ACCOUNTS - Final Accounts preparation

Creditors: Amounts falling due within one year

Registered number: 12444912

DEEP ISOLATION EMEA LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2024


DEEP ISOLATION EMEA LIMITED

COMPANY INFORMATION

Directors	EA Muller
	S McCallum
	CL Parker


Company secretary	S McCallum


Registered number	12444912


Registered office	Golden Cross House
	8 Duncannon Street
	London
	WC2N 4JF


Accountants	Grant Thornton UK LLP
	Chartered Accountants
	Royal Liver Building
	Liverpool
	L3 1PS


DEEP ISOLATION EMEA LIMITED

CONTENTS

	Page
Accountant's Report	1
Statement of Financial Position	2 - 3
Notes to the Financial Statements	4 - 9

Report to the directors on the preparation of the unaudited statutory financial statements of Deep Isolation EMEA Limited for the period ended 31 December 2024

We have compiled the accompanying financial statements of Deep Isolation EMEA Limited (the ‘Company’) based on the information you have provided. These financial statements comprise the Statement of Financial Position of Deep Isolation EMEA Limited as at 31 December 2024, and a summary of significant accounting policies and other explanatory information.

We performed this compilation engagement in accordance with International Standard on Related Services 4410 (Revised), 'Compilation Engagements'.

We have applied our expertise in accounting and financial reporting to assist you in the preparation and presentation of these financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). As a member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com.

These financial statements and the accuracy and completeness of the information used to compile them are your responsibility.

Since a compilation engagement is not an assurance engagement, we are not required to verify the accuracy or completeness of the information you provided to us to compile these financial statements. Accordingly, we do not express an audit opinion or a review conclusion on whether these financial statements are prepared in accordance with United Kingdom Generally Accepted Accounting Practice.

This report is made solely to the Company's directors, as a body, in accordance with the terms of our engagement letter dated 3 June 2025. Our work has been undertaken solely to prepare for your approval the financial statements of the Company and state those matters that we have agreed to state to the Company's directors, as a body, in this report in accordance with our engagement letter dated 3 June 2025. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and its directors, as a body, for our work or for this report.

Grant Thornton UK LLP

Chartered Accountants

Liverpool

26 September 2025

Page 1


DEEP ISOLATION EMEA LIMITED REGISTERED NUMBER:12444912

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

	31 December	31 March
	2024	2024
Note	£	£

Fixed assets
Tangible assets	4		161		454
Current assets
Debtors: amounts falling due within one year	5	144,701		21,406
Cash at bank and in hand		121,046		151,117
Creditors: amounts falling due within one year	6	(2,133,941)		(2,022,722)
Net current liabilities			(1,868,194)		(1,850,199)
Total assets less current liabilities			(1,868,033)		(1,849,745)

Net liabilities			(1,868,033)		(1,849,745)

Capital and reserves
Called up share capital	4	4
Other reserves	78,705	78,705
Profit and loss account	(1,946,742)	(1,928,454)
Total equity	(1,868,033)	(1,849,745)

Page 2


DEEP ISOLATION EMEA LIMITED REGISTERED NUMBER:12444912

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

CL Parker

Director

Date: 25 September 2025

The notes on pages 4 to 9 form part of these financial statements.

Page 3


DEEP ISOLATION EMEA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

1.	General information

The company is a private company limited by shares and incorporated in England and Wales. Its registered number is 12444912 and its registered head office is located at Golden Cross House, 8 Duncannon Street, London, WC2N 4JF.
The accounting period has been shortened to cover a 9-month period from 1 April 2024 to 31 December 2024. Comparative figures relate to the year ended 31 March 2024, and therefore are not directly comparable.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The company’s functional and presentation currency is Sterling and all values are rounded to the nearest pound (£) except when otherwise stated.

The following principal accounting policies have been applied:

2.2

Going concern

Notwithstanding the loss for the period and the net current liabilities the directors believe it is appropriate for the financial statements to be prepared on a going concern basis.
The amounts owed to group undertakings will not be recalled for repayment until the company is in a position to repay and the company has the continued support of both its investors and its group.
Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 4


DEEP ISOLATION EMEA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.5

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5


DEEP ISOLATION EMEA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.7

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment

3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Employees

The average monthly number of employees, including directors, during the period from 1 April to 31 December 2024 was 3 (year ended 31 March 2024: 5).

Page 6


DEEP ISOLATION EMEA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

4.	Tangible fixed assets

		Computer equipment
		£
	Cost
	At 1 April 2024	1,171
	At 31 December 2024	1,171
	Depreciation
	At 1 April 2024	717
	Charge for the period	293
	At 31 December 2024	1,010
	Net book value
	At 31 December 2024	161
	At 31 March 2024	454

Page 7


DEEP ISOLATION EMEA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

Debtors

					31 December	31 March
					2024	2024
					£	£


Trade debtors	873	21,341
Other debtors	3,240	61
Called up share capital not paid	4	4
Prepayments and accrued income	140,584	-
	144,701	21,406

Trade creditors	7,434	32
Other creditors	4,427	1,781
Amounts owed to group undertakings	2,114,880	2,015,165
Accruals	7,200	5,744
	2,133,941	2,022,722

Amounts owed to group undertakings are non-interest bearing, unsecured and repayable on demand.

7.	Deferred taxation

Deferred tax on losses in the amount of £455,629 (year ended 31 March 2024: £451,171) has not been provided for in the accounts due to the uncertainty of future profits.

8.	Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions totalling £461 (year ended 31 March 2024: £1,781) were due to the fund at the reporting date.

9.	Related party transactions
	The company has taken advantage of the exemption allowed under section 33 of FRS 102 'Related party disclosure' not to disclose transactions with other members that are wholly owned within the group.

Page 8


DEEP ISOLATION EMEA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

10.	Controlling party

Deep Isolation Inc owns 100% of the share capital of the company and as such is the company's controlling party. The registered office of Deep Isolation Inc. is: 2001 Addison Street, Suite 300, Berkeley, CA 94704.

Page 9