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REGISTERED NUMBER: 07312969 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

FOR

BUSINESS FUNDING RESEARCH LTD

BUSINESS FUNDING RESEARCH LTD (REGISTERED NUMBER: 07312969)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 3 |

Report of the Independent Auditors | 5 |

Income Statement | 8 |

Other Comprehensive Income | 9 |

Balance Sheet | 10 |

Statement of Changes in Equity | 11 |

Cash Flow Statement | 12 |

Notes to the Cash Flow Statement | 13 |

Notes to the Financial Statements | 14 |

BUSINESS FUNDING RESEARCH LTD

COMPANY INFORMATION

FOR THE YEAR ENDED 30 JUNE 2025

| DIRECTORS: | Dr S J Bence

| T A S Austin

| C Songhurst

| REGISTERED OFFICE: | 4th Floor

| Brixton House

| 385 Coldharbour Lane

| London

| SW9 8GL

| REGISTERED NUMBER: | 07312969 (England and Wales)

| AUDITORS: | Ad Valorem Audit Services Limited

| Chartered Certified Accountants

| & Statutory Auditors

| 2 Manor Farm Court

| Old Wolverton Road

| Old Wolverton

| Milton Keynes

| Buckinghamshire

| MK12 5NN

BUSINESS FUNDING RESEARCH LTD (REGISTERED NUMBER: 07312969)

STRATEGIC REPORT

FOR THE YEAR ENDED 30 JUNE 2025

The directors present their strategic report for the year ended 30 June 2025.

REVIEW OF BUSINESS

The company has performed well over the past year, despite ongoing macroeconomic uncertainty. Revenue continues to grow, achieving year-on-year growth of 8%.

The majority of revenue continues to be generated by the sale of subscriptions to our data platform.

As detailed in previous years, standard accounting practices require subscription revenue to be accounted throughout the licence and so the accounts reflect a significant level of deferred revenue shown as a liability on the balance sheet.

All development expenditure has been capitalised to provide a relevant picture of the company's financial position and to reflect the income-generating nature of the intellectual property that has been developed.

PRINCIPAL RISKS AND UNCERTAINTIES

The global macroeconomic situation generates numerous risks and uncertainties for the company. Recent UK policies have contributed to inflationary pressures on wages, increasing operating costs and impacting margins in the short to medium term. Hits to business confidence have also been felt. The directors believe that the company is sufficiently well financed and prepared to weather, and indeed grow, through any such shocks.

The company operates almost entirely in sterling, so exchange rate risks from fluctuations are not prevalent in the business.

As always, competitor risks are present. The market for company data is growing at an impressive rate, such that competitive pressure is to be expected. The directors believe that the company is sufficiently proactive, forward-thinking, and experienced to thrive in such an environment, as has been demonstrated historically.

A technology company will always experience the threat of technological risks, such as hacking. The company regularly invests in solutions to mitigate this risk.

ON BEHALF OF THE BOARD:

T A S Austin - Director

2 October 2025

BUSINESS FUNDING RESEARCH LTD (REGISTERED NUMBER: 07312969)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 30 JUNE 2025

The directors present their report with the financial statements of the company for the year ended 30 June 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the sale of subscription-based software that provides information on UK and German companies, their events, and the wider ecosystem of funders and accelerators.

DIVIDENDS

No dividends will be distributed for the year ended 30 June 2025.

RESEARCH AND DEVELOPMENT

The company has continued to invest heavily in research and development across all areas of its offering.

There have been continued improvements in the efficiency with which data can be ingested into the Beauhurst platform, from both automated and manual sources, and the platform is now able to ingest and display data for companies that are from outside the UK. Improvements in the scale of data generation, processing, quality control have continued with much of this driven by investment in AI capabilities

FUTURE DEVELOPMENTS

Over the coming years we expect to continue to grow, improving and developing the services we provide to our customers.

