IRIS Accounts Production v26.1.10.61 04470941 Board of Directors 1.1.25 31.12.25 31.12.25 retail true true false true true false false false true false iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 04470941 2024-12-31 04470941 2025-12-31 04470941 2025-01-01 2025-12-31 04470941 2023-12-31 04470941 2024-01-01 2024-12-31 04470941 2024-12-31 04470941 ns15:EnglandWales 2025-01-01 2025-12-31 04470941 ns14:PoundSterling 2025-01-01 2025-12-31 04470941 ns10:Director1 2025-01-01 2025-12-31 04470941 ns10:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 04470941 ns10:FRS102 2025-01-01 2025-12-31 04470941 ns10:Audited 2025-01-01 2025-12-31 04470941 ns10:LargeCompaniesRegimeForDirectorsReport 2025-01-01 2025-12-31 04470941 ns10:LargeCompaniesRegimeForAccounts 2025-01-01 2025-12-31 04470941 ns10:FullAccounts 2025-01-01 2025-12-31 04470941 1 2025-01-01 2025-12-31 04470941 ns10:Director2 2025-01-01 2025-12-31 04470941 ns10:Director3 2025-01-01 2025-12-31 04470941 ns10:RegisteredOffice 2025-01-01 2025-12-31 04470941 ns5:CurrentFinancialInstruments 2025-12-31 04470941 ns5:CurrentFinancialInstruments 2024-12-31 04470941 ns5:Non-currentFinancialInstruments 2025-12-31 04470941 ns5:Non-currentFinancialInstruments 2024-12-31 04470941 ns5:ShareCapital 2025-12-31 04470941 ns5:ShareCapital 2024-12-31 04470941 ns5:RetainedEarningsAccumulatedLosses 2025-12-31 04470941 ns5:RetainedEarningsAccumulatedLosses 2024-12-31 04470941 ns5:ShareCapital 2023-12-31 04470941 ns5:RetainedEarningsAccumulatedLosses 2023-12-31 04470941 ns5:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 04470941 ns5:RetainedEarningsAccumulatedLosses 2025-01-01 2025-12-31 04470941 1 2025-01-01 2025-12-31 04470941 ns5:IntangibleAssetsOtherThanGoodwill 2025-01-01 2025-12-31 04470941 ns5:PatentsTrademarksLicencesConcessionsSimilar 2025-01-01 2025-12-31 04470941 ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure 2025-01-01 2025-12-31 04470941 ns5:ComputerSoftware 2025-01-01 2025-12-31 04470941 ns5:LeaseholdImprovements 2025-01-01 2025-12-31 04470941 ns5:PlantMachinery 2025-01-01 2025-12-31 04470941 ns5:FurnitureFittings 2025-01-01 2025-12-31 04470941 ns5:MotorVehicles 2025-01-01 2025-12-31 04470941 ns5:ComputerEquipment 2025-01-01 2025-12-31 04470941 ns10:HighestPaidDirector 2025-01-01 2025-12-31 04470941 ns10:HighestPaidDirector 2024-01-01 2024-12-31 04470941 ns5:OwnedAssets 2025-01-01 2025-12-31 04470941 ns5:OwnedAssets 2024-01-01 2024-12-31 04470941 ns5:PatentsTrademarksLicencesConcessionsSimilar 2024-01-01 2024-12-31 04470941 ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-01-01 2024-12-31 04470941 ns5:ComputerSoftware 2024-01-01 2024-12-31 04470941 11 2025-01-01 2025-12-31 04470941 11 2024-01-01 2024-12-31 04470941 15 2025-01-01 2025-12-31 04470941 15 2024-01-01 2024-12-31 04470941 1 2025-01-01 2025-12-31 04470941 1 2024-01-01 2024-12-31 04470941 ns5:PatentsTrademarksLicencesConcessionsSimilar 2024-12-31 04470941 ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-12-31 04470941 ns5:ComputerSoftware 2024-12-31 04470941 ns5:PatentsTrademarksLicencesConcessionsSimilar 2025-12-31 04470941 ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure 2025-12-31 04470941 ns5:ComputerSoftware 2025-12-31 04470941 ns5:PatentsTrademarksLicencesConcessionsSimilar 2024-12-31 04470941 ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-12-31 04470941 ns5:ComputerSoftware 2024-12-31 04470941 ns5:LeaseholdImprovements 2024-12-31 04470941 ns5:PlantMachinery 2024-12-31 04470941 ns5:FurnitureFittings 2024-12-31 04470941 ns5:LeaseholdImprovements 2025-12-31 04470941 ns5:PlantMachinery 2025-12-31 04470941 ns5:FurnitureFittings 2025-12-31 04470941 ns5:LeaseholdImprovements 2024-12-31 04470941 ns5:PlantMachinery 2024-12-31 04470941 ns5:FurnitureFittings 2024-12-31 04470941 ns5:MotorVehicles 2024-12-31 04470941 ns5:ComputerEquipment 2024-12-31 04470941 ns5:MotorVehicles 2025-12-31 04470941 ns5:ComputerEquipment 2025-12-31 04470941 ns5:MotorVehicles 2024-12-31 04470941 ns5:ComputerEquipment 2024-12-31 04470941 ns5:CostValuation 2024-12-31 04470941 ns5:Subsidiary1 2025-01-01 2025-12-31 04470941 1 ns5:Subsidiary1 2025-01-01 2025-12-31 04470941 ns5:Subsidiary1 2025-12-31 04470941 ns5:Subsidiary1 2024-12-31 04470941 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-12-31 04470941 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-12-31 04470941 ns5:CurrentFinancialInstruments 2025-01-01 2025-12-31 04470941 ns5:WithinOneYear 2025-12-31 04470941 ns5:WithinOneYear 2024-12-31 04470941 ns5:BetweenOneFiveYears 2025-12-31 04470941 ns5:BetweenOneFiveYears 2024-12-31 04470941 ns5:MoreThanFiveYears 2025-12-31 04470941 ns5:MoreThanFiveYears 2024-12-31 04470941 ns5:AllPeriods 2025-12-31 04470941 ns5:AllPeriods 2024-12-31 04470941 ns5:DeferredTaxation 2024-12-31 04470941 ns5:OtherProvisionsContingentLiabilities 2024-12-31 04470941 ns5:DeferredTaxation 2025-01-01 2025-12-31 04470941 ns5:OtherProvisionsContingentLiabilities 2025-01-01 2025-12-31 04470941 ns5:DeferredTaxation 2025-12-31 04470941 ns5:OtherProvisionsContingentLiabilities 2025-12-31 04470941 ns5:RetainedEarningsAccumulatedLosses 2024-12-31 04470941 1 2025-01-01 2025-12-31

