REGISTERED NUMBER: 08650664 (England and Wales)

Report of the Directors and

Financial Statements

for the Year Ended 31 December 2024

for

LEADSCALE LIMITED

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

3

Income Statement

7

Other Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11

DIRECTORS:

R J Caller

P D Goacher

E Lee

SECRETARY:

E Lee

REGISTERED OFFICE:

Unit 1 6 Owen Street

London

EC1V 7JX

REGISTERED NUMBER:

08650664 (England and Wales)

SENIOR STATUTORY AUDITOR:

Jeffrey Ian Lermer FCA

AUDITORS:

JLA (UK) Ltd

42 Lytton Road

Barnet

Hertfordshire

EN5 5BY

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

R J Caller

P D Goacher

E Lee

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, JLA (UK) Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

R J Caller - Director

25 September 2025

Opinion

We have audited the financial statements of Leadscale Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is 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).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

The engagement partner and engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and affect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation; we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management.

The identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining on how fraud might occur, by:

- Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of

actual, suspected and alleged fraud;

- And considering the measures in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override controls, we:

- Performed analytical procedures to identify any unusual or unexpected relationships;

- Tested journal entries to identify unusual transactions

- Assessed whether judgements and assumptions made in determining the accounting estimates that were

indicative of potential bias.

- Performed substantive testing on management expenses and transactions

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- Agreeing financial statement disclosures to underlying supporting documentation;

- Enquiring of management as to actual and potential litigation and claims

- And reviewing available correspondence with HMRC and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.

Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Jeffrey Ian Lermer FCA (Senior Statutory Auditor)

for and on behalf of JLA (UK) Ltd

42 Lytton Road

Barnet

Hertfordshire

EN5 5BY

25 September 2025

TURNOVER

-

-

Administrative expenses

148,418

149,088

OPERATING LOSS

4

(148,418

)

(149,088

)

Interest payable and similar expenses

-

13,188

LOSS BEFORE TAXATION

(148,418

)

(162,276

)

Tax on loss

-

-

LOSS FOR THE FINANCIAL YEAR

(148,418

)

(162,276

)

LOSS FOR THE YEAR

(148,418

)

(162,276

)

OTHER COMPREHENSIVE INCOME

Share based payment

37,543

20,968

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

37,543

20,968

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(110,875

)

(141,308

)

FIXED ASSETS

Tangible assets

5

41,956

125,628

Investments

6

345,869

345,869

387,825

471,497

CURRENT ASSETS

Debtors

7

2,791,949

2,654,508

Cash at bank

158,276

167,550

2,950,225

2,822,058

CREDITORS

Amounts falling due within one year

8

2,235,646

2,080,276

NET CURRENT ASSETS

714,579

741,782

TOTAL ASSETS LESS CURRENT LIABILITIES

1,102,404

1,213,279

CAPITAL AND RESERVES

Called up share capital

138

138

SBP Reserve

9

58,511

20,968

Retained earnings

9

1,043,755

1,192,173

SHAREHOLDERS' FUNDS

1,102,404

1,213,279

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

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2025 and were signed on its behalf by:

R J Caller - Director

Called up

share

Retained

SBP

Total

capital

earnings

Reserve

equity

£

£

£

£

Balance at 1 January 2023

138

1,354,449

-

1,354,587

Changes in equity

Total comprehensive income

-

(162,276

)

20,968

(141,308

)

Balance at 31 December 2023

138

1,192,173

20,968

1,213,279

Changes in equity

Total comprehensive income

-

(148,418

)

37,543

(110,875

)

Balance at 31 December 2024

138

1,043,755

58,511

1,102,404

1.	STATUTORY INFORMATION

Leadscale 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 (£).

The financial statements are prepared to the nearest whole £ GBP.

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.

Tangible fixed assets

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

Fixtures and fittings

-

33% on cost

Computer equipment

-

33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

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.

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.

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

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.

The value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).

Where the terms and conditions of option are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.

Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

3.	EMPLOYEES AND DIRECTORS

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

4.	OPERATING LOSS

The operating loss is stated after charging:

31.12.24

31.12.23

£

£

Depreciation - owned assets

91,592

85,764

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2024

226,550

3,369

42,830

272,749

Additions

-

-

7,920

7,920

At 31 December 2024

226,550

3,369

50,750

280,669

DEPRECIATION

At 1 January 2024

130,409

3,369

13,343

147,121

Charge for year

75,516

-

16,076

91,592

At 31 December 2024

205,925

3,369

29,419

238,713

NET BOOK VALUE

At 31 December 2024

20,625

-

21,331

41,956

At 31 December 2023

96,141

-

29,487

125,628

6.	FIXED ASSET INVESTMENTS

Shares in

group

Unlisted

undertakings

investments

Totals

£

£

£

COST

At 1 January 2024

and 31 December 2024

245,869

100,000

345,869

NET BOOK VALUE

At 31 December 2024

245,869

100,000

345,869

At 31 December 2023

245,869

100,000

345,869

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Leadscale Services Limited

Registered office: Unit 1,6 Owen Street, London EC1V 7JX

Nature of business: Services

%

Class of shares:

holding

Ordinary

100.00

31.12.24

31.12.23

£

£

Aggregate capital and reserves

3,764,893

3,394,567

Profit for the year

344,066

674,998

Leadscale Engine Limited

Registered office: Unit 1, 6 Owen Street Street, London, EC1V 7JX

Nature of business: Services

%

Class of shares:

holding

Ordinary

100.00

31.12.24

31.12.23

£

£

Aggregate capital and reserves

107,481

679,453

Loss for the year

(571,972

)

(301,050

)

Leadscale Labs Limited

Registered office: Unit 1, 6 Owen Street Street, London, EC1V 7JX

Nature of business: Services

%

Class of shares:

holding

Ordinary

100.00

31.12.24

31.12.23

£

£

Aggregate capital and reserves

(1,018,680

)

(805,477

)

Loss for the year

(213,203

)

(96,059

)

Leadscale Holdings Limited

Registered office: Unit 1, 6 Owen Street Street, London, EC1V 7JX

Nature of business: Property

%

Class of shares:

holding

Ordinary

100.00

31.12.24

31.12.23

£

£

Aggregate capital and reserves

123,931

60,175

Profit for the year

56,528

62,801

Leadscale Inc

Registered office: 601 Montgomery Street, Ste 1400, San Francisco, CA 94111

Nature of business: Services

%

Class of shares:

holding

Ordinary

100.00

31.12.24

31.12.23

£

£

Aggregate capital and reserves

243,382

235,627

Profit/(loss) for the year/period

18,174

(10,419

)

Associated company

Sient Technologies Limited

Registered office: 31 Derek Avenue, Wallington, England, SM6 7LA

Nature of business:

%

Class of shares:

holding

Ordinary

25.00

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Amounts owed by group undertakings

2,752,374

2,602,185

Called up sh capital not paid

114

114

VAT

5,254

11,809

Prepayments and accrued income

34,207

40,400

2,791,949

2,654,508

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

8,366

25,193

Amounts owed to group undertakings

2,158,002

1,949,127

Social security and other taxes

62,351

91,622

Accruals and deferred income

6,927

14,334

2,235,646

2,080,276

9.

RESERVES

Retained

SBP

earnings

Reserve

Totals

£

£

£

At 1 January 2024

1,192,173

20,968

1,213,141

Deficit for the year

(148,418

)

(148,418

)

Transfer SBP Reserve

-

37,543

37,543

At 31 December 2024

1,043,755

58,511

1,102,266