Half-year Results
Seed Capital Solutions PLC reported a net loss of £524,000 for the six months ended 31 December 2025, compared to a £158,000 loss in the prior year period, with cash reserves falling to £14,700 from £310,700. The company continues to work towards a proposed acquisition of Cuarta Dimension Medica SL, which would transform it into an AI-driven diagnostics business, initially focused on the veterinary sector. The company's objective remains to acquire businesses with strong ESG credentials, and it acknowledges acquisition, liquidity, funding, and implementation risks.
| Half year to 31 Dec 2025 | Now | Year before | Change |
|---|---|---|---|
| Operating profit | (£0.5m) | (£0.2m) | |
| Profit before tax | (£0.5m) | (£0.2m) | |
| Net income | (£0.5m) | (£0.2m) | |
| Cash from operations | (£0.2m) | (£0.2m) | |
| Cash | £0.0m | £0.3m | −95.3% |
Figures as reported, converted to £ where needed – see all financials.
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Seed Capital Solutions plc announces its unaudited half year report for the six months ended 31 December 2025.
Chairman's Statement
During the financial period under review, the Company reported a net loss of £524,000 (December 2024: £158,000, year to 30 June 2025: £420,400), being the administrative expenses incurred net of other income of £33,600 in the current period (December 2024: £Nil, June 2025: £111,400). As at 31 December 2025, the Company had a cash in bank balance of £14,700 (31 December 2024: £310,700, 30 June 2025: £211,400).
The Company, alongside its advisers and sponsor, continues to work towards finalising the documentation required for completion of the proposed transaction with Cuarta Dimension Medica SL ("4DM") for the acquisition by the Company of all of the issued share capital of 4DM in exchange for the issue of new ordinary shares in the Company ("Acquisition") and subsequent readmission of the Company's shares to trading on the London Stock Exchange. Subject to completion of the Acquisition, the enlarged group will operate as a leading AI-driven diagnostics business, initially focused on the veterinary sector with scope to expand into the wider healthcare market.
Damion Greef, Chairman
Interim Management Report
Company Objective
The Company has been formed for the purpose of acquiring a business or businesses operating in market sectors that display strong environmental, social and governance ("ESG") credentials, thereby benefitting from the current trend of superior performance aligned with increased investor appetite. The Company is not geographically focused on any one or specific country or region, but rather opportunity focused hence any potential acquisition opportunities will not be limited by jurisdiction or geographic region.
The Company was admitted to the Standard Listing of the London Stock Exchange on 11 April 2023. On 29 July 2024, as a result of the new UK Listing Rules of the Financial Conduct Authority becoming effective on that date, the listing was transferred from the 'standard' segment to the 'Equity shares (shell companies)' category. Since listing, the Directors have targeted socially conscious technology-based organisations which are capable of generating sustainable long-term growth for investors. The Company's initial focus has been to identify opportunities to acquire companies with undervalued or pre-commercialisation technologies, or current commercialisation technologies which, when applied, produce cost savings or revenue enhancement for customers. These commercial advantages could offer market and sector beating performance potential whilst fulfilling the Company's ESG assessment criteria. The Directors believe that the proposed Acquisition represents such an opportunity.
Principal Risks and Uncertainties
The principal risks currently facing the Company are:
- Acquisition risk: There is no certainty that the proposed Acquisition completes, in which case the Company would need to identify an alternative acquisition target on acceptable terms.
- Liquidity risk: Ongoing costs associated with due diligence or potential acquisitions place pressure on cash resources, with no guarantee that funds expended will result in a successful transaction.
- Funding risk: The possibility that additional equity funding or other financing may be required but not secured, impacting the Company's ability to execute its strategy.
- Implementation risk: Even if an acquisition is completed, integration challenges or failure of the target to deliver expected returns could impact performance.
The Directors believe their collective experience and network will mitigate these risks but acknowledge that outcomes remain dependent on both market conditions and regulatory approvals.
Related Parties Transactions
Details of related party transactions are set out in note 5 to this half year report.
