WASE Limited

(Registration number: 10616124)
Balance Sheet as at 31 March 2026

	Note	2026 £	2025 £
Fixed assets
Intangible assets	5	43,908	38,597
Tangible assets	6	1,388,046	1,283,308
Investments	7	73	-
		1,432,027	1,321,905
Current assets
Stocks		104,580	-
Debtors	8	1,562,173	1,134,313
Cash at bank and in hand		2,099,249	2,301,093
		3,766,002	3,435,406
Creditors: Amounts falling due within one year	9	(1,238,479)	(369,381)
Net current assets		2,527,523	3,066,025
Total assets less current liabilities		3,959,550	4,387,930
Creditors: Amounts falling due after more than one year	9	(1,293,960)	(883,700)
Provisions for liabilities		(59,649)	(53,512)
Net assets		2,605,941	3,450,718
Capital and reserves
Called up share capital	10	315	315
Share premium reserve		7,502,303	7,502,303
Other equity reserve		1,700,000	-
Share options reserve		129,836	61,809
Profit and loss account		(6,726,513)	(4,113,709)
Total equity		2,605,941	3,450,718

WASE Limited

(Registration number: 10616124)
Balance Sheet as at 31 March 2026

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised for issue by the Board on 28 August 2026 and signed on its behalf by:
 

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

T P Fudge
Director

WASE Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

1	Statutory information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 1, City Business Park
Easton Road
Bristol
BS5 0SP

2	Accounting policies

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

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

The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have prepared forecasts covering a period of 12 months from the approval of these financial statements. Those forecasts show the company will continue to be able to meet its liabilities as they fall due in that period. Therefore the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.

WASE Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

Government grants

Government grants are recognised, using the accrual model, at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grant income will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. A grant received before the recognition criteria are satisfied is recognised as a liability.

Grant income is presented within other operating income in the profit and loss account.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible fixed assets

Tangible assets are stated in the balance at cost, less any subsequent accumulated depreciation.

Assets under construction are not depreciated.

Depreciation is charged so as to write off the cost of assets, other than assets under construction over their estimated useful lives, as follows:

Plant and equipment other than assets under construction	Straight-line over 3 years
Fixtures and Fittings	Straight-line over the length of the lease
Commercial Systems	Straight-line over 10 years

WASE Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Intangible fixed assets

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation.

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Patents	Straight-line over 10 years

Research and development costs

Research and development costs are written off to profit or loss in the year incurred.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

Trade debtors

Trade debtors are recognised initially at the transaction price. They are subsequently measured at cost less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are recognised at the transaction price.

WASE Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

Convertible debt

The Company has issued Convertible Loan Notes that give the holder the right to convert the loan into a fixed number of ordinary shares, unless there is a financing event within the next 12 months. As the instrument meets the definition of equity - because the Company has no obligation to deliver cash or another financial asset, and the conversion feature results in a fixed number of equity instruments - the instrument is classified wholly as equity. No liability component has been recognised. The proceeds received have been credited directly to equity within Other equity reserves.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Defined contribution pension obligation

Contributions to defined contribution plans are recognised as employee benefit expense when they are due.

Employee benefits
The costs of short-term employee benefits, including the cost of any unused holiday entitlement, are recognised as an expense in the period in which the employees' services are received.

WASE Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

Share based payments

The company has issued options over its unissued shares to certain employees. The cost of equity-settled transactions is measured by reference to the fair value of the equity instruments granted at the date at which they are granted and is recognised as an expense over the vesting period, which ends on the date on which the option holder becomes fully entitled to the award. Fair value is determined using the Black Scholes pricing model.

At each balance sheet date before vesting, the cumulative expense is calculated, representing the extent to which the vesting period has expired and management's best estimate of the achievement or otherwise of non-market conditions and of the number of equity instruments with will ultimately vest. The movement in cumulative expense since the previous balance sheet date is recognised in the profit and loss accounts, with corresponding entry in equity.

3	Key estimates and significant judgements

The directors make estimates and assumptions concerning the future of the Company. The resulting accounting estimates will, by definition, often differ to actual results. The company's directors are of the opinion that there are no estimates and assumptions that have a significant risk of causing material adjustment to the carrying value of assets and liabilities for the company within the next financial year due to the nature of the business. There are no other significant judgements or key sources of estimation uncertainty in the accounting policies.

4	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 33 (2025 - 21).

WASE Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

5	Intangible fixed assets

	Patents £
Cost
At 1 April 2025	46,975
Additions	10,784
At 31 March 2026	57,759
Amortisation
At 1 April 2025	8,378
Amortisation charge	5,473
At 31 March 2026	13,851
Carrying amount
At 31 March 2026	43,908
At 31 March 2025	38,597

WASE Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

6	Tangible fixed assets

	Commercial Systems  £	Fixtures and Fittings £	Assets under construction £	Other tangible assets £	Total £
Cost
At 1 April 2025	418,171	274,416	483,261	321,425	1,497,273
Additions	244,829	36,823	-	62,619	344,271
Disposals	(36,395)	-	-	(48,356)	(84,751)
Transfers	483,261	-	(483,261)	-	-
At 31 March 2026	1,109,866	311,239	-	335,688	1,756,793
Depreciation
At 1 April 2025	10,454	39,961	-	163,550	213,965
Charge for the year	41,817	57,056	-	84,881	183,754
Eliminated on disposal	-	-	-	(28,972)	(28,972)
At 31 March 2026	52,271	97,017	-	219,459	368,747
Carrying amount
At 31 March 2026	1,057,595	214,222	-	116,229	1,388,046
At 31 March 2025	407,717	234,455	483,261	157,875	1,283,308

WASE Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

7	Investments

	2026 £	2025 £
Investments in subsidiaries	73	-