The directors are satisfied that the company is sufficiently well financed to continue operations for the foreseeable future, with various options for funding, including lending facilities or equity investment, should any need arise.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

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

Dr S J Bence

T A S Austin

C Songhurst

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.

BUSINESS FUNDING RESEARCH LTD (REGISTERED NUMBER: 07312969)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 30 JUNE 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued

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, Ad Valorem Audit Services Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

T A S Austin - Director

2 October 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

BUSINESS FUNDING RESEARCH LTD

Opinion

We have audited the financial statements of Business Funding Research Ltd (the 'company') for the year ended 30 June 2025 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 30 June 2025 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

BUSINESS FUNDING RESEARCH LTD

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 pages three and 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:

In our process of identifying fraud risks we assessed events or conditions that indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud ("fraud risk factors") to determine how fraud risks are relevant to our audit. Based on the auditing standards we addressed two fraud risks that were relevant to our audit, in relation to revenue recognition and management override of controls. Based upon our analysis of fraud risk factors, we have not identified any additional fraud risks.

Our audit procedures included an evaluation of the design, implementation as well as the operating effectiveness of internal controls relevant to mitigate these risks. We also performed substantive audit procedures, including detailed testing of high risk journal entries and procedures to satisfy ourselves that revenue has been properly recognised in the financial statements in accordance with financial reporting standards and the Company's accounting policies. Through these procedures, we did not identify any material actual or suspected incidences of fraud.

We have evaluated facts and circumstances in order to assess laws and regulations relevant to the Company. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general and sector experience, through discussion with the Directors and other management (as required by auditing standards) and discussed with the Directors and other management the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

BUSINESS FUNDING RESEARCH LTD

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the Company is subject to laws and regulations that directly affect the financial statements including taxation and financial reporting (including related company legislation) and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect:

- Employment legislation, reflecting the Company's workforce

- Health and safety regulation, reflecting the Company's production, distribution and operating processes

- Data privacy, reflecting the Company's management of personal and corporate data

Auditing standards limit the required audit procedures to identify non-compliance with these regulations to enquiry of the Directors and other management and inspection of regulatory and legal correspondence, if any. Through these procedures we did not identify any material actual or suspected non-compliance in any of the above areas.

We note that our audit is not primarily designed to detect non-compliance with laws and regulations and the Directors and other management are responsible for such internal control as the Directors and other management of the Company determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to errors or fraud, including compliance with laws and regulations. Additionally, owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

Darren Kerins FCCA (Senior Statutory Auditor)

for and on behalf of Ad Valorem Audit Services Limited

Chartered Certified Accountants

& Statutory Auditors

2 Manor Farm Court

Old Wolverton Road

Old Wolverton

Milton Keynes

Buckinghamshire

MK12 5NN

2 October 2025

BUSINESS FUNDING RESEARCH LTD (REGISTERED NUMBER: 07312969)

INCOME STATEMENT

FOR THE YEAR ENDED 30 JUNE 2025

2025 | 2024 |

| Notes | £ | £

TURNOVER | 9,986,824 |  | 9,270,279 |  |

Administrative expenses | 12,091,686 |  | 10,871,812 |  |

(2,104,862 | ) | (1,601,533 | ) |

Other operating income | 918 |  | 21,746 |  |

OPERATING LOSS | 4 | (2,103,944 | ) | (1,579,787 | ) |

Interest receivable and similar income | 38,209 |  | 49,024 |  |

(2,065,735 | ) | (1,530,763 | ) |

Interest payable and similar expenses | 5 | 578,256 |  | 606,892 |  |

LOSS BEFORE TAXATION | (2,643,991 | ) | (2,137,655 | ) |

Tax on loss | 6 | (886,997 | ) | - |  |

LOSS FOR THE FINANCIAL YEAR | (1,756,994 | ) | (2,137,655 | ) |

BUSINESS FUNDING RESEARCH LTD (REGISTERED NUMBER: 07312969)

OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 JUNE 2025

2025 | 2024 |

| Notes | £ | £

LOSS FOR THE YEAR | (1,756,994 | ) | (2,137,655 | ) |

OTHER COMPREHENSIVE INCOME |

Fair value share options movement | 385,033 |  | 330,806 |  |

Income tax relating to other comprehensive income | - |  | - |  |

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX | 385,033 |  | 330,806 |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | (1,371,961 | ) | (1,806,849 | ) |

BUSINESS FUNDING RESEARCH LTD (REGISTERED NUMBER: 07312969)

BALANCE SHEET

30 JUNE 2025

2025 | 2024 |

| Notes | £ | £ | £ | £

FIXED ASSETS

Intangible assets | 7 | 7,711,351 |  | 7,127,680 |  |

Tangible assets | 8 | 293,652 |  | 468,819 |  |

Investments | 9 | 100 |  | 100 |  |

8,005,103 |  | 7,596,599 |  |

CURRENT ASSETS

Debtors | 10 | 1,680,531 |  | 2,010,713 |  |

Cash at bank | 2,509,039 |  | 1,691,045 |  |

4,189,570 |  | 3,701,758 |  |

CREDITORS

Amounts falling due within one year | 11 | 6,774,298 |  | 6,343,896 |  |

NET CURRENT LIABILITIES | (2,584,728 | ) | (2,642,138 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 5,420,375 |  | 4,954,461 |  |

CREDITORS

Amounts falling due after more than one year | 12 | 5,362,862 |  | 4,950,857 |  |

NET ASSETS | 57,513 |  | 3,604 |  |

CAPITAL AND RESERVES

Called up share capital | 16 | 395 |  | 378 |  |

Share premium | 17 | 6,672,521 |  | 5,246,668 |  |

Fair value reserve | 17 | 1,721,141 |  | 1,409,104 |  |

Retained earnings | 17 | (8,336,544 | ) | (6,652,546 | ) |

57,513 |  | 3,604 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 2 October 2025 and were signed on its behalf by:

T A S Austin - Director

BUSINESS FUNDING RESEARCH LTD (REGISTERED NUMBER: 07312969)

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 JUNE 2025

Called up |  |

share | Retained | Share | Fair value | Total |

capital | earnings | premium | reserve | equity |

| £ | £ | £ | £ | £

Balance at 1 July 2023 | 369 |  | (4,739,403 | ) | 5,162,672 |  | 1,302,810 |  | 1,726,448 |  |

Changes in equity

Deficit for the year | - |  | (2,137,655 | ) | - |  | - |  | (2,137,655 | ) |

Other comprehensive income | - |  | 224,512 |  | - |  | 106,294 |  | 330,806 |  |

Total comprehensive income | - |  | (1,913,143 | ) | - |  | 106,294 |  | (1,806,849 | ) |

Issue of share capital | 9 |  | - |  | 83,996 |  | - |  | 84,005 |  |

Balance at 30 June 2024 | 378 |  | (6,652,546 | ) | 5,246,668 |  | 1,409,104 |  | 3,604 |  |

Changes in equity

Deficit for the year | - |  | (1,756,994 | ) | - |  | - |  | (1,756,994 | ) |

Other comprehensive income | - |  | 72,996 |  | - |  | 312,037 |  | 385,033 |  |

Total comprehensive income | - |  | (1,683,998 | ) | - |  | 312,037 |  | (1,371,961 | ) |

Issue of share capital | 17 |  | - |  | 1,425,853 |  | - |  | 1,425,870 |  |

Balance at 30 June 2025 | 395 |  | (8,336,544 | ) | 6,672,521 |  | 1,721,141 |  | 57,513 |  |

BUSINESS FUNDING RESEARCH LTD (REGISTERED NUMBER: 07312969)

CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 JUNE 2025

2025 | 2024 |

| Notes | £ | £

Cash flows from operating activities

Cash generated from operations | 1 | 1,728,703 |  | 474,649 |  |

Interest paid | (578,256 | ) | (606,892 | ) |

Tax paid | 886,997 |  | - |  |

Net cash from operating activities | 2,037,444 |  | (132,243 | ) |

Cash flows from investing activities

Purchase of intangible fixed assets | (2,670,184 | ) | (2,996,714 | ) |

Purchase of tangible fixed assets | (19,051 | ) | (52,736 | ) |

Sale of tangible fixed assets | 1,645 |  | 1,238 |  |

Interest received | 38,209 |  | 49,024 |  |

Net cash from investing activities | (2,649,381 | ) | (2,999,188 | ) |

Cash flows from financing activities

New loans in year | 4,061 |  | 5,000,000 |  |

Loan repayments in year | - |  | (2,375,717 | ) |

Share issue | 1,425,870 |  | 84,005 |  |

Net cash from financing activities | 1,429,931 |  | 2,708,288 |  |

Increase/(decrease) in cash and cash equivalents | 817,994 |  | (423,143 | ) |

Cash and cash equivalents at beginning of year | 2 | 1,691,045 |  | 2,114,188 |  |

Cash and cash equivalents at end of year | 2 | 2,509,039 |  | 1,691,045 |  |

BUSINESS FUNDING RESEARCH LTD (REGISTERED NUMBER: 07312969)

NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 JUNE 2025

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

2025 | 2024 |

| £ | £

| Loss before taxation | (2,643,991 | ) | (2,137,655 | ) |

| Depreciation charges | 2,280,608 |  | 1,897,850 |  |

| Profit on disposal of fixed assets | (1,522 | ) | (888 | ) |

| Share based payments | 385,033 |  | 330,806 |  |

| Finance costs | 578,256 |  | 606,892 |  |

| Finance income | (38,209 | ) | (49,024 | ) |

560,175 |  | 647,981 |  |

| Decrease/(increase) in trade and other debtors | 330,182 |  | (518,427 | ) |

| Increase in trade and other creditors | 838,346 |  | 345,095 |  |

| Cash generated from operations | 1,728,703 |  | 474,649 |  |

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 30 June 2025

| 30/6/25 |  | 1/7/24

| £ | £

| Cash and cash equivalents | 2,509,039 |  | 1,691,045 |  |

| Year ended 30 June 2024

| 30/6/24 |  | 1/7/23

| £ | £

| Cash and cash equivalents | 1,691,045 |  | 2,114,188 |  |

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 1/7/24 | Cash flow | At 30/6/25

| £ | £ | £

| Net cash |

| Cash at bank | 1,691,045 |  | 817,994 |  | 2,509,039 |  |

1,691,045 |  | 817,994 |  | 2,509,039 |  |

| Debt

| Debts falling due after 1 year | (4,505,010 | ) | (4,061 | ) | (4,509,071 | ) |

(4,505,010 | ) | (4,061 | ) | (4,509,071 | ) |

| Total | (2,813,965 | ) | 813,933 |  | (2,000,032 | ) |

BUSINESS FUNDING RESEARCH LTD (REGISTERED NUMBER: 07312969)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

1. | STATUTORY INFORMATION

| Business Funding Research Ltd 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.

| PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS

| The financial statements contain information about Business Funding Research Ltd 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.

| GOING CONCERN

| The company has access to sufficient financial resources to manage its operations. The company is in a net current liability position but overall it is in net asset position.

| The company has adequate financial resources and has a broad customer base across the different business sectors in the United Kingdom. As a consequence, the directors believe that the company is well placed to manage its business risks successfully despite the current uncertain economic outlook.

| The directors of the company have considered the adoption of the going concern basis in preparing the financial statements given the current economic climate and have formed the conclusion that there are no uncertainties with respect to the company's ability to continue as a going concern for the foreseeable future. In forming this view, the directors have considered the company's budgets and trading forecasts and the committed bank facilities available to the company together with forecast headroom against those borrowing facilities including the impact of reasonable sensitivities and foreseen uncertainties.

| The directors continue to closely monitor the potential impacts of overall economic downturn and inflationary impact and economic consequences. We have not identified any material adjustments to balances included in these financial statements.

| On this basis, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, we continue to adopt the going concern basis in preparing the annual financial statements.

