MICROLUB LIMITED


Directors	CALVER, Simon John
	CHAPMAN, Louise
	NAYLOR, Andrew James
	PETERS, David Simon
	SARKAR, Anwesha, Professor


Registered Address	Nexus
	Discovery Way
	Leeds
	LS2 3AA


Registered Number	15032046 (England and Wales)

Statement of Financial Position
30 September 2025

	Notes	2025		2024
		£	£	£	£
Fixed assets
Tangible assets	3		9,430		-
			9,430		-
Current assets
Debtors	4	116,717		-
Cash at bank and on hand		2,797,377		44,353
		2,914,094		44,353
Creditors amounts falling due within one year	5	(135,431)		(105,199)
Net current assets (liabilities)			2,778,663		(60,846)
Total assets less current liabilities			2,788,093		(60,846)
Net assets			2,788,093		(60,846)
Capital and reserves
Share premium			3,655,482		-
Profit and loss account			(867,389)		(60,846)
Shareholders' funds			2,788,093		(60,846)

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Board of Directors on 19 June 2026, and are signed on its behalf by:

CALVER, Simon John
Director
Registered Company No. 15032046

MICROLUB LIMITED

Notes to the Financial Statements
for the year ended 30 September 2025

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Basis of preparation
	The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Going concern
	The directors have considered their cashflow position as part of their going concern assessment. The view of the directors is that, while they acknowledge all factors, the directors feel that the company is well placed to negotiate the unique set of conditions currently facing the UK economy.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Interest income
	Interest income is recognised using the effective interest rate method.

	Operating leases
	Where, substantially, all the risks and rewards of ownership of the asset do not transfer from the lessor to the company, the lease is treated as an operating lease. Rentals payable under operating leases are charged to the Income Statement on a straight-line basis over the period of the lease

	Current taxation
	Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Development costs
	The Company undertakes research and development activities in relation to the development and commercialisation of its proprietary technology platform and products. During the year, the Company generated income from Joint Development Agreements ("JDAs") entered into with commercial partners. These agreements involve collaborative development work and technical evaluation activities. The Company's scientific and technical personnel work across multiple development programmes, customer collaborations and core technology platform activities. As a result, employee costs and certain development expenditure are not routinely at this point tracked or monitored on a project-by-project basis. Accordingly, such costs as well as the income from JDAs are recognised within administrative expenses rather than allocated between individual customer projects.

Development costs

The Company undertakes research and development activities in relation to the development and commercialisation of its proprietary technology platform and products.

During the year, the Company generated income from Joint Development Agreements ("JDAs") entered into with commercial partners. These agreements involve collaborative development work and technical evaluation activities.

The Company's scientific and technical personnel work across multiple development programmes, customer collaborations and core technology platform activities. As a result, employee costs and certain development expenditure are not routinely at this point tracked or monitored on a project-by-project basis. Accordingly, such costs as well as the income from JDAs are recognised within administrative expenses rather than allocated between individual customer projects.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows: Office equipment - 25% - 33.33% Straight line

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. 

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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement

Depreciation is provided on all tangible fixed assets as follows:

Office equipment - 25% - 33.33% Straight line

	Financial instruments
	The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.	Average number of employees


		2025		2024
	Average number of employees during the year	5		2

3.	Tangible fixed assets

	Office Equipment	Total
	£	£
Cost or valuation
Additions	11,583	11,583
At 30 September 25	11,583	11,583
Depreciation and impairment
Charge for year	2,153	2,153
At 30 September 25	2,153	2,153
Net book value
At 30 September 25	9,430	9,430
At 30 September 24	-	-

4.	Debtors: amounts due within one year

	2025	2024
	£	£
Other debtors	116,717	-
Total	116,717	-


	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

5.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	43,226	-
Bank borrowings and overdrafts	2,893	-
Taxation and social security	14,559	-
Other creditors	2,285	100,000
Accrued liabilities and deferred income	72,468	5,199
Total	135,431	105,199


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

6.	Operating lease commitments
	At 30 September 2025 the company had future minimum lease payments under non-cancellable operating leases of £35,086 (2024 - £Nil).

7.	Related party transactions
	Included within administration expenses is Consulting of £4,000 (2024 - £15,000) to D Peters, in respect of services provided. Included within administration expenses is Consulting of £68,348 (2024 - £Nil) to Professor A Sarkar, in respect of services provided. Included within creditors, amounts falling due within one year, is an amount of £Nil (2024 - £5,199) owed to D Peters for consultancy services. Included within creditors, amounts falling due within one year, is an amount of £10,002 (2024 - £Nil) owed to Professor A Sarkar for consultancy services. During the year, the Company issued 9,738 ordinary shares of £0.0000001p each to the Chair of the Board for an aggregate consideration of £88,810.56. As at 30 September 2025, the subscription proceeds remained outstanding and are included within debtors. During the year, the Company granted 22,260 options over ordinary shares to the Chief Executive Officer under the Company's Enterprise Management Incentive ("EMI") scheme. The options were granted in accordance with the terms of the scheme and are subject to the applicable vesting conditions. The fair value of the options granted has been accounted for in accordance with the Company's share-based payment accounting policy.

Related party transactions

Included within administration expenses is Consulting of £4,000 (2024 - £15,000) to D Peters, in respect of services provided.

Included within administration expenses is Consulting of £68,348 (2024 - £Nil) to Professor A Sarkar, in respect of services provided.

Included within creditors, amounts falling due within one year, is an amount of £Nil (2024 - £5,199) owed to D Peters for consultancy services.

Included within creditors, amounts falling due within one year, is an amount of £10,002 (2024 - £Nil) owed to Professor A Sarkar for consultancy services.

During the year, the Company issued 9,738 ordinary shares of £0.0000001p each to the Chair of the Board for an aggregate consideration of £88,810.56. As at 30 September 2025, the subscription proceeds remained outstanding and are  included within debtors.

During the year, the Company granted 22,260 options over ordinary shares to the Chief Executive Officer under the Company's Enterprise Management Incentive ("EMI") scheme. The options were granted in accordance with the terms of the scheme and are subject to the applicable vesting conditions. The fair value of the options granted has been accounted for in accordance with the Company's share-based payment accounting policy.