REGISTERED NUMBER: 10027965 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

10027965 LIMITED

Page

Company information

1

Balance sheet

2

Notes to the financial statements

3

Directors:

Mr P Bouvier

Dr M Mihaescu

Mr A Christen

Registered office:

189 Brompton Road

London

SW3 1NE

Registered number:

10027965 (England and Wales)

FIXED ASSETS

Investments

4

7,186,676

7,187,676

CURRENT ASSETS

Debtors

5

909,634

878,514

Cash at bank

392,208

110,750

1,301,842

989,264

CREDITORS

Amounts falling due within one year

6

(602,440

)

(773,249

)

NET CURRENT ASSETS

699,402

216,015

TOTAL ASSETS LESS CURRENT LIABILITIES

7,886,078

7,403,691

CAPITAL AND RESERVES

Called up share capital

3,600

3,249

Share premium

7

9,803,582

9,768,786

Other reserves

7

4,538,735

5,768,547

Retained earnings

7

(6,459,839

)

(8,136,891

)

SHAREHOLDERS' FUNDS

7,886,078

7,403,691

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 Income statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

Dr M Mihaescu - Director

1.	STATUTORY INFORMATION

10027965 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 company's functional and presentational currency is Pounds Sterling (GBP) and the financial statements have been rounded to the nearest pound (£).

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.

Preparation of consolidated financial statements

The financial statements contain information about 10027965 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.

Related party exemption

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.

Intangible assets

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised so as to write of the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software 3 years Straight line

Patents and licences 5 years Straight line

Other intangible assets Non- Depreciable

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities

Basic financial liabilities, including creditors, and loans from fellow group companies are initially recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are initially recognised at transaction price.

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.

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.

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 options and incentive plan

The company recognises share-based remuneration defined as cash-settled under FRS102 as an expense and reserve when it is probable that an economic benefit will be granted to the beneficiary. When a vesting schedule of a share option includes periods longer than one month, the company recognises prorated charges as expenses and accrual during such periods.

The company uses the latest funding round's prevailing price per share for the recognition of share-based remuneration unless materially incorrect according to management's judgement. In the case of such judgement, value per share is recognised by way of independent valuation.

Going concern

Following the disposal of the company's trade and assets on 25 July 2023 the company ceased to trade. Consequently the directors do not consider it appropriate to adopt the going concern basis for the preparation of the financial statements for the year ended 31 December 2024.

The directors intend to liquidate the company as soon as possible following receipt of the remaining consideration in relation to the sale of the company's trade and assets to Lukka, Inc in July 2023.

No material adjustments arise as a result of preparing the financial statements on a basis other than that of a going concern.

3.	EMPLOYEES AND DIRECTORS

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

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

Cost

At 1 January 2024

7,187,676

Impairments

(1,000

)

At 31 December 2024

7,186,676

Net book value

At 31 December 2024

7,186,676

At 31 December 2023

7,187,676

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/24

31/12/23

as restated

£

£

Other debtors

909,634

878,514

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/24

31/12/23

as restated

£

£

Bank loans and overdrafts

-

828

Trade creditors

205,407

64,546

Amounts owed to group undertakings

-

577,837

Taxation and social security

-

85,915

Other creditors

397,033

44,123

602,440

773,249

7.

RESERVES

Other reserves comprise the following:

31/12/2024

31/12/2023

£

£

Share based payment reserve

483,372

1,713,184

Simple Agreement for Future Equity

4,055,363

4,055,363

4,538,735

5,768,547

The share based payment reserve relates to share based payments expenses recognised in the profit and loss account.

The Simple Agreement for Future Equity was entered into on 3 January 2023. The aggregate funds shall convert to fully paid conversion shares automatically and simultaneously on the initial completion of the next Qualifying Equity Financing, if so elected in writing by the investors.