REGISTERED NUMBER: 04470941 (England and Wales)

CYDEN LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2025

| CYDEN LIMITED (REGISTERED NUMBER: 04470941) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 5 |

| Report of the Independent Auditors | 7 |

| Income Statement | 10 |

| Other Comprehensive Income | 11 |

| Balance Sheet | 12 |

| Statement of Changes in Equity | 13 |

| Notes to the Financial Statements | 14 |

| CYDEN LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2025

| DIRECTORS: | S T Jones

| J E Dykes

| R Van Rozen

| REGISTERED OFFICE: | Office Block A

| Bay Studios Business Park

| Fabian Way

| Swansea

| SA1 8QB

| REGISTERED NUMBER: | 04470941 (England and Wales)

| AUDITORS: | Bevan Buckland Audit Ltd

| Chartered Accountants

| And Statutory Auditors

| Ground Floor Cardigan House

| Castle Court

| Swansea Enterprise Park

| Swansea

| SA7 9LA

| CYDEN LIMITED (REGISTERED NUMBER: 04470941) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

The directors present their strategic report for the year ended 31 December 2025.

PRINCIPAL ACTIVITIES

The Company applies innovative expertise in skin and hair to energy-based products underpinned by research and clinical evidence. Its principal activity is the design, development, manufacture, and sale of intense pulsed light (IPL) devices for home-use hair removal. The Company sells its IPL products both as an Outsourced Design Manufacturer (ODM) to a single large customer, and internationally under its own brand SmoothSkin.

REVIEW OF BUSINESS |  |

| 2025 |  | 2024 |

Turnover £'000 |  |  | 75,894 |  | 77,432 |

Gross Profit Margin |  |  | 23% |  | 22% |

Average Number of Employees |  |  | 269 |  | 224 |

Turnover reduced 2% year on year however the business enjoyed stronger gross profit margin % and overall absolute gross margin improved from £17.1m to £17.4m. The driver was cost optimisation. Continued investment was made into key internal capabilities, primarily resourcing, and as such administrative expenses increased. Interest and tax (deferred tax movement) were similar to prior year. Overall, performance was stable year on year and the company was profitable at operating profit and net profit level. Resultingly the balance sheet shows an improved net assets position (and an enhanced ratio of current assets to current liabilities). The Directors believe the business is well positioned to pursue diverse opportunities and further optimise operations in line with customer demand.

| CYDEN LIMITED (REGISTERED NUMBER: 04470941) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

PRINCIPAL RISKS AND UNCERTAINTIES

The Directors maintain robust risk management processes to minimise exposure to both identified and unforeseen risks, allowing focus on delivering strategic objectives. Principal risks that could impact performance or solvency are regularly reviewed and action taken to ensure effective risk-management.

Monitoring is continuous, via weekly and monthly scorecards and Key Performance Indicators. The Directors review developments in the economic, regulatory, and market landscape to identify potential risks and opportunities and adjust the business model as needed. The Company utilises financial instruments such as cash, trade debtors, and creditors to support operational financing. The following are the principal risks and uncertainties that could materially affect the Company's ability to achieve its strategy:

Liquidity Risk

The Company maintains a prudent approach to liquidity management, ensuring sufficient cash resources are available to meet operational needs and support growth opportunities. Interest and finance charges are minimised, and surplus cash is invested securely to preserve value and ensure ready access when required.

Credit Risk

The Company's principal financial assets are cash and trade receivables. Credit risk arises primarily from trade receivables and is managed through the use of customer credit limits based on payment history and external credit assessments. The Financial Controller reviews debtor exposure regularly, including ageing profiles and collection performance, to mitigate concentration and default risk.

Trading Risks

(i) Customer Concentration

A significant portion of the Company's revenue is derived from a single customer under an ODM arrangement. Whilst a potential concentration risk, mitigation is via the Company's own-brand international IPL business and ongoing development of diverse revenue streams.

