REGISTERED NUMBER: 10051324 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2025

FOR

SURGEASE INNOVATIONS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

F Iqbal

J G Bateson

REGISTERED OFFICE:

First Floor

Burlington House

1-13 York Road

Maidenhead

Berkshire

SL6 1SQ

REGISTERED NUMBER:

10051324 (England and Wales)

ACCOUNTANTS:

Ainsworths Limited

Charter House

Stansfield Street

Nelson

Lancashire

BB9 9XY

FIXED ASSETS

Tangible assets

4

164,475

161,442

CURRENT ASSETS

Stocks

209,107

142,410

Debtors

5

1,396,778

1,169,902

Cash at bank

1,070,412

896,458

2,676,297

2,208,770

CREDITORS

Amounts falling due within one year

6

6,572,959

531,788

NET CURRENT (LIABILITIES)/ASSETS

(3,896,662

)

1,676,982

TOTAL ASSETS LESS CURRENT LIABILITIES

(3,732,187

)

1,838,424

CREDITORS

Amounts falling due after more than one year

7

59,095

4,501,458

NET LIABILITIES

(3,791,282

)

(2,663,034

)

CAPITAL AND RESERVES

Called up share capital

211

211

Share premium

6,061,464

6,060,638

Retained earnings

(9,852,957

)

(8,723,883

)

(3,791,282

)

(2,663,034

)

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 26th June 2026 and were signed on its behalf by:

F Iqbal - Director

1.	STATUTORY INFORMATION

Surgease Innovations 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.

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.

The financial statements have been prepared on a going concern basis. The company incurred a loss for the year and had net liabilities at the balance sheet date. In addition, the company has convertible loan notes with a contractual repayment or conversion date of 31 December 2026.

The directors have considered the company's forecasts, expected trading performance, available cash resources and the options available in respect of the convertible loan notes. These options include extension, refinancing, conversion into equity in full or in part, or other restructuring of the notes before the Final Repayment Date. Based on these considerations, the directors have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future and therefore consider it appropriate to prepare the financial statements on a going concern basis.

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.

Plant and machinery etc

-

20% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

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 19 (2024 - 26 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st January 2025

356,224

Additions

42,346

Disposals

(8,312

)

At 31st December 2025

390,258

DEPRECIATION

At 1st January 2025

194,782

Charge for year

36,048

Eliminated on disposal

(5,047

)

At 31st December 2025

225,783

NET BOOK VALUE

At 31st December 2025

164,475

At 31st December 2024

161,442

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade debtors

1,309,133

1,169,902

Other debtors

87,645

-

1,396,778

1,169,902

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Hire purchase contracts

27,557

-

Trade creditors

49,025

99,080

Taxation and social security

204,848

184,145

Other creditors

6,291,529

248,563

6,572,959

531,788

Other creditors include Firstone Limited who hold unsecured convertible loan notes totalling £6,527,493 which includes a Facility Fee of £1,527,493, payable on redemption or conversion on or before 31 December 2026. The notes are convertible into equity at a post-conversion valuation of £20,000,000. The carrying value of £5,967,685 reflects amortised cost; the full contractual amount due by 31 December 2026 is £6,527,493.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.25

31.12.24

£

£

Hire purchase contracts

59,095

-

Other creditors

-

4,501,458

59,095

4,501,458