Chartered Accountants' Report to the Director on the Preparation of the Unaudited Financial Statements of
Ondine Biomedical Limited
for the Year Ended 31 December 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ondine Biomedical Limited for the year ended 31 December 2025 which comprise the statement of comprehensive income, balance sheet and the related notes, from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
https://www.icaew.com/regulation/a-z.

It is your duty to ensure that Ondine Biomedical Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Ondine Biomedical Limited. You consider that Ondine Biomedical Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Ondine Biomedical Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Use of our report

This report is made solely to the director of Ondine Biomedical Limited in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Ondine Biomedical Limited and state those matters that we have agreed to state to the director of Ondine Biomedical Limited, in this report in accordance with ICAEW Technical Release TECH 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ondine Biomedical Limited and its director for our work or for this report.

......................................

KSEG
Chartered Accountants
Belfry House
Champions Way
Hendon
London
NW4 1PX

7 August 2026

Ondine Biomedical Limited

(Registration number: 10570442)
Balance Sheet as at 31 December 2025

	Note	2025 £	2024 £
Current assets
Cash at bank and in hand		1,000	1,000
Creditors: Amounts falling due within one year	4	(33,667)	(32,442)
Net liabilities		(32,667)	(31,442)
Capital and reserves
Called up share capital	5	1,000	1,000
Profit and loss account		(33,667)	(32,442)
Shareholder's deficit		(32,667)	(31,442)

For the financial year ended 31 December 2025 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 of its financial statements for the year in question in accordance with section 476.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The statement of comprehensive income and the director's report are not delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.

Approved and authorised for issue by the director on 6 August 2026
 

.........................................

C M Cross

Director

Ondine Biomedical Limited

Notes to the Unaudited 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 registered office address is shown on page 1.

The principal place of business is:
888-1100 Melville Street
Vancouver
British Columbia
V6E 4A6
Canada

2	Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A Small Entities and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

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

Summary of significant accounting policies

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.

Going concern

The director is of the opinion that the preparation of the financial statements on a going concern basis is justified as the company has received assurance from its parent undertaking to cover its liquidity requirements. On that basis, the director considers that the company will be able to meet its liabilities as the fall due for the foreseeable future, being a period of at least 12 months from the date on which these financial statements are approved.

Tax

The tax expense for the year comprises current and, where applicable, deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The company's liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the end of the reporting year.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against suitable future taxable profits.

Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the end of the reporting date and that are expected to apply to the reversal of the timing difference.

Current and deferred tax assets and liabilities are not discounted.

Ondine Biomedical Limited

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

Cash at bank and in hand

This comprise cash at bank and in hand.

Financial instruments

Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than its legal form.

The company's cash at bank and other creditors are measured initially at transaction price, and subsequently at amortised cost using the effective interest method.

3	Employees and director information

The company had no employees (2024 - none) and 1 director (2024 - 1) during the year. The director did not receive any remuneration from the company during the year (2024 - £nil).

4	Creditors: amounts due within one year

	2025 £	2024 £
Amounts due to parent undertaking	32,467	31,242
Accruals	1,200	1,200
	33,667	32,442

5	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary shares of £1 each	1,000	1,000	1,000	1,000

6	Related party transactions

The company has taken advantage of exemption available in FRS 102 Section 1A not to disclose transactions with its parent undertaking other than those disclosed elsewhere in the notes.

7	Ultimate parent undertaking

At 31 December 2025, the company's immediate and ultimate parent undertaking is Ondine Biomedical Inc, incorporated in Canada. Ondine Biomedical Inc prepares consolidated accounts and its registered office is 888-1100 Melville Street, Vancouver, British Columbia V6E 4A6, Canada.