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Registered number: 13429166 17CICADA LTD UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 MARCH 2026
17CICADA LTD REGISTERED NUMBER: 13429166 BALANCE SHEET AS AT 31 MARCH 2026
|  | 2026 |  | 2025
Notes |  | £ |  | £
FIXED ASSETS |  |  |  |  |
Intangible assets | 4 |  | 1,211 |  | 1,389
Tangible assets | 5 |  | - |  | 4,877
|  |  | 1,211 |  | 6,266
CURRENT ASSETS |  |  |  |  |
Debtors: amounts falling due within one year | 6 | 219,857 |  | 166,176 |
Cash at bank and in hand |  | 50,904 |  | 1,306 |
|  | 270,761 |  | 167,482 |
Creditors: amounts falling due within one year | 7 | (50,501) |  | (192,010) |
NET CURRENT ASSETS/(LIABILITIES) |  |  | 220,260 |  | (24,528)
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 221,471 |  | (18,262)
Creditors: amounts falling due after more than one year | 8 |  | (97,650) |  | (47,297)
NET ASSETS/(LIABILITIES) |  |  | 123,821 |  | (65,559)
CAPITAL AND RESERVES |  |  |  |  |
Called up share capital | 9 |  | 178 |  | 134
Share premium account |  |  | 119,986 |  | 119,986
Profit and loss account |  |  | 3,657 |  | (185,679)
|  |  | 123,821 |  | (65,559)
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17CICADA LTD REGISTERED NUMBER: 13429166 BALANCE SHEET (CONTINUED) AS AT 31 MARCH 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 of Directors and were signed on its behalf by:
A S Rogan
Director
Date: 14 August 2026
The notes on pages 3 to 8 form part of these financial statements. Page 2
17CICADA LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
1. | GENERAL INFORMATION
17Cicada Ltd (the "Company") is a private company limited by shares and incorporated in England and Wales. Its registered office and trading address is St. John's Innovation Centre, Cowley Road, Cambridge, CB4 0WS. The Company's functional and presentational currency is GBP. 2.ACCOUNTING POLICIES
| 2.1 | BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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:
| 2.2 | GOING CONCERN
The Company has a net assets position at year end amounting to £123,821 (2025 - net liabilities of £65,559). Given the investment received, together with the development progress achieved, the Directors have a reasonable expectation that the Company will be able to meet its liabilities as they fall due and continue to trade for the foreseeable future, being a period of 12 months from the date of the approval of these financial statements and therefore continue to adopt the going concern basis.
| 2.3 | TURNOVER
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from a contract to provide research and experimantal developmental work on biotechnology is recognised in the Profit and Loss Account in the period in which the services are provided.
| 2.4 | RESEARCH AND DEVELOPMENT
Research and development expenditure is written off in the period in which it is incurred.
| 2.5 | GOVERNMENT GRANTS
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. Page 3
17CICADA LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.ACCOUNTING POLICIES (CONTINUED)
| 2.6 | FINANCE COSTS
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.
| 2.7 | PENSIONS
DEFINED CONTRIBUTION PENSION SCHEME The Company operates a defined contribution scheme for its employees. A defined contribution plan is a pension scheme 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 Other Creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.8 | TAXATION
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.
| 2.9 | INTANGIBLE ASSETS
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. The capitalised trademark costs are considered to have a finite useful life estimated at 10 years.
| 2.10 | TANGIBLE FIXED ASSETS
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. At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Page 4
17CICADA LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.ACCOUNTING POLICIES (CONTINUED)
| 2.10 | TANGIBLE FIXED ASSETS (CONTINUED)
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:
|  |  |  | Laboratory Equipment | - | 3 years straight line
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.
| 2.11 | DEBTORS
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.
| 2.12 | CASH AND CASH EQUIVALENTS
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.
| 2.13 | CREDITORS
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
17CICADA LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
3. | EMPLOYEES
| The average monthly number of employees, including directors, during the year was 11 (2025 - 10).
4. | INTANGIBLE ASSETS
|  | Trademarks
|  | £
| COST |
| At 1 April 2025 | 1,775
| At 31 March 2026 | 1,775
| AMORTISATION |
| At 1 April 2025 | 386
| Charge for the year | 178
| At 31 March 2026 | 564
| NET BOOK VALUE |
| At 31 March 2026 | 1,211
| At 31 March 2025 | 1,389
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17CICADA LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
5. | TANGIBLE FIXED ASSETS
|  | Laboratory Equipment
|  | £
| COST |
| At 1 April 2025 | 39,916
| At 31 March 2026 | 39,916
| DEPRECIATION |
| At 1 April 2025 | 35,039
| Charge for the year | 4,877
| At 31 March 2026 | 39,916
| NET BOOK VALUE |
| At 31 March 2026 | -
| At 31 March 2025 | 4,877
6. | DEBTORS
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Other debtors | 175,857 | 76,836
| Called up share capital not paid | - | 12
| Prepayments and accrued income | 44,000 | 89,328
|  | 219,857 | 166,176
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17CICADA LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Trade creditors | 5,568 | 3,576
| Other taxation and social security | - | 13,602
| Other creditors | 42,073 | 172,082
| Accruals and deferred income | 2,860 | 2,750
|  | 50,501 | 192,010
| Included within other creditors is a year end pension liability of £1,446 (2025: £1,781).
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Other loans | 97,650 | 47,297
|  | 97,650 | 47,297
| The convertible loan notes have a principal amount of £90,000 and were issued on 2 August 2024. The convertible loan notes bear interest at 3% above the Bank of England base rate per annum and are due for repayment, at the discretion of the note holder, by the Company on the earlier of either 5 years from the date of issue or the completion of a relevant funding round. In addition, the note holder is able to convert the principal into shares at a discount.
9. | SHARE CAPITAL
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
|  | ALLOTTED, CALLED UP AND FULLY PAID |  |
|  | 17,786 (2025 - 13,374) Ordinary shares of £0.01 each | 178 | 134
During the year, the company issued a further 4,412 Ordinary shares of £0.01 each at par value.
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