Company No: 09241011 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2026		2025
		£		£
				Restated - note 3
Fixed assets
Tangible assets	6	59,077		82,571
Investments	7	200		200
		59,277		82,771
Current assets
Debtors	8	1,775,343		2,946,618
Cash at bank and in hand	9	4,914,939		2,312,931
		6,690,282		5,259,549
Creditors: amounts falling due within one year	10	( 1,155,208)		( 1,155,623)
Net current assets		5,535,074		4,103,926
Total assets less current liabilities		5,594,351		4,186,697
Provision for liabilities		( 14,356)		( 18,579)
Net assets		5,579,995		4,168,118
Capital and reserves
Called-up share capital	11	103		77
Share premium account		107,382		32,919
Capital redemption reserve		34		34
Other reserves		59,769		403,226
Profit and loss account		5,412,707		3,731,862
Total shareholders' funds		5,579,995		4,168,118

For the financial year ending 31 March 2026 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Weatherden Limited (registered number: 09241011) were approved and authorised for issue by the Board of Directors on 12 August 2026. They were signed on its behalf by:

Prof H Ashrafian Director

Ms E Tinsley Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Weatherden Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 264 Banbury Road, Oxford, OX2 7DY, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Prior year adjustment

The prior year figures have been restated to correct errors identified during the preparation of the financial statements for the year ended 31 March 2026, as explained in note 3.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Share-based payment

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 using the Black Scholes model. 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.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	depreciated over the life of the lease
Plant and machinery etc.	4 years straight line

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

2. Critical accounting judgements and key sources of estimation uncertainty

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the individual accounting policies above.

3. Prior year adjustment

Following a review of the company's share option arrangements, management identified that share options granted on 29 October 2024 had not been included in the share-based payment calculations for the year ended 31 March 2025. The options were fully vested at the grant date and therefore the related share-based payment charge should have been recognised in full in the year ended 31 March 2025 in accordance with Section 26 of FRS 102. In addition, management identified that an investment acquired during the year ended 31 March 2025 for £200 had been incorrectly recognised within subscriptions expense rather than fixed asset investments.

The comparative figures have been restated accordingly. The effect of the restatement was to increase administrative expenses by £394,877 in respect of previously unrecognised share-based payment charges, reclassify £200 from subscriptions expense to fixed asset investments, increase investments by £200, and increase the share option reserve by £394,877. The net effect of the adjustments was to reduce the profit and loss account reserve at 31 March 2025 by £394,677.

The effect of the restatement on the profit and loss account and balance sheet for the year ended 31 March 2025 is summarised below.

		As previously reported		Adjustment		As restated
Year ended 31 March 2025		£		£		£
Administrative expenses		1,757,704		394,677		2,152,381
Profit for the financial year		859,132		(394,677)		464,455
Investments		0		200		200
Other reserves (share option reserve)		8,349		394,877		403,226
Profit and loss account reserve		4,126,539		(394,677)		3,731,862

4. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	29		27

5. Share-based payments

Equity-settled share-based payment schemes

The Company operates a share option scheme for employees. Equity-settled share options are measured at fair value at the date of grant using the Black-Scholes valuation model. The fair value determined at grant date is recognised as an expense, with a corresponding increase in equity, over the period during which the recipients become unconditionally entitled to the awards.

During the year, the Company identified that certain options granted on 29 October 2024 had not been included within the share-based payment calculations prepared for the year ended 31 March 2025. As these options were fully vested at grant date, the related share-based payment charge should have been recognised in full in the prior year. The comparative figures have therefore been restated as disclosed in the note 3.

Details of the share options outstanding during the financial year are as follows:

	2026			2025
	Weighted Average			Weighted Average
	Number of share options	Average exercise price (£)		Number of share options	Average exercise price (£)
Outstanding at beginning of period	41,719	10.30		4,531	2.96
Granted during the period	1,739	20.60		37,188	11.20
Exercised during the period	( 26,250)	13.29		0	0
Outstanding at the end of the period	17,208	6.79		41,719	10.30
Exercisable at the end of the period	9,375	4.91		35,625	11.08

Equity-settled share options are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed over the relevant vesting period or recognised immediately where the options are fully vested at grant date. A corresponding adjustment is made to equity.

The Company recognised total expenses of £ 5,389 and £ 399,728 related to equity-settled share-based payment transactions in 2026 and 2025 respectively.

6. Tangible assets

	Land and buildings		Plant and machinery etc.		Total
	£		£		£
Cost
At 01 April 2025	13,206		107,506		120,712
Additions	0		8,050		8,050
At 31 March 2026	13,206		115,556		128,762
Accumulated depreciation
At 01 April 2025	4,952		33,189		38,141
Charge for the financial year	6,603		24,941		31,544
At 31 March 2026	11,555		58,130		69,685
Net book value
At 31 March 2026	1,651		57,426		59,077
At 31 March 2025	8,254		74,317		82,571

7. Fixed asset investments

	Other investments		Total
	£		£
Cost or valuation before impairment
At 01 April 2025	200		200
At 31 March 2026	200		200
Carrying value at 31 March 2026	200		200
Carrying value at 31 March 2025	200		200

8. Debtors

	2026		2025
	£		£
Trade debtors	1,538,262		1,585,232
Other debtors	237,081		1,361,386
	1,775,343		2,946,618

9. Cash and cash equivalents

	2026		2025
	£		£
Cash at bank and in hand	4,914,939		2,312,931

The company has granted a fixed charge over certain bank accounts as security for banking facilities. The charge was registered at Companies House on 17 June 2025.

10. Creditors: amounts falling due within one year

	2026		2025
	£		£
Trade creditors	104,924		106,453
Taxation and social security	673,976		619,494
Other creditors	376,308		429,676
	1,155,208		1,155,623

11. Called-up share capital

	2026		2025
	£		£
Allotted, called-up and fully-paid
15,750 Ordinary A £0.001 shares of £ 0.001 each	16		16
56,250 Ordinary B £0.001 shares of £ 0.001 each (2025: 50,000 shares of £ 0.001 each)	56		50
31,125 Ordinary C £0.001 shares of £ 0.001 each (2025: 11,125 shares of £ 0.001 each)	31		11
	103		77

12. Financial commitments

Commitments

	2026		2025
	£		£
Total future minimum lease payments under non-cancellable operating leases	210,000		686,400