(ii) Regulatory Framework:

IPL hair removal devices are typically regulated as medical devices across major markets. The Company holds global regulatory certifications, reflecting its strong track record in compliance. While any future changes in regulatory frameworks could affect market access, the Company's in-house regulatory expertise ensures timely adaptation and continued compliance.

(iii) Economic climate:

Although interest rates have begun to ease in 2025, they remain relatively high and lingering inflationary pressures continue to impact the UK economy. Exchange rate movements, particularly GBP/USD can significantly affect margin translation given that the majority of the Company's trading is denominated in USD. The Directors actively monitor economic conditions and regularly review pricing, procurement, investment plans, and hedge strategically to mitigate ongoing macroeconomic risk.

(iv) Disruption of Production / Supply Chain

Global supply chain disruptions remain a risk factor. The Company actively manages supplier relationships, lead times, and inventory levels, with contingency planning in place to minimise the impact of delays in raw materials or component availability.

Information Governance and Technology Risk

The business is highly dependent on secure and resilient IT systems. Risks include data loss, cyber threats, systems downtime, and the unauthorised access or use of confidential data. The Company has invested in its IT infrastructure, including robust backup protocols, system security measures, and business continuity planning. Ongoing enhancements are made to protect customer data and maintain compliance with data privacy regulations across all relevant jurisdictions.

Data Protection

While GDPR is now well-established, the Company recognises that data protection remains a dynamic area of regulatory focus. Processes are in place to ensure that data handling remains compliant with current laws and evolving regulatory expectations, supported by ongoing staff training and internal governance.

| CYDEN LIMITED (REGISTERED NUMBER: 04470941) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

Health, Safety, and Environment (HSE) Compliance

The Company maintains a comprehensive HSE policy aligned with applicable legislation and best practice. Health and safety obligations are monitored and reviewed regularly. Environmental considerations are embedded into operations, with attention to sustainable practices.

Product Quality and Accreditation

The Company holds internationally recognised quality and regulatory certifications relevant to the development and manufacture of IPL devices, including ISO 13485 (covering US FDA and Health Canada), MDSAP, and Korean MFDS K-GMP. These accreditations underpin product quality, regulatory compliance, and customer assurance across global markets.

SECTION 172(1) STATEMENT

The Directors are fully aware of their duties under section 172(1) of the Companies Act 2006 to act in a way they consider, in good faith, would most likely promote the success of the Company for the benefit of its members as a whole. In doing so, they have regard to, among other matters:

- |  | The likely long-term consequences of any decision; |

- |  | The interest of the company's employees; |

- |  | The need to foster the company's business relationships with suppliers, customers and other stakeholders; |

- |  | The impact of the company's operations on the community and the environment; and |

- |  | Desirability of the company maintaining a reputation for high standards of business conduct. |

The Directors embed these considerations in decision-making through the Company's business strategy, culture, governance framework, and stakeholder engagement practices. Major stakeholders include employees, customers, suppliers, and shareholders. Their interests are regularly considered as part of discussions and strategic decisions.

The Directors promote a culture of high ethical and regulatory standards and recognise that building strong and enduring relationships with stakeholders supports long-term sustainable success.

ON BEHALF OF THE BOARD:

J E Dykes - Director

13 August 2026

| CYDEN LIMITED (REGISTERED NUMBER: 04470941) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2025.

RESEARCH AND DEVELOPMENT

The Company continues to invest in research and development to enhance its product offering. The Directors view this as integral to the Company's long-term competitiveness.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

S T Jones

J E Dykes

R Van Rozen

POLITICAL DONATIONS AND EXPENDITURE

The company made no political donations and incurred no political expenditure during the year.

STATEMENT ON GOING CONCERN

The Directors have considered the financial position of the Company and its forecast performance and are satisfied that it is appropriate to adopt the going concern basis in preparing the financial statements. In forming this view, the Directors have taken into account all relevant information available to the date of approval of the financial statements, including current trading, cash flow forecasts, and available financing facilities.

EMPLOYMENT OF DISABLED PERSONS

The company's policy is to recruit disabled workers for those vacancies that they are able to fill. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged.

ENGAGEMENT WITH EMPLOYEES

The Company recognises that employee engagement is fundamental to its culture and long-term success. The Directors place high importance on workforce wellbeing and are committed to supporting employees' development, motivation, and inclusion.

Employees are kept informed of matters affecting them and the Company's performance through a combination of formal updates and informal communication. The Company maintains an open approach to feedback and engagement at all levels.

The Company is committed to fair pay and benefits and operates as an equal opportunities employer, upholding the principle of equality in recruitment, development, and reward.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

Customers

Customer relationships are central to the Company's commercial success. The Company maintains regular engagement with its customers to ensure service expectations are met and to support long-term partnership.

Suppliers

The Company works with a network of suppliers who are essential to delivering continuity and quality of service. It aims to act fairly and transparently in its dealings and seeks to build collaborative relationships that reflect the Company's values.

Shareholders

The Company is wholly owned by its parent, iPulse, and the Directors communicate relevant information to the parent company's Board in a timely and transparent manner.

