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Company No: 09343609 (England and Wales)

# INTROS.AT LIMITED

### Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

INTROS.AT LIMITED

## Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

INTROS.AT LIMITED

## COMPANY INFORMATION

For the financial year ended 31 December 2024
INTROS.AT LIMITED

## COMPANY INFORMATION (continued)

For the financial year ended 31 December 2024

DIRECTORS | Carolyn Dawson
| Tim Groot
| Cillian Mark Hilliard (Appointed 06 September 2024)
| Arnaud Jacques Michel Massenet
| Jeremy Byron Roche
| Hillel Louis Zidel (Resigned 06 September 2024)

REGISTERED OFFICE | Treviot House
| 186-192 High Road
| Ilford
| IG1 1LR
| United Kingdom

COMPANY NUMBER | 09343609 (England and Wales)

ACCOUNTANT | Gravita Essex Limited
| Treviot House
| 186-192 High Road
| Ilford
| Essex
| IG1 1LR
| United Kingdom

INTROS.AT LIMITED

## BALANCE SHEET

As at 31 December 2024
INTROS.AT LIMITED

## BALANCE SHEET (continued)

As at 31 December 2024

| Note | 2024 |  | 2023
|  | £ |  | £
|  |  |  | Restated - note 2
Fixed assets |  |  |  |
Intangible assets | 5 | 2,125,157 |  | 373,675
Tangible assets | 6 | 16,056 |  | 0
Investments | 7 | 35,362 |  | 28,357
|  | 2,176,575 |  | 402,032
Current assets |  |  |  |
Debtors | 8 | 1,552,792 |  | 1,837,441
Cash at bank and in hand |  | 899,407 |  | 1,020,677
|  | 2,452,199 |  | 2,858,118
Creditors: amounts falling due within one year | 9 | ( 1,583,012) |  | ( 1,191,753)
Net current assets |  | 869,187 |  | 1,666,365
Total assets less current liabilities |  | 3,045,762 |  | 2,068,397
Net assets |  | 3,045,762 |  | 2,068,397
Capital and reserves |  |  |  |
Called-up share capital |  | 9,931 |  | 9,064
Share premium account |  | 11,828,610 |  | 9,943,196
Other reserves |  | 3,307,469 |  | 3,071,406
Profit and loss account |  | ( 12,100,248 ) |  | ( 10,955,269 )
Total shareholders' funds |  | 3,045,762 |  | 2,068,397

For the financial year ending 31 December 2024 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 financial statements for the financial year in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Intros.At Limited (registered number: 09343609) were approved and authorised for issue by the Board of Directors on 04 November 2025. They were signed on its behalf by:

Tim Groot Director |

INTROS.AT LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
INTROS.AT LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Intros.At Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Treviot House, 186-192 High Road, Ilford, IG1 1LR, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

##### Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

##### Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

##### Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year.

##### Share-based payment

Equity-settled share-based payment transactions are measured at fair value 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 by use of the Black Scholes model which is considered by management to be the most appropriate method of valuation. The expected life used in the model has been adjusted, based on management’s best estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

##### Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets | 10 years straight line

###### Trademarks, patents and licences

Separately acquired patents and trademarks are included at cost and amortised in equal annual instalments over a period of 10 years which is their estimated useful economic life. Provision is made for any impairment.

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. | 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

##### Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis.

##### Fixed asset investments

Fixed asset investments are measured at cost less impairment.

##### Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

##### Research and development

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

##### Critical accounting judgements and key sources of estimation uncertainty

The company participates in an equity settled share-based payment arrangement in which share options are issued to employees of the group. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period. The fair value is calculated using the appropriate fair value model with the estimated level of vesting being reviewed annually by management. The key assumptions of this model are a risk-free rate of 0.1%-5.25%, a staff retention rate of 70% and that the fair value of the shares at grant date is equal to the amounts paid for the company's shares in the most recent round of investment to the grant date.

#### 2. Prior year adjustment

During the current financial year, the company identified errors in the recognition of deferred revenue and in the accounting treatment of equity-settled share-based payment transactions relating to share options granted to employees in prior periods. The company has restated the comparative figures to reflect the correct accounting treatment and the adjustment has been made retrospectively. The effect of the restatement on the prior year’s financial statements is summarised below:

|  | As previously reported |  | Adjustment |  | As restated
Year ended 31 December 2023 |  | £ |  | £ |  | £
Share option reserve |  | 2,872,574 |  | 198,832 |  | 3,071,406
Investments |  | 0 |  | 28,357 |  | 28,357
Deferred income |  | 931,536 |  | (21,650) |  | 909,886
Retained earnings |  | (10,806,443) |  | (148,826) |  | (10,955,269)

#### 3. Employees

| 2024 |  | 2023
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 35 |  | 41

