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Registration number: 07351174

Muso TNT Limited
Unaudited Filleted Financial Statements
for the Year Ended 31 March 2025

Muso TNT Limited

Contents

Company Information | 1
Balance Sheet | 2 to 3
Notes to the Unaudited Financial Statements | 4 to 14

Muso TNT Limited

Company Information

Directors | Mr A V J Chatterley Mr J Mason Mr D B French Mrs J Marcus Mr H L Songeur

Registered office | 71-75 Shelton Street Covent Garden London WC2H 9JQ

Muso TNT Limited

(Registration number: 07351174)
Balance Sheet as at 31 March 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 4 | 3,610 | 7,530
Investments | 5 | 34 | 34
|  | 3,644 | 7,564
Current assets |  |  |
Debtors | 6 | 298,871 | 241,790
Cash at bank and in hand |  | 269,260 | 631,760
|  | 568,131 | 873,550
Creditors: Amounts falling due within one year | 7 | (892,513) | (658,443)
Net current (liabilities)/assets |  | (324,382) | 215,107
Total assets less current liabilities |  | (320,738) | 222,671
Creditors: Amounts falling due after more than one year | 7 | (403,323) | (483,909)
Net liabilities |  | (724,061) | (261,238)
Capital and reserves |  |  |
Called up share capital | 8 | 919 | 919
Share premium reserve |  | 9,729,762 | 9,729,762
Retained earnings |  | (10,454,742) | (9,991,919)
Shareholders' deficit |  | (724,061) | (261,238)

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Muso TNT Limited

(Registration number: 07351174)
Balance Sheet as at 31 March 2025

Approved and authorised by the Board on 2 October 2025 and signed on its behalf by:

......................................... Mr A V J Chatterley Director

Muso TNT Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
71-75 Shelton Street
Covent Garden
London
WC2H 9JQ
United Kingdom

These financial statements were authorised for issue by the Board on 2 October 2025.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The Company has not prepared consolidated accounts on the basis that it is the parent of a small group. It is also exempt from audit as the parent of a small group.

Muso TNT Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Going concern

The financial statements have been prepared on a going concern basis. At 31 March 2025 the Company had net liabilities of £724,061 and net current liabilities of £333,141. Cash at bank was £269,260. Current borrowings totalled £198,893 and non-current borrowings £394,564.
The Company’s borrowings comprise (i) a Capchase facility (carrying amount £116,667) with a final instalment due by 31 October 2025, (ii) an Innovate UK loan (carrying amount £459,290) with a final instalment due 31 January 2030, and (iii) a BounceBack Loan (carrying amount £17,500) with a final instalment due 23 June 2026.
The Directors have prepared cash-flow forecasts covering at least twelve months from the date of approval of these financial statements (the “assessment period”). The forecasts reflect: (i) cost reductions implemented during FY25 of approximately £250,000 per annum, (ii) annual contracted revenue of approximately £2.1 million, and (iii) a sales pipeline of approximately £1.5 million. On this basis, the Directors forecast ongoing positive EBITDA from Q1 FY26.
The forecasts are sensitive to the timing of pipeline conversion, debtor collections, and the scheduled repayment of the Capchase facility by October 2025. The previously planned CLN did not proceed. While the Company is exploring alternative funding options and maintains supportive investor relationships, no binding financing agreements are in place at the date ofapproval of these financial statements.
These events and conditions indicate the existence of a material uncertainty that may cast significant doubt on the Company’s ability to continue as a going concern, such that the Company may be unable to realise its assets and discharge its liabilities in the normal course of business. Notwithstanding this material uncertainty, the Directors consider that, taking into account the mitigating actions available to them, the Company will have sufficient resources to continue in operational existence for the assessment period and therefore continue to adopt the going concern basis of preparation.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Muso TNT Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

The Research and Development credit is reported in the year in which the credit is received.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Computer Equipment | 3 Years Straight Line
Office Equipment | 3 Years Straight Line
Fixtures and Fittings | 5 Years Straight Line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Muso TNT Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Muso TNT Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2024 - 17).

