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REGISTERED NUMBER: 09806884 (England and Wales)

| Financial Statements |

| for the Year Ended 31 December 2024 |

| for |

| Maxwell GeoSystems UK Ltd |

| Maxwell GeoSystems UK Ltd (Registered number: 09806884) |

Contents of the Financial Statements

for the Year Ended 31 December 2024

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 3 |

| Maxwell GeoSystems UK Ltd |

Company Information

for the Year Ended 31 December 2024

| DIRECTOR: | Dr A S Maxwell

| REGISTERED OFFICE: | 65a Loxley Road

| Wandsworth

| London

| SW18 3LL

| REGISTERED NUMBER: | 09806884 (England and Wales)

| AUDITORS: | Mander Duffill

| Chartered Accountants & Statutory Auditor

| The Old Post Office

| 41-43 Market Place

| Chippenham

| Wiltshire

| SN15 3HR

| Maxwell GeoSystems UK Ltd (Registered number: 09806884) |

Balance Sheet

31 December 2024

| 31.12.24 | 31.12.23 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 1,918 |  | 2,445 |  |

CURRENT ASSETS

Debtors | 5 | 265,782 |  | 229,924 |  |

Cash at bank | 34,214 |  | 56,985 |  |

299,996 |  | 286,909 |  |

CREDITORS

Amounts falling due within one year | 6 | 484,927 |  | 477,796 |  |

NET CURRENT LIABILITIES | (184,931 | ) | (190,887 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | (183,013 | ) | (188,442 | ) |

CREDITORS

Amounts falling due after more than one year | 7 | (4,409 | ) | (14,806 | ) |

PROVISIONS FOR LIABILITIES | (480 | ) | (611 | ) |

NET LIABILITIES | (187,902 | ) | (203,859 | ) |

CAPITAL AND RESERVES

Called up share capital | 100 |  | 100 |  |

Other reserves | 11,610 |  | - |  |

Retained earnings | (199,612 | ) | (203,959 | ) |

SHAREHOLDERS' FUNDS | (187,902 | ) | (203,859 | ) |

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 15 September 2025 and were signed by:

Dr A S Maxwell - Director

| Maxwell GeoSystems UK Ltd (Registered number: 09806884) |

Notes to the Financial Statements

for the Year Ended 31 December 2024

1. | STATUTORY INFORMATION

| Maxwell GeoSystems UK Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

| The presentation currency of the financial statements is the Pound Sterling (£).

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

| Going concern

| Management have prepared detailed forecasts for a period extending beyond 12 months from the date that these financial statements are approved. At the time of approving the financial statements, the director has reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company has also obtained assurance from its parent company that it will provide financial support to enable the company to meet its liabilities as they fall due if required. The financial statements have therefore been prepared on a going concern basis.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for customer returns, rebates or other similar allowances and is net of value added taxes. Turnover includes revenue earned from the sale of goods.

| Revenue from the sale of goods or services is recognised when all of the following conditions are satisfied:

| - the company has transferred to the buyer the significant risks and rewards of ownership of the goods;

| - the company retains neither continuing managerial involvement to the degree associated with ownership nor effective control over the goods sold;

| - the amount of revenue can be measured reliably;

| - it is probable that the economic benefits associated with the transaction can be measured reliably.

| Specifically, revenue from the sale of goods is primarily recognised upon delivery or completion of the goods or services to customers.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Plant and machinery etc | - | 33% on reducing balance

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

| Maxwell GeoSystems UK Ltd (Registered number: 09806884) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Deferred tax

| 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.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 10 (2023 - 9 ) .

4. | TANGIBLE FIXED ASSETS

| Plant and

| machinery

| etc

£ |

| COST

| At 1 January 2024 | 5,691 |  |

| Additions | 732 |  |

| At 31 December 2024 | 6,423 |  |

| DEPRECIATION

| At 1 January 2024 | 3,246 |  |

| Charge for year | 1,259 |  |

| At 31 December 2024 | 4,505 |  |

| NET BOOK VALUE

| At 31 December 2024 | 1,918 |  |

| At 31 December 2023 | 2,445 |  |

5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.12.24 |  | 31.12.23

£ | £ |

| Trade debtors | 7,804 |  | 20,004 |  |

| Amounts owed by group undertakings | 27,828 |  | 29,060 |  |

| Other debtors | 230,150 |  | 180,860 |  |

265,782 |  | 229,924 |  |

| Maxwell GeoSystems UK Ltd (Registered number: 09806884) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.12.24 |  | 31.12.23

£ | £ |

| Bank loans and overdrafts | 11,284 |  | 10,140 |  |

| Trade creditors | 2,666 |  | 2,084 |  |

| Amounts owed to group undertakings | 206,934 |  | 281,664 |  |

| Other creditors | 264,043 |  | 183,908 |  |

484,927 |  | 477,796 |  |

7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| 31.12.24 |  | 31.12.23

£ | £ |

| Bank loans | 4,409 |  | 14,806 |  |

8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

| The Report of the Auditors was unqualified.

| Julian Duffill (Senior Statutory Auditor)

| for and on behalf of Mander Duffill

9. | RELATED PARTY DISCLOSURES

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

10. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling party is Dr A S Maxwell.