Company registration number 12524885 (England and Wales)
MULTUS BIOTECHNOLOGY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
PAGES FOR FILING WITH REGISTRAR
MULTUS BIOTECHNOLOGY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 11
MULTUS BIOTECHNOLOGY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2026
31 March 2026
- 1 -
2026
2025
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
522,626
930,183
Current assets
Debtors
5
768,073
904,435
Cash at bank and in hand
3,126,757
4,333,508
3,894,830
5,237,943
Creditors: amounts falling due within one year
6
(361,919)
(30,889)
Net current assets
3,532,911
5,207,054
Total assets less current liabilities
4,055,537
6,137,237
Creditors: amounts falling due after more than one year
7
(721,982)
(644,878)
Net assets
3,333,555
5,492,359
Capital and reserves
Called up share capital
9
2
2
Share premium account
7,571,108
7,571,108
Other reserves
2,384,198
2,000,000
Profit and loss reserves
(6,621,753)
(4,078,751)
Total equity
3,333,555
5,492,359
MULTUS BIOTECHNOLOGY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2026
31 March 2026
- 2 -

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.

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.

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.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 28 June 2026 and are signed on its behalf by:
C Linton
Director
Company registration number 12524885 (England and Wales)
MULTUS BIOTECHNOLOGY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
- 3 -
Share capital
Share premium account
ASAs
Profit and loss reserves
Total
£
£
£
£
£
As restated for the period ended 31 March 2025:
Balance at 1 April 2024
2
7,459,577
-
(2,333,681)
5,125,898
Effect of rectifying prior misstatements
-
-
0
-
128,057
128,057
As restated
2
7,459,577
-
(2,205,624)
5,253,955
Year ended 31 March 2025:
Loss and total comprehensive income
-
-
-
(1,873,127)
(1,873,127)
Advanced Subscription Agreement proceeds
-
-
2,111,531
-
2,111,531
Advanced Subscription Agreement converted
-
111,531
(111,531)
-
-
Balance at 31 March 2025
2
7,571,108
2,000,000
(4,078,751)
5,492,359
Year ended 31 March 2026:
Loss and total comprehensive income
-
-
-
(2,543,002)
(2,543,002)
Advanced Subscription Agreement proceeds
-
-
384,198
-
384,198
Balance at 31 March 2026
2
7,571,108
2,384,198
(6,621,753)
3,333,555
MULTUS BIOTECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
- 4 -
1
Accounting policies
Company information

Multus Biotechnology Limited is a private company limited by shares incorporated in England and Wales. The registered office is Translation And Innovation Hub, 84 Wood Lane, London, UK, W12 0BZ.

1.1
Basis of preparation

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

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

1.4
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:

Fixtures and fittings
15% reducing balance
Equipment
20% straight line
MULTUS BIOTECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 5 -

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.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

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 paymen ts 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 creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

MULTUS BIOTECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 6 -
1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
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. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
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.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

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

1.12
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.13
Grants

G rants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

MULTUS BIOTECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 7 -
1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

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.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2026
2025
Number
Number
Total
19
19
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2025
1,853,301
Additions
77,310
Disposals
(44,812)
At 31 March 2026
1,885,799
Depreciation and impairment
At 1 April 2025
923,118
Depreciation charged in the year
467,720
Eliminated in respect of disposals
(27,665)
At 31 March 2026
1,363,173
Carrying amount
At 31 March 2026
522,626
At 31 March 2025
930,183
MULTUS BIOTECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 8 -
5
Debtors
2026
2025
Amounts falling due within one year:
£
£
Trade debtors
75,189
56,482
Corporation tax recoverable
332,241
338,514
Other debtors
360,643
509,439
768,073
904,435
6
Creditors: amounts falling due within one year
2026
2025
as restated
£
£
Trade creditors
90,961
25,540
Taxation and social security
28,915
937
Other creditors
242,043
4,412
361,919
30,889
7
Creditors: amounts falling due after more than one year
2026
2025
as restated
£
£
Convertible loans
721,982
644,878
8
Convertible loan notes
2026
2025
£
£
Liability component of convertible loan notes
721,982
644,878

The net proceeds received have been recognised as a financial liability as the conversion feature does not meet the definition of an equity component.

