REGISTERED NUMBER: 08699350 (England and Wales)

Unaudited Financial Statements for the Year Ended 31st December 2025

for

AKL Research & Development Limited

Trading as

AKL Therapeutics

Page

Balance Sheet

1

Notes to the Financial Statements

2

FIXED ASSETS

Intangible assets

4

-

6,576

CURRENT ASSETS

Debtors

5

369,964

304,457

Cash at bank

11,365

1,289,738

381,329

1,594,195

CREDITORS

Amounts falling due within one year

6

79,225

24,128

NET CURRENT ASSETS

302,104

1,570,067

TOTAL ASSETS LESS CURRENT LIABILITIES

302,104

1,576,643

CAPITAL AND RESERVES

Called up share capital

7

396,698

373,586

Share premium

14,351,127

12,225,252

Retained earnings

(14,445,721

)

(11,022,195

)

SHAREHOLDERS' FUNDS

302,104

1,576,643

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10th June 2026 and were signed on its behalf by:

D R Sharples - Director

1.	COMPANY INFORMATION

AKL Research & Development Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

08699350

Registered office:

2nd Floor

The Lexicon

10-12 Mount Street

Manchester

M2 5NT

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.

Goodwill

Goodwill is being amortised evenly over its estimated life of 10 years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Taxation

Taxation for the year 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.

Research and development

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

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

In the directors’ opinion, at the time of approving the financial statements, the company had adequate cash reserves to continue its operations for the foreseeable future.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2024 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st January 2025

and 31st December 2025

195,767

AMORTISATION

At 1st January 2025

189,191

Amortisation for year

6,576

At 31st December 2025

195,767

NET BOOK VALUE

At 31st December 2025

-

At 31st December 2024

6,576

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Corporation tax recoverable

358,597

282,316

VAT

10,150

19,728

Prepayments and accrued income

1,217

-

Prepayments

-

2,413

369,964

304,457

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade creditors

-

19,006

Social security and other taxes

20,975

1,371

Other creditors

22,500

-

Net Wages Payable

32,000

-

Accrued expenses

3,750

3,751

79,225

24,128

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.25

31.12.24

value:

£

£

396,698

Ordinary

£1

396,698

373,586

23,112 Ordinary Shares of £1 each were allotted as fully paid during the year for a total consideration of £2,148,987 creating a share premium of £2,125,875.

The company expects to issue an estimated 2,900 shares of £1 each at the latest issue price of £75 per share as payment for additional research incurred on the Phase 2b clinical trial.

8.	ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are the directors by virtue of their actual exercise of control over the day-to-day activities of the company.