#### 4. Share-based payments

Equity-settled share-based payment schemes

Intros.at Limited issued EMI options to certain employees which provides additional remuneration for those employees who are key to the operations of the company. The options are granted with a fixed exercise price determined at the grant of the option. The options vest at multiple dates up to September 2028 and they are exercisable within 10 years from the date of grant. Employees are not entitled to dividends until the shares are exercised. Vesting of options is subject to continued employment with the company.
Details of the EMI share option schemes in issue as at 31 December 2024 are as follows:
17,696,976 share options were granted from 01/01/2016 to 31/12/2021 at an exercise price of £0.0001
1,409,000 share options were granted from 22/12/2020 to 31/12/2021 at an exercise price of £0.1977
950,000 share options were grantedon 01/03/2022 at an exercise price of £0.1977
1,825,000 share options were granted from 01/10/2023 to 31/12/2023 at an exercise price of £0.1977
600,000 share options were granted from 01/01/2024 to 31/12/2024 at an exercise price of £0.1977

Details of the share options outstanding during the financial year are as follows:

| 2024 |  | 2023
| Weighted Average |  | Weighted Average
| Number of share options | Average exercise price (£) |  | Number of share options | Average exercise price (£)
Outstanding at beginning of period | 24,114,309 | 0.0286 |  | 23,521,517 | 0.0289
Granted during the period | 1,000,000 | 0.1977 |  | 1,975,000 | 0.1977
Forfeited during the period | ( 650,000) | 0.1977 |  | ( 1,382,208) | 0.1503
Exercised during the period | ( 1,983,333) | 0.0001 |  | 0 | 0
Outstanding at the end of the period | 22,480,976 | 0.0337 |  | 24,114,309 | 0.0286
Exercisable at the end of the period | 22,393,475 | 0.0240 |  | 18,198,309 | 0.0192

The fair value of the share options at the grant date was calculated using the Black Scholes model, which is considered to be the most appropriate generally accepted valuation method of measuring fair value.

The Company recognised total expenses of £ 0 and £ 0 related to equity-settled share-based payment transactions in 2024 and 2023 respectively.

#### 5. Intangible assets

| Other intangible assets |  | Total
| £ |  | £
Cost |  |  |
At 01 January 2024 | 506,515 |  | 506,515
Additions | 1,897,052 |  | 1,897,052
At 31 December 2024 | 2,403,567 |  | 2,403,567
Accumulated amortisation |  |  |
At 01 January 2024 | 132,840 |  | 132,840
Charge for the financial year | 145,570 |  | 145,570
At 31 December 2024 | 278,410 |  | 278,410
Net book value |  |  |
At 31 December 2024 | 2,125,157 |  | 2,125,157
At 31 December 2023 | 373,675 |  | 373,675

#### 6. Tangible assets

| Plant and machinery etc. |  | Total
| £ |  | £
Cost |  |  |
At 01 January 2024 | 92,891 |  | 92,891
Additions | 18,521 |  | 18,521
At 31 December 2024 | 111,412 |  | 111,412
Accumulated depreciation |  |  |
At 01 January 2024 | 92,891 |  | 92,891
Charge for the financial year | 2,465 |  | 2,465
At 31 December 2024 | 95,356 |  | 95,356
Net book value |  |  |
At 31 December 2024 | 16,056 |  | 16,056
At 31 December 2023 | 0 |  | 0

#### 7. Fixed asset investments

Investments in subsidiaries

| 2024
| £
Cost |
At 01 January 2024 | 28,357
Additions | 7,005
At 31 December 2024 | 35,362
Carrying value at 31 December 2024 | 35,362
Carrying value at 31 December 2023 | 28,357

#### 8. Debtors

| 2024 |  | 2023
| £ |  | £
Trade debtors | 567,189 |  | 481,807
Amounts owed by related parties | 911,203 |  | 946,683
Other debtors | 74,400 |  | 408,951
| 1,552,792 |  | 1,837,441

#### 9. Creditors: amounts falling due within one year

| 2024 |  | 2023
| £ |  | £
Trade creditors | 66,973 |  | 42,678
Amounts owed to related parties | 0 |  | 1,408
Other taxation and social security | 120,112 |  | 80,458
Other creditors | 1,395,927 |  | 1,067,209
| 1,583,012 |  | 1,191,753

#### 10. Financial commitments

Commitments

| 2024 |  | 2023
| £ |  | £
Total future minimum lease payments under non-cancellable operating leases | 24,450 |  | 9,119

#### 11. Contingencies

Contingent assets

For the year ended 31 December 2024, the Company expects to have a research and development tax credit receivable from HMRC in the region of £201,000 subject to approval. Whilst this is expected to be received, no provision has been included in the accounts.