Sonrai_Analytics_Ltd

Independent Accountant's Report to the directors of the unaudited financial statements of Sonrai Analytics Ltd for the year ended 31 March 2026

In order to assist you fulfil your duties under the Companies Act 2006, we have compiled the financial statements of Sonrai Analytics Ltd for the year ended 31 March 2026, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes to the financial statements, including a summary of significant accounting policies, from the company's accounting records and from information and explanations you have given to us.

The financial statements have been prepared on the basis set out in the notes to the financial statements.

This report is made solely to the directors of Sonrai Analytics Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely that we might compile the financial statements that we have been engaged to compile, report to the company's directors that we have done so and state those matters that we have agreed to state to the directors of Sonrai Analytics Ltd, as a body, in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sonrai Analytics Ltd and its directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with International Standard on Related Services 4410 (Revised) Compilation Engagements issued by the International Auditing and Assurance Standards Board (the ‘IAASB'') and have complied with the ethical guidance laid down by the IESBA Code and Chartered Accountants Ireland relating to members undertaking the compilation of financial statements.

You have approved the financial statements for the year ended 31 March 2026 and you have acknowledged on the Balance Sheet as at 31 March 2026 your duty to ensure that Sonrai Analytics Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view in accordance with the Companies Act 2006. You consider that Sonrai Analytics Ltd is exempt from the statutory audit requirement for the year ended 31 March 2026.

We have not been instructed to carry out an audit or review the financial statements of Sonrai Analytics Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Maeve Hunt FCA

for and on behalf of

Grant Thornton Advisors (NI) LLP

Chartered Accountants

12 - 15 Donegall Square West

Belfast

BT1 6JH

Date: 1 September 2026

Page 1

Sonrai Analytics Ltd

Registered number:NI650803

Balance Sheet

As at 31 March 2026

2026

2025

Note

Fixed assets

18,667

Intangible assets

3,953

Tangible assets

4,823

22,620

4,823

Current assets

764,738

642,282

Debtors: amounts falling due within one year

Cash at bank and in hand

609,960

1,062,120

1,374,698

1,704,402

(275,276)

(439,109)

Creditors: amounts falling due within one year

1,099,422

1,265,293

Net current assets

Total assets less current liabilities

1,270,116

1,122,042

Net assets

1,270,116

1,122,042

Capital and reserves

Called up share capital

209

7,829,248

5,922,753

Share premium account

628,605

Share option reserve

490,989

(5,281,249)

Profit and loss account

(7,198,404)

1,270,116

1,122,042

Page 2

Sonrai Analytics Ltd

Registered number:NI650803

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 statement of comprehensive income 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 and were signed on its behalf on 1 September 2026.

Darragh McArt

Director

The notes on pages 5 to 13 form part of these financial statements.

Page 3

Sonrai Analytics Ltd

Statement of Changes in Equity

For the year ended 31 March 2026

Called up share capital

Share option reserve

Profit and loss account

Share premium account

Total equity

At 1 April 2025

5,922,753

628,605

(5,281,249)

1,270,116

Loss for the year

(1,917,155)

Shares issued during the year

202

1,655,937

1,656,139

Share options expense

112,942

Share options exercised

250,558

(250,558)

At 31 March 2026

209

7,829,248

490,989

(7,198,404)

1,122,042

The notes on pages 5 to 13 form part of these financial statements.

Statement of Changes in Equity

For the year ended 31 March 2025

Called up share capital

Share option reserve

Profit and loss account

Share premium account

Total equity

At 1 April 2024

3,547,708

639,036

(3,841,363)

345,387

Loss for the year

(1,439,886)

Shares issued during the year

1,990,277

1,990,278

Share options expense

374,337

Share options exercised

384,768

(384,768)

At 31 March 2025

5,922,753

628,605

(5,281,249)

1,270,116

The notes on pages 5 to 13 form part of these financial statements.

Page 4

Sonrai Analytics Ltd

Notes to the Financial Statements

For the year ended 31 March 2026

General information

Sonrai Analytics Ltd is a private Company limited by shares and registered in Northern Ireland. The registered address is Concourse Building 2 Unit 2, Suite 1, Queens Road, Belfast, Northern Ireland, BT3 9DT.

The principal activity of the Company is the development of healthcare research software and algorithms.

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 requirements 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Going concern

The company meets its working capital requirements through its normal operations and through financial support from ongoing investor funding rounds. The directors have assessed that there are adequate resources to meet the ongoing costs of the business for a minimum of 12 months from the date of signing the financial statements. For this reason the financial statements have been prepared on a going concern basis.

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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. Non-monetary 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 periodend 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'.

Page 5

Sonrai Analytics Ltd

Notes to the Financial Statements

For the year ended 31 March 2026

Accounting policies (continued)

2.4

Revenue

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

the Company has transferred the significant risks and rewards of ownership to the buyer;

the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

the amount of revenue can be measured reliably;

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

the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

Support and maintenance fees are recognised on a straight line basis over the contracted term in line with the estimated delivery of performance obligations.