BUSINESS FUNDING RESEARCH LTD (REGISTERED NUMBER: 07312969)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

2. | ACCOUNTING POLICIES - continued

| TURNOVER

| The amounts earned on subscriptions to software services and other products net of VAT. Income is recognised on a straight-line basis over the term of the subscription period. Where sales invoices for

| subscriptions run beyond the year end that proportion of the income is not recognised in sales but shown in creditors as deferred revenue.

| The amounts earned on consulting work including reporting, which is recognised when invoiced based on stage of completion.

| GOODWILL

| Goodwill, being the amount paid in connection with the acquisition of a business in 2016 and another business in 2018, is being amortised evenly over its estimated useful life of five years for each business respectively. Goodwill is reviewed by the directors annually for impairment.

| OTHER INTANGIBLE ASSETS

| Other 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 over estimated useful life of five years.

| Development expenditure is amortised over estimated useful life of five years. Amortisation is only calculated in the year on the completed development capitalisation from the previous financial years. No amortisation is charged in the year for development expenditure capitalised in the year.

| Cryptocurrencies are being amortised over estimated useful life of five years.

| Amortisation is included in ‘administrative expenses’ in the profit and loss account.

| Costs associated with maintaining computer software are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the company are recognised as intangible assets when the following criteria are met:

| - it is technically feasible to complete the software so that it will be available for use;

| - management intends to complete the software and use or sell it;

| - there is an ability to use or sell the software;

| - it can be demonstrated how the software will generate probable future economic benefits;

| - adequate technical, financial and other resources to complete the development and to use or sell the software are available; and

| - the expenditure attributable to the software during its development can be reliably measured.

| Other development expenditures that do not meet these criteria are recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period.

| TANGIBLE FIXED ASSETS

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

| Short leasehold | - | in accordance with the property

| Improvements to property | - | in accordance with the property

| Fixtures and fittings | - | 20% on cost

| Computer equipment | - | 33% on cost

| INVESTMENTS IN SUBSIDIARIES

| Investments in subsidiary undertakings are recognised at cost.

BUSINESS FUNDING RESEARCH LTD (REGISTERED NUMBER: 07312969)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

2. | ACCOUNTING POLICIES - continued

| FINANCIAL INSTRUMENTS

| Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

| 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 is written off against profits in the year in which it is incurred. Development expenditure is capitalised and amortised over its useful life. Development expenditure is capitalised so as to reflect the income-generating data platform that has been developed.

| 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.

| Lease incentives are recognised 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 (also known as a money purchase scheme).

| Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| EMPLOYEE BENEFITS

| When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

BUSINESS FUNDING RESEARCH LTD (REGISTERED NUMBER: 07312969)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

2. | ACCOUNTING POLICIES - continued

| SHARE-BASED PAYMENT TRANSACTIONS

| The company operates equity-settled share-based compensation plans. The fair value of the services received in exchange for the grant of options is recognised within personnel expenses, with a corresponding increase in equity, over the period that the employees unconditionally become entitled to the awards. The fair value of the options granted is measured using the Black Scholes model, taking into account the terms and conditions upon which the options were granted. 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.

| At each reporting date, the entity revises its estimates of the number of options that are expected to become exercisable. It recognises the impact of the revision of original estimates, if any, in the income statement, and a corresponding adjustment to equity.

| CONTINGENT ASSETS

| The company will complete a Research and Development tax credit claim for the financial year ending 30 June 2025 after the year end. If successful then the expected tax credit will be £379,722.

