REGISTERED NUMBER: 11656145 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2024

for

Intropic Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Cash Flow Statement

14

Notes to the Cash Flow Statement

15

Notes to the Financial Statements

16

DIRECTORS:

Mr R S R Bhadhal

Mr S W K Shannon

Mr R J Stirling

Mr Z Xu

REGISTERED OFFICE:

Wework

30 Churchill Place

London

E14 5RE

REGISTERED NUMBER:

11656145 (England and Wales)

AUDITORS:

WP Audit Limited

Statutory Auditors

TOR

Saint-Cloud Way

Maidenhead

Berkshire

SL6 8BN

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

Intropic saw its operating loss decrease by 50% during the year (2024: £2.10m loss vs. 2023: £4.17m loss), largely due to increased turnover which was 15% higher year-on-year (2024: £7.77m vs. 2023: £6.73m). The result was a net assets position of £15.02m at December 2024 down from £16.3m as at December 2023.

The decrease in net loss was driven by a £1.0m revenue increase as well as a (£0.2m) reduction in staff costs, attributed to average headcount decreasing from 81 in FY23 to 71 in FY24 (12% decrease).

Key performance indicators

£'000

2024

2023

Turnover

7,767

6,733

Operating loss

(2,099)

(4,175)

Net loss after tax

(1,308)

(3,634)

PRINCIPAL RISKS AND UNCERTAINTIES

Currency Risk

The company conducts business with customers in USD and incurs costs (from both staff and suppliers) in GBP, which exposes it to the risk of foreign exchange fluctuations. The company conducts business with customers in USD and incurs costs (from both staff and suppliers) in GBP, which exposes it to the risk of foreign exchange fluctuations. The company maintains bank accounts in both currencies to meet short term funding requirements in local currency, thus minimizing the company's exposure to foreign exchange gains and losses. As the company continues to expand, the potential impact of currency rate fluctuations will increase, necessitating ongoing reassessment of the company's approach to managing this risk.The company maintains bank accounts in both currencies to meet short term funding requirements in local currency, thus minimizing the company’s exposure to foreign exchange gains and losses. As the company continues to expand, the potential impact of currency rate fluctuations will increase, necessitating ongoing reassessment of the company’s approach to managing this risk.

Macroeconomic Risk

The company is exposed to risks stemming from financial system instability, market disruptions, and broader economic downturns or recessions. Conducting international business introduces additional risks, such as global economic uncertainty and rising inflation and interest rates, which could introduce volatility into the company’s operating results. If such events were to occur, they could adversely affect the company’s business, financial condition, and overall performance. However, the company’s revenue model helps to buffer against immediate impacts of downturns in specific markets. Furthermore, the company maintains regular communication with customers and suppliers, and conducts strategic reviews of the business to ensure sustainability.

FUTURE DEVELOPMENTS

The company will continue to invest in improving the performance of its services through key areas such as product development and R&D. The directors expect the operating losses to remain consistent in FY25, as the business’s continued investment will be offset by the growing customer base.

ON BEHALF OF THE BOARD:

Mr R S R Bhadhal - Director

29 September 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the provision of data and research insights.

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.

Mr R S R Bhadhal

Mr S W K Shannon

Mr R J Stirling

Mr Z Xu

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, 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.

ON BEHALF OF THE BOARD:

Mr R S R Bhadhal - Director

29 September 2025

Opinion

We have audited the financial statements of Intropic 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, Cash Flow Statement and Notes to the Cash Flow Statement, 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 Strategic Report and 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have 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 Strategic Report or 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlines above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud.

-The engagement partners ensured that the engagement team collectively had the appropriate competence, capabilities and skill to identify or recognise non-compliance with applicable laws and regulations;

-we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the recruitment sector;

-we focused on specific laws and regulations which we considered may have a direct material effect 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 laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

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

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of 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;

-considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and

-understanding the design of the company's remuneration policies.

