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Registered number: 10826246
SOLASCURE LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 JUNE 2026
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SOLASCURE LIMITED
REGISTERED NUMBER: 10826246
BALANCE SHEET
AS AT 30 JUNE 2026
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Share capital pending allotment
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Page 1
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SOLASCURE LIMITED
REGISTERED NUMBER: 10826246
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2026
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 10 form part of these financial statements.
Page 2
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SOLASCURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2026
SolasCure Limited is a limited liability company, incorporated in England on 20 June 2017 and started trading on the same date. The address of its registered office is Wellington House, East Road, Cambridge, CB1 1BH.
The principal activity of the Company during the financial year was developing wound care products that significantly improve the health and wellbeing of patients with chronic wounds.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
The directors note that the Company is loss-making and is continuing its product development. The directors expect this to continue for a number of years due to the nature of the development of healthcare products. Significant levels of grant funding have been won during the year and are anticipated to be received post year end. The directors note that they can manage the timing of cash outflows in relation to future development expenditure. Based on the Company's current cash reserves and grant funding raised, the management of the timing of development expenditure and future funding plans, the directors have concluded that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Page 3
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SOLASCURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2026
2.Accounting policies (continued)
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and loss account in the same period as the related expenditure.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
Tax is recognised in profit or loss except that a charge attributable to an item of income and 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 current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Page 4
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SOLASCURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2026
2.Accounting policies (continued)
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Intangible assets relates to patents. Patents are not currently amortised as the asset is not yet in use. Separately acquired patents and trademarks are included at cost. Amortisation will begin once the first revenue has been generated from the asset and is spread evenly over the estimated useful life of the asset. Provision is made for any impairment.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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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.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Page 5
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SOLASCURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2026
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
The proceeds received on issue of the Company's convertible debt are allocated into their liability and equity components and presented separately in the Balance Sheet. The convertible loan notes represent a non-basic financial instrument that has been recognised initially and subsequently at fair value.
The amount initially attributed to the debt component equals the discounted cash flows using a market rate of interest that would be payable on a similar debt instrument that did not include an option to convert.
The convertible debt within these financial statements has been recognised as a financial liability with no equity component as the conversion is into a variable number of shares and the rate of interest applied is considered to be market rate.
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The average monthly number of employees, including directors, during the year was 9 (2025 - 10).
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Page 6
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SOLASCURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2026
Page 7
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SOLASCURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2026
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Convertible loans and accrued interest
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In December 2024, the Company received £448,400 in convertible loan notes. In March 2026, the Company received an additional £82,196 in convertible loan notes. The convertible loan notes incur interest at 10% per annum and are repayable in December 2029 and March 2031 if they have not been converted into equity by this point. It is stipulated that the Company shall use the loans for the purpose of developing products under research.
The convertible loan notes have been recognised as compound financial instruments on the basis that the convertible loans are convertible into a variable number of shares at a variable price based on a 25% discount of the most recent share transaction. They include both an obligation to pay cash and an option to settle in the entity's own equity instrument and the conversion feature will not be settled by exchanging a fixed amount of cash for a fixed amount of shares.
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Page 8
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SOLASCURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2026
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Allotted, called up and fully paid
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2,048,858,265 (2025 - 2,039,178,265) A - Ordinary shares of £0.010000 each
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399,306,832 (2025 - 399,306,832) Growth shares of £0.000001 each
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26,600,900 (2025 - 26,600,900) Ordinary shares of £0.010000 each
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On 19 September 2025, 7,680,000 A - Ordinary shares of £0.01 were allotted for a value of £0.02 each and a total consideration of £153,600.
On 19 September 2025, 2,000,000 A - Ordinary shares of £0.01 were allotted for a value of £0.015 each and a total consideration of £30,000.
Share premium account
The share premium account represents the premium received on the issue of shares over and above their nominal value.
Share capital pending allotment account
During the year, the Company received £102,840 from investors under an advance share subscription agreement. These funds were received in anticipation of a future equity issuance and are classified within equity as "Share capital pending allotment".
The terms of the agreement specify that:
- The funds are non-refundable.
- Shares will be formally allotted upon completion
- No interest is payable on the advance.
- The shares to be issued will be ordinary shares with identical rights to existing ordinary shares.
In accordance with FRS 102 Section 22, the advance has been classified as equity as there is no contractual obligation to repay the amount received.
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £3,354 (2025 - £3,517). Contributions totalling £652 (2025 - £nil) were payable to the fund at the balance sheet date and are included in creditors.
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Commitments under operating leases
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The Company had no commitments under non-cancellable operating leases at the balance sheet date.
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Page 9
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SOLASCURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2026
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Related party transactions
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Included in costs is £112,500 (2025 - £75,000) for services from a company in which A Weymann is also a director.
The Company has taken advantage of the exemptions available in Section 33 Related Party Transactions of FRS 102 to not disclose transactions between wholly owned entities in the group.
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The directors do not consider there to be one controlling party.
Page 10
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