REGISTERED NUMBER: 10647767 (England and Wales)

Financial Statements

for the Year Ended 31 December 2024

for

WORKSPOT SYSTEMS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Director:

S Gopalkrishnan

Secretary:

Vistra Company Secretaries Limited

Registered office:

Suite 1

7th Floor

50 Broadway,

London

SW1H 0BL

Registered number:

10647767 (England and Wales)

Auditors:

Old Mill Audit Ltd

Maltravers House

Petters Way

Yeovil

Somerset

BA20 1SH

Fixed assets

Tangible assets

4

-

1,682

Current assets

Debtors

5

900

3,529

Cash at bank

5,406

5,964

6,306

9,493

Creditors

Amounts falling due within one year

6

3,069,994

2,293,638

Net current liabilities

(3,063,688

)

(2,284,145

)

Total assets less current liabilities

(3,063,688

)

(2,282,463

)

Capital and reserves

Called up share capital

7

1

1

Retained earnings

(3,063,689

)

(2,282,464

)

Shareholders' funds

(3,063,688

)

(2,282,463

)

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 18 September 2025 and were signed by:

S Gopalkrishnan - Director

1.	Statutory information

Workspot Systems Limited 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

The financial statements have been prepared on the going concern basis. The company incurred losses during the year, however, the director believes that the company has sufficient financial resources to be able to meet its obligations, if and when, they become due and that the company can continue in operational existence for a period of at least 12 months from the statement of financial position date. On this basis, the director is of the opinion that they should continue to adopt the going concern basis in preparing the annual financial statements.

Key source of estimation, uncertainty and judgement

Share-based payments as set out in the notes to the financial statements have been made to employees of the company. The fair value of any vested share options is recognised in the income statement. The fair value of share options is estimated with the use of a Black-Scholes model. The fair value of the parent company's ordinary shares in issue at the date of granting the options is used as an input into the model.

There have been no other significant judgements or estimates applied to the numbers contained within these

financial statements.

Tangible fixed assets

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

Computer equipment

-

Straight line over 3 years

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation

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.

Foreign currencies

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.

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.

Share-based payments

The parent company operates an equity-settled compensation scheme and has granted options to employees of the company. The fair value of the services received in exchange for the grant of the options to employees of the company, is recognised as an expense in the income statement. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions (for example, profitability and sales growth targets). Non-market vesting conditions are included in assumptions about the number of options that are expected to vest. At each statement of financial position date, the entity revises its estimates of the number of options that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the income statement. The credit entry is taken to reserves because the share options are equity-settled and then subsequently reclassified to creditors because the equity awards are fulfilled in the shares of the parent company.

3.	Employees and directors

The average number of employees during the year was 5 (2023 - 4 ) .

4.	Tangible fixed assets

Computer

equipment

£

Cost

At 1 January 2024

1,834

Reclassification/transfer

(1,834

)

At 31 December 2024

-

Depreciation

At 1 January 2024

152

Reclassification/transfer

(152

)

At 31 December 2024

-

Net book value

At 31 December 2024

-

At 31 December 2023

1,682

5.

Debtors: amounts falling due within one year

2024

2023

£

£

Other debtors

900

3,529

6.

Creditors: amounts falling due within one year

2024

2023

£

£

Trade creditors

304

300

Amounts owed to group undertakings

3,057,066

2,252,064

Other creditors

12,624

41,274

3,069,994

2,293,638

7.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

1

Ordinary

£1

1

1

8.	Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

David Jones FCA (Senior Statutory Auditor)

for and on behalf of Old Mill Audit Ltd

9.	Ultimate controlling party

The company's immediate and ultimate parent company is Workspot Inc., a company incorporated in theUnited States of America with its headquarters situated at 1901 South Bascom Avenue, Suite 90, Campbell, CA 95008, USA.

The directors consider there to be no ultimate controlling party.

10.	Share-based payment transactions

The parent company operates an employee share option scheme for the benefit of employees of the group, including employees of Workspot Systems Limited. At the statement of financial position date the parent company had granted a total of 171,968 (2023: 12) share options to 4 employees of Workspot Systems Limited at an average weighted exercise price of £0.36 per share (2023: £4,940). At the statement of financial position date 148,788 (2023: 10) options had vested, 4 had lapsed (2023: 0) 0 had been exercised (2023: 0) and 23,180 (2023: 2) share options remained outstanding and had yet to vest. An amount of £6,454 has been charged to the income statement in respect of the above share option scheme (2023: £5,859).

The share options typically vest over a period of 48 months from the date of grant with a 12 month cliff. The share options are exercisable over the share capital of the parent company.