Nurole Ltd

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—8

1. General Information

Nurole Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08917794 . The registered office is 66 Porchester Road, London, England, W2 6ET.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Going Concern Disclosure

The company’s financial statements have been prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the company’s needs. In assessing going concern, the directors have a reasonable expectation that the company will continue as a going concern and is able to meet all of its obligations as they fall due for a minimum of 12 months from the date of approval of these financial statements.

2.3. Turnover

Revenue is recognised to the extent there is probable 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.

Revenue from a contract to provide services is recognised in the period in which the services are provided.

2.4. Research and Development

Research and development costs & intangible fixed assets

Expenditure on research activities is recognised within profit or loss as an expense is incurred.

Development costs are capitalised only where they can be identified with a specific product or project that will generate probable future economic benefits, the costs can be reliably measured and all the criteria under FRS 102 are met. They are amortised on a straight line basis to profit or loss over their estimated useful life. All other development costs are expenses as incurred.

Capitalised development costs are reviewed annually, and where future benefits are deemed to have ceased or to be in doubt, the balance is written off to profit or loss.

Capitalised development costs are not treated as a realised loss for the purpose of determining the company’s distributable profits as the costs meet the conditions permitting them to be treated as an asset under FRS 102.

All intangible assets are consider to have a finite useful life. The estimated useful lives are as follows:

Development expenditure – 10 years on a straight line basis.

At each reporting date the company assesses whether there is any indication of impairment. If such indications exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. Any impairment loss is recognised immediately as an expense within profit or loss.

2.5. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery

3 years on a straight line basis

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.

Repairs and maintenance costs are charged to profit or loss during the period in which they are incurred.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

...CONTINUED

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Nurole Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

2.5. Tangible Fixed Assets and Depreciation - continued

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined, which is the higher of its fair value less costs to sell and its value in use. Any impairment loss is recognised immediately as an expense within the profit or loss.

2.6. Leasing and Hire Purchase Contracts

Leases in which the company assumes substantially all the risks and rewards of ownership of the leased asset are classified as finance leases. All other leases are classified as operating leases.

Payments (excluding costs for services and insurance) made under operating leases are recognised in the profit and loss account on a straight-line basis over the term of the lease unless the payments to the lessor are structured to increase in line with expected general inflation; in which case the payments related to the structured increases are recognised as incurred. Lease incentives received are recognised in profit and loss over the term of the lease an an integral part of the total lease expenses.

2.7. Financial Instruments

Trade and other debtors / creditors

Trade and other debtors are recognised initially at transaction prices less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

Investments

Investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Listed investments are initially recognised at transaction price, including any directly attributable transaction costs. Subsequent to initial recognition, listed investments are measured at fair value at each reporting date, with changes in fair value recognised in the profit and loss account.

Fair value is determined by reference to the quoted market price at the balance sheet date. Where a reliable market price is not available, fair value is determined using valuation techniques appropriate to the instrument.

Dividends and other investment income are recognised in profit or loss when the company’s right to receive payment is established.

Impairment of financial assets

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised within profit or loss.

For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset’s carrying amount and the best estimate of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

2.8. Foreign Currencies

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 rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

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Nurole Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

2.9. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

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

Deferred tax is recognised on timing 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 timing 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 timing differences can be utilised. 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 assets and liabilities 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. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset 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.

Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

2.10. Pensions

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 in 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 in the periods during which services are rendered by employees.

2.11. Share Based Payments

The grant date fair value of share-based payments awards granted to employees is recognised as an employee expense, with a corresponding increase in equity, over the period in which the employees become unconditionally entitled to the awards. The fair value of the awards granted is measured using an option valuation model, taking in to account the terms and conditions upon which the awards were granted. The amount recognised as an expense is adjusted to reflect the actual number of awards for which the related service and non-market vesting conditions are expected to be met, such that the amount ultimately recognised as an expense is based on the number of awards that do not meet the related service and non-market performance conditions at the vesting date. For share-based payment awards with non-vesting conditions, the grant date fair value of the share-based payment is measured to reflect such conditions and there is no true-up for differences between expected and actual outcomes.

2.12. Preparation of consolidated accounts exemption

The company is exempt under Section 399 of the Companies Act from the requirement to prepare consolidated financial statements by virtue of the fact it is subject to the small companies regime. These financial statements contain information the company as an individual undertaking and not about this group.

2.13. Related party exemption

The company has taken advantage of the exemption available under FRS 102 not to disclose related party transactions with wholly owned subsidiaries in the group.