3. | EMPLOYEES AND DIRECTORS

2025 | 2024 |

| £ | £

| Wages and salaries | 6,244,374 |  | 5,591,548 |  |

| Social security costs | 762,686 |  | 595,732 |  |

| Other pension costs | 157,776 |  | 132,055 |  |

7,164,836 |  | 6,319,335 |  |

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

2025 | 2024 |

| Operations & strategy | 16 |  | 12 |  |

| Commercial | 57 |  | 56 |  |

| Research & development | 55 |  | 66 |  |

128 |  | 134 |  |

2025 | 2024 |

| £ | £

| Directors' remuneration | 282,680 |  | 386,705 |  |

| Directors' pension contributions to money purchase schemes | 1,761 |  | 1,761 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 1 |  | 1 |  |

| Information regarding the highest paid director is as follows:

2025 | 2024 |

| £ | £

| Emoluments etc | 282,680 |  | 386,705 |  |

| Pension contributions to money purchase schemes | 1,761 |  | 1,761 |  |

BUSINESS FUNDING RESEARCH LTD (REGISTERED NUMBER: 07312969)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

3. | EMPLOYEES AND DIRECTORS - continued

| Included in the directors emoluments are the fair value of share options vested in the year (2024: included fair value of share options).

| The highest paid director exercised share options for Ordinary shares issued in the year (2024: the director exercised share options for Ordinary shares issued).

| The highest paid director did not acquire any other shares in the year (2024: none).

4. | OPERATING LOSS

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

2025 | 2024 |

| £ | £

| Other operating leases | 330,330 |  | 295,610 |  |

| Depreciation - owned assets | 194,095 |  | 213,647 |  |

| Profit on disposal of fixed assets | (1,522 | ) | (888 | ) |

| Goodwill amortisation | - |  | 1,500 |  |

| Development costs amortisation | 2,086,484 |  | 1,682,674 |  |

| Cryptocurrencies amortisation | 29 |  | 29 |  |

| Auditors remuneration | 16,000 |  | 16,000 |  |

5. | INTEREST PAYABLE AND SIMILAR EXPENSES |

2025 | 2024 |

| £ | £

| Bank loan interest | 577,410 |  | 605,252 |  |

| Interest on late paid tax | 846 |  | 1,640 |  |

578,256 |  | 606,892 |  |

6. | TAXATION

| Analysis of the tax credit

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

2025 | 2024 |

| £ | £

| Current tax:

| Corporation tax refund for prior years | (886,997 | ) | - |  |

| Tax on loss | (886,997 | ) | - |  |

| Tax effects relating to effects of other comprehensive income |

2025 |

| Gross |  | Tax |  | Net |

| £ | £ | £

| Fair value share options movement | 385,033 |  | - |  | 385,033 |  |

BUSINESS FUNDING RESEARCH LTD (REGISTERED NUMBER: 07312969)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

6. | TAXATION - continued

2024 |

| Gross |  | Tax |  | Net |

| £ | £ | £

| Fair value share options movement | 330,806 |  | - |  | 330,806 |  |

| The company has Research and Development (R&D) expenditure that qualifies under the SME R&D Relief which gives rise to a tax refund.

7. | INTANGIBLE FIXED ASSETS

Patents and | Development |  |

Goodwill | licences | costs | Cryptocurrencies | Totals |

| £ | £ | £ | £ | £

| COST

| At 1 July 2024 | 155,000 |  | 3,500 |  | 13,592,593 |  | 146 |  | 13,751,239 |  |

| Additions | - |  | - |  | 2,670,184 |  | - |  | 2,670,184 |  |

| At 30 June 2025 | 155,000 |  | 3,500 |  | 16,262,777 |  | 146 |  | 16,421,423 |  |

| AMORTISATION

| At 1 July 2024 | 155,000 |  | 3,500 |  | 6,464,960 |  | 99 |  | 6,623,559 |  |

| Amortisation for year | - |  | - |  | 2,086,484 |  | 29 |  | 2,086,513 |  |

| At 30 June 2025 | 155,000 |  | 3,500 |  | 8,551,444 |  | 128 |  | 8,710,072 |  |

