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Registration number: 08589629

Whereby UK Operations Ltd
Unaudited Filleted Financial Statements
for the Year Ended 31 December 2025

Pages for Filing with Registrar

Whereby UK Operations Ltd

Contents

Balance Sheet | 1 to 2
Notes to the Unaudited Financial Statements | 3 to 9

Whereby UK Operations Ltd

(Registration number: 08589629)
Balance Sheet as at 31 December 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 5 | 6,139 | 4,565
Current assets |  |  |
Debtors | 6 | 280,815 | 190,888
Cash at bank and in hand |  | 11,120 | 6,781
|  | 291,935 | 197,669
Creditors: Amounts falling due within one year | 7 | (47,122) | (36,843)
Net current assets |  | 244,813 | 160,826
Net assets |  | 250,952 | 165,391
Capital and reserves |  |  |
Called up share capital | 8 | 1,441 | 1,441
Share premium reserve |  | 468,623 | 468,623
Other reserves |  | 12,818 | -
Retained earnings |  | (231,930) | (304,673)
Shareholders' funds |  | 250,952 | 165,391

Whereby UK Operations Ltd

(Registration number: 08589629)
Balance Sheet as at 31 December 2025

For the financial year ending 31 December 2025 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 accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 5 February 2026 and signed on its behalf by:

......................................... C H Wu Director |  |

Whereby UK Operations Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

1 | General information

The Company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
71-75 Shelton Street
Covent Garden
London
WC2H 9JQ
United Kingdom

Principal activity

The principal activity of the Company is support and sales for group who provide video conferencing tools.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

These financial statements have been prepared on the going concern basis, which assumes that the company will be able to meet its financial obligations as they fall due for payment for the foreseeable future. The company is reliant upon the continued support of its parent undertaking, Whereby AS to be able to do this. Whereby AS has indicated to the directors, that support will be provided as it is required.

Turnover recognition

Revenue is recognised under a transfer pricing agreement with the parent company and recognised in the period in which the expense is incurred.

Whereby UK Operations Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Computer equipment | 33% Straight line method

Whereby UK Operations Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors

Basic financial assets, including other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Trade debtors are amounts due from customers for services performed in the ordinary course of business.

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.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Whereby UK Operations Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Share based payments

The Group provides equity-settled share-based payments to certain employees.
Equity-settled arrangements are measured at fair value (excluding the effect of non-market based vesting conditions) at the date of the grant. The fair value is expensed on a straight-line basis over the vesting period. The amount recognised as an expense is adjusted to reflect the actual number of shares or options that will vest.
Where equity settled arrangements are modified, and are of benefit to the employee, the incremental fair value is recognised over the period from the date of modification to date of vesting. Where a modification is not beneficial to the employee there is no change to the charge for the share-based payment. Settlements and cancellations are treated as an acceleration of vesting and the unvested amount is recognised immediately in the income statement.
The Group has no cash-settled arrangements.

Whereby UK Operations Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

3 | Significant judgements and estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Directors' opinion there are no significant judgements or key sources of estimation uncertainty.

4 | Staff numbers

The average number of persons employed by the Company (including directors) during the year, was 14 (2024 - 10).

5 | Tangible assets

| Furniture, fittings and equipment £ | Total £
Cost or valuation
At 1 January 2025 | 18,277 | 18,277
Additions | 5,930 | 5,930
Disposals | (2,330) | (2,330)
At 31 December 2025 | 21,877 | 21,877
Depreciation
At 1 January 2025 | 13,712 | 13,712
Charge for the year | 4,356 | 4,356
Eliminated on disposal | (2,330) | (2,330)
At 31 December 2025 | 15,738 | 15,738
Carrying amount
At 31 December 2025 | 6,139 | 6,139
At 31 December 2024 | 4,565 | 4,565

Whereby UK Operations Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

6 | Debtors

| 2025 £ | 2024 £
Amounts owed by group undertakings and undertakings in which the Company has a participating interest | 260,494 | 186,681
Prepayments | 411 | 586
Other debtors | 19,910 | 3,621
| 280,815 | 190,888

7 | Creditors

Creditors: amounts falling due within one year

| 2025 £ | 2024 £
Due within one year |  |
Taxation and social security | 37,967 | 25,264
Accruals and deferred income | 2,885 | 6,400
Other creditors | 6,270 | 5,179
| 47,122 | 36,843

8 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary shares of £0.01 each | 144,088 | 1,441 | 144,088 | 1,441

9 | Dividends

There were no dividends paid or proposed in either the current year or the previous year.

Whereby UK Operations Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

10 | Share-based payments

Whereby AS, the parent company of Whereby UK Operations Ltd, operates an Equity Incentive Plan for employees of the group.
Fair value of the options is measured at the grant date utilising the Black Scholes model. The non-KPI based options vest over a 4 year period and Directors has provided judgement on when they expect KPI options to vest. The option expense is released on a straight line basis from the grant date and determined vesting end date.
The options granted have a maximum term of 10 years from the date of the grant.

11 | Related party transactions

The parent of the smallest group in which these financial statements are consolidated is Whereby AS, incorporated in Norway.
The address of Whereby AS is:
Gate 1 107, MÅLØY, 6700, Norway.