REGISTERED NUMBER: 12320979 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

FOR

LUCIDA MEDICAL LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Dr. A. W. Rix

Dr D S Tuch

Mr D Fisher

REGISTERED OFFICE:

Allia Future Business Centre

King's Hedges Road

Cambridge

CB4 2HY

REGISTERED NUMBER:

12320979 (England and Wales)

ACCOUNTANTS:

Chater Allan LLP

Chartered Accountants

7 Quy Court

Colliers Lane

Stow-cum-Quy

Cambridgeshire

CB25 9AU

FIXED ASSETS

Tangible assets

4

17,624

5,509

CURRENT ASSETS

Debtors

5

416,168

416,167

Cash at bank

7,656,049

198,270

8,072,217

614,437

CREDITORS

Amounts falling due within one year

6

964,030

335,422

NET CURRENT ASSETS

7,108,187

279,015

TOTAL ASSETS LESS CURRENT LIABILITIES

7,125,811

284,524

CAPITAL AND RESERVES

Called up share capital

512

285

Share premium

7

14,405,143

5,536,534

Equity reserve

7

1,050,140

158,825

Retained earnings

7

(8,329,984

)

(5,411,120

)

SHAREHOLDERS' FUNDS

7,125,811

284,524

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2026.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2026 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 1 July 2026 and were signed on its behalf by:

Dr. A. W. Rix - Director

1.	STATUTORY INFORMATION

Lucida Medical Ltd 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.

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.

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.

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.

Going concern

The directors have considered the financial position of the company and believe it is well placed to manage its business risks successfully. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the going concern basis of preparing the financial statements will continue to be adopted.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2025 - 15 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2025

31,456

Additions

18,698

At 31 March 2026

50,154

DEPRECIATION

At 1 April 2025

25,947

Charge for year

6,583

At 31 March 2026

32,530

NET BOOK VALUE

At 31 March 2026

17,624

At 31 March 2025

5,509

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade debtors

3,849

-

Other debtors

412,319

416,167

416,168

416,167

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade creditors

451,327

174,954

Taxation and social security

65,373

76,716

Other creditors

447,330

83,752

964,030

335,422

7.

RESERVES

Retained

Share

Equity

earnings

premium

reserve

Totals

£

£

£

£

At 1 April 2025

(5,411,120

)

5,536,534

158,825

284,239

Deficit for the year

(2,918,864

)

(2,918,864

)

Cash share issue

-

8,868,609

-

8,868,609

Share options granted

-

-

891,315

891,315

At 31 March 2026

(8,329,984

)

14,405,143

1,050,140

7,125,299

The Equity reserve relates to the value of £1,050,140 Share Options granted.

8.	SHARE-BASED PAYMENT TRANSACTIONS

On 22 October 2021 the company established an Enterprise Management Incentive Share Option Scheme (EMI). The Scheme was established to help recruit, motivate and retain key personnel.

At 1 April 2025, 509 Share Options at an exercise price of £75 per share and 1,674 Share

Options at an exercise price of £150 per share were outstanding. During the year, 870 EMI Options have been granted at an exercise price per share of £150, No Options were exercised, and 1,079 Options lapsed. As at 31 March 2026, 149 Share Options at an exercise price of £75 per share and 1,825 Share Options at an exercise price of £150 per share were outstanding.

The EMI Options granted become exercisable as set out in the individual Option Agreements.

The Vesting Start Date in relation to any Option is the date set by the directors, as evidenced by the Option certificate.

At 1 April 2025, 747 non-EMI Options at an exercise price of £75, 100 non-EMI Options at an exercise price of £0.01 and 150 non-EMI Options at an exercise price of £300 were outstanding, During the year, 2,113 non-EMI Options were granted at an exercise price per share of £0.01. At 31 March 2026, 747 non-EMI Options at an exercise price of £75, 2,213 non-EMI Options at an exercise price of £0.01 and 150 non-EMI Options at an exercise price of £300 were outstanding.