STREAMLINED ENERGY AND CARBON REPORTING

In accordance with the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, disclosure of UK energy and Greenhouse Gas emissions is as follows:

| 2025 |  | 2024 |

Total Energy Consumption |  | KWh |  | kWh |

| 1,373,637 |  | 1,277,147 |

| CYDEN LIMITED (REGISTERED NUMBER: 04470941) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2025

GHG Emissions CO2 equivalent |  | 2025 |  | 2024 |

| metric tonnes |  | metric tonnes |

Natural gas (Scope 1) |  | 84.1 |  | 79.6 |

Purchased Electricity (Scope 2) |  | 156.4 |  | 165.1 |

Transport (Scope 1 & 3 combined) |  | 11.5 |  | 10.8 |

Total gross CO2e emissions |  | 252 |  | 255.5 |

Intensity Ratio |  |

metric tonnes CO2e per £100,000 of Turnover |  | 0.33 |  | 0.33 |

Methodology

The adopted methodology used is based on the Greenhouse Gas Protocol Corporate Reporting Standard reporting on equivalent CO2 emissions from organisational boundary. Information has been gathered in the same format as for compliance with the ESOS Regulations, for Scope 1 & 2 emissions, collated into kWh for all directly owned or operated corresponding UK based operations (i.e. the organisational boundary).

These have been converted to equivalent tonnes of carbon dioxide (tCO2e) using the published UK Government GHG Conversion Factors for Company Reporting for 2025.

Energy efficiency

No energy efficiency measures were implemented during the reporting period. HVAC, lighting, and insulation considerations were explored for implementation in future period

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

- | make judgements and accounting estimates that are reasonable and prudent;

- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

J E Dykes - Director

13 August 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

CYDEN LIMITED

Opinion

We have audited the financial statements of CyDen Limited (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- | the financial statements are not in agreement with the accounting records and returns; or

- | certain disclosures of directors' remuneration specified by law are not made; or

- | we have not received all the information and explanations we require for our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

CYDEN LIMITED

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, and then, design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

We discussed our audit independence complying with the Revised Ethical Standard 2024 with the engagement team members whilst planning the audit and continually monitored our independence throughout the process.

Identifying and assessing potential risks related to irregularities.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- |  | enquiring of management, including obtaining and reviewing supporting documentation, concerning the Company's policies and procedures relating to: |

| - |  | identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; |

| - |  | detecting and responding to the risks of fraud and whether they have knowledge of any actual. suspected or alleged fraud; |

| - |  | the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; |

- |  | discussing among the engagement team how and where fraud might occur in the Financial Statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following areas; |

| - |  | Assumptions used for valuing work in progress at the year end, and; |

| - |  | Potential for deferring income already earned at the year end. |

- |  | obtaining an understanding of the legal and regulatory frameworks that the Company operates in, focusing on those laws and regulations that had a direct effect on the Financial Statements or that had a fundamental effect on the operations of the Company, The key laws and regulations we considered in this context included the UK Companies Act and relevant tax legislation. |

Audit response to risks identified

In addition to the above, our procedures to respond to risks identified included the following:

- |  | reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations; |

- |  | enquiring of management concerning actual and potential litigation and claims; performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |

- |  | reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and |

- |  | in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; |

- |  | assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and |

- |  | evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

CYDEN LIMITED

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Michael Williams (Senior Statutory Auditor)

for and on behalf of Bevan Buckland Audit Ltd

Chartered Accountants

And Statutory Auditors

Ground Floor Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

13 August 2026

| CYDEN LIMITED (REGISTERED NUMBER: 04470941) |

INCOME STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 3 | 75,893,805 |  | 77,432,074 |  |

Cost of sales | 58,516,911 |  | 60,309,729 |  |

GROSS PROFIT | 17,376,894 |  | 17,122,345 |  |

Administrative expenses | 14,619,191 |  | 12,321,438 |  |

2,757,703 |  | 4,800,907 |  |

Other operating income | 1,662,135 |  | 1,180,046 |  |

OPERATING PROFIT | 5 | 4,419,838 |  | 5,980,953 |  |

Interest payable and similar expenses | 6 | 579,180 |  | 523,394 |  |

PROFIT BEFORE TAXATION | 3,840,658 |  | 5,457,559 |  |

Tax on profit | 7 | 559,017 |  | 522,833 |  |

PROFIT FOR THE FINANCIAL YEAR | 3,281,641 |  | 4,934,726 |  |

| CYDEN LIMITED (REGISTERED NUMBER: 04470941) |

OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT FOR THE YEAR | 3,281,641 |  | 4,934,726 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 3,281,641 |  | 4,934,726 |  |

| CYDEN LIMITED (REGISTERED NUMBER: 04470941) |

BALANCE SHEET

31 DECEMBER 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 9 | 1,561,627 |  | 1,785,150 |  |

Tangible assets | 10 | 3,046,488 |  | 3,421,055 |  |

Investments | 11 | 1 |  | 1 |  |

4,608,116 |  | 5,206,206 |  |

CURRENT ASSETS

Stocks | 12 | 17,788,455 |  | 15,361,081 |  |

Debtors | 13 | 25,825,999 |  | 21,967,359 |  |

Cash at bank | 590,399 |  | 216,455 |  |

44,204,853 |  | 37,544,895 |  |

CREDITORS

Amounts falling due within one year | 14 | 15,244,247 |  | 13,007,736 |  |

NET CURRENT ASSETS | 28,960,606 |  | 24,537,159 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 33,568,722 |  | 29,743,365 |  |

CREDITORS

Amounts falling due after more than one year | 15 | (743,714 | ) | (492,859 | ) |

