HOPSWORKS LIMITED


Director	DOWLING, Jim Patrick


Registered Address	69 Wilson Street
	London
	EC2A 2BB


Registered Number	14068187 (England and Wales)

Balance Sheet as at
30 April 2025

	Notes	2025		2024
		£	£	£	£
Fixed assets
Tangible assets	4		1,129		1,652
			1,129		1,652
Current assets
Debtors		862		633
Cash at bank and on hand		49,021		10,285
		49,883		10,918
Creditors amounts falling due within one year	5	(874,421)		(643,579)
Net current assets (liabilities)			(824,538)		(632,661)
Total assets less current liabilities			(823,409)		(631,009)
Net assets			(823,409)		(631,009)
Capital and reserves
Called up share capital			100		100
Other reserves			-		9,039
Profit and loss account			(823,509)		(640,148)
Shareholders' funds			(823,409)		(631,009)

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Director on 30 November 2025, and are signed on its behalf by:

DOWLING, Jim Patrick
Director
Registered Company No. 14068187

HOPSWORKS LIMITED

Notes to the Financial Statements
for the year ended 30 April 2025

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.

	Going concern
	The Company incurred a loss for the year of £183,362 and, as at 30 April 2025, had net current liabilities of £824,538 (2024: £632,661) and net liabilities of £823,409 (2024: £631,009). These positions primarily reflect amounts owed to its parent undertaking and other group companies, which totalled £873,035 at 30 April 2025 (2024: £642,193). The Company is financed principally by its parent company, Hopsworks AB. The parent company has confirmed that it will continue to provide financial support to the Company and will not seek repayment of existing balances in a manner that would prevent the Company from meeting its obligations as they fall due for a period of at least twelve months from the date of approval of these financial statements. The directors have considered the Company’s forecasts and cash flow projections for a period of at least twelve months from the date of approval of these financial statements. Having regard to these projections and to the financial support confirmed by the parent company, the directors have a reasonable expectation that the Company will continue in operational existence for the foreseeable future and have therefore prepared the financial statements on a going concern basis.

Going concern

The Company incurred a loss for the year of £183,362 and, as at 30 April 2025, had net current liabilities of £824,538 (2024: £632,661) and net liabilities of £823,409 (2024: £631,009). These positions primarily reflect amounts owed to its parent undertaking and other group companies, which totalled £873,035 at 30 April 2025 (2024: £642,193).

The Company is financed principally by its parent company, Hopsworks AB. The parent company has confirmed that it will continue to provide financial support to the Company and will not seek repayment of existing balances in a manner that would prevent the Company from meeting its obligations as they fall due for a period of at least twelve months from the date of approval of these financial statements.

The directors have considered the Company’s forecasts and cash flow projections for a period of at least twelve months from the date of approval of these financial statements. Having regard to these projections and to the financial support confirmed by the parent company, the directors have a reasonable expectation that the Company will continue in operational existence for the foreseeable future and have therefore prepared the financial statements on a going concern basis.

	Revenue from rendering of services
	Turnover comprises the fair value of the consideration received or receivable for the 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.

Revenue from rendering of services

Turnover comprises the fair value of the consideration received or receivable for the 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.

	Employee benefits
	Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.

Employee benefits

Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.

	Share-based payments
	The company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated using the Black Scholes option pricing model. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.

Share-based payments

The company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at
the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated using the Black Scholes option pricing model. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.
The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Tangible fixed assets and depreciation
	All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Tangible fixed assets and depreciation

All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:


		Straight line (years)
	Office Equipment	5

	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 and other 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.

Trade and other 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.

	Share capital
	Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

2.	Staff Costs
	Share-based payment During the period ending 30/04/2023, certain employees were granted options to subscribe for shares in the Company, under a share option scheme, as follows: • 41,280 options were granted on 12 July 2022 The total share-based payment charge recognised by the Company for the period ending 30 April 2025 is -£9,039 (2024: £3,723). The fair value of options granted has been estimated using a Black Scholes model. The expected volatility is assessed by reference to historic volatility of comparable corporate shares. The following assumptions have been used: Option life: 3 years Risk-free rate: 1.804% Volatility: 100% Dividend yield: nil The full cost to date of the EMI options has been released, because all employees have left the company and all options have now lapsed, since July 2025.

Staff Costs

Share-based payment
During the period ending 30/04/2023, certain employees were granted options to subscribe for shares in the Company, under a share option scheme, as follows:
• 41,280 options were granted on 12 July 2022

The total share-based payment charge recognised by the Company for the period ending 30 April 2025 is -£9,039 (2024: £3,723).  The fair value of options granted has been estimated using a Black Scholes model. The expected volatility is assessed by reference to historic volatility of comparable
corporate shares.
The following assumptions have been used:
Option life: 3 years
Risk-free rate: 1.804%
Volatility: 100%
Dividend yield: nil

The full cost to date of the EMI options has been released, because all employees have left the company and all options have now lapsed, since July 2025.

3.	Average number of employees
	The average number of persons employed by the company includes the director.


		2025		2024
	Average number of employees during the year	2		2

4.	Tangible fixed assets

	Office Equipment	Total
	£	£
Cost or valuation
At 01 May 24	2,617	2,617
At 30 April 25	2,617	2,617
Depreciation and impairment
At 01 May 24	965	965
Charge for year	523	523
At 30 April 25	1,488	1,488
Net book value
At 30 April 25	1,129	1,129
At 30 April 24	1,652	1,652

5.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	1,386	1,386
Amounts owed to related parties	873,035	642,193
Total	874,421	643,579

6.	Parent-subsidiary relationships
	The company's immediate parent is Hopsworks AB, incorporated in Sweden. The most senior parent entity producing publicly available financial statements is Hopsworks AB. These financial statements are available upon request from Asogatan 119, 11624 Stockholm, Sweden.