By order of the Board
Damion Greef, Chairman
Condensed Statement of Comprehensive Income (unaudited)
| 6 months | 6 months | 12 months | ||
|---|---|---|---|---|
| 31 December | 31 December | 30 June | ||
| 2025 | 2024 | 2025 | ||
| Note | Unaudited | Unaudited | Audited | |
| £000 | £000 | £000 | ||
| Other operating income | 33.6 | - | 111.4 | |
| Administrative expenses | (557.6) | (158.0) | (445.4) | |
| Share based payments charge | - | - | (86.4) | |
| Operating loss | (524.0) | (158.0) | (420.4) | |
| Loss on ordinary activities before taxation | (524.0) | (158.0) | (420.4) | |
| Income tax expense | - | - | - | |
| Loss after taxation | (524.0) | (158.0) | (420.4) | |
| Other comprehensive income | - | - | - | |
| Total comprehensive loss attributable to | (524.0) | (158.0) | (420.4) | |
| owners of the parent | ||||
| Loss per share: | ||||
| Basic and diluted (pence) | 3 | (0.28) | (0.08) | (0.23) |
Condensed Statement of Financial Position as at 31 December 2025 (unaudited)
| 31 December | 31 December | 30 June | |||
|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | |||
| Note | Unaudited | Unaudited | Audited | ||
| £000 | £000 | £000 | |||
| Current assets | |||||
| Trade and other receivables | 87.4 | 52.9 | 132.4 | ||
| Cash at bank and in hand | 14.7 | 310.7 | 211.4 | ||
| Total assets | 102.1 | 363.6 | 343.8 | ||
| Current liabilities | |||||
| Trade and other payables | (500.2) | (61.7) | (217.9) | ||
| Total current liabilities | (500.2) | (61.7) | (217.9) | ||
| Total liabilities | (500.2) | (61.7) | (217.9) | ||
| Net (liabilities) / assets | (398.1) | 301.9 | 125.9 | ||
| Equity | |||||
| Share capital | 4 | 463.5 | 463.5 | 463.5 | |
| Share premium | 539.3 | 539.3 | 539.3 | ||
| Share based payments reserve | 108.8 | 22.5 | 108.8 | ||
| Reserves | (1,509.7) | (723.4) | (985.7) | ||
| Shareholders' funds | (398.1) | 301.9 | 125.9 | ||
| Condensed Statement of Changes in Equity | |||||
| For the six-month period ended 31 December 2025 (unaudited) | |||||
| Share | Share | Share based | Retained | Total | |
| capital | premium | payment | profits | equity | |
| £'000 | £'000 | £'000 | £'000 | £'000 | |
| Balance at 1 July 2024 | 463.5 | 539.3 | 22.5 | (565.4) | 459.9 |
| Loss for the period | - | - | - | (158.0) | (158.0) |
| Balance at 31 December 2024 | 463.5 | 539.3 | 22.5 | (723.4) | 301.9 |
| Loss for the period | - | - | - | (262.3) | (262.3) |
| Share based payment charge | - | - | 86.3 | - | 86.3 |
| Balance at 30 June 2025 | 463.5 | 539.3 | 108.8 | (985.7) | 125.9 |
| Loss for the period | - | - | - | (524.0) | (524.0) |
| Balance at 31 December 2025 | 463.5 | 539.3 | 108.8 | (1,509.7) | (398.1) |
| Condensed Statements of Cash Flows | |||||
| For the six-month period ended 31 December 2025 (unaudited) | |||||
| 6 months | 6 months | 12 months | |||
| 31 December | 31 December | 30 June | |||
| 2025 | 2024 | 2025 | |||
| Unaudited | Unaudited | Audited | |||
| £000 | £000 | £000 | |||
| Cash flow from operating activities | |||||
| Loss before taxation | (524.0) | (158.0) | (420.4) | ||
| Share based payments charge | - | - | 86.4 | ||
| Operating cash flows before movements in working capital | (524.0) | (158.0) | (334.0) | ||
| Decrease/(increase) in trade and other receivables | 45.0 | (42.1) | (121.6) | ||
| Increase/(decrease) in trade and other payables | 282.3 | (7.3) | 148.9 | ||
| Cash (absorbed) / generated from operations | (196.7) | (207.4) | (306.7) | ||
| Cash flows from operating activities | (196.7) | (207.4) | (306.7) | ||
| Proceeds from share issue | - | - | - | ||
| Share issue costs | - | - | - | ||
| Net cash generated from financing activities | - | - | - | ||
| Net increase/(decrease) in cash & cash equivalents | (196.7) | (207.4) | (306.7) | ||
| Cash and equivalent at beginning of the period | 211.4 | 518.1 | 518.1 | ||
| Cash and equivalent at end of the period | 14.7 | 310.7 | 211.4 | ||
| NOTES TO THE FINANCIAL INFORMATION | |||||
| 1. | GENERAL INFORMATION AND PRINCIPAL ACTIVITIES | ||||
The Company is incorporated in England and Wales as a public limited company with company number 11115718.