PROVISIONS FOR LIABILITIES | 17 | (503,695 | ) | (210,834 | ) |

NET ASSETS | 32,321,313 |  | 29,039,672 |  |

CAPITAL AND RESERVES

Called up share capital | 18 | 25,678 |  | 25,678 |  |

Retained earnings | 19 | 32,295,635 |  | 29,013,994 |  |

SHAREHOLDERS' FUNDS | 32,321,313 |  | 29,039,672 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 13 August 2026 and were signed on its behalf by:

J E Dykes - Director

| CYDEN LIMITED (REGISTERED NUMBER: 04470941) |

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 January 2024 | 25,678 |  | 28,643,337 |  | 28,669,015 |  |

Changes in equity

Dividends | - |  | (4,564,069 | ) | (4,564,069 | ) |

Total comprehensive income | - |  | 4,934,726 |  | 4,934,726 |  |

Balance at 31 December 2024 | 25,678 |  | 29,013,994 |  | 29,039,672 |  |

Changes in equity

Total comprehensive income | - |  | 3,281,641 |  | 3,281,641 |  |

Balance at 31 December 2025 | 25,678 |  | 32,295,635 |  | 32,321,313 |  |

| CYDEN LIMITED (REGISTERED NUMBER: 04470941) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1. | STATUTORY INFORMATION

| CyDen Limited 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| The company is a parent undertaking with one dormant subsidiary. In accordance with Section 400 of the Companies Act 2006, the company has taken advantage of the exemption from preparing consolidated financial statements, as it is included in the consolidated financial statements of its ultimate parent undertaking, iPulse Limited, which are publicly available. The subsidiary is dormant and immaterial for the purposes of consolidation. Accordingly, these financial statements present information about the company as an individual entity and not about its group.

| Financial Reporting Standard 102 - reduced disclosure exemptions

| The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

| • | the requirements of Section 7 Statement of Cash Flows.

| Exemption has been taken on the grounds that the parent company, iPulse Limited, includes the subsidiary in its published consolidated financial statements available at Companies House.

| Preparation of consolidated financial statements

| The financial statements contain information about CyDen Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, iPulse Limited, Office Block A, Bay Studios Business Park, Swansea, United Kingdom, SA1 8QB

| Related party exemption

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| CYDEN LIMITED (REGISTERED NUMBER: 04470941) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Critical accounting judgements and key sources of estimation uncertainty

| Significant Judgements used by management

| The preparation of the financial statement requires management to make judgement, estimates and assumptions that affect the application of polices and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

| Warranty Returns Provision

| The company provides warranty coverage on our products that varies per customer. The estimated warranty costs are accounted for by accruing these costs for each product upon recognition of the sale. The estimated warranty costs are based on the cost of the product and the historical level of returns received. Actual results may vary from these estimates but they are reviewed on an ongoing basis.

| Estimated useful lives

| Tangible assets are depreciated over their estimated useful lives of 5 years, they are stated at cost less accumulated depreciation. Tangible assets are reviewed periodically, and where any asset is no longer used by the group the balance is written off to the income statement.

| Intangible assets are amortised over their estimated useful life of 5 years. They are both stated at cost less accumulated amortisation.Intangible assets are reviewed annually, and where future benefits are deemed to have ceased or to be in doubt, the balance is written off to the income statement.

| Carrying value of stock

| The directors review the market value of and demand for the company's stock on a periodic basis to ensure stock is recorded in the financial statements at the lower of cost and net realisable value, being the estimated selling price less cost to complete and sell. The directors use their knowledge of market conditions, historical experiences and estimates of future events to assess future demand for the company's products and achievable selling prices.

| Recoverability of amounts due from group undertakings

| The Company has amounts receivable from fellow group undertakings at the balance sheet date. In assessing whether these balances are recoverable, the directors have considered the current and forecast financial performance of the counterparties, expected future cash flows, repayment expectations and the ongoing strategic importance of the entities to the wider Group.

| As recovery of certain balances is expected to occur over periods extending beyond the short term, the assessment involves judgement regarding future trading performance and cash generation.

| Based on this assessment, the directors consider the balances recoverable in full and no impairment provision has been recognised

| Turnover

| Turnover comprises revenue recognised by the company in respect of goods supplied during the year, exclusive of Value Added Tax and trade discounts.

| Turnover in respect of product is recognised when the company has performed its obligations in exchange for the right to consideration. This is ordinarily deemed to be at the point of despatch of the goods to the customer.

| Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Patents and licences are being amortised evenly over their estimated useful life of five years.

| Development costs are being amortised evenly over their estimated useful life of five years.

| Computer software is being amortised evenly over its estimated useful life of five years.

| CYDEN LIMITED (REGISTERED NUMBER: 04470941) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Improvements to property | - | 10% on cost

| Plant and Machinery | - | 20% on cost

| Fixtures and fittings | - | 20% on cost

| Motor vehicles | - | 20% on cost

| Computer equipment | - | 20% on cost

| If there is an indication that there has been a significant change in depreciation rate or residual value of an asset, the depreciation of that asset is revised prospectively to reflect the new expectations.

| Cost comprises the purchase price of the asset and expenditure directly attributable to the acquisition of the item.

| A fixed asset is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. 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 the income statement.

| Impairment of fixed assets

| The company performs impairment testing where there are any indicators of impairment. Impairment is calculated as the difference between the carrying value and the recoverable value of the asset. Recoverable value is the higher of net realisable value and estimated value in use at the date the impairment loss is recognised. Value in use represents the present value of expected future discounted cash flows. If incurred, impairment is recognised immediately in the income statement.

| Where an impairment loss subsequently reverses, the carrying value of the asset is increased to the revised estimate of the recoverable amount, but so that the increased carrying value does not exceed the carrying value that would have been determined if no impairment loss had been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately as a credit to the income statement.

| Fixed asset investments

| Fixed asset investments are valued at fair value unless fair value cannot be measured reliably, in which case investments are valued at cost less impairment.