Muso TNT Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

4 | Tangible assets

| Furniture, fittings and equipment £ | Total £
Cost or valuation
At 1 April 2024 | 36,108 | 36,108
Additions | 756 | 756
At 31 March 2025 | 36,864 | 36,864
Depreciation
At 1 April 2024 | 28,578 | 28,578
Charge for the year | 4,676 | 4,676
At 31 March 2025 | 33,254 | 33,254
Carrying amount
At 31 March 2025 | 3,610 | 3,610
At 31 March 2024 | 7,530 | 7,530

Muso TNT Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

5 | Investments

Subsidiaries | £
Cost or valuation
At 1 April 2024 | 34
Provision
Carrying amount
At 31 March 2025 | 34
At 31 March 2024 | 34

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking | Registered office | Holding | Proportion of voting rights and shares held
|  |  | 2025 | 2024
Subsidiary undertakings
Muso Technologies SRL | Apartament 21 Bulevardul Eroilor nr.14 400129 Cluj-Napoca Romania | Ordinary | 100% | 100%

6 | Debtors

Current | 2025 £ | 2024 £
Trade debtors | 248,575 | 204,948
Prepayments | 28,378 | 24,498
Other debtors | 21,918 | 12,344
| 298,871 | 241,790

Muso TNT Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

7 | Creditors

Creditors: amounts falling due within one year

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings | 9 | 198,893 | 44,317
Trade creditors |  | 50,628 | 50,565
Amounts owed to group undertakings | 10 | 81,384 | 59,957
Taxation and social security |  | 106,881 | 47,273
Accruals |  | 29,021 | 54,588
Other creditors |  | 11,343 | 11,824
Deferred sales income |  | 414,363 | 389,919
|  | 892,513 | 658,443

Creditors include deferred income of £414,363 which will unwind within the next 12 months.

Creditors: amounts falling due after more than one year

| Note | 2025 £ | 2024 £
Due after one year |  |  |
Loans and borrowings | 9 | 394,564 | 483,909
Deferred sales income |  | 8,759 | -
|  | 403,323 | 483,909

Creditors include deferred income of £8,759 which will unwind during the year to 31st March 2027.

Muso TNT Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

8 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary Shares of £0.0001 each | 2,408,025 | 240.80 | 2,408,025 | 240.80
Ordinary A Shares of £0.0001 each | 1,971,095 | 197.11 | 1,971,095 | 197.11
Ordinary B Shares of £0.0001 each | 992,224 | 99.22 | 992,224 | 99.22
Ordinary C Shares of £0.0001 each | 3,820,000 | 382.00 | 3,820,000 | 382.00
| 9,191,344 | 919 | 9,191,344 | 919

9 | Loans and borrowings

Non-current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 7,500 | 17,500
Other borrowings | 387,064 | 466,409
| 394,564 | 483,909

Current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 10,000 | 10,000
Other borrowings | 188,893 | 34,317
| 198,893 | 44,317

Muso TNT Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Bank borrowings

Coutts Bounce Back Loan is denominated in GBP with a nominal interest rate of 2.5%, and the final instalment is due on 23 June 2026. The carrying amount at year end is £17,500 (2024 - £27,500).

Other borrowings

Innovate UK R&D loan is denominated in GBP with a nominal interest rate of 10%, and the final instalment is due on 31 January 2030. The carrying amount at year end is £459,290 (2024 - £500,726).
Capchase is denominated in GBP with a nominal interest rate of 9%, and the final instalment is due on 31 October 2025. The carrying amount at year end is £116,667 (2024 - £Nil).

10 | Related party transactions

Expenditure with and payables to related parties

2025 | Subsidiary £
Rendering of services | 631,224

2024 | Subsidiary £
Rendering of services | 786,320

Loans to related parties

2025 | Key management £ | Total £
At start of period | 3,340 | 3,340
Advanced | 5,000 | 5,000
Repaid | (7,321) | (7,321)
At end of period | 1,019 | 1,019

2024 | Key management £ | Total £
Advanced | 11,000 | 11,000
Repaid | (7,660) | (7,660)
At end of period | 3,340 | 3,340

Muso TNT Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Terms of loans to related parties

One interest-free loan was made to a director during the year, which is being repaid monthly. The outstanding loans from last year have been fully repaid.