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I.Q. ENDOSCOPES LTD

Registered Number
09462661
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2025

I.Q. ENDOSCOPES LTD
Company Information
for the year from 1 January 2025 to 31 December 2025

Directors | FROST, Martin John
| GINN, Matthew John
| HERCEGFI, Timo
| KAHAN, Thomas
| REA, Tim

Registered Address | Basepoint Business Centre Unit 32 Riverside Court
| Beaufort Park Way
| Chepstow
| NP16 5UH

Registered Number | 09462661 (England and Wales)

I.Q. ENDOSCOPES LTD
Balance Sheet as at
31 December 2025

| Notes | 2025 |  | 2024
--- | --- | --- | --- | ---
|  | £ |  | £ |  | £ |  | £
Fixed assets |  |  |  |  |  |  |  |
Tangible assets | 3 |  |  | 621,665 |  |  |  | 153,451
|  |  |  | 621,665 |  |  |  | 153,451
Current assets |  |  |  |  |  |  |  |
Debtors | 4 | 925,095 |  |  |  | 1,096,507 |  |
Cash at bank and on hand |  | 3,862,530 |  |  |  | 3,536,173 |  |
|  | 4,787,625 |  |  |  | 4,632,680 |  |
Creditors amounts falling due within one year | 5 | (482,650) |  |  |  | (517,961) |  |
Net current assets (liabilities) |  |  |  | 4,304,975 |  |  |  | 4,114,719
Total assets less current liabilities |  |  |  | 4,926,640 |  |  |  | 4,268,170
Creditors amounts falling due after one year | 6 |  |  | (4,576,906) |  |  |  | (5,177,905)
Net assets |  |  |  | 349,734 |  |  |  | (909,735)
Capital and reserves |  |  |  |  |  |  |  |
Called up share capital |  |  |  | 136,488 |  |  |  | 64,581
Share premium |  |  |  | 15,644,871 |  |  |  | 11,057,906
Other reserves |  |  |  | 917,802 |  |  |  | 761,811
Profit and loss account |  |  |  | (16,349,427) |  |  |  | (12,794,033)
Shareholders' funds |  |  |  | 349,734 |  |  |  | (909,735)

- 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 1 June 2026, and are signed on its behalf by:
KAHAN, Thomas Director Registered Company No. 09462661

I.Q. ENDOSCOPES LTD
Notes to the Financial Statements
for the year ended 31 December 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.

| Statement of compliance
--- | ---
| The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

| Going concern
--- | ---
| The company remains in its early stages and is dependent on securing investment until it reaches profitability. In November, the company raised £3.7m and converted £1m of advanced subscriptions received in 2024 into equity. This funding round is intended to support clinical validation and early commercialisation activities, with further funding anticipated in 2027 to enable scaling. Planning for this is already underway and the company has several viable options. The directors have prepared detailed business plans and rolling cash flow forecasts. Based on these, they are satisfied that the company will be able to meet its liabilities as they fall due and therefore consider the going concern basis of preparation to be appropriate.

| 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 from the rendering of services. The company has not yet commenced trading.

| Revenue from sale of goods
--- | ---
| 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.

| Employee benefits
--- | ---
| Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.

| Defined contribution pension plan
--- | ---
| The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.

| 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 based upon relevant recent company share transactions. 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.

| Foreign currency translation
--- | ---
| Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

| 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.

| Research and development
--- | ---
| Research and development expenditure is written off in the period in which it has been incurred, except for higher value equipment remaining in the business which is capitalised as a fixed asset.

| Tangible fixed assets and depreciation
--- | ---
| Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows: Computer Equipment: 3 years straight line R&D equipment: 3 years straight line Office Equipment: 4 years straight line Plant and Machinery: 4 years straight line

| Finance leases and hire purchase contracts
--- | ---
| Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease. Operating leases are charged against income on a straight line basis over the lease term.

| Government grants or assistance
--- | ---
| Government grants are recognised at the fair value of the asset received 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. Grants relating to assets, including right-of-use assets, shall be recognised in income on a systematic basis over the expected useful life of the asset.

2. | Average number of employees
--- | ---

|  | 2025 |  | 2024
| Average number of employees during the year | 28 |  | 26

3. | Tangible fixed assets
--- | ---

|  | Plant & machinery |  | Office Equipment |  | Total
--- | --- | --- | --- | --- | --- | ---
|  | £ |  | £ |  | £
| Cost or valuation
| At 01 January 25 | 160,814 |  | 132,121 |  | 292,935
| Additions | 622,079 |  | 17,399 |  | 639,478
| Disposals | (8,112) |  | (389) |  | (8,501)
| At 31 December 25 | 774,781 |  | 149,131 |  | 923,912
| Depreciation and impairment
| At 01 January 25 | 57,984 |  | 81,500 |  | 139,484
| Charge for year | 130,451 |  | 34,764 |  | 165,215
| On disposals | (2,366) |  | (86) |  | (2,452)
| At 31 December 25 | 186,069 |  | 116,178 |  | 302,247
| Net book value
| At 31 December 25 | 588,712 |  | 32,953 |  | 621,665
| At 31 December 24 | 102,830 |  | 50,621 |  | 153,451

4. | Debtors: amounts due within one year
--- | ---

|  | 2025 |  | 2024
--- | --- | --- | --- | ---
|  | £ |  | £
| Other debtors | 870,181 |  | 1,035,090
| Prepayments and accrued income | 54,914 |  | 61,417
| Total | 925,095 |  | 1,096,507

5. | Creditors: amounts due within one year
--- | ---

|  | 2025 |  | 2024
--- | --- | --- | --- | ---
|  | £ |  | £
| Trade creditors / trade payables | 152,872 |  | 255,077
| Other creditors | 13,344 |  | -
| Accrued liabilities and deferred income | 316,434 |  | 262,884
| Total | 482,650 |  | 517,961

6. | Creditors: amounts due after one year
--- | ---

|  | 2025 |  | 2024
--- | --- | --- | --- | ---
|  | £ |  | £
| Convertible loans | 4,415,062 |  | 5,016,062
| Other creditors | 161,844 |  | 161,843
| Total | 4,576,906 |  | 5,177,905

| During the previous year the company issued £4,000,000 of convertible loan notes (to existing shareholders) and £1,001,000 of advanced subscriptions. During 2025 the advanced subscriptions were converted to Ordinary Shares. The convertible loan notes are secured by way of fixed and floating charges over the company’s assets. Convertible loan notes accrue interest at 10% per annum.

7. | Provisions for liabilities
--- | ---
| Share Options During 2025, as part of the latest funding round additional Options of 2,705,500 were added to the Share Option Pool. During 2025, 15,000 share options were exercised, 17,500 share options lapsed and 37,500 were granted with an exercise price of £0.45. As at 31 December 2025 a total number of 687,711 Ordinary shares have been allocated (2024: 682,711) with a weighted exercise price of £0.39 (2024 - £0.39). The Share Options granted vest over a 3-year period and are exercisable on a change of control event. The fair value of options granted in the year was determined by reference to recent equity transactions present at the time of the grant at £2.49. Liabilities and expenses During the year, the company recognised total share-based payment expenses of £155,991 (2024: £90,615) in the profit and loss account which related to equity settled share based payment transactions. A credit to equity for the same amount was included in Other reserves.

8. | Other commitments
--- | ---
| At 31 December 2025, the company had total commitments under non-cancellable operating leases over the remaining life of this lease of £114,978 (2024: £165,708).