PervasID Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—7

1. General Information

PervasID Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07559981 . The registered office is St John's Innovation Centre, Cowley Road, Cambridge, Cambridgeshire, CB4 0WS.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

2.2. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern. Therefore the financial statements have been prepared on a going concern basis which assumes the Company will continue in operational existence for the foreseeable future.

The Company is involved in research and development activities and is working towards achieving a sustainable revenue generating activity. The directors have considered the basis of the financial statements and are satisfied that a combination of business growth and further investment commitments will enable the Company to meet its liabilities as they fall due.

2.3. Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

2.4. Intangible Fixed Assets and Amortisation - Other Intangible

Other intangible assets are Patents and trademarks and Product Development. They are amortised to profit and loss account over their estimated economic life of 10% on cost.

2.5. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold	20% on cost
Plant & Machinery	20% on cost
Fixtures & Fittings	25% on cost
Computer Equipment	33% on cost

2.6. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.7. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

Page 3

Page 4

PervasID Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.8. Financial Instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are recognised at transaction price including transaction costs.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities.

2.9. Foreign Currencies

Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the profit / loss before taxation.

2.10. Taxation

Tax is recognised in profit or loss except that a charge is attributable to an item of income and expense recognised as other comphrehensive income or to an item recognised directly in equity is also recognised in other comphrehensive income or directly in equity respectively.

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

2.11. Employee Benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock of fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2.12. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

2.13. Share Based Payments

The company operates an equity-settled, share-based compensation plan, under which the entity received 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.

Page 4

Page 5

PervasID Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.14. Research and Development

Expenditure on research activities is recognised within profit or loss as an expense is incurred.

Development costs are capitalised only where they can be identified with a specific product or project that will generate probable future economic benefits, the costs can be reliably measured and all the criteria under FRS 102 are met. They are amortised on a straight line basis to profit or loss over their estimated useful life. All other development costs are expensed as incurred.

Capitalised development costs are reviewed annually, and where future benefits are deemed to have ceased or to be in doubt, the balance is written off to profit or loss.

Capitalised development costs are not treated as a realised loss for the purpose of determining the company's distributable profits as the costs meet the conditions permitting them to be treated as an asset under FRS 102.

All intangible assets are considered to have a finite useful life.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 9 (2024: 9)

4. Intangible Assets

	Other	Development Costs	Total
	£	£	£
Cost
As at 1 April 2024	30,471	2,878,237	2,908,708
Additions	-	1,088,491	1,088,491

As at 31 March 2025	30,471	3,966,728	3,997,199

Amortisation
As at 1 April 2024	13,232	493,466	506,698
Provided during the period	3,047	287,824	290,871

As at 31 March 2025	16,279	781,290	797,569

Net Book Value
As at 31 March 2025	14,192	3,185,438	3,199,630

As at 1 April 2024	17,239	2,384,771	2,402,010

5. Tangible Assets

	Land & Property
	Leasehold	Plant & Machinery	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£	£
Cost
As at 1 April 2024	9,626	36,771	11,719	63,369	121,485
Additions	-	-	-	3,938	3,938

As at 31 March 2025	9,626	36,771	11,719	67,307	125,423

Depreciation
As at 1 April 2024	9,626	18,936	8,776	56,824	94,162
Provided during the period	-	7,182	1,226	5,184	13,592

As at 31 March 2025	9,626	26,118	10,002	62,008	107,754

...CONTINUED

Page 5

Page 6

PervasID Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

Net Book Value
As at 31 March 2025	-	10,653	1,717	5,299	17,669

As at 1 April 2024	-	17,835	2,943	6,545	27,323

6. Stocks

	2025	2024 as restated
	£	£
Stock	626,332	582,654

7. Debtors

	2025	2024 as restated
	£	£
Due within one year
Trade debtors	190,880	491,526
Prepayments and accrued income	57,434	9,452
Other debtors	16,853	10,060
Corporation tax recoverable	273,780	380,885
VAT	32,705	40,787
Directors' loan accounts	323	323

	571,975	933,033

8. Creditors: Amounts Falling Due Within One Year

	2025	2024 as restated
	£	£
Trade creditors	119,412	466,363
Other taxes and social security	28,387	30,640
Other creditors	17,446	12,666
Accruals and deferred income	82,795	141,112

	248,040	650,781

9. Share Capital

	2025	2024 as restated
Allotted, called up and fully paid	£	£
109,419 Ordinary Shares of £ 0.01 each	1,094	1,094
56,063 Preference shares of £ 0.01 each	561	561
38,063 Ordinary B shares of £ 0.01 each	381	-

	2,036	1,655


Shares issued during the period:	£
38,063 Ordinary B shares of £ 0.01 each	381

On 19th November 2024, 35,856 B Ordinary shares of £0.01 each were allotted and fully paid at a price of £90.64 per share.

On 28th March 2025, 2,207 B Ordinary shares of £0.01 each were allotted and fully paid at a price of £90.64 per share.

Page 6

Page 7

PervasID Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

10. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2025	2024 as restated
	£	£
Not later than one year	98,952	35,850
Later than one year and not later than five years	10,600	-

	109,552	35,850

Page 7

		2025		2024 as restated
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		3,199,630		2,402,010
Tangible Assets	5		17,669		27,323

			3,217,299		2,429,333
CURRENT ASSETS
Stocks	6	626,332		582,654
Debtors	7	571,975		933,033
Cash at bank and in hand		2,048,320		568,133

		3,246,627		2,083,820
Creditors: Amounts Falling Due Within One Year	8	(248,040 )		(650,781 )

NET CURRENT ASSETS (LIABILITIES)			2,998,587		1,433,039

TOTAL ASSETS LESS CURRENT LIABILITIES			6,215,886		3,862,372

NET ASSETS			6,215,886		3,862,372

CAPITAL AND RESERVES
Called up share capital	9		2,036		1,655
Share premium account			12,256,200		8,806,550
Other reserves			1,488,649		1,143,132
Profit and Loss Account			(7,530,999 )		(6,088,965 )

SHAREHOLDERS' FUNDS			6,215,886		3,862,372