Registration number: 10310661

Acurable Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 12

Acurable Limited

Company Information

Directors

E Rodriguez-Villegas R Singh-Molares S Fernandez

Company secretary

S Bowyer

Registered office

83 Victoria Street London SW1H 0HW

Auditors

Carbon Accountancy Limited Chartered Accountants and Registered Auditors 80-83 Long Lane London EC1A 9ET

Acurable Limited

(Registration number: 10310661)
Balance Sheet as at 31 December 2025

	Note	2025 £	2024 £
Fixed assets
Intangible assets	4	2,455,956	3,085,468
Tangible assets	5	20,579	36,345
Investments	6	29,039	2,677
		2,505,574	3,124,490
Current assets
Stocks	7	558,540	611,828
Debtors	8	727,323	306,915
Cash at bank and in hand		2,006,334	3,373,291
		3,292,197	4,292,034
Creditors: Amounts falling due within one year	9	(462,480)	(352,892)
Net current assets		2,829,717	3,939,142
Total assets less current liabilities		5,335,291	7,063,632
Creditors: Amounts falling due after more than one year	9	(94,805)	(198,910)
Net assets		5,240,486	6,864,722
Capital and reserves
Called up share capital	10	306	306
Share premium reserve		10,769,437	10,769,437
Other reserves		197,926	170,994
Retained earnings		(5,727,183)	(4,076,015)
Shareholders' funds		5,240,486	6,864,722

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 July 2026 and signed on its behalf by:
 

......................................... E Rodriguez-Villegas Director

Acurable Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

1	General information

The company is a private company limited by share capital, incorporated in England .

The address of its registered office is:
83 Victoria Street
London
SW1H 0HW

These financial statements were authorised for issue by the Board on 30 July 2026.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

Going concern

At the year end, the company reported net assets of £5.2m (2024 - £6.8m) including cash balances of £2m (2024 - £3.4m). The board have prepared and reviewed cash flow forecasts in support of their growth plan for the company. The directors have considered the extent to which projected cash flows are committed and the expected headroom in a severe but plausible downside scenario.

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

Revenue recognition

Turnover is recognised at the fair value of the consideration received or receivable in respect of clinical collaborations, and is shown net of VAT and other sales related taxes. Revenue is recognised over the period in which clinical services are provided. Outright sales of hardware are recognised upon delivery to the customer.

Acurable Limited

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

2	Accounting policies (continued)

Government grants

Grants are recognized in income upon receipt or when receivable, unless there are future performance conditions, in which case they are recognized only when those conditions are met and held as a liability until then.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are
recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax
liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference
arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects
neither the tax profit nor the accounting profit.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures, fittings and office equipment	25% on straight line basis
Medical equipment	20% on straight line basis
Computer equipment	25% - 50% on straight line basis
Leasehold improvements	over the period of the lease

Acurable Limited

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

2	Accounting policies (continued)

Intangible assets

The company's intangible fixed assets relate to the investment in the development of its non-invasive, wearable medical devices that continuously monitor respiratory and cardiovascular biosignals using acoustic sensors. The company policy is to amortize these costs over their useful economic life of 5 years, subject to annual impairment review. Expenditure for ongoing maintenance and support activities is recognised in the profit and loss account as an expense as incurred.

Separately acquired trademarks and licences are shown at historical cost. Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date. Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Development costs

Expenditure on development activities may be capitalized if the process is technically and commercially feasible and the company intends and has the technical ability and sufficient resources to complete development, future economic benefits are probable and if the company can measure reliably the expenditure attributable during the development processe. The expenditure capitalized represents the cost of direct labour. Capitalised development expenditure is stated at cost less accumulated amortisation and less any accumulated impairment losses within the development of its products.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Patents and licences	Over the life of the patent
Development costs	20% on straight line basis

Investments

Investments in equity and long terms loans in subsidiary undertakings are valued at historical cost less provision for impairments in value.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Acurable Limited

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

2	Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost
comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

Stocks of finished goods held for service licencing clinical use are treated as consumable medical devices and are expensed out of stock as they are issued to patients.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

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 leases asset are consumed.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Share based payments

Share-based payment arrangements are recognised in the financial statements in accordance with Financial
Reporting Standard 102. Equity-settled share-based payments are ultimately recognised as an expense in the profit and loss account with a corresponding credit to “share option reserve”.

Cumulative adjustments where significant prior to vesting is recognised in the current period. Estimates are
revised subsequently if there is any indication that the number of share options expected to vest differs from
previous estimate. No adjustment is made to any expense recognised in prior periods if share options that have
vested are not exercised. Upon exercise of share options, the proceeds received net of attributable transaction costs are credited to share capital, and where appropriate share premium.

Acurable Limited

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

2	Accounting policies (continued)

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 28 (2024 - 24).

4	Intangible assets

	Patents and licences £	Development costs £	Total £
Cost or valuation
At 1 January 2025	326,030	5,985,063	6,311,093
Additions acquired separately	64,548	257,609	322,157
At 31 December 2025	390,578	6,242,672	6,633,250
Amortisation
At 1 January 2025	61,416	3,164,209	3,225,625
Amortisation charge	21,973	929,696	951,669
At 31 December 2025	83,389	4,093,905	4,177,294
Carrying amount
At 31 December 2025	307,189	2,148,767	2,455,956
At 31 December 2024	264,614	2,820,854	3,085,468

Acurable Limited

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

5	Tangible assets

	Leasehold premises £	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2025	13,513	94,146	107,659
Additions	-	8,226	8,226
Disposals	-	(2,052)	(2,052)
At 31 December 2025	13,513	100,320	113,833
Depreciation
At 1 January 2025	5,485	65,829	71,314
Charge for the year	3,378	19,362	22,740
Eliminated on disposal	-	(800)	(800)
At 31 December 2025	8,863	84,391	93,254
Carrying amount
At 31 December 2025	4,650	15,929	20,579
At 31 December 2024	8,028	28,317	36,345

Included within the net book value of land and buildings above is £4,650 (2024 - £8,028) in respect of leasehold improvements.
 

6	Investments

	2025 £	2024 £
Investments in subsidiaries	29,039	2,677