REGISTERED NUMBER: 13654759 (England and Wales)

Unaudited Financial Statements

For The Period 1 October 2025 to 31 July 2026

for

Exciting Instruments Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Dr. J S Baker

Mr R J Bell

Dr. T D Craggs

Ms A Maughan

Mr J M N Rigby

REGISTERED OFFICE:

Block 5, Level 9 Pennine Five Campus

18 Hawley Street

Sheffield

S1 4WP

REGISTERED NUMBER:

13654759 (England and Wales)

ACCOUNTANTS:

Fact3

3 Hardman Square

Spinningfields

Manchester

M3 3EB

FIXED ASSETS

Intangible assets

4

5,714

10,481

Tangible assets

5

534,359

324,858

540,073

335,339

CURRENT ASSETS

Stocks

242,405

276,023

Debtors

6

338,747

249,038

Cash at bank

484,402

2,473,696

1,065,554

2,998,757

CREDITORS

Amounts falling due within one year

7

304,092

295,995

NET CURRENT ASSETS

761,462

2,702,762

TOTAL ASSETS LESS CURRENT LIABILITIES

1,301,535

3,038,101

CREDITORS

Amounts falling due after more than one year

8

(37,205

)

(88,591

)

PROVISIONS FOR LIABILITIES

(82,755

)

(34,089

)

NET ASSETS

1,181,575

2,915,421

CAPITAL AND RESERVES

Called up share capital

131

131

Share premium

3,790,273

3,790,273

Retained earnings

(2,608,829

)

(874,983

)

1,181,575

2,915,421

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 July 2026.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 July 2026 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 1 October 2026 and were signed on its behalf by:

Mr R J Bell - Director

1.	STATUTORY INFORMATION

Exciting Instruments Limited is a private Company limited by shares, incorporated in England and Wales (registered number: 13654759). Its registered office is Block 5, Level 9 Pennine Five Campus 18 Hawley Street Sheffield S1 4WP. The principal activity of the Company throughout the year continued to be that of the manufacture of optical precision instruments.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The

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

Going Concern

In accordance with their responsibilities, the directors have considered the appropriateness of the going concern basis for the preparation of these financial statements.

As with other laboratory instrument companies in their early stages of development, the company has a history of operating losses, and significant losses have continued during the period as the company continues to invest in the commercialisation of the EI-FLEX and EI-FLEX Pro. During the period, the company's cash balance reduced from £2,473,696 to £484,402.

Based on current cashflow projections, the directors expect the company's cash resources to be exhausted around January 2027 in the absence of further funding. The company is currently undertaking a funding round / M&A exercise, which the directors expect to complete before that date for the company to continue meeting its liabilities as they fall due. As at the date of approval of these financial statements, this funding has not yet been secured, and there can be no certainty that it will complete on the timescale required or on the terms currently anticipated.

Since the period end, the directors have taken steps to reduce the company's cash outflow, including a reduction in headcount, and trading has continued with new customer contracts secured, though at a level below the company's original forecasts.

The directors have considered these factors and believe it remains appropriate to prepare these financial statements on a going concern basis. However, given that the company's existing cash resources are expected to be exhausted within a short period after the date of approval of these financial statements, and that the additional funding required has not yet been secured, there is a material uncertainty that may cast significant doubt on the company's ability to continue as a going concern, such that it may be unable to realise its assets and discharge its liabilities in the normal course of business.

These financial statements do not include any adjustments that would result if the company were unable to continue as a going concern

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Intangibles are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Plant and machinery

25% straight line

Office equipment

33% straight line

Computer equipment

33% straight line

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Research expenditure is written off to the profit and loss account in the period in which it is incurred.

Development expenditure is also written off to the profit and loss account as incurred, unless the directors consider that the expenditure meets the criteria for capitalisation as an internally generated intangible asset under FRS 102. Where development expenditure is capitalised, it is stated at cost less accumulated amortisation and any accumulated impairment losses.

Capitalised development expenditure is amortised over its estimated useful economic life from the point at which the asset is available for use. The carrying value of capitalised development expenditure is reviewed for impairment where events or changes in circumstances indicate that the carrying amount may not be recoverable.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 14 (2025 - 8 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 October 2025

and 31 July 2026

38,667

AMORTISATION

At 1 October 2025

28,186

Charge for period

4,767

At 31 July 2026

32,953

NET BOOK VALUE

At 31 July 2026

5,714

At 30 September 2025

10,481

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 October 2025

370,197

Additions

357,020

At 31 July 2026

727,217

DEPRECIATION

At 1 October 2025

45,339

Charge for period

147,519

At 31 July 2026

192,858

NET BOOK VALUE

At 31 July 2026

534,359

At 30 September 2025

324,858

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade debtors

-

39,000

Other debtors

338,747

210,038

338,747

249,038

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade creditors

119,960

81,125

Taxation and social security

38,357

35,140

Other creditors

145,775

179,730

304,092

295,995

At the balance sheet date, deferred grant income of £61,663 (2025: £61,663) was included within other creditors due within one year.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2026

2025

£

£

Other creditors

37,205

88,591

At the balance sheet date, deferred grant income of £37,205 (2025: £88,591) was included within other creditors due after more than one year.