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Company Registration No. 12354133 (England and Wales)
Basecamp Research Ltd Unaudited accounts for the year ended 31 December 2024
Basecamp Research Ltd Unaudited accounts Contents
Page
Company information
3
Statement of financial position
4
Notes to the accounts
5
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Basecamp Research Ltd Company Information for the year ended 31 December 2024
Directors
Glen-Oliver F Gowers Oliver F Vince Rohit Sharma Raffi Kamber Lucas Decoster
Company Number
12354133 (England and Wales)
Registered Office
Unit 315, Clerkenwell Workshops 27 Clerkenwell Close London EC1R 0AT England
Accountants
Addition Financial Limited The Office Group 1 Lyric Square Hammersmith London W6 0NB
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Basecamp Research Ltd Statement of financial position as at 31 December 2024
2024
2023
Notes
£
£
Fixed assets
Tangible assets
4
5,004,015
275,811
Current assets
Debtors
5
4,395,504
2,082,577
Cash at bank and in hand
38,439,271
10,359,835
42,834,775
12,442,412
Creditors: amounts falling due within one year
6
(467,537)
(733,053)
Net current assets
42,367,238
11,709,359
Net assets
47,371,253
11,985,170
Capital and reserves
Called up share capital
7
9
6
Share premium
64,708,907
20,501,175
Capital contribution reserve
8
81,904
-
Profit and loss account
(17,419,567)
(8,516,011)
Shareholders' funds
47,371,253
11,985,170
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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 6 February 2026 and were signed on its behalf by
Glen-Oliver F Gowers Director Company Registration No. 12354133
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Basecamp Research Ltd Notes to the Accounts for the year ended 31 December 2024
1
Statutory information
Basecamp Research Ltd is a private company, limited by shares, registered in England and Wales, registration number 12354133. The registered office is Unit 315, Clerkenwell Workshops, 27 Clerkenwell Close, London, EC1R 0AT, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain fixed assets. On 3 December 2024, the Company incorporated a wholly owned subsidiary, Basecamp Research US Inc. The subsidiary is incorporated in the state of Delaware, United States of America, and is a 100% owned subsidiary of Basecamp Research Ltd. As a result, the Company became the parent of a group during the year. The directors consider that the group qualifies as a small group under the size thresholds set out in the Companies Act 2006 and is therefore entitled to, and has taken advantage of, the exemption from the requirement to prepare consolidated financial statements. These financial statements present the results and financial position of Basecamp Research Ltd as an individual entity. The subsidiary was incorporated during the year and had no material impact on the results or financial position of the Company for the period.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives: Tangible fixed assets are reviewed for impairment if events or changes in circumstances indicate that their carrying amount may not be recoverable. Any impairment loss is recognised in profit or loss. Computer Equipment: 4 years Office Equipment: 4 years Plant and Machinery: 4 years
Going concern
The financial statements have been prepared on a going concern basis. The company has net assets of 45,915,486 at the balance sheet date, which provides a strong capital base to support its ongoing operations. In assessing the going concern basis, the directors have considered cash flow forecasts and funding arrangements and are satisfied that the company has adequate resources to continue in operational existence for the foreseeable future, being at least 12 months from the date of approval of the financial statements.
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Basecamp Research Ltd Notes to the Accounts for the year ended 31 December 2024
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 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.
Financial instruments
Basic financial assets, including cash and cash equivalents, trade and other receivables, are initially recognised at transaction price and subsequently measured at amortised cost. Cash and cash equivalents comprise cash on hand and balances held in bank accounts together with short-term, highly liquid investments