The liability component is measured at amortised cost, and the difference between the carrying amount of the liability at the date of issue and the amount reported in the Balance Sheet represents the effective interest rate less interest paid to that date.

The effective rate of interest is 4%.

MULTUS BIOTECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 9 -
9
Called up share capital
2026
2025
2026
2025
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 0.0001p each
911,026
911,026
1
1
Series A Shares of 0.0001p each
912,256
912,256
1
1
Deferred Shares of 0.0001p each
262,871
262,871
-
0
-
0
2,086,153
2,086,153
2
2

The company has issued 2,0 86,153 (202 5: 2,086,153) shares which at par gives a share capital total of £2.0 9 (202 5: £2.0 9). Due to the rounding factor the accounts have been prepared with, the balance sheet only shows £2 (202 5: £2) of share capital.

10
ASAs
2026
2025
£
£
At the beginning of the year
2,000,000
-
Advanced Subscription Agreement proceeds
384,198
2,111,531
Advanced Subscription Agreement converted
-
(111,531)
At the end of the year
2,384,198
2,000,000

The ASA reserve represents funds received under an advanced subscription agreement that met the equity classification criteria under FRS 102 Section 22. These amounts are recognised within ASA reserves until shares are formally issued.

11
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2026
2025
£
£
Total commitments
392,564
774,505
MULTUS BIOTECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 10 -
12
Prior period adjustment
Reconciliation of changes in equity
1 April
31 March
2024
2025
Notes
£
£
Adjustments to prior year
Convertible Loan Notes annual movements
1
4,044
(3,271)
Reclassification of Convertible Loan Notes
2
-
761,531
Grant income recognised
3
124,013
123,840
Total adjustments
128,057
882,100
Equity as previously reported
5,125,898
4,610,259
Equity as adjusted
5,253,955
5,492,359
Analysis of the effect upon equity
Share premium
-
111,531
Other reserves
-
650,000
Profit and loss reserves
128,057
120,569
128,057
882,100
Reconciliation of changes in loss for the previous financial period
2025
Notes
£
Adjustments to prior year
Convertible Loan Notes annual movements
1
(7,315)
Reclassification of Convertible Loan Notes
2
-
Grant income recognised
3
(173)
Total adjustments
(7,488)
Loss as previously reported
(1,865,639)
Loss as adjusted
(1,873,127)
Notes to reconciliation
1

During the preparation of the financial statements, an error was identified in respect of the accounting for convertible loan notes. Interest on the loan notes and associated foreign exchange movements had either been omitted or incorrectly calculated in the prior periods.

The prior period financial statements have been restated to correct this error. The adjustments have resulted in changes to the reported finance costs and creditor balances, with a corresponding impact on retained earnings at the beginning of the comparative period.

MULTUS BIOTECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
12
Prior period adjustment
(Continued)
- 11 -
2

During the preparation of the financial statements, an error was identified in the prior period relating to the classification of financing instruments. A portion of the balance previously included within convertible loan notes related to Advance Subscription Agreements (ASAs), which should have been classified as equity.

As a result, convertible loan notes were overstated and equity was understated in the prior period.

The prior period comparatives have been restated to reclassify the relevant balances from convertible loan notes to equity. This adjustment has reduced liabilities and increased equity at the beginning of the comparative period. Comparative amounts have been restated accordingly.

3

During the period, a review was undertaken of the recognition of grant income in prior periods. This review identified that grant income had been misstated due to incorrect recognition.

As a result, an adjustment has been made to the prior period financial statements to correct the error. The correction has resulted in a change to income and retained earnings at the beginning of the comparative period.

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