The financial statements were approved by the board of directors and authorised for issue on 10 September 2026 and are signed on its behalf by:

The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information
page.

The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102. The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.

The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

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

These financial statements have been prepared on the basis that the Company will continue as a going concern, which presumes that the Company will be able to realise its assets and discharge its liabilities in the normal course of business for the foreseeable future.

The Company is in a technology development, preclinical stage and has not generated any revenue from product sales to date. For the year ended 31 August 2026, the Company incurred a net loss and
negative cash flows of £2,267,475 and £2,034,076, respectively, and, as at 31 August 2026, has an accumulated deficit of £7,555,977. Net losses have resulted primarily from costs incurred in connection with research and development activities, as well as general and administrative costs associated with operations offset by tax credits.

As the Company pursues the development of its technology platform and subsequently products, it expects to incur significant expenses and operating losses for the foreseeable future.

The Company does not expect to generate revenue from product sales unless and until it successfully completes development, which it expects will take a number of years and is subject to significant uncertainty. As a result, the Company will need additional financing to support its continuing operations. Until such time that it can generate significant revenue from product sales, if ever, the Company expects to finance its operations through a combination of public or private equity or debt financings or other sources, which may include collaborations with third parties. Arrangements with collaborators or others may require the Company to relinquish rights to certain aspects of its technologies or product candidates, obtain adequate patent protection for its technology, obtain necessary regulatory approval for its product candidates, or achieve commercial viability for any approved product candidate. Adequate additional financing may not be available to the Company on acceptable terms, or at all.

The Company's business plan is dependent on raising additional funds to finance operations within and beyond the next 12 months. While the Company has been successful in securing financing in the past, raising additional funds is dependent on a number of factors outside the Company's control, and as such there is no assurance that it will be able to do so in the future.

If the Company is unable to obtain sufficient additional financing, it may have to curtail operations and development activities, any of which could harm the business' financial condition and results of operations. These conditions indicate the existence of a material uncertainty that may cast significant doubt about the Company's ability to continue operating as a going concern and realise its assets and settle its liabilities and commitments in the normal course of business.

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. These critical accounting judgements and estimations are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Critical accounting judgements

Determining whether the recognition requirements for the capitalisation of development costs are met requires judgement. In particular, the point at which development costs meet the criteria for capitalisation is critically dependent on management's judgement of the probability and measurability of future economic benefits. No development costs have been capitalised during the period ended 31 August 2026 (2025 nil).

Other sources of estimation uncertainty

While not expected to result in a material change in the carrying value of assets or liabilities in the next 12 months, the following estimate was also used in applying the company's accounting policies: The company measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted. Estimating fair value for sharebased payment transactions requires determining the most appropriate valuation model, which is dependent on the terms and conditions of the grant. This estimate also requires determining the most appropriate inputs to the valuation model including the fair value of the underlying share, expected life of the share option, volatility and dividend yield, and making assumptions about them.

Where, substantially, all the risks and rewards of ownership of the asset do not transfer from the lessor to the company, the lease is treated as an operating lease. Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.

The company provides share-based payment arrangements to certain employees. Equity-settled arrangements are measured at fair value (excluding the effect of non-market 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.

Where equity-settled arrangements are modified, and are of benefit to the employee, the incremental fair value is recognised over the period from the date of modification to date of vesting. Where a modification is not beneficial to the employee there is no change to the charge for share-based payment. Settlements and cancellations are treated as an acceleration of vesting and the unvested amount is recognised immediately in the income statement.

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Current tax

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

Deferred tax

Deferred tax is recognised on temporary 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 temporary 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 temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.

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 liabilities and assets 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.

The measurement of deferred tax liabilities and assets reflects 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.

All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss.

Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.

Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met:

- It is technically feasible to complete the intangible asset so that it will be available for use or sale;

- There is the intention to complete the intangible asset and use or sell it;

- There is the ability to use or sell the intangible asset;

- The use or sale of the intangible asset will generate probable future economic benefits;

- Expenditure that does not meet The above Criteria is expensed as incurred.

The company has unrelieved trading losses estimated at £3,406,008 (2025 £2,559,940) which remain available to offset against future taxable trading profits and accelerated capital allowances of (£70,322) (2025: (£102,572)). No deferred tax asset has been recognised in respect of the tax losses, capital allowances or other timing differences due to uncertainty over the timing of their recovery.

Not later than 1 year

Later than 1 year and not later than 5 years

During the year £63,799 (2025: 63,799) was recognised as an expense relating to operating leases.

As at 31 August 2026 there were two (2025: two) share options programmes in operation with distinct vesting conditions:

- EMI scheme, under which options vest over a period of 3 or 4 years' service; and

- Unapproved scheme, under which options vest over a period of 4 years' service.

As at 31 August 2026 the company had granted 19,307 share options (2025: 44,086) to its staff, of which 12,821 options (2025: 18,145) had vested but had not been exercised.

The fair value of the plans are measured using the Black Scholes valuation model. As a result of the fair value exercise performed, a credit to equity of £190,889 (2025: £185,372) was recorded in the accounts.