Statement of changes in equity

The revenue reserve represents the amount of the Company's reserves distributable by way of dividend.

Cash flow statement

The accompanying notes are an integral part of the financial statements.

Notes

1. Interim Results Basis of Preparation

These condensed interim financial statements have been prepared in accordance with International Financial Reporting Standards ('IFRS') and IAS 34 'Interim Financial Reporting' as adopted in the UK. The condensed financial statements do not contain all of the information required for a full set of IFRS financial statements and should be read in conjunction with the Company's audited financial statements for the year ended 31 March 2025. Except as described below, the accounting policies applied, and the management judgements and estimates during the period, are consistent with those adopted in the annual financial statements for that year.

2. Financial Instruments

CULNs issued during the period are classified as financial liabilities measured at fair value through profit or loss, as the conversion terms do not meet the fixed-for-fixed criterion under IAS 32. Transaction costs attributable to the issue of these instruments are expensed to profit or loss in accordance with IFRS 9.

At 30 September 2025, the Directors consider that the fair value of the CULNs does not differ materially from their carrying value, due to the short period since issuance and the absence of significant changes in valuation inputs. Accordingly, no fair value gain or loss has been recognised in the period.

3. Going Concern Basis of Accounting

The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company successfully raised £250k (before expenses) via the issue of zero coupon CULNs to support its working capital requirements while it pursues the proposed RTO. Accordingly, the Directors continue to adopt the going concern basis of accounting in preparing these financial statements.

4. Return per Ordinary Share

The revenue loss per ordinary share for the six months ended 30 September 2025 is based on a net loss after taxation of £74k and a weighted average of 24,723,175 ordinary shares in issue during the period. The capital return per ordinary share for the six months ended 30 September 2025 is based on a net capital profit after taxation of £nil and the same weighted average number of ordinary shares.

5. Net Asset Value per Ordinary Share

The net asset value per ordinary share is based on net liabilities of £695k (30 September 2024: £645k) and 24,723,175 ordinary shares in issue at the period end (30 September 2024: 18,198,295).

6. Related Party Transactions

The Board of Directors is considered to be the Company's related party. Directors' fees for the six months ended 30 September 2025 were £nil (H1 2024: £nil). Amounts payable to directors at the period end totalled £10k (30 September 2024: £10k). No other related party transactions occurred during the period.

7. Post Balance Sheet Events

On 20 October 2025, the Company received conditional conversion notices in respect of £370k of the CULNs outstanding at 30 September 2025. Conversion is conditional upon the publication of a prospectus to enable the issue of the underlying shares by no later than 31 December 2026 and will occur automatically on publication of that prospectus if published by that date. No adjustment has been made to these financial statements in respect of these notices, as the conversion conditions had not been satisfied at the reporting date.

Interim Report Statement

The Company's auditor, Royce Peeling Green Limited, has not audited or reviewed this Interim Report in accordance with the Auditing Practices Board guidance on 'Review of Interim Financial Information'. These condensed interim financial statements do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006 and are unaudited.

Statutory accounts for the year ended 31 March 2025 were prepared in accordance with UK-adopted international accounting standards, received an unqualified audit opinion, and did not contain a statement under Section 498 of the Companies Act 2006. These accounts have been filed with the Registrar of Companies. No statutory accounts in respect of any period after 31 March 2025 have been reported on by the Company's auditor or delivered to the Registrar of Companies.

Directors' Statement of Principal Risks and Uncertainties

The risks, and the way in which they are managed, are described in more detail in the Strategic Report contained within the Annual Report and Financial Statements for the year ended 31 March 2025. In the opinion of the Directors, the Company's principal risks and uncertainties did not change materially since the date of that report for the remainder of the Company's financial reporting period to 30 September 2025.

Statement of Directors' Responsibilities in Respect of the Interim Report

The Directors, being Richard Lockwood, Chairman, Martin Lampshire, Executive Director, and Malcolm Burne, Director, confirm that, to the best of their knowledge:

·      the condensed set of interim financial statements has been prepared in accordance with IAS 34 'Interim Financial Reporting' as adopted in the UK and gives a true and fair view of the assets, liabilities, financial position and loss of the Company; and

·      the Chairman's Statement and Interim Report Statement (together constituting the Interim Management Report) includes a fair review of the information required by the Disclosure Guidance and Transparency Rules ('DTR') 4.2.7R and 4.2.8R, being an indication of important events that have occurred during the six-month period and their impact on the financial statements; and

·      other than directors' remuneration as disclosed in Note 6, there have been no related party transactions that materially affected the financial position or performance of the Company during the period.

On behalf of the Board

Richard Lockwood

Chairman

12 January 2026