Company Registration No. 13834702 (England and Wales)
Phazyx Ltd
Unaudited accounts
for the year ended 31 January 2026
Phazyx Ltd
Unaudited accounts
Contents
Phazyx Ltd
Company Information
for the year ended 31 January 2026
Directors
Christopher Icely
Karina Torlei-Price
Company Number
13834702 (England and Wales)
Registered Office
Spaces
Northgate House
Upper Borough Walls
Bath
Avon
BA1 1RG
England
Accountants
Adams O'Rourke Accountants Ltd
436 Woolton Road
Liverpool
L25 6JQ
Phazyx Ltd
Statement of financial position
as at 31 January 2026
Cash at bank and in hand
45,662
112,319
Creditors: amounts falling due within one year
(121,874)
(152,020)
Net current liabilities
(57,102)
(36,006)
Total assets less current liabilities
(54,085)
(36,006)
Creditors: amounts falling due after more than one year
-
(16,000)
Net liabilities
(54,085)
(52,006)
Called up share capital
1,103
1,000
Profit and loss account
(455,097)
(53,006)
Shareholders' funds
(54,085)
(52,006)
For the year ending 31 January 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 21 October 2026 and were signed on its behalf by
Karina Torlei-Price
Director
Company Registration No. 13834702
Phazyx Ltd
Notes to the Accounts
for the year ended 31 January 2026
Phazyx Ltd is a private company, limited by shares, registered in England and Wales, registration number 13834702. The registered office is Spaces, Northgate House, Upper Borough Walls, Bath, Avon, BA1 1RG, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The financial statements have been prepared under the historical cost convention.
The accounts are presented in £ sterling.
All research costs are expensed. Costs related to the development of products are capitalised when they meet the criteria stated in FRS 102, Section 18 Intangible assets other than Goodwill. All other development expenditure is recognised as an expense in the period in which it is incurred.
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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Government grants are accounted for under the performance model. Grant income from Innovate UK is recognised in income when the claim for the related expenditure has been approved by Innovate UK and the funds are released, as the grant is not receivable until then. A grant received before the recognition criteria are satisfied is recognised as a liability.
The company is in the research and development phase and is funded by grants, research and development tax credits and equity investment. It made a loss of £402,091 for the year ended 31 January 2026 and had net liabilities of £54,085 at that date.
The directors have considered the company’s funding requirements for a period of at least 12 months from the date of approval of these financial statements.
The company’s ability to meet its liabilities over that period depends on completing a fundraise, which was in progress at the date of approval, and on receipt of a research and development tax credit.
The directors are confident that the funding will be obtained and have therefore prepared the financial statements on the going concern basis. The financial statements do not include any adjustments that would result if the company were unable to continue as a going concern.
Phazyx Ltd
Notes to the Accounts
for the year ended 31 January 2026
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
3 years straight line
4
Tangible fixed assets
Computer equipment
Amounts falling due within one year
Accrued income and prepayments
2,761
1,978
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Creditors: amounts falling due within one year
2026
2025
Taxes and social security
4,120
-
Other creditors
8,000
105,000
Loans from directors
108,952
42,955
Convertible loan notes totalling £105,000 outstanding at 31 January 2025 converted into equity during the current financial year. The loans were non-interest bearing.
As at the balance sheet date, the company had a loan from a related party company of £8,000, which is interest free and repayable on demand. See also related party note.
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Creditors: amounts falling due after more than one year
2026
2025
Phazyx Ltd
Notes to the Accounts
for the year ended 31 January 2026
Allotted, called up and fully paid:
1,102,665 Ordinary shares of £0.001 each
1,102.66
1,000.00
Shares issued during the period:
102,665 Ordinary shares of £0.001 each
102.66
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Transactions with related parties
At the balance sheet date the company owed £108,952 (2025: £42,955) to its directors:
C Icely: £40,502
K Eseonu: £26,052
K Torlei-Price: £42,398
The balances arise from net salaries credited to the directors and not yet paid, and from cash advanced to the company by the directors. The amounts are unsecured, interest free and have no fixed repayment date.
At the balance sheet date the company owed £8,000 (2025: £8,000) to Medical UX Ltd, a company under the control of director K Torlei-Price. The loan is unsecured, interest free and repayable on demand.
During the year the company repaid in full the loan of £8,000 (2025: £8,000 owed) from Epitechne Ltd, a company under the control of director C Icely.
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Post balance sheet events
On 12 August 2026 Dr Kelechi Eseonu resigned as a director of the company. On the same date, in accordance with the company’s articles of association, the 323,333 ordinary shares of £0.001 each held by him were converted into deferred shares. The conversion did not change the company’s issued share capital of £1,102.66.
On 21 October 2026 the company changed its name from Trueview Medical Ltd to Phazyx Ltd.
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Average number of employees
During the year the average number of employees was 3 (2025: 3).