The registered office of the Company is 80 Cheapside, London EC2V 6EE.
This financial information is for the Company only as there are no subsidiary undertakings.
The principal place of business of the Company is in the United Kingdom.
The interim financial statements are presented to the nearest thousand Pounds Sterling (£'000), which is the presentational currency of the Company.
| 2. | BASIS OF PREPARATION |
The interim financial statements for the six months ended 31 December 2025 have been prepared in accordance with IAS 34, Interim Financial Reporting.
The principal accounting policies used in preparing the interim results are the same as those applied in the Company's Financial Statements as at and for the period ended 30 June 2025.
A copy of the audited financial statements for the period ended 30 June 2025, which was prepared under IFRS, is available on the Company's website.
This condensed consolidated interim report, which has not been audited or reviewed by auditors, was approved by the Directors on 6 March 2026.
| 3. | LOSS PER SHARE | ||
| The loss per share information is as follows: | |||
| 6 months | 6 months | 12 months | |
| 31 December | 31 December | 30 June | |
| 2025 | 2024 | 2025 | |
| Unaudited | Unaudited | Audited | |
| Loss after taxation (£'000) | (524.0) | (158.0) | (420.4) |
| Weighted average number of ordinary shares | 185,406,000 | 185,406,000 | 185,406,000 |
| Basic loss per share (pence) | (0.28) | (0.08) | (0.23) |
| 4. | SHARE CAPITAL | ||
| 31 December | 31 December | 30 June | |
| 2025 | 2024 | 2025 | |
| Unaudited | Unaudited | Audited | |
| £000 | £000 | £000 | |
Ordinary shares allotted, called up and issued of £0.0025 each
| 185,406,000 issued and fully paid | 463.5 | 463.5 | 463.5 |
At 31 December 2025, the Company had the following warrants in issue:
| 6 months ended 31 December 2025 | Year to 30 June 2025 | 6 months ended 31 December 2024 | ||||
|---|---|---|---|---|---|---|
| Weighted Average exercise price (p) | Number | Weighted Average exercise price (p) | Number | Weighted Average exercise price (p) | Number | |
| Outstanding at the beginning of the period | 1.041 | 25,313,532 | 1.125 | 8,313,532 | 1.125 | 8,313,532 |
| Granted during the period | - | - | 1.000 | 17,000,000 | - | - |
| Exercised during the period | - | - | - | - | - | - |
| Outstanding at the end of the period | 1.041 | 25,313,532 | 1.041 | 25,313,532 | 1.125 | 8,313,532 |
| Exercisable at the end of the period | 1.041 | 25,313,532 | 1.041 | 25,313,532 | 1.125 | 8,313,532 |
All of these warrants vested immediately and have a five-year contractual life.
Nature and purpose of reserves
Share based payments
The share based payments reserve reflects the share based payments charge on warrants granted by the Company as described earlier in this note.
| 5. | RELATED PARTY TRANSACTIONS |
Segar Karupiah, a director of the Company, has invoiced the Company for his services via Danmar Management Limited, a wholly-owned service company. In the six months to 31 December 2025, the total amount invoiced to the Company was £6,000 (six months to 31 December 2023: £6,000, year to 30 June 2025: £12,000).
John Zorbas, a director of the Company, has invoiced the Company for his services via a wholly-owned service company. In the six months to 31 December 2025, the total amount invoiced to the Company was £37,500 (six months to 31 December 2024: £25,000, year to 30 June 2025: £75,000).
| 6. | SEASONAL OR CYCLICAL FACTORS |
There are no seasonal factors that materially affect the operations of the company.
| 7. | EVENTS AFTER THE REPORTING DATE |
There are no events since the reporting date which require reporting.
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