L3M Technologies Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—8

1. General Information

L3M Technologies Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11157173 . The registered office is C/O Pkf Littlejohn Llp, 30 Churchill Place, Canary Wharf, London, E14 5RE.

The principal activity of the Company during the year was that of biotechnology research and development and monetisation of developed products.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

2.3. Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the

Company and the revenue can be reliably measured. Revenue is measured as the fair value of the

consideration received or receivable, excluding discounts, rebates, value added tax and other sales

taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are

provided in accordance with the stage of completion of the contract when all of the following

conditions are satisfied:

the amount of revenue can be measured reliably;

it is probable that the Company will receive the consideration due under the contract;

the stage of completion of the contract at the end of the reporting period can be measured reliably; and

the costs incurred and the costs to complete the contract can be measured reliably.

2.4. Intangible Fixed Assets and Amortisation - Other Intangible

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.

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L3M Technologies Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.5. Research and Development

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 is 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 to on a straight line basis over their expected 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.

2.6. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Fixtures & Fittings	3 years
Computer Equipment	3 years

2.7. Leasing and Hire Purchase Contracts

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the

lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a

straight-line basis over the lease term, unless another systematic basis is representative of the time

pattern of the lessee's benefit from the use of the leased asset.

2.8. Foreign Currencies

Monetary 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 at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.9. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

...CONTINUED

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L3M Technologies Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.9. Taxation - continued

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.10. 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 Statement of Comprehensive Income in the same

period as the related expenditure.

2.11. Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the

lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a

straight-line basis over the lease term, unless another systematic basis is representative of the time

pattern of the lessee's benefit from the use of the leased asset.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 9 (2024: 18)

4. Intangible Assets

	Software development
	£
Cost
As at 1 April 2024	6,232

As at 31 March 2025	6,232

Amortisation
As at 1 April 2024	2,423
Provided during the period	2,078

As at 31 March 2025	4,501

Net Book Value
As at 31 March 2025	1,731

As at 1 April 2024	3,809

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L3M Technologies Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

5. Tangible Assets

	Fixtures & Fittings	Computer Equipment	Total
	£	£	£
Cost
As at 1 April 2024	-	27,772	27,772
Additions	504	-	504

As at 31 March 2025	504	27,772	28,276

Depreciation
As at 1 April 2024	-	18,784	18,784
Provided during the period	390	4,817	5,207

As at 31 March 2025	390	23,601	23,991

Net Book Value
As at 31 March 2025	114	4,171	4,285

As at 1 April 2024	-	8,988	8,988

6. Investments

	Unlisted
	£
Cost or Valuation
As at 1 April 2024	-
Additions	4,151

As at 31 March 2025	4,151

Provision
As at 1 April 2024	-

As at 31 March 2025	-

Net Book Value
As at 31 March 2025	4,151

As at 1 April 2024	-

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L3M Technologies Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

7. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	104,618	311,626
Prepayments and accrued income	1,417	494,510
Other debtors	-	32,940
Corporation tax recoverable assets	-	179,339
VAT	28,761	52,327
Amounts owed by group undertakings	20,557	-

	155,353	1,070,742

8. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	615,531	333,154
Other taxes and social security	35,246	36,091
Net wages	-	21,365
Other creditors	4,151	208,694
Accruals and deferred income	6,150	94,055

	661,078	693,359

9. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
8,268,960 Ordinary Shares of £ 0.00000019 each	2	2

On 2 April 2024 the Company issued 32,992 ordinary shares with a par value of £0.000000191.

On 23 May 2024 the Company issued 19,864 ordinary shares with a par value of £0.000000191.

On 10 July 2024 the Company issued 66,302 ordinary shares with a par value of £0.000000191.

On 9 December 2024 the Company issued 64,004 ordinary shares with a par value of £0.000000191.

On 25 March 2025 the Company issued 20,350 ordinary shares with a par value of £0.000000191.

10. Pension Commitments

The company operates a defined contribution pension scheme . The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of £6,305 (2024 : £7,118) were due to the fund. They are included in Other Creditors. Contributions totaling £22,557 (2024 : £33,567) were paid to the fund during the year.

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L3M Technologies Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

11. Reserves

	Share Premium	Profit and Loss Account
	£	£
As at 1 April 2024	10,419,475	(9,934,334 )
Loss for the year and total comprehensive income	-	(1,831,221 )

Arising on shares issued during the period	930,050	-

As at 31 March 2025	11,349,525	(11,765,555 )

Share premium account

Share premium represents the amounts paid per share in excess of the par value.

Share capital

Share capital represents the par value of ordinary shares issued.

Profit and loss account

The profit and loss account reserve represents the cumulative profit and losses each year, less any distributions paid.

12. Related Party Transactions

During the year the company made payments to support working capital payments of £20,557 (2024 : £Nil). to a 100% owned company, Salusoptima Portugal, Unipessoal, LDA. incorporated in Portugal on December 2024, Registered office is Incubadora De Empresas, S/N Pavilhao-B1, Portugal.

The amounts remain outstanding at the year end.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts as together they form part of a small group.

13. Ultimate Controlling Party

The ultimate controlling party of the Company is Mr R V De Jesus, who is the majority shareholder and

Director of the Company.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		1,731		3,809
Tangible Assets	5		4,285		8,988
Investments	6		4,151		-

			10,167		12,797
CURRENT ASSETS
Debtors	7	155,353		1,070,742
Cash at bank and in hand		79,530		94,963

		234,883		1,165,705
Creditors: Amounts Falling Due Within One Year	8	(661,078 )		(693,359 )

NET CURRENT ASSETS (LIABILITIES)			(426,195 )		472,346

TOTAL ASSETS LESS CURRENT LIABILITIES			(416,028 )		485,143

NET (LIABILITIES)/ASSETS			(416,028 )		485,143

CAPITAL AND RESERVES
Called up share capital	9		2		2
Share premium account			11,349,525		10,419,475
Profit and Loss Account			(11,765,555 )		(9,934,334 )

SHAREHOLDERS' FUNDS			(416,028)		485,143