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

-performed analytical procedures to identify unusual or unexpected relationships;

-tested journal entries to identify unusual transactions;

-assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

-investigated the rationale behind significant or unusual transactions.

Audit response to risks identified

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 correspondence with HMRC, relevant regulators and 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 other management and the 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 of 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.

Philippa Duckworth BSc FCCA (Senior Statutory Auditor)

for and on behalf of WP Audit Limited

Statutory Auditors

TOR

Saint-Cloud Way

Maidenhead

Berkshire

SL6 8BN

30 September 2025

TURNOVER

3

7,767,119

6,734,503

Cost of sales

(1,440,865

)

(1,766,399

)

GROSS PROFIT

6,326,254

4,968,104

Administrative expenses

(9,236,067

)

(9,852,125

)

OPERATING LOSS

5

(2,909,813

)

(4,884,021

)

Interest receivable and similar income

831,854

709,477

(2,077,959

)

(4,174,544

)

Interest payable and similar expenses

6

-

(184

)

LOSS BEFORE TAXATION

(2,077,959

)

(4,174,728

)

Tax on loss

7

790,829

540,253

LOSS FOR THE FINANCIAL YEAR

(1,287,130

)

(3,634,475

)

LOSS FOR THE YEAR

(1,287,130

)

(3,634,475

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(1,287,130

)

(3,634,475

)

FIXED ASSETS

Tangible assets

8

18,543

38,594

CURRENT ASSETS

Debtors

9

2,700,804

2,195,672

Cash at bank

18,696,572

18,648,627

21,397,376

20,844,299

CREDITORS

Amounts falling due within one year

10

(5,536,512

)

(4,139,562

)

NET CURRENT ASSETS

15,860,864

16,704,737

TOTAL ASSETS LESS CURRENT LIABILITIES

15,879,407

16,743,331

CREDITORS

Amounts falling due after more than one year

11

(861,449

)

(439,104

)

NET ASSETS

15,017,958

16,304,227

CAPITAL AND RESERVES

Called up share capital

14

144

144

Share premium

15

21,620,931

21,609,416

Share option reserve

15

91,901

102,555

Retained earnings

15

(6,695,018

)

(5,407,888

)

SHAREHOLDERS' FUNDS

15,017,958

16,304,227

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:

Mr R S R Bhadhal - Director

Called up

Share

share

Retained

Share

option

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 January 2023

140

(1,773,413

)

21,607,898

98,931

19,933,556

Changes in equity

Issue of share capital

4

-

1,518

-

1,522

Total comprehensive income

-

(3,634,475

)

-

-

(3,634,475

)

Share option reserves movement

-

-

-

3,624

3,624

Balance at 31 December 2023

144

(5,407,888

)

21,609,416

102,555

16,304,227

Changes in equity

Issue of share capital

-

-

11,515

-

11,515

Total comprehensive income

-

(1,287,130

)

-

-

(1,287,130

)

Share option reserves movement

-

-

-

(10,654

)

(10,654

)

Balance at 31 December 2024

144

(6,695,018

)

21,620,931

91,901

15,017,958

Cash flows from operating activities

Cash generated from operations

1

(1,325,378

)

(3,890,357

)

Interest paid

-

(184

)

Tax paid

540,253

-

Net cash from operating activities

(785,125

)

(3,890,541

)

Cash flows from investing activities

Purchase of tangible fixed assets

(10,299

)

(2,901

)

Interest received

831,854

709,477

Net cash from investing activities

821,555

706,576

Cash flows from financing activities

Share issue

11,515

1,524

Net cash from financing activities

11,515

1,524

Increase/(decrease) in cash and cash equivalents

47,945

(3,182,441

)

Cash and cash equivalents at beginning of year

2

18,648,627

21,831,068

Cash and cash equivalents at end of year

2

18,696,572

18,648,627

1.	RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.24

31.12.23

£

£

Loss before taxation

(2,077,959

)

(4,174,728

)

