Actuation Lab Ltd

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—7

1. General Information

Actuation Lab Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11415741 . The registered office is Unit 3a Princess Street, Bedminster, Bristol, BS3 4AG.

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

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.4. 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:

Leasehold Improvements	Straight line over 3 years
Plant & Machinery	Straight line over 3 - 10 years
Bicycles	Straight line over 1 - 1.5 years
Fixtures & Fittings	Straight line over 5 - 10 years
Computer Equipment	Straight line over 3 - 5 years

2.5. 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.

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Actuation Lab Ltd

Notes to the Financial Statements (continued)

For The Year Ended 30 June 2026

2.6. 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.

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.

2.7. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

2.8. Government Grant

Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.

Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.

Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.

All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.

2.9. Research and Development Costs

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

2.10. Share Based Payments

The company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the company. The fair value of the services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The fair value of the option granted is calculated using the Black Scholes pricing model. The total amount expensed is recognised to profit and loss, with a corresponding increase in share option reserve, over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. The proceeds received net of any directly attributable transaction costs are credited to share capital and share premium when the options are exercised.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 8 (2025: 18)

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Actuation Lab Ltd

Notes to the Financial Statements (continued)

For The Year Ended 30 June 2026

4. Tangible Assets

	Land & Property
	Leasehold Improvements	Plant & Machinery	Bicycles	Fixtures & Fittings
	£	£	£	£
Cost
As at 1 July 2025	46,676	104,645	1,277	20,585
Additions	-	778	10,867	2,058
Disposals	-	(4,994 )	(1,277 )	-

As at 30 June 2026	46,676	100,429	10,867	22,643

Depreciation
As at 1 July 2025	25,497	41,874	1,135	7,379
Provided during the period	15,559	28,207	2,444	5,671
Disposals	-	(2,254 )	(1,277 )	-

As at 30 June 2026	41,056	67,827	2,302	13,050

Net Book Value
As at 30 June 2026	5,620	32,602	8,565	9,593

As at 1 July 2025	21,179	62,771	142	13,206


	Computer Equipment	Total
	£	£
Cost
As at 1 July 2025	21,186	194,369
Additions	802	14,505
Disposals	(2,332 )	(8,603 )

As at 30 June 2026	19,656	200,271

Depreciation
As at 1 July 2025	14,254	90,139
Provided during the period	5,204	57,085
Disposals	(2,249 )	(5,780 )

As at 30 June 2026	17,209	141,444

Net Book Value
As at 30 June 2026	2,447	58,827

As at 1 July 2025	6,932	104,230

5. Debtors

	2026	2025
	£	£
Due within one year
Other debtors	234,955	299,715

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Actuation Lab Ltd

Notes to the Financial Statements (continued)

For The Year Ended 30 June 2026

6. Creditors: Amounts Falling Due Within One Year

	2026	2025
	£	£
Trade creditors	12,220	31,355
Other creditors	47,591	76,473
Taxation and social security	5,926	42,508

	65,737	150,336

7. Share Capital

	2026	2025
Allotted, called up and fully paid	£	£
419,897 Ordinary Shares of £ 0.00001 each	4	5
191,583 Ordinary A shares of £ 0.00001 each	2	1

	6	6

During the year 38,117 A Ordinary shares with an aggregate nominal value of 38p were issued for a total consideration of £299,980.

On 15th October 2025, 35,181 Ordinary shares were reclassified as Ordinary A shares.

8. Other Commitments

The company has operating leases relating to office and equipment rental. The total of future minimum lease payments under non-cancellable operating leases are as following:

	2026	2025
	£	£
Not later than one year	46,544	103,219
Later than one year and not later than five years	1,939	48,343

	48,483	151,562

9. Share based payments

Approved share scheme

Certain employees have been granted options over unissued share capital of the company. The options expire ten years after the grant date.

The movements in the number of share options during the year were as follows:

Outstanding at beginning of year: 2,380 (2025: 764)

Granted during the year: 730 (2025: 6,837)

Lapsed during the year: 857 (2025: 5,221)

Outstanding at end of year: 2,253 (2025: 2,380)

The weighted average exercise price of share options issued during the year was £0.00001 (2025: £1.12000), and lapsed £1.12000 (2025: £1.12000). The weighted average exercise price of all share options at the year end was £0.37743 (2025: £0.76053).

Unapproved share scheme

Certain officers have been granted options over unissued share capital of the company. The options expire ten years after the grant date.

The movements in the number of share options during the year were as follows:

Outstanding at beginning of year: 1,256 (2025: nil)

Granted during the year: nil (2025: 1,256)

Lapsed during the year: nil (2025: nil)

...CONTINUED

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Actuation Lab Ltd

Notes to the Financial Statements (continued)

For The Year Ended 30 June 2026

Outstanding at end of year: 1,256 (2025: 1,256)

The weighted average exercise price of share options issued during the year was nil (2025: £1.12000). The weighted average exercise price of all share options at the year end was £1.12000 (2025: £1.12000).

Warrants

Certain shareholders have warrants conferring the right to subscribe for additional ordinary shares in the company.

The movement in the number of warrants during the year was as follows:

Outstanding at beginning of year: 1,706 (2025: 1,706)

Issued during the year: nil (2025: nil)

Outstanding and exercisable at end of year: 1,706 (2025: 1,706)

The weighted average exercise price of share warrants in issue at the start and end of the year was £4.24 (2025: £4.24).

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		2026		2025
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		58,827		104,230

			58,827		104,230
CURRENT ASSETS
Debtors	5	234,955		299,715
Cash at bank and in hand		568,026		601,414

		802,981		901,129
Creditors: Amounts Falling Due Within One Year	6	(65,737 )		(150,336 )

NET CURRENT ASSETS (LIABILITIES)			737,244		750,793

TOTAL ASSETS LESS CURRENT LIABILITIES			796,071		855,023

PROVISIONS FOR LIABILITIES
Deferred Taxation			-		(2,599 )

NET ASSETS			796,071		852,424

CAPITAL AND RESERVES
Called up share capital	7		6		6
Share premium account			1,910,426		1,610,446
Profit and Loss Account			(1,114,361 )		(758,028 )

SHAREHOLDERS' FUNDS			796,071		852,424