The directors acknowledge their responsibilities for complying with the requirments of the Companies Act 2006 with respect ot accounting records and the preparation of accounts.

The financial statements were approved and authorised for issue by the Board of Directors on 9 September 2025.

GraphEnergyTech Ltd is a private company limited by shares, registered in England and Wales. The address of the registered office and registration number are as below:

The Officers' Mess Business Centre

Royston Road

Duxford

England

CB22 4QH

These financial statements have been prepared in accordance with FRS 102 the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland as adapted by Section 1A of FRS 102 and the Companies Act 2006.

The financial statements have been prepared on the historical cost basis.

The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Therefore, the directors consider that the company are able to meet its day to day liabilities as they fall due.

The Company is at an advanced development stage with its proprietary technology platform showing strong commercial potential. Management has identified clear pathways to market with several proof-of-concept validations completed and early customer engagement demonstrating positive market reception. The technology addresses established market needs with a scalable solution that positions the Company well for revenue generation in the near term. While the Company continues to operate in a pre-revenue or early revenue phase, the directors are confident that the combination of the technology's market applicability, the experienced management team, and the strategic partnerships being developed provide a solid foundation for sustainable growth and commercial success. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Tangible fixed assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Where factors indicate that the residual values or useful lives of tangible assets may have changed, a review will be carried out of the residual values, depreciation methods and useful lives, and these will be amended if necessary. Changes in depreciation rates arising from this review are accounted for prospectively over the remaining useful lives of the assets.

Investments in subsidiaries are accounted for in accordance with the cost model and are recorded at cost less any accumulated impairment losses. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets, which include cash and other debtors, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade and other creditors, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.

Other financial liabilities, including trade creditors, are initially measured at transaction price less transaction costs, and are subsequently measured at the transaction price less transaction costs not yet recognised in profit or loss and repayments plus cumulative interest expenses incurred.

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 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.

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the performance model. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met.Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

Short term benefits, including holiday pay, are recognised as an expense in the period in which employees have become entitled to the benefits as a result of service rendered to the company.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Once-off termination payments that are not required by contract, legislation, or other obligations or commitments, are recognised in the financial year in which they become payable.

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: •It is technically feasible to complete the intangible asset so that it will be available for use or sale; •There is the intention to complete the intangible asset and use or sell it; •There is the ability to use or sell the intangible asset; •The use or sale of the intangible asset will generate probable future economic benefits; •There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and •The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.

The Company holds 100% of the shares in GraphEnergyTech SARL, a company incorporated in Switzerland.

Details of share allotments during the year are as follows: On 28 December 2023, 700 ordinary shares at a nominal value of £0.01 have been subdivided into 7,000 ordinary shares at a nominal value of £0.001. On 26 July 2024 •187 Ordinary shares with a nominal value of £0.001 were issued for a consideration of £0.001 per share. •416 Ordinary shares with a nominal value of £0.001 were issued for a consideration of £607.37 per share resulting in a share premium of £252,665. •29 Ordinary shares with a nominal value of £0.001 were issued for a consideration of £0.001 per share. On 1 August 2024 •823 Ordinary shares with a nominal value of £0.001 were issued for a consideration of £607.37 per share resulting in a share premium of £499,865. •22 Ordinary shares with a nominal value of £0.001 were issued for a consideration of £0.001 per share. On 2 August 2024 •10 Ordinary shares with a nominal value of £0.001 were issued for a consideration of £0.001 per share. •404 Ordinary shares with a nominal value of £0.001 were issued for a consideration of £607.37 per share resulting in a share premium of £245,377.

The total share premium relating to the share issues detailed above amounted to £997,907. Fees paid in relation to raising share capital amounted to £53,000, resulting in a net share premium recognised of £944,907.