Folio Technologies Limited

	Page
Balance Sheet	1
Notes to the Financial Statements	2—4

Registered number: 09035691

		2024		2023 as restated
	Notes	$	$	$	$
FIXED ASSETS
Intangible Assets	4		6,412,527		6,296,789

			6,412,527		6,296,789
CURRENT ASSETS
Debtors	5	851,601		87,260
Cash at bank and in hand		1,554		8,485

		853,155		95,745
Creditors: Amounts Falling Due Within One Year	6	(2,290,871 )		(16,325,115 )

NET CURRENT ASSETS (LIABILITIES)			(1,437,716 )		(16,229,370 )

TOTAL ASSETS LESS CURRENT LIABILITIES			4,974,811		(9,932,581 )

NET ASSETS/(LIABILITIES)			4,974,811		(9,932,581 )

CAPITAL AND RESERVES
Called up share capital	7		12,996		2
Share premium account			15,977,642		-
Other reserves			(240,444 )		-
Profit and Loss Account			(10,775,383 )		(9,932,583 )

SHAREHOLDERS' FUNDS			4,974,811		(9,932,581)

For the 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.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr Antonio Mugica

Director

29/12/2025

The notes on pages 2 to 4 form part of these financial statements.

1. General Information

Folio Technologies Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09035691 . The registered office is 88 Baker Street, London, W1U 6TQ.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

"The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

The Company's ultimate parent undertaking SGO Corporation Limited includes the Company in its consolidated financial statements. The smallest group into which the accounts of the company are consolidated is SGO Corporation Limited. Copies of these consolidated accounts may be obtained from its registered office at 88 Baker Street, London, W1U 6TQ."

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Foreign Currencies

Transactions in foreign currencies are translated to the Company’s functional currency (US Dollars) at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional currency at the foreign exchange rate ruling at that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are retranslated to the functional currency at foreign exchange rates ruling at the dates the fair value was determined. Foreign exchange differences arising on translation are recognised in the profit and loss account.

2.4. Going concern

"The financial statements have been prepared on the going concern basis, notwithstanding the loss for the year of $842,800 (2023:$2,962,968), net current assets of $4,974,811 (2023 net liabilities:$9,932,581) which the director believes to be appropriate for the following reasons:

The Company is reliant on financial support from SGO Corporation Limited, the Company's ultimate parent undertaking. SGO Corporation Limited has indicated that for at least 12 months from the date of approval of these financial statements, it will continue to make available such funds as are needed by the Company. This should enable the Company to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due for payment. As with any company placing reliance on other group entities for financial support, the directors acknowledge that this support will continue for 12 months more from the date of approval of these financial statements."

2.5. Research and Development

Research is expensed as costs are incurred. Where the expenditure reaches the requirements for IAS 38 for development the amounts are capitalised as an intangible assets.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 3 (2023: 4)

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Folio Technologies Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

4. Intangible Assets

	Other
	$
Cost
As at 1 January 2024	7,035,698
Additions	629,276

As at 31 December 2024	7,664,974

Amortisation
As at 1 January 2024	738,909
Provided during the period	513,538

As at 31 December 2024	1,252,447

Net Book Value
As at 31 December 2024	6,412,527

As at 1 January 2024	6,296,789

Intangible assets will begin to be amortised once the related assets become ready for use.

5. Debtors

	2024	2023 as restated
	$	$
Due within one year
Trade debtors	800,006	48,220
Prepayments and accrued income	5,211	-
Other debtors	45,598	38,247
Amounts owed by group undertakings	786	793

	851,601	87,260

6. Creditors: Amounts Falling Due Within One Year

	2024	2023 as restated
	$	$
Trade creditors	100,964	138,506
Other taxes and social security	137,427	42,387
Other creditors	1,969,117	112,173
Amounts owed to group undertakings	83,363	16,032,049

	2,290,871	16,325,115

The amounts owed to group undertakings all relate to amounts owed to companies within the SGO Corporation Ltd 'Group accounts'.

7. Share Capital

	2024	2023 as restated
	$	$
Allotted, Called up and fully paid	12,996	2

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Folio Technologies Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

8. Ultimate Controlling Party

As a wholly owned subsidiary with the group controlled by SGO Corporation Limited, the Company is exempt from the requirements of FRS 101 from disclosing the transactions with other members of the group headed by SGO Corporation Limited. There were no transactions with any other related parties requiring disclosure in the period.

The company is a wholly owned subsidiary of SGO Corporation Limited, a company incorporated in England in the United Kingdom.

The smallest group into which the accounts of the company are consolidated is SGO Corporation Limited. Copies of these consolidated accounts may be obtained from the registered office at 88 Baker Street, London, W1U 6TQ.

The Company's ultimate parent is SGO Corporation Limited.

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