3. Average Number of Employees

Average number of employees during the year was 52 (2025: 44)

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Nurole Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

4. Intangible Assets

	Development Costs
	£
Cost
As at 1 April 2025	4,017,426
Additions	240,581

As at 31 March 2026	4,258,007

Amortisation
As at 1 April 2025	2,316,522
Provided during the period	252,647

As at 31 March 2026	2,569,169

Net Book Value
As at 31 March 2026	1,688,838

As at 1 April 2025	1,700,904

5. Tangible Assets

	Plant & Machinery
	£
Cost
As at 1 April 2025	126,837
Additions	18,929
Disposals	(20,013 )

As at 31 March 2026	125,753

Depreciation
As at 1 April 2025	99,152
Provided during the period	15,778
Disposals	(20,013 )

As at 31 March 2026	94,917

Net Book Value
As at 31 March 2026	30,836

As at 1 April 2025	27,685

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Nurole Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

6. Investments

	Subsidiaries	Listed	Total
	£	£	£
Cost or Valuation
As at 1 April 2025	-	82,479	82,479
Additions	243,025	-	243,025
Disposals	-	(39,964 )	(39,964 )
Fair value adjustments	-	(2,231 )	(2,231 )

As at 31 March 2026	243,025	40,284	283,309

Provision
As at 1 April 2025	-	-	-
Impairment losses	243,025	-	243,025

As at 31 March 2026	243,025	-	243,025

Net Book Value
As at 31 March 2026	-	40,284	40,284

As at 1 April 2025	-	82,479	82,479

7. Debtors

	2026	2025
	£	£
Due within one year
Trade debtors	760,877	703,960
Other debtors	566,171	136,775

	1,327,048	840,735

8. Creditors: Amounts Falling Due Within One Year

	2026	2025
	£	£
Trade creditors	89,794	62,981
Amounts owed to group undertakings	193,408	-
Other creditors	1,153,128	921,823
Taxation and social security	395,265	564,049

	1,831,595	1,548,853

Included in other creditors are oustanding pension contributions of £13,715 (2025: £17,777).

A fixed and floating charge was registered on 06 July 2020 in favour of HSBC UK Bank PLC. This is still outstanding as at the year end date.

9. Share Capital

	2026	2025
	£	£
Allotted, Called up and fully paid	1,000	1,000

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Nurole Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

10. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2026	2025
	£	£
Not later than one year	292,483	71,787
Later than one year and not later than five years	15,987	5,484

	308,470	77,271

11. Share Based Payments

The company operates an equity based share option scheme to certain employees which provides additional remuneration for those employees who are key to the company. The options are granted under an approved EMI option plan. The options expire ten years after the date of the grant. Employees are not entitled to dividends until the shares are exercised. All options granted have performance conditions relating to the relevant employee remaining in the employment of the company at exercise.

A reconciliation of share option movements during the year ended 31 March 2026 is shown below:

Number of options - weighted average exercise price

Opening as at 01 April 2025: 3,915 - £282.68

Granted during the year: 947 - £200.00

Forfeited during the year: (421) - £247.51

Outstanding as at 31 March 2026: 4,441 - £286.39

The company is unable to directly measure the fair value of the share options. Instead the fair value of the share options granted during the year is determined using the Black-Scholes model. The model is internationally recognised as being appropriate to value share option schemes similar to that of the company.

Equity settled schemes - charges arising: £48,972 (2025: £106,017)

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		2026		2025
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		1,688,838		1,700,904
Tangible Assets	5		30,836		27,685
Investments	6		40,284		82,479

			1,759,958		1,811,068
CURRENT ASSETS
Debtors	7	1,327,048		840,735
Cash at bank and in hand		803,038		1,253,948

		2,130,086		2,094,683
Creditors: Amounts Falling Due Within One Year	8	(1,831,595 )		(1,548,853 )

NET CURRENT ASSETS (LIABILITIES)			298,491		545,830

TOTAL ASSETS LESS CURRENT LIABILITIES			2,058,449		2,356,898

PROVISIONS FOR LIABILITIES
Deferred Taxation			(421,336 )		(426,425 )

NET ASSETS			1,637,113		1,930,473

CAPITAL AND RESERVES
Called up share capital	9		1,000		1,000
Share based payment reserves			237,096		214,046
Profit and Loss Account			1,399,017		1,715,427

SHAREHOLDERS' FUNDS			1,637,113		1,930,473