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost.

| Stocks

| Stocks 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, where required, an appropriate proportion of fixed and variable overheads. In general, cost is determined on a first in first out basis.

| Stock is reviewed at each reporting date to determine whether there is any indication of impairment.

| Debtors

| Short term trade debtors are measured at transaction price, less any impairment. A provision for impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due.

| Cash and cash equivalent

| Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

| In the statement of cash flows, cash and cash equivalents are shown in net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

| CYDEN LIMITED (REGISTERED NUMBER: 04470941) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other receivables and payables, amounts due to and from related parties.

| Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

| Debt instruments like loans and other receivables and payables are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying value and the present value of estimated cash flows discounted at the assets original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the group would receive for the asset if it were to be sold at the reporting date.

| Financial assets and liabilities are offset and the net amount recognised in the balance sheet when there is an 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. At each reporting date non-financial assets not carried at fair value, such as property, plant and equipment are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less costs to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

| If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

| Creditors

| Short term creditors are measured at the transaction price. Bank loans are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

| Provisions for liabilities

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

| Deferred Income

| Contributions received towards development costs are recognised in the period that development expenditure is incurred. Capital contributions are initially recognised as deferred income on the balance sheet and credited to the profit and loss account by instalments on a basis consistent with the depreciation policy of the relevant asset, as adjusted for any impairment.

| Warranty Provision

| The company recognises a provision for warranty cost; which is valid for between 2 and 5 years depending on the product sold. A range of 2 - 20% of turnover is as provided. Once the product is 2->5 years old the warranty provision is released.

| CYDEN LIMITED (REGISTERED NUMBER: 04470941) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| 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.

| Research and development

| Development costs are capitalised within intangible assets where they can be identified with a specific product or project anticipated to produce future benefits, and are amortised on the straight line basis the anticipated life of the benefits arising from the completed product or project, which typically is deemed to be 5 years.

| Deferred research and development costs are reviewed annually, and where future benefits are deemed to have ceased or to be in doubt, the balance of any related research and development is written off to the income statement. Expenditure on product research and development is written off to the income statement in the year in which it is incurred.

| R&D tax credits are recognised on an accruals basis and are included as an income tax credit under current assets.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling using a monthly average exchange rate. If exchange rates fluctuate significantly in the month foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| 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.

| Employee benefits

| The company provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and defined contribution pension plans.

| Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.

| Functional and presentation currency

| The company's functional and presentational currency is pounds sterling.

3. | TURNOVER

| The turnover and profit before taxation are attributable to the one principal activity of the company.

| The company supplies various markets other than just in the UK, the disclosure of which would be seriously prejudicial to the interests of the company and therefore will not be disclosed.

| CYDEN LIMITED (REGISTERED NUMBER: 04470941) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

4. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 9,336,805 |  | 7,961,678 |  |

| Social security costs | 1,308,121 |  | 859,194 |  |

| Other pension costs | 503,770 |  | 444,701 |  |

11,148,696 |  | 9,265,573 |  |

| The average number of employees during the year was as follows:

| 2025 |  | 2024

| Clinical, research & development | 48 |  | 41 |  |

| CEO & senior management | 13 |  | 13 |  |

| Finance & HR | 10 |  | 8 |  |

| Operations, quality & factory | 190 |  | 154 |  |

| Sales & marketing | 8 |  | 8 |  |

269 |  | 224 |  |

| Included in creditors are pension contributions of £184,070 (2024: £99,312).

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 767,781 |  | 703,226 |  |

| Directors' pension contributions to money purchase schemes | 69,023 |  | 53,554 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 3 |  | 3 |  |

| Information regarding the highest paid director is as follows:

| 2025 |  | 2024

£ | £ |

| Emoluments etc | 507,016 |  | 482,025 |  |

| Pension contributions to money purchase schemes | 51,366 |  | 38,070 |  |

5. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| 2025 |  | 2024

£ | £ |

| Depreciation - owned assets | 1,699,017 |  | 1,944,558 |  |

| Profit on disposal of fixed assets | - |  | (2,211 | ) |

| Patents and licences amortisation | 36,506 |  | 26,110 |  |

| Development costs amortisation | 613,106 |  | 600,702 |  |

| Computer software amortisation | 48,195 |  | 47,755 |  |

| Auditors' remuneration | 25,800 |  | 17,157 |  |

| Auditors' remuneration for non audit work | 13,667 |  | 29,113 |  |

| Foreign exchange differences | 945,156 |  | (910,116 | ) |

| Directors pension | 69,023 |  | 53,554 |  |

| Research & development expenses | 1,829,337 |  | 1,764,459 |  |

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank loan interest | 571,915 |  | 516,415 |  |

| Other Interest | 7,265 |  | 6,979 |  |

579,180 |  | 523,394 |  |

| CYDEN LIMITED (REGISTERED NUMBER: 04470941) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

7. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Deferred tax | 559,017 |  | 522,833 |  |

| Tax on profit | 559,017 |  | 522,833 |  |

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

| 2025 |  | 2024

£ | £ |

| Profit before tax | 3,840,658 |  | 5,457,559 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 960,165 |  | 1,364,390 |  |

| Effects of:

| Expenses not deductible for tax purposes | (309,681 | ) | (456,405 | ) |

| Adjustments to tax charge in respect of previous periods | - |  | (5,792 | ) |

| R&D deduction | (91,467 | ) | (379,360 | ) |

| Total tax charge | 559,017 |  | 522,833 |  |

| Factors that may affect future current and total tax charges

| The deferred tax assets/liabilities at 31 December 2025 have been calculated at the rate of 25% (2024: 25%).

8. | DIVIDENDS

|  | 2025 |  |  | 2024 |  |

| £ |  |  | £ |  |

| Ordinary shares of 1p each |  |

| Final |  | - |  |  | 4,564,069 |  |

9. | INTANGIBLE FIXED ASSETS

| Patents |

| and |  | Development |  | Computer |

| licences |  | costs |  | software |  | Totals

£ | £ | £ | £ |

| COST

| At 1 January 2025 | 314,879 |  | 5,174,441 |  | 243,724 |  | 5,733,044 |  |

| Additions | 43,749 |  | 428,902 |  | 5,689 |  | 478,340 |  |

| Disposals | - |  | (5,406 | ) | - |  | (5,406 | ) |

| At 31 December 2025 | 358,628 |  | 5,597,937 |  | 249,413 |  | 6,205,978 |  |

| AMORTISATION

| At 1 January 2025 | 215,274 |  | 3,564,249 |  | 168,371 |  | 3,947,894 |  |

| Amortisation for year | 36,506 |  | 613,106 |  | 48,195 |  | 697,807 |  |

| Eliminated on disposal | - |  | (1,350 | ) | - |  | (1,350 | ) |

| At 31 December 2025 | 251,780 |  | 4,176,005 |  | 216,566 |  | 4,644,351 |  |

| NET BOOK VALUE

| At 31 December 2025 | 106,848 |  | 1,421,932 |  | 32,847 |  | 1,561,627 |  |

| At 31 December 2024 | 99,605 |  | 1,610,192 |  | 75,353 |  | 1,785,150 |  |

| CYDEN LIMITED (REGISTERED NUMBER: 04470941) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

10. | TANGIBLE FIXED ASSETS

| Improvements |  | Fixtures

| to |  | Plant and |  | and

| property |  | Machinery |  | fittings

£ | £ | £ |

| COST

| At 1 January 2025 | 3,203,480 |  | 9,868,686 |  | 278,848 |  |

| Additions | 182,426 |  | 1,249,022 |  | 44,199 |  |

| Disposals | (89,740 | ) | (269,751 | ) | (672 | ) |

| At 31 December 2025 | 3,296,166 |  | 10,847,957 |  | 322,375 |  |

| DEPRECIATION

| At 1 January 2025 | 2,515,032 |  | 7,312,613 |  | 230,613 |  |

| Charge for year | 269,134 |  | 1,304,671 |  | 28,683 |  |

| Eliminated on disposal | (5,111 | ) | (47,595 | ) | (39 | ) |

| At 31 December 2025 | 2,779,055 |  | 8,569,689 |  | 259,257 |  |

| NET BOOK VALUE

| At 31 December 2025 | 517,111 |  | 2,278,268 |  | 63,118 |  |

| At 31 December 2024 | 688,448 |  | 2,556,073 |  | 48,235 |  |

| Motor |  | Computer |

| vehicles |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 January 2025 | 18,944 |  | 919,559 |  | 14,289,517 |  |

| Additions | - |  | 156,231 |  | 1,631,878 |  |

| Disposals | - |  | (10 | ) | (360,173 | ) |

| At 31 December 2025 | 18,944 |  | 1,075,780 |  | 15,561,222 |  |

| DEPRECIATION

| At 1 January 2025 | 4,737 |  | 805,467 |  | 10,868,462 |  |

| Charge for year | 3,789 |  | 92,740 |  | 1,699,017 |  |

| Eliminated on disposal | - |  | - |  | (52,745 | ) |

| At 31 December 2025 | 8,526 |  | 898,207 |  | 12,514,734 |  |

| NET BOOK VALUE

| At 31 December 2025 | 10,418 |  | 177,573 |  | 3,046,488 |  |

| At 31 December 2024 | 14,207 |  | 114,092 |  | 3,421,055 |  |

11. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertakings

£ |

| COST

| At 1 January 2025

| and 31 December 2025 | 1 |  |

| NET BOOK VALUE

| At 31 December 2025 | 1 |  |

| At 31 December 2024 | 1 |  |

| CYDEN LIMITED (REGISTERED NUMBER: 04470941) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

11. | FIXED ASSET INVESTMENTS - continued

| The company's investments at the Balance Sheet date in the share capital of companies include the following:

| MC500 Limited

| Registered office: United Kingdom

| Nature of business: Dormant

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | 1 |  | 1 |  |

| The company's investment is the 100% holding of the ordinary share capital of MC500 Limited, a dormant company.

