REGISTERED NUMBER: 04978210 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

MYRTLE SOFTWARE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P Baldwin

R D Sansom

T F Lagatta

R Blake

SECRETARY:

A J McGregor

REGISTERED OFFICE:

Third Floor

59 St Andrews Street

CAMBRIDGE

Cambridgeshire

CB2 3BZ

REGISTERED NUMBER:

04978210 (England and Wales)

ACCOUNTANTS:

Staffords

Chartered Accountants

Unit 1, Cambridge House

Camboro Business Park

Oakington Road, Girton

CAMBRIDGE

Cambridgeshire

CB3 0QH

FIXED ASSETS

Tangible assets

4

152,119

78,715

CURRENT ASSETS

Debtors

5

1,143,647

941,798

Cash at bank and in hand

717,189

1,014,172

1,860,836

1,955,970

CREDITORS

Amounts falling due within one year

6

1,238,228

307,796

NET CURRENT ASSETS

622,608

1,648,174

TOTAL ASSETS LESS CURRENT LIABILITIES

774,727

1,726,889

CREDITORS

Amounts falling due after more than one year

7

518,766

-

NET ASSETS

255,961

1,726,889

CAPITAL AND RESERVES

Called up share capital

9

44

44

Share premium

9,336,071

9,332,704

Retained earnings

(9,080,154

)

(7,605,859

)

SHAREHOLDERS' FUNDS

255,961

1,726,889

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 June 2026 and were signed on its behalf by:

P Baldwin - Director

1.	STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

The directors have made judgements for the useful economic lives of the fixed assets acquired in the year and owned by the company from previous years. Due to the nature of the company's business in research and development, they believe that the short useful economic lives used as the basis of the depreciation charge are justified as the assets concerned will need to be replaced far more regularly than would be the case in other businesses using similar assets.

Turnover

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

Tangible fixed assets

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

Office Equipment

-

25% on cost

Computer equipment

-

50% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 year 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

The company will therefore elect to surrender part of its trading losses for the R&D Intensive version of the new merged R&D Tax Credit scheme with HMRC. The total receivable is £474,798 (2024: £499,647).

The remaining taxable loss carried forward at the year end is £3,413,018 (2024: £3,158,916)

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2024 - 22 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

to

Office

Computer

property

Equipment

equipment

Totals

£

£

£

£

COST

At 1 January 2025

-

16,074

437,154

453,228

Additions

24,755

1,189

126,032

151,976

At 31 December 2025

24,755

17,263

563,186

605,204

DEPRECIATION

At 1 January 2025

-

8,133

366,380

374,513

Charge for year

1,269

3,309

73,994

78,572

At 31 December 2025

1,269

11,442

440,374

453,085

NET BOOK VALUE

At 31 December 2025

23,486

5,821

122,812

152,119

At 31 December 2024

-

7,941

70,774

78,715

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

323,154

113,401

Other debtors

820,493

828,397

1,143,647

941,798

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

53,408

42,312

Taxation and social security

52,334

62,260

Other creditors

1,132,486

203,224

1,238,228

307,796

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Other creditors

518,766

-

The amount shown above relates solely to a loan from Innovate UK Loans Limited, who hold and have registered both fixed and floating charges over the assets of the company.

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£

£

Within one year

41,102

160,825

Between one and five years

-

39,749

41,102

200,574

During the previous year, the lease on the company's premises was renogotiated with a new agreement replacing the original agreement, effective from 02 April 2024.

The rent is £117,500 per annum, with an expectation that a fair proportion of the total service charge will also be paid. In total, this amounts to a combined annual liability of £159,252. There is a break clause date of 01 April 2026.The liability from the balance sheet date ot the break clause date is £40,021.

Another lease agreement for an office in Denmark was entered into during 2022, effective from 20 June 2022. The notice period is three months. The office was still occupied at the balance sheet date, with no notice having been given. Though the agreement was paused for a short period spanning the balance sheet date, at DKK 4,218 per month upon restarting on 25th January 2026, the liability stated above therefore includes £1,081 for the three months' obligation at the GBP equivalent on 31 December 2025.

9.	CALLED UP SHARE CAPITAL

Authorised:

Number:

Class:

Nominal

2025

2024

value:

£

£

2,128,967

Ordinary

0.001p

21

21

1,091,797

"A" Ordinary

0.001p

11

11

558,256

"A" Preferred

0.001p

6

6

673,136

"A1" Preferred

0.001p

7

7

45

45

The company also operates an Employment Related Securities EMI option scheme. During the year, 7,500 options over Ordinary shares, exercisable at £1.60 per share, were granted (2024: 31,581 exercisable at £1.60 per option).

During the year, 2,104 Ordinary shares were exercised at £1.60 per share (2024: 49,350), and 34,012 options lapsed (2024: 16,126) when employees left the company. At the company's year end date there were 175,107 granted, unexercised options at exercise prices of 20p, 80p and £1.60 per option (2024: 203,723).

The company also operates an unapproved option scheme for the directors, in which no options were granted and no options lapsed during the year. At the year end date, the number of Ordinary shares over which there were granted, unexercised options remained unchanged at 125,865 (2024: 125,865).

10.	RELATED PARTY DISCLOSURES

There were no material transactions with related parties that were not concluded under normal market conditions.

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is P Baldwin.