Depreciation charges

30,351

63,311

Share based payment

(10,654

)

3,624

Finance costs

-

184

Finance income

(831,854

)

(709,477

)

(2,890,116

)

(4,817,086

)

Increase in trade and other debtors

(254,556

)

(518,289

)

Increase in trade and other creditors

1,819,294

1,445,018

Cash generated from operations

(1,325,378

)

(3,890,357

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

18,696,572

18,648,627

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

18,648,627

21,831,068

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank

18,648,627

47,945

18,696,572

18,648,627

47,945

18,696,572

Total

18,648,627

47,945

18,696,572

1.	STATUTORY INFORMATION

Intropic 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' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention

Going concern

The directors have a reasonable expectations that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.

Significant judgements and estimates

In the application of the Company's accounting policies, which are described in note 3, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Critical judgements in applying the Company's accounting policies

The directors do not consider there to be any critical accounting judgements that could cause a material difference compared to the figures as disclosed in the Financial Statements.

Key source of estimation uncertainty

The key assumptions concerning the future, and other key sources of estimation uncertainty at the balance sheet date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below.

Shared based payments

The Company evaluates the fair value of each EMI share option granted based on the latest funding valuation of the Company. Further details of the method used are explained within the notes. A reconciliation of the movements in share options and their fair values are documented in note XX.

Turnover

Turnover is measured at the fair value of the consideration receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by the 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 ot date to the total estimated contract costs.

Tangible fixed assets

Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:

Computer equipment Over 2-4 years

Office equipment Over 2-4 years

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

(i) Financial assets and liabilities

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:

(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.

(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.

(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).

(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.

(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.

(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).

Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment. With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss. Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.

Financial assets are derecognised when and only when (a) the contractual rights to the cash flows from the financial asset expire or are settled, (b) the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or (c) the company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

(ii) Investments

Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

In the company balance sheet, investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.

(iii) Equity instruments

Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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.

Employee benefits

The Company participates in a defined contribution scheme. The amount charged to the profit and loss account in respect of pension costs and other retirement benefits is the contribution payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.

Share based payments

The company issues equity-settled share options to certain employees within the company. Equity-settled share-based payment transactions are measured at fair value (excluding the effect of non market-based vesting conditions) at the date of grant

The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company's estimate of shares that will eventually vest and adjusted for the effect of non market-based vesting conditions. Fair value is measured at using the Company's valuation at each funding round raise which is considered by management to be the most appropriate method of valuation.

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

Other operating income

Other operating income comprises incomes that arises from activities outside the principal revenue- generating operations of the entity. It is recognised when it is probably that the economic benefits will flow to the entity and the amount of income can be measured reliably.

3.

TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

31.12.24

31.12.23

£

£

United Kingdom

2,302,035

1,966,356

Rest of the world

5,465,084

4,768,147

7,767,119

6,734,503

4.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

6,019,231

6,235,381

Social security costs

781,753

701,235

Other pension costs

185,572

199,679

6,986,556

7,136,295

The average number of employees during the year was as follows:

31.12.24

31.12.23

Product Development

55

67

Sales & Administration

16

14

71

81

31.12.24

31.12.23

£

£

Directors' remuneration

502,229

499,792

Information regarding the highest paid director is as follows:

31.12.24

31.12.23

£

£

Emoluments etc

251,818

250,000

5.	OPERATING LOSS

The operating loss is stated after charging/(crediting):

31.12.24

31.12.23

£

£

Other operating leases

420,003

425,983

Depreciation - owned assets

30,350

63,432

Auditors' remuneration

13,558

13,164

Foreign exchange differences

(417,790

)

854,768

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.24

31.12.23

£

£

Interest payable

-

184

7.

TAXATION

Analysis of the tax credit

The tax credit on the loss for the year was as follows:

31.12.24

31.12.23

£

£

Current tax:

UK corporation tax

(790,829

)

(540,253

)

Tax on loss

(790,829

)

(540,253

)