March 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Microfluidx Ltd and state those matters that we have agreed to state to the b oard of d irectors of Microfluidx Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Microfluidx Ltd and its b oard of d irectors as a body, for our work or for this report.

It is your duty to ensure that Microfluidx Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Microfluidx Ltd. You consider that Microfluidx Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Microfluidx Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory f inancial statements.

Carpenter Box
3 June 2026
Chartered Accountants
5 Peveril Court
6-8 London Road
Crawley
West Sussex
RH10 8JE
MICROFLUIDX LTD
BALANCE SHEET
AS AT
31 MARCH 2026
31 March 2026
- 2 -
2026
2025
Notes
£
£
£
£
Fixed assets
Intangible assets
3
519,492
536,380
Tangible assets
4
130,540
337,532
650,032
873,912
Current assets
Debtors
5
409,237
429,694
Cash at bank and in hand
600,863
259,316
1,010,100
689,010
Creditors: amounts falling due within one year
6
(145,062)
(385,454)
Net current assets
865,038
303,556
Net assets
1,515,070
1,177,468
Capital and reserves
Called up share capital
8
1,319
629
Share premium account
9,198,234
7,336,942
Other reserves
222,068
-
0
Profit and loss reserves
(7,906,551)
(6,160,103)
Total equity
1,515,070
1,177,468

The notes on pages 3 to 7 form part of these financial statements.

For the financial year ended 31 March 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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 3 June 2026 and are signed on its behalf by:
Dr A J Espinet
Director
Company registration number 11643516 (England and Wales)
MICROFLUIDX LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
- 3 -
1
Accounting policies
Company information

Microfluidx Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Stevenage Bioscience Catalyst, Gunnels Wood Road, Stevenage, England, SG1 2FX.

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 are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

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

1.2
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. true

The director has considered relevant information, including the company’s principal risks and uncertainties, and the impact of subsequent events in making their assessment.

Based on these assessments and having regard to the resources available to the entity, the director has concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.

1.3
Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue primarily earned from grant funding and 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 acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Patent costs
10% straight line per annum
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:

Plant and equipment
25% straight line per annum
Computers
25% straight line per anumm
MICROFLUIDX LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 4 -

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
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.

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.

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.

1.8
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.

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.

1.9
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.

1.10
Retirement benefits

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

1.11
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. Where material, 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.

MICROFLUIDX LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 5 -

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

1.12
Foreign exchange

Monetary 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 ruling on the date of the transactions. Exchange difference are taken into accounts in arriving at the operating profit.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 14 (2025 - 22).

3
Intangible fixed assets
Patent costs
£
Cost
At 1 April 2025
692,894
Additions
56,187
At 31 March 2026
749,081
Amortisation and impairment
At 1 April 2025
156,514
Amortisation charged for the year
73,075
At 31 March 2026
229,589
Carrying amount
At 31 March 2026
519,492
At 31 March 2025
536,380
MICROFLUIDX LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 6 -
4
Tangible fixed assets
Plant and equipment
Computers
Total
£
£
£
Cost
At 1 April 2025
1,013,831
37,936
1,051,767
Additions
-
0
4,248
4,248
Disposals
-
0
(1,274)
(1,274)
At 31 March 2026
1,013,831
40,910
1,054,741
Depreciation and impairment
At 1 April 2025
683,584
30,651
714,235
Depreciation charged in the year
206,583
4,338
210,921
Eliminated in respect of disposals
-
0
(955)
(955)
At 31 March 2026
890,167
34,034
924,201
Carrying amount
At 31 March 2026
123,664
6,876
130,540
At 31 March 2025
330,247
7,285
337,532
5
Debtors
2026
2025
Amounts falling due within one year:
£
£
Trade debtors
7,200
9,900
Other debtors
402,037
419,794
409,237
429,694
6
Creditors: amounts falling due within one year
2026
2025
£
£
Trade creditors
58,826
104,680
Taxation and social security
73,672
211,354
Other creditors
3,564
3,881
Accruals and deferred income
9,000
65,539
145,062
385,454
MICROFLUIDX LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 7 -
7
Share-based payment transactions
Number of share options
Weighted average exercise price
2026
2025
2026
2025
Number
Number
£
£
Outstanding at 1 April 2025
10,508
7,251
128.06
78.90
Granted
17,142
10,286
1.00
123.82
Forfeited
(7,751)
0
-
0
138.84
-
0
Exercised
(34)
0
-
0
-
0
-
0
Expired
(374)
0
(7,029)
0
1.00
71.13
Outstanding at 31 March 2026
19,491
10,508
14.69
128.06
Exercisable at 31 March 2026
-
0
-
0
-
0
-
0
Liabilities and expenses

During the year, the company recognised total share-based payment expenses of £222,956 (2025 - £Nil) which related to equity settled share based payment transactions.

8
Called up share capital
2026
2025
2026
2025
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
36,586
35,997
366
360
2026
2025
2026
2025
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of 1p each
95,294
26,939
953
269
Preference shares classified as equity
953
269
Total equity share capital
1,319
629

On 19 May 202 5, 63,920 preference shares of £0.01 each were issued for total consideration of £1,727,118.

On 19 December 2025, 2,400 preference shares of £0.01 each were issued for total consideration of £64,848.

On 10 March 2026, 2,035 preference shares of £0.01 each and 589 ordinary shares of £0.01 each were issued for total consideration of £70,016.

The preference shares rank pari passu in most respects with the ordinary shares. They are convertible on a listing and at the request of the holder. They carry a vote, just like the ordinary shares and are entitled, in certain circumstances, to be treated as ordinary shares upon liquidation or on a return of capital.

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