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 shall be 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 on a straightline basis over their 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.

Page 6

Sonrai Analytics Ltd

Notes to the Financial Statements

For the year ended 31 March 2026

Accounting policies (continued)

2.6

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 Statement of Comprehensive Income in the same period as the related expenditure.

2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.8

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.

2.9

Pensions

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

Page 7

Sonrai Analytics Ltd

Notes to the Financial Statements

For the year ended 31 March 2026

Accounting policies (continued)

2.10

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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.11

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.

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.

Amortisation is provided on the following bases:

Intellectual property

2.12

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.

Page 8

Sonrai Analytics Ltd

Notes to the Financial Statements

For the year ended 31 March 2026

Accounting policies (continued)

2.12

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 straightline method.

Depreciation is provided on the following basis:

Office equipment

33%

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.

2.13

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.

2.14

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.

2.15

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.

2.16

Share based payments

The Company provides share-based payment arrangements to certain employees. Equity-settled arrangements are measured at fair value (excluding the effect on nonmarket based vesting conditions) at the date of the grant. The fair value is expensed on a straight line basis over the vesting period. The amount recognised as an expense is adjusted to reflect the actual number of shares or options that will vest.

Page 9

Sonrai Analytics Ltd

Notes to the Financial Statements

For the year ended 31 March 2026

Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

a) Recoverability of debtors

Estimates are made in respect of the recoverable value of trade and other debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the ageing profile of debtors are considered.

b) Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on future investments, economic utilisation and the physical condition of the assets.

Employees

The average monthly number of employees, including directors, during the year was 34 (2025 - 36).

Intangible assets

Intellectual property

Cost

Additions

20,000

At 31 March 2026

20,000

Amortisation

Charge for the year

1,333

At 31 March 2026

1,333

Net book value

At 31 March 2026

18,667

At 31 March 2025

Page 10

Sonrai Analytics Ltd

Notes to the Financial Statements

For the year ended 31 March 2026

Tangible fixed assets

Office equipment

Cost or valuation

45,835

At 1 April 2025

4,791

Additions

(3,028)

Disposals

At 31 March 2026

47,598

Depreciation

41,012

At 1 April 2025

4,590

Charge for the year

(1,957)

Disposals

At 31 March 2026

43,645

Net book value

3,953

At 31 March 2026

4,823

At 31 March 2025

Debtors

2025

2026

Trade debtors

172,729

251,669

Other debtors

18,045

35,423

Prepayments and accrued income

52,027

43,014

Tax recoverable

399,481

434,632

642,282

764,738

Cash and cash equivalents

2026

2025

609,960

Cash at bank and in hand

1,062,120

Page 11

Sonrai Analytics Ltd

Notes to the Financial Statements

For the year ended 31 March 2026

Creditors: Amounts falling due within one year

2026

2025

Trade creditors

46,456

161,915

Other taxation and social security

67,020

55,808

Other creditors

8,502

9,071

Accruals and deferred income

153,298

212,315

275,276

439,109

10.

Share capital

2026

2025

Allotted, called up and fully paid

2,055,778 (2025 - 35,657) Ordinary shares of £0.0001 each

205

6,241 (2025 - 6,241) Preference shares of £0.0001 each

19,416 (2025 - 19,416) Seed shares of £0.0001 each

10,718 (2025 - 10,718) Seed II shares of £0.0001 each

209

11.

Reserves

Share premium account

This includes all premiums received on issue of share capital. Any transactions costs associated with the issuing shares are deducted from share premium.

Share option reserve

Represents the accumulated value of share options granted and unexercised.

Profit and loss account

This includes all current and prior period retained profits and losses.

Page 12

Sonrai Analytics Ltd

Notes to the Financial Statements

For the year ended 31 March 2026

12.

Share-based payment transactions

The company has granted share options. Under the option agreements, share options are granted at the exercise price. If options remain unexercised after an agreed upon period from the date of grant, the options expire. Furthermore, options lapse if the employee leaves before they have become entitled to exercise share options.

The fair value of options granted in the year was determined using the directors' judgment based on the most recent transactions in the company's shares at grant date. Service conditions are considered by adjusting the number of options expected to vest at each reporting date.

During the year, the company recognised total share-based payment expenses of £112,942 (2025: £374,337) which related to equity settled share-based payment transactions.

Weighted average exercise price
2026

Weighted average exercise price
2025

No. of share options

2026

2025

Outstanding at the beginning of the year

6,125

9,987

101

102

Exercised

(2,710)

(3,757)

101

Lapsed

(280)

(105)

165

Outstanding at the end of the year

3,135

6,125

102

101

Exercisable at the end of the year

2,325

5,730

102

120

13.

Pension commitments

The pension cost for the financial period amounted to £54,939 (2025: £51,587). The balance owed at the year end was £8,401 (2025: £8,970).

14.

Related party transactions

The Company had no related party transactions during the current or prior period requiring disclosure.

15.

Controlling party

The Company is controlled by the shareholders.

Page 13