| NET BOOK VALUE

| At 30 June 2025 | - |  | - |  | 7,711,333 |  | 18 |  | 7,711,351 |  |

| At 30 June 2024 | - |  | - |  | 7,127,633 |  | 47 |  | 7,127,680 |  |

8. | TANGIBLE FIXED ASSETS

Fixtures |  |

Short | Improvements | and | Computer |  |

leasehold | to property | fittings | equipment | Totals |

| £ | £ | £ | £ | £

| COST

| At 1 July 2024 | 53,873 |  | 412,026 |  | 186,258 |  | 312,835 |  | 964,992 |  |

| Additions | - |  | - |  | 737 |  | 18,314 |  | 19,051 |  |

| Disposals | - |  | - |  | (124 | ) | (11,622 | ) | (11,746 | ) |

| At 30 June 2025 | 53,873 |  | 412,026 |  | 186,871 |  | 319,527 |  | 972,297 |  |

| DEPRECIATION

| At 1 July 2024 | 23,346 |  | 175,727 |  | 70,863 |  | 226,237 |  | 496,173 |  |

| Charge for year | 10,775 |  | 82,405 |  | 37,317 |  | 63,598 |  | 194,095 |  |

| Eliminated on disposal | - |  | - |  | (10 | ) | (11,613 | ) | (11,623 | ) |

| At 30 June 2025 | 34,121 |  | 258,132 |  | 108,170 |  | 278,222 |  | 678,645 |  |

| NET BOOK VALUE

| At 30 June 2025 | 19,752 |  | 153,894 |  | 78,701 |  | 41,305 |  | 293,652 |  |

| At 30 June 2024 | 30,527 |  | 236,299 |  | 115,395 |  | 86,598 |  | 468,819 |  |

BUSINESS FUNDING RESEARCH LTD (REGISTERED NUMBER: 07312969)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

9. | FIXED ASSET INVESTMENTS

Shares in |

group |

undertakings |

| £

| COST

| At 1 July 2024

| and 30 June 2025 | 100 |  |

| NET BOOK VALUE

| At 30 June 2025 | 100 |  |

| At 30 June 2024 | 100 |  |

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

| Beauhurst Limited

| Registered office: Brixton House, 385 Coldharbour Lane, London, England, SW9 8GL.

| Nature of business: Dormant company

| %

| Class of shares: holding

| Ordinary 100.00

10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

| £ | £

| Trade debtors | 1,192,633 |  | 1,610,271 |  |

| Other debtors | 103,883 |  | 105,513 |  |

| Prepayments | 384,015 |  | 294,929 |  |

1,680,531 |  | 2,010,713 |  |

11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

| £ | £

| Trade creditors | 117,690 |  | 108,413 |  |

| Social security and other taxes | 236,848 |  | 213,221 |  |

| VAT | 618,152 |  | 566,460 |  |

| Other creditors | 79,807 |  | 79,572 |  |

| Credit card | 19,639 |  | 15,800 |  |

| Accrued expenses | 623,857 |  | 427,392 |  |

| Deferred revenue | 5,078,305 |  | 4,933,038 |  |

6,774,298 |  | 6,343,896 |  |

| Deferred Revenue - Invoices raised for the subscription service which run beyond the year end have been treated as deferred revenue. These are apportioned based on the period for which the subscription has been invoiced for.

BUSINESS FUNDING RESEARCH LTD (REGISTERED NUMBER: 07312969)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

| £ | £

| Bank loans (see note 13) | 4,509,071 |  | 4,505,010 |  |

| Deferred revenue | 804,791 |  | 396,847 |  |

| Directors' loan accounts | 49,000 |  | 49,000 |  |

5,362,862 |  | 4,950,857 |  |

| The loan of £49,000 from one of the directors is held as a long term debt and is unlikely to be repaid in the immediate future.

13. | LOANS

| An analysis of the maturity of loans is given below:

2025 | 2024 |

| £ | £

| Amounts falling due between two and five years:

| Bank loans - 2-5 years | 4,509,071 |  | 4,505,010 |  |

14. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2025 | 2024 |

| £ | £

| Within one year | 278,442 |  | 278,442 |  |

| Between one and five years | 176,883 |  | 455,234 |  |

455,325 |  | 733,676 |  |

15. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

| £ | £

| Bank loans | 4,509,071 |  | 4,505,010 |  |

| The bank loans are secured by a fixed and floating charge over the company's assets.