12. | STOCKS

2025 | 2024 |

£ | £ |

| Stocks | 16,781,802 |  | 13,311,182 |  |

| Work-in-progress | 73,205 |  | 806,027 |  |

| Finished goods | 933,448 |  | 1,243,872 |  |

17,788,455 |  | 15,361,081 |  |

13. | DEBTORS

2025 | 2024 |

£ | £ |

| Amounts falling due within one year:

| Trade debtors | 14,608,630 |  | 9,371,896 |  |

| Amounts owed by group undertakings | 7,048,852 |  | 8,837,249 |  |

| Other debtors | 371,520 |  | 5,574 |  |

| VAT | - |  | 317,843 |  |

| Deferred tax asset | 536,104 |  | 1,095,121 |  |

| Prepayments and accrued income | 1,529,595 |  | 611,145 |  |

24,094,701 |  | 20,238,828 |  |

| Amounts falling due after more than one year:

| Amounts owed by group undertakings | 1,731,298 |  | 1,728,531 |  |

| Aggregate amounts | 25,825,999 |  | 21,967,359 |  |

| Group balances less than one year are repayable on demand, however the directors believe that the amount will be repaid over more than one year.

| Group balances more than one year represent loan represent fixed facilities where drawdowns are to be repaid at maturity of the facilities in December 2026. Facilities are subject to either interest calculated annually at B.O.E. rate for the period or 3.8%.

| CYDEN LIMITED (REGISTERED NUMBER: 04470941) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade creditors | 8,376,721 |  | 8,550,874 |  |

| Tax | (300 | ) | (300 | ) |

| Social security and other taxes | 315,549 |  | 234,774 |  |

| VAT | 2,548,758 |  | - |  |

| Other creditors | 2,033,332 |  | 2,010,223 |  |

| Deferred income | 465,542 |  | 811,923 |  |

| Accrued expenses | 1,504,645 |  | 1,400,242 |  |

15,244,247 |  | 13,007,736 |  |

| Bank Securities

| Fixed and floating charge over the undertaking and all property and assets present and future dated 10/07/2019.

15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£ | £ |

| Accruals and deferred income | 743,714 |  | 492,859 |  |

16. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2025 | 2024 |

£ | £ |

| Within one year | 731,395 |  | 560,148 |  |

| Between one and five years | 3,080,131 |  | 2,160,981 |  |

| In more than five years | 1,448,030 |  | 680,875 |  |

5,259,556 |  | 3,402,004 |  |

17. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Other provisions | 503,695 |  | 210,834 |  |

| Warranty |

| Deferred |  | & liability |

| tax |  | provision |

£ | £ |

| Balance at 1 January 2025 | (1,095,121 | ) | 210,834 |  |

| Provided during year | - |  | 392,861 |  |

| Charge to Income Statement during year | 559,017 |  | - |  |

| Balance at 31 December 2025 | (536,104 | ) | 603,695 |  |

| CYDEN LIMITED (REGISTERED NUMBER: 04470941) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

17. | PROVISIONS FOR LIABILITIES - continued

| Other provisions represent warranty and liability claims. Warranty costs run between a two and five year period from the point of sale and are utilised on expiry of the period. The credit to the profit and loss is the net affect of provisions relating to current year sales, warranty costs incurred in the year and the release of expired warranties.

| Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following analysis is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

|  | 2025 |  |  | 2024 |  |

|  | Net Asset |  |  | Net Asset |  |

| Balances: |  | £ |  |  | £ |  |

| ACAs |  |  | 374,559 |  |  | 657,434 |  |

| Tax losses |  |  | (910,663 | ) |  | (1,690,324 | ) |

|  | (536,104 | ) |  | (1,095,121 | ) |

| The deferred tax asset is recognised as it is considered probable that future taxable profits will be available against which the unused tax losses will be utilised.

18. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 25,677,901 | Ordinary 0.1p | 0.1p | 25,678 |  | 25,678 |  |

| Each share is entitled to:

| - One vote in any circumstances;

| - Pari passu to dividend or any other distribution; and

| - Full participation in capital distributions.

19. | RESERVES

| Retained

| earnings

£ |

| At 1 January 2025 | 29,013,994 |  |

| Profit for the year | 3,281,641 |  |

| At 31 December 2025 | 32,295,635 |  |

| Called up share capital - represents the nominal value of shares that have been issued.

| Retained earnings - included all current and prior period retained profits and losses.

20. | ULTIMATE PARENT COMPANY

| Ipulse Limited is regarded by the directors as being the company's ultimate parent company.

21. | CAPITAL COMMITMENTS

2025 | 2024 |

£ | £ |

| Contracted but not provided for in the

| financial statements | 289,406 |  | - |  |

22. | RELATED PARTY DISCLOSURES

| During the year the group paid £2,102,035 (2024: £1,852,850) to key management personnel.

| CYDEN LIMITED (REGISTERED NUMBER: 04470941) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

23. | POST BALANCE SHEET EVENTS

| There were no events after the reporting period to the date the accounts were approved that are material for disclosure in the financial statements.

24. | ULTIMATE CONTROLLING PARTY

| Richard Koch is the ultimate controlling party by virtue of holding more than 50% of the iPulse Limited share capital.