Acorah Software Products - Accounts Production 19.3.550 false true true 28 February 2025 1 March 2024 false 1 March 2025 28 February 2026 28 February 2026 12028625 Parkwalk Advisors Ltd Mr Charles Edward Alvarez Mr Pierre Robert Socha Mr Andrew Mullen true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 12028625 2025-02-28 12028625 2026-02-28 12028625 2025-03-01 2026-02-28 12028625 frs-core:CurrentFinancialInstruments 2026-02-28 12028625 frs-core:ComputerEquipment 2026-02-28 12028625 frs-core:ComputerEquipment 2025-03-01 2026-02-28 12028625 frs-core:ComputerEquipment 2025-02-28 12028625 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2025-03-01 2026-02-28 12028625 frs-core:FurnitureFittings 2026-02-28 12028625 frs-core:FurnitureFittings 2025-03-01 2026-02-28 12028625 frs-core:FurnitureFittings 2025-02-28 12028625 frs-core:OtherResidualIntangibleAssets 2026-02-28 12028625 frs-core:OtherResidualIntangibleAssets 2025-03-01 2026-02-28 12028625 frs-core:OtherResidualIntangibleAssets 2025-02-28 12028625 frs-core:PlantMachinery 2026-02-28 12028625 frs-core:PlantMachinery 2025-03-01 2026-02-28 12028625 frs-core:PlantMachinery 2025-02-28 12028625 frs-core:SharePremium 2026-02-28 12028625 frs-core:ShareCapital 2026-02-28 12028625 frs-core:RetainedEarningsAccumulatedLosses 2026-02-28 12028625 frs-bus:PrivateLimitedCompanyLtd 2025-03-01 2026-02-28 12028625 frs-bus:FilletedAccounts 2025-03-01 2026-02-28 12028625 frs-bus:SmallEntities 2025-03-01 2026-02-28 12028625 frs-bus:AuditExempt-NoAccountantsReport 2025-03-01 2026-02-28 12028625 frs-bus:SmallCompaniesRegimeForAccounts 2025-03-01 2026-02-28 12028625 frs-bus:OrdinaryShareClass1 2025-03-01 2026-02-28 12028625 frs-bus:OrdinaryShareClass1 2026-02-28 12028625 frs-bus:OrdinaryShareClass2 2025-03-01 2026-02-28 12028625 frs-bus:OrdinaryShareClass2 2026-02-28 12028625 frs-bus:OrdinaryShareClass3 2025-03-01 2026-02-28 12028625 frs-bus:OrdinaryShareClass3 2026-02-28 12028625 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2026-02-28 12028625 frs-core:UnlistedNon-exchangeTraded 2026-02-28 12028625 frs-core:UnlistedNon-exchangeTraded 2025-02-28 12028625 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2025-02-28 12028625 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2026-02-28 12028625 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2025-02-28 12028625 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2026-02-28 12028625 frs-bus:Director1 2025-03-01 2026-02-28 12028625 frs-bus:Director2 2025-03-01 2026-02-28 12028625 frs-bus:Director3 2025-03-01 2026-02-28 12028625 frs-bus:Director4 2025-03-01 2026-02-28 12028625 frs-countries:EnglandWales 2025-03-01 2026-02-28 12028625 frs-core:Subsidiary1 2025-03-01 2026-02-28 12028625 frs-core:Subsidiary1 1 2025-03-01 2026-02-28 12028625 frs-core:Subsidiary2 2025-03-01 2026-02-28 12028625 frs-core:Subsidiary2 2 2025-03-01 2026-02-28 12028625 2024-02-29 12028625 2025-02-28 12028625 2024-03-01 2025-02-28 12028625 frs-core:CurrentFinancialInstruments 2025-02-28 12028625 frs-core:WithinOneYear 2025-02-28 12028625 frs-core:SharePremium 2025-02-28 12028625 frs-core:ShareCapital 2025-02-28 12028625 frs-core:RetainedEarningsAccumulatedLosses 2025-02-28 12028625 frs-bus:OrdinaryShareClass1 2024-03-01 2025-02-28 12028625 frs-bus:OrdinaryShareClass2 2024-03-01 2025-02-28 12028625 frs-bus:OrdinaryShareClass3 2024-03-01 2025-02-28 12028625 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2025-02-28
Registered number: 12028625
Charco Neurotech Ltd
Unaudited Financial Statements
For The Year Ended 28 February 2026
Wilson Partners Ltd
Ketton Suite The King Centre, Main Road
Barleythorpe
Oakham
LE15 7WD
Charco Neurotech Ltd
Contents
Contents

