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Company registration number:
12913048
Tenacious Laboratories Limited
Unaudited Filleted Financial Statements for the year ended
31 December 2025
Tenacious Laboratories Limited
Report to the board of directors on the preparation of the unaudited statutory financial statements of Tenacious Laboratories Limited
Year ended
31 December 2025
As described on the statement of financial position, the Board of Directors of
Tenacious Laboratories Limited
are responsible for the preparation of the
financial statements
for the year ended
31 December 2025
, which comprise the income statement, statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Fistral Accounting
3 Trevilley Close
Lane
Newquay
Cornwall
TR8 4TP
United Kingdom
Date:
10 June 2026
Tenacious Laboratories Limited
Statement of Financial Position
31 December 2025
20252024
Note££
Fixed assets    
Tangible assets 5
149,168
 
157,260
 
Current assets    
Debtors 6
1,717,651
 
616,453
 
Cash at bank and in hand
19,782
 
1,174,271
 
1,737,433
 
1,790,724
 
Creditors: amounts falling due within one year 7
(17,789,179
 )
(15,118,795
 )
Net current liabilities
(16,051,746
 )
(13,328,071
 )
Total assets less current liabilities (15,902,578 ) (13,170,811 )
Capital and reserves    
Called up share capital
120
 
120
 
Profit and loss account
(15,902,698
 )
(13,170,931
 )
Shareholders deficit
(15,902,578
 )
(13,170,811
 )
For the year ending
31 December 2025
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
  • The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
10 June 2026
, and are signed on behalf of the board by:
G Vasilaras
Director
Company registration number:
12913048
Tenacious Laboratories Limited
Notes to the Financial Statements
Year ended
31 December 2025

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
11 Shepherd Market
,
London
,
W1J 7PG
, England.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Going concern

As at the year end date the Statement of Financial Position showed a net liability position amounting to £15,902,578 (2024: £13,170,811) and losses for the period of £2,731,767 (2024: £2,839,370). The directors have prepared these financial statements on the going concern basis. At the time of approving these financial statements and in coming to this conclusion, the directors have assessed current trade and expected future performance and support for the Company. The Company is reliant upon ongoing support from investment funds and group undertakings who have confirmed financial support for at least twelve months from the date of approval of these financial statements. Therefore the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future.

Foreign currency translation

The Company's functional and presentational currency is GBP.
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. Nonmonetary 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 Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Land and buildings
Straight line over 10 years
Office equipment
20% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

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 the profit or loss account when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

4 Average number of employees

The average number of persons employed by the company during the year was
10
(2024:
11.00
).

5 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 January 2025
138,444
 
28,065
 
166,509
 
Additions -  
999
 
999
 
At
31 December 2025
138,444
 
29,064
 
167,508
 
Depreciation      
At
1 January 2025
3,279
 
5,970
 
9,249
 
Charge
3,279
 
5,812
 
9,091
 
At
31 December 2025
6,558
 
11,782
 
18,340
 
Carrying amount      
At
31 December 2025
131,886
 
17,282
 
149,168
 
At 31 December 2024
135,165
 
22,095
 
157,260
 

6 Debtors

20252024
££
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,637,544
 
533,843
 
Other debtors
80,107
 
82,610
 
1,717,651
 
616,453
 

7 Creditors: amounts falling due within one year

20252024
££
Trade creditors
26,169
 
42,172
 
Amounts owed to group undertakings and undertakings in which the company has a participating interest
17,390,392
 
14,570,868
 
Taxation and social security
105,567
 
128,458
 
Other creditors
267,051
 
377,297
 
17,789,179
 
15,118,795
 
Amounts owed to group undertakings and participating interests are interest free and repayable on demand.

9 Controlling party

The immediate parent company is Tenacious Holdings Limited, a Company incorporated in England and Wales. The ultimate parent company is Tenacious Holdings Limited, a Company incorporated in Jersey. The ultimate controlling party is The Clayton Trust of 19 Par-La-Ville Road, 1st Floor, Hamilton, Bermuda HM11.