REGISTERED NUMBER: 01728605 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

PI LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Directors:

K Choe

A N Shah

Registered office:

7th Floor

52 Grosvenor Gardens

London

SW1W 0AU

Registered number:

01728605 (England and Wales)

Accountants:

Cooper Parry Advisory Limited

New Derwent House

69-73 Theobalds Road

London

WC1X 8TA

Fixed assets

Intangible assets

4

24,590

49,562

Tangible assets

5

63,858

40,557

Investments

6

812,224

812,224

900,672

902,343

Current assets

Debtors

7

1,596,415

985,255

Investments

8

2,237,161

1,014,340

Cash at bank and in hand

3,421,650

5,636,326

7,255,226

7,635,921

Creditors

Amounts falling due within one year

9

3,770,023

4,007,156

Net current assets

3,485,203

3,628,765

Total assets less current liabilities

4,385,875

4,531,108

Creditors

Amounts falling due after more than one year

10

2,507,170

2,507,920

Net assets

1,878,705

2,023,188

Capital and reserves

Called up share capital

11

20,425

20,425

Share premium

1,467

1,467

Retained earnings

1,856,813

2,001,296

Shareholders' funds

1,878,705

2,023,188

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Board of Directors and authorised for issue on 26 September 2025 and were signed on its behalf by:

K Choe - Director

1.	Statutory information

Pi Limited is a private company, limited by shares, registered and domiciled in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation and functional currency of the financial statements is the Pound Sterling (£) and the financial statements are rounded to the nearest (£).

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 directors believe 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 directors are of the opinion that they should continue to adopt the going concern basis in preparing the annual financial statements.

Preparation of consolidated financial statements

The financial statements contain information about Pi Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Other operating income

Other operating income represents intercompany management charges, and research and development expenditure credit.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of five years.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

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

Leasehold improvements

-

over the length of the lease

Fixtures and fittings

-

Straight line over 3 years

Computer equipment

-

Straight line over 3 years

Investments in subsidiaries

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income statement.

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.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 plan. The fair value of the services received in exchange for the grant of the options 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 the intercompany loan account because the share options are equity-settled.

Foreign currency translation

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

At each reporting 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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the

translation at the period-end exchange rates of monetary assets and liabilities denominated in foreign

currencies are recognised in the income statement.

Research and development

Revenue expenditure on research and development is written off in the period in which it is incurred.

The company makes claims under the SME R&D tax relief scheme. Tax credits arising from claims under the SME R&D tax relief scheme are reflected as a reduction in the Corporation Tax charge or, if loss making, as a Corporation Tax credit. Tax credits received or receivable from R&D claims are recognised in the reporting period in which the qualifying expenditure is incurred.

Government grants or assistance

The company has received government grants during the year. A grant that does not impose specified future performance-related conditions is recognised in Other Income when the grant proceeds are received or receivable.

In the case of performance related grants, income is recognised only when the performance related conditions are met.

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. The pension cost charge represents contributions payable by the company to the fund and amounted to £49,525 (2023 - £52,749). Contributions totalling £11,601 (2023 - £11,821) were payable to the fund at the reporting date and are included in creditors.

3.	Employees and directors

The average number of employees during the year was 43 (2023 - 41 ) .

4.	Intangible fixed assets

Patents and

Computer

licences

software

Totals

£

£

£

Cost

At 1 January 2024

30,798

132,824

163,622

Additions

4,613

-

4,613

At 31 December 2024

35,411

132,824

168,235

Amortisation

At 1 January 2024

17,530

96,530

114,060

Amortisation for year

3,935

25,650

29,585

At 31 December 2024

21,465

122,180

143,645

Net book value

At 31 December 2024

13,946

10,644

24,590

At 31 December 2023

13,268

36,294

49,562

5.	Tangible fixed assets

Fixtures

Leasehold

and

Computer

improvements

fittings

equipment

Totals

£

£

£

£

Cost

At 1 January 2024

31,499

8,950

730,003

770,452

Additions

-

-

51,698

51,698

At 31 December 2024

31,499

8,950

781,701

822,150

Depreciation

At 1 January 2024

31,499

8,950

689,446

729,895

Charge for year

-

-

28,397

28,397

At 31 December 2024

31,499

8,950

717,843

758,292

Net book value

At 31 December 2024

-

-

63,858

63,858

At 31 December 2023

-

-

40,557

40,557

6.	Fixed asset investments

Shares in

group

undertakings

£

Cost

At 1 January 2024

and 31 December 2024

812,224

Net book value

At 31 December 2024

812,224

At 31 December 2023

812,224

7.

Debtors: amounts falling due within one year

2024

2023

£

£

Trade debtors

1,078,221

440,837

Amounts owed by group undertakings

19,887

-

Other debtors

498,307

544,418

1,596,415

985,255

Amounts owed by group undertakings are repayable on demand and are non-interest bearing.

8.	Current asset investments

2024

2023

£

£

Short term investments

2,237,161

1,014,340

9.

Creditors: amounts falling due within one year

2024

2023

£

£

Bank loans and overdrafts

-

25,618

Trade creditors

186,025

212,226

Amounts owed to group undertakings

1,178,742

940,328

Taxation and social security

75,449

88,969

Other creditors

2,329,807

2,740,015

3,770,023

4,007,156

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

10.

Creditors: amounts falling due after more than one year

2024

2023

£

£

Amounts owed to group undertakings

2,507,170

2,507,920

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

11.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

19,800

Deferred

£1

19,800

19,800

62,450

Ordinary

£0.01

625

625

20,425

20,425

Ordinary shares have attached them full voting rights and Deferred shares have attached to them no voting rights.

12.	Related party disclosures

The company has taken advantage of the exemption conferred by FRS 102 section 33 'Related Party Disclosures' not to disclose transactions with companies within the group of which it is a member, where these transactions occur between entities which are 100% owned members of that group.

Directors

At the date of the financial statements, the company owed £13,114 (2023 - £13,114) to the directors. The loans are interest free and repayable on demand.

13.	Ultimate controlling party

In the opinion of the director the immediate controlling party is Predictx Limited, a limited liability company incorporated and domiciled in England, by virtue of the ownership of the entirety of the company's share capital.

The ultimate controlling party of the company is A N Shah, by virtue of the ownership of the majority of the company's immediate controlling party