REGISTERED NUMBER: 12428919 (England and Wales)

NEUROCHASE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Prof S S Gill

Mrs T M Bruce

Mrs S Kane

Mr K D Murdoch

REGISTERED OFFICE:

St Brandon's House

29 Great George Street

Bristol

BS1 5QT

REGISTERED NUMBER:

12428919 (England and Wales)

FIXED ASSETS

Intangible assets

4

12,858,151

9,295,077

Tangible assets

5

40,956

10,484

12,899,107

9,305,561

CURRENT ASSETS

Stocks

227,341

-

Debtors

6

1,726,770

1,277,549

Cash at bank

108,062

71,819

2,062,173

1,349,368

CREDITORS

Amounts falling due within one year

7

6,276,959

2,116,397

NET CURRENT LIABILITIES

(4,214,786

)

(767,029

)

TOTAL ASSETS LESS CURRENT LIABILITIES

8,684,321

8,538,532

CREDITORS

Amounts falling due after more than one year

8

(829,646

)

(860,566

)

PROVISIONS FOR LIABILITIES

9

(2,356,845

)

(2,272,658

)

NET ASSETS

5,497,830

5,405,308

CAPITAL AND RESERVES

Called up share capital

10

1

1

Retained earnings

5,497,829

5,405,307

SHAREHOLDERS' FUNDS

5,497,830

5,405,308

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 20 October 2026 and were signed on its behalf by:

Mrs S Kane - Director

1.	STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).

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

The financial statements have been prepared on a going concern basis, which assumes that the company will continue in operational existence for the foreseeable future.

In making their assessment, the directors have reviewed the company's balance sheet, current and forecast cash flows, expected levels of trading and development activity, and the funding available to the company and the wider group. The directors have also considered the continued financial support available from Neurochase Holdings Limited and other group entities, where relevant.

At 31 March 2026, the company had net current liabilities of £4,214,786, principally due to amounts owed to Neurochase Holdings Limited. As the directors of the company are also directors of Neurochase Holdings Limited, they have considered the funding position of the wider group and confirm that Neurochase Holdings Limited does not intend to seek repayment of amounts due from the company where doing so would adversely affect the company's ability to continue as a going concern.

After making appropriate enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for at least twelve months from the date of approval of these financial statements. Accordingly, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates

In preparing the financial statements, the directors have made judgements and estimates in respect of the carrying value and classification of certain assets and liabilities.

The key judgement is the capitalisation of development expenditure. The directors have considered whether the costs capitalised during the year meet the recognition criteria under FRS 102, including technical feasibility, intention and ability to complete the asset, availability of resources, the probability of future economic benefits and the ability to measure the expenditure reliably. The directors have also considered whether amortisation should commence and have concluded that amortisation is not yet required as the product / asset has not yet been fully developed and marketed.

The directors have considered the carrying value of intangible fixed assets at the balance sheet date and whether any impairment indicators exist. This assessment includes consideration of the company's development progress,expected future commercialisation, available funding and the wider group's support.

The directors have also exercised judgement in relation to the classification and valuation of stock. Stock of £227,341 is held for use in clinical trial and pre-clinical activity rather than resale. The directors have considered the expected future use of the stock, its condition, expiry profile and whether any provision is required for obsolete or unusable items.

Turnover

Turnover represents the value of work done in the period, including estimate of amounts not invoiced net of VAT. Turnover in respect of long term contracts is recognised by reference to stage of completion.

Project income is recognised upon achieving the relevant milestone stipulated in the contract.

Report writing income is recognised upon completion and delivery of the report.

Employee Benefits

The company provides a wide range of benefits which includes; paid holidays and defined contribution pension plans. Short term employee benefit are recognised as an expense in the profit and loss account for the period in which the service is received.

Intangible assets

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

Capitalised development expenditure and patent costs are yet to be amortised and will commence once the product has been fully developed and marketed.

Tangible fixed assets

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is provided at the following annual rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives:

Trial equipment - 33% reducing balance

Computer equipment - 25% reducing balance

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

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 year 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 year 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

Development costs have been capitalised where there is an expectation that the company will receive future economic benefits directly attributable to the asset being developed.

The following conditions have been satisfied when recognising development costs as an asset:

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

- It is intended for use or sale;

- It has been demonstrated that the asset will generate future economic benefits;

- Adequate technical, financial and other resources exist so that the product development can be completed and subsequently used or sold;

- Expenditure attributed to the asset can be reliably measured.

Capitalised development expenditure is stated at cost less accumulated amortisation and impairment losses. Development expenditure is amortised over the useful economic life of the asset.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Cash and cash equivalents

Cash and cash equivalents are basic financial instruments and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments

The company has elected to apply the provisions of Section 11 "Basic Financial Instruments".

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, loans to related companies and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors, loans to related companies and bank loans are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the assets cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2025 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

Development

licences

costs

Totals

£

£

£

COST

At 1 April 2025

-

9,295,077

9,295,077

Additions

3

3,563,071

3,563,074

At 31 March 2026

3

12,858,148

12,858,151

NET BOOK VALUE

At 31 March 2026

3

12,858,148

12,858,151

At 31 March 2025

-

9,295,077

9,295,077

The company is engaged in the development of devices and treatment for individuals that suffer with neurological conditions.

Amortisation of development costs will commence when the asset is available for use, which is the point at which the product has been fully developed and marketed.

5.	TANGIBLE FIXED ASSETS

Trial

Computer

equipment

equipment

Totals

£

£

£

COST

At 1 April 2025

-

18,799

18,799

Additions

28,724

8,225

36,949

At 31 March 2026

28,724

27,024

55,748

DEPRECIATION

At 1 April 2025

-

8,315

8,315

Charge for year

2,709

3,768

6,477

At 31 March 2026

2,709

12,083

14,792

NET BOOK VALUE

At 31 March 2026

26,015

14,941

40,956

At 31 March 2025

-

10,484

10,484

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade debtors

483,238

114,377

Other debtors

6,254

3,240

Related company loans

164,868

673,777

Tax

621,858

231,780

VAT

271,710

196,637

Prepayments

178,842

57,738

1,726,770

1,277,549

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade creditors

772,286

699,762

Amounts owed to group undertakings

4,868,600

973,215

Taxation and social security

25,011

20,431

Other creditors

611,062

422,989

6,276,959

2,116,397

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2026

2025

£

£

Other creditors

829,646

860,566

9.	PROVISIONS FOR LIABILITIES

2026

2025

£

£

Accelerated capital allowances

(10,239

)

(2,623

)

Timing difference in respect of development costs

(3,089,551

)

(2,270,035

)

Management expenses carried forward

4,012

-

Tax loss carried forward

538,697

-

RDEC carried forward

200,236

-

Deferred tax (liability)

(2,356,845

)

(2,272,6568

)

A net deferred tax liability of £2,356,845 has been recognised. This includes deferred tax assets of £792,495 relating to unutilised tax losses, management expenses and RDEC credits carried forward. The directors consider recovery of these assets probable, taking account of the expected reversal of taxable timing differences and future taxable profits.

The RDEC credits carried forward of £200,236 represent notional tax restrictions on expenditure credits. These amounts are available to offset future corporation tax liabilities and are separate from the tax repayments included within debtors.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal Value:

2026

2025

£

£

51

Ordinary 'A'

0.01

0.51

0.51

24

Ordinary 'B'

0.01

0.24

0.24

25

Ordinary 'C'

0.01

0.25

0.25

1

1

11.	RELATED PARTY DISCLOSURES

12.	PARENT UNDERTAKING AND ULTIMATE CONTROLLING PARTY