BUSINESS FUNDING RESEARCH LTD (REGISTERED NUMBER: 07312969)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

16. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid: |

| Number: |  | Class: |  | Nominal value: |  | 2025 |  | 2024 |  |

| £ |  | £ |  |

| 367,746 (2024: 353,626) |  | Ordinary |  | 0.001 |  | 368 |  | 354 |  |

| 3,261 |  | A Ordinary |  | 0.001 |  | 3 |  | 3 |  |

| 5,354 (2024: 2,863) |  | B Ordinary |  | 0.001 |  | 6 |  | 3 |  |

| 9,412 |  | C Incentive |  | 0.001 |  | 9 |  | 9 |  |

| 9,412 |  | D Incentive |  | 0.001 |  | 9 |  | 9 |  |

|  | 395 |  | 378 |  |

| During the year the following shares were issued: |

|  | Nominal Value |  | Premium |  |

| Date of share issue: |  | Class: |  | Number: |  | per share |  | per share: |  |

| 16th July 2024 |  | B Ordinary |  | 1,740 |  | £0.001 |  | £10.120 |  |

| 2nd August 2024 |  | B Ordinary |  | 631 |  | £0.001 |  | £10.215 |  |

| 8th August 2024 |  | B Ordinary |  | 120 |  | £0.001 |  | £11.499 |  |

| 1st October 2024 |  | Ordinary |  | 80 |  | £0.001 |  | £2.792 |  |

| 16th May 2025 |  | Ordinary |  | 3,300 |  | £0.001 |  | £99.729 |  |

| 20th May 2025 |  | Ordinary |  | 250 |  | £0.001 |  | £99.729 |  |

| 22nd May 2025 |  | Ordinary |  | 8,020 |  | £0.001 |  | £99.729 |  |

| 10th June 2025 |  | Ordinary |  | 250 |  | £0.001 |  | £99.729 |  |

| 26th June 2025 |  | Ordinary |  | 2,220 |  | £0.001 |  | £99.729 |  |

|  | 19,611 |  |  |

| There are 5 classes of shares, all of which are currently in issue: |

| Ordinary Shares |

| Ordinary shares hold one vote per share. No restriction on dividends or the repayment of capital. |

| A Ordinary Shares |

| No voting rights. Otherwise these rank pari pasu with Ordinary shares. |

| B Ordinary Shares |

| No voting rights. Otherwise these rank pari pasu with Ordinary shares. |

| C Incentive Shares |

| No voting rights until trigger event at which point one vote per share. |

| D Incentive Shares |

| No voting rights until trigger event at which point one vote per share. |

BUSINESS FUNDING RESEARCH LTD (REGISTERED NUMBER: 07312969)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

17. | RESERVES

Retained | Share | Fair value |

earnings | premium | reserve | Totals |

| £ | £ | £ | £

| At 1 July 2024 | (6,652,546 | ) | 5,246,668 |  | 1,409,104 |  | 3,226 |  |

| Deficit for the year | (1,756,994 | ) | (1,756,994 | ) |

| Cash share issue | - |  | 1,425,853 |  | - |  | 1,425,853 |  |

| Share options | - |  | - |  | 385,033 |  | 385,033 |  |

| Share options exercised | 72,996 |  | - |  | (72,996 | ) | - |  |

| At 30 June 2025 | (8,336,544 | ) | 6,672,521 |  | 1,721,141 |  | 57,118 |  |

18. | POST BALANCE SHEET EVENTS

| Subsequent to the year end, the company issued a further 5,440 ordinary £0.001 shares and received a total premium of £542,526 for these.

19. | ULTIMATE CONTROLLING PARTY

| The company has no individual controlling party.