| Page
--- | ---
Balance Sheet | 1—2
Notes to the Financial Statements | 3—7

Page 1
Charco Neurotech Ltd
Balance Sheet
As At 28 February 2026
Balance Sheet
Registered number: 12028625

| 2026 | 2025
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Intangible Assets | 4 |  | 56,339 |  | 68,211
Tangible Assets | 5 |  | 29,441 |  | 60,779
Investments | 6 |  | 62,327 |  | 62,327
|  |  | 148,107 |  | 191,317
CURRENT ASSETS
Stocks | 7 | 170,049 |  | 266,130 |
Debtors | 8 | 210,580 |  | 594,044 |
Cash at bank and in hand |  | 559,857 |  | 2,385,956 |
|  | 940,486 |  | 3,246,130 |
Creditors: Amounts Falling Due Within One Year | 9 | (117,598 ) |  | (243,873 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | 822,888 |  | 3,002,257
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 970,995 |  | 3,193,574
NET ASSETS |  |  | 970,995 |  | 3,193,574
CAPITAL AND RESERVES
Called up share capital | 10 |  | 77 |  | 77
Share premium account |  |  | 12,063,150 |  | 12,063,150
Fair Value Reserve |  |  | 3,268,557 |  | 3,064,276
Profit and Loss Account |  |  | (14,360,789 ) |  | (11,933,929 )
SHAREHOLDERS' FUNDS |  |  | 970,995 |  | 3,193,574

Page 1
Page 2
Charco Neurotech Ltd
Balance Sheet (continued)
As At 28 February 2026
For the year ending 28 February 2026 the company was entitled to exemption from audit 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board

Mr Andrew Mullen Director
13 July 2026

The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Charco Neurotech Ltd
Notes to the Financial Statements
For The Year Ended 28 February 2026
Notes to the Financial Statements
1. General Information
Charco Neurotech Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12028625 . The registered office is Wellington House, East Road, Cambridge, CB1 1BH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern. Therefore the financial statements have been prepared on a going concern basis which assumes the Company will continue in operational existence for the foreseeable future.
The Company is involved in research and development activities and is working towards achieving a sustainable revenue generating activity. The directors have considered the basis of the financial statements and are satisfied that a combination of business growth and further investment commitments will enable the Company to meet its liabilities as they fall due.
2.3. Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are made up of Licences and Patents. They are amortised to profit and loss account over their estimated economic life of 2 years and 7 years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery | Straight line over 5 years
Fixtures & Fittings | Straight line over 4 years
Computer Equipment | Straight line over 3 years

2.6. Investments
Unlisted investments are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, any changes in fair value are recognised in profit and loss.
2.7. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.8. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
Page 3
Page 4
Charco Neurotech Ltd
Notes to the Financial Statements (continued)
For The Year Ended 28 February 2026
2.9. 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.
Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.
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, are recognised at transaction price including transaction costs.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities.
2.10. Taxation
Tax is recognised in profit or loss except that a charge is attributable to an item of income and expense recognised as other comphrehensive income or to an item recognised directly in equity is also recognised in other comphrehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
2.11. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.12. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.13. Research and Development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised to on a straight line basis over their expected useful economic lives.
If it is not possible to distinguish between the research phase and the development phase of an internal project the expenditure is treated as if it were all incurred in the research phase only.
Page 4
Page 5
Charco Neurotech Ltd
Notes to the Financial Statements (continued)
For The Year Ended 28 February 2026
2.14. Share Based Payments
The company operates an equity-settled, share-based compensation plan, under which the entity received services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated using the Black Scholes option pricing model. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.
The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 10 (2025: 17)
10 17
4. Intangible Assets

| Other
--- | ---
| £
Cost
As at 1 March 2025 | 129,105
As at 28 February 2026 | 129,105
Amortisation
As at 1 March 2025 | 60,894
Provided during the period | 11,872
As at 28 February 2026 | 72,766
Net Book Value
As at 28 February 2026 | 56,339
As at 1 March 2025 | 68,211

5. Tangible Assets

| Plant & Machinery | Fixtures & Fittings | Computer Equipment | Total
--- | --- | --- | --- | ---
| £ | £ | £ | £
Cost
As at 1 March 2025 | 92,374 | 18,222 | 47,059 | 157,655
Additions | - | - | 1,824 | 1,824
Disposals | (636 ) | - | - | (636 )
As at 28 February 2026 | 91,738 | 18,222 | 48,883 | 158,843
Depreciation
As at 1 March 2025 | 52,802 | 9,360 | 34,714 | 96,876
Provided during the period | 18,438 | 4,556 | 9,755 | 32,749
Disposals | (223 ) | - | - | (223 )
As at 28 February 2026 | 71,017 | 13,916 | 44,469 | 129,402
Net Book Value
As at 28 February 2026 | 20,721 | 4,306 | 4,414 | 29,441
As at 1 March 2025 | 39,572 | 8,862 | 12,345 | 60,779

Page 5
Page 6
Charco Neurotech Ltd
Notes to the Financial Statements (continued)
For The Year Ended 28 February 2026
6. Investments

| Unlisted
--- | ---
| £
Cost or Valuation
As at 1 March 2025 | 62,327
As at 28 February 2026 | 62,327
Provision
As at 1 March 2025 | -
As at 28 February 2026 | -
Net Book Value
As at 28 February 2026 | 62,327
As at 1 March 2025 | 62,327

Subsidiaries
Details of the company's subsidiaries as at 28 February 2026 are as follows:

Name of undertaking | Registered Office | Class of shares held | Direct holding | Indirect holding
--- | --- | --- | --- | ---
Charconeurotech Inc. | South Korea | Common Stock | 100.00% | -
Charconeurotech LLC | USA | Common Stock | 100.00% | -

7. Stocks

| 2026 |  | 2025
--- | --- | --- | ---
| £ |  | £
Stock | 170,049 |  | 266,130

8. Debtors

| 2026 |  | 2025
--- | --- | --- | ---
| £ |  | £
Due within one year
Prepayments and accrued income | 59,036 |  | 268,017
Other debtors | 89,902 |  | 85,403
Corporation tax recoverable assets | 46,636 |  | 222,308
VAT | 14,027 |  | 17,644
Amounts owed by subsidiaries | 979 |  | 672
| 210,580 |  | 594,044

Page 6
Page 7
Charco Neurotech Ltd
Notes to the Financial Statements (continued)
For The Year Ended 28 February 2026
9. Creditors: Amounts Falling Due Within One Year

| 2026 |  | 2025
--- | --- | --- | ---
| £ |  | £
Trade creditors | 18,374 |  | 30,416
Other taxes and social security | 17,187 |  | 22,704
Other creditors | 2,424 |  | 3,558
Accruals and deferred income | 79,613 |  | 187,195
| 117,598 |  | 243,873

10. Share Capital

| 2026 |  | 2025
--- | --- | --- | ---
Allotted, called up and fully paid | £ |  | £
1,203,723 Ordinary Shares of £ 0.00001 each | 12 |  | 12
5,400,196 Seed shares of £ 0.00001 each | 54 |  | 54
1,137,622 Deferred shares of £ 0.00001 each | 11 |  | 11
| 77 |  | 77

11. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:

| 2026 |  | 2025
--- | --- | --- | ---
| £ |  | £
Not later than one year | - |  | 11,651
| - |  | 11,651

12. Related Party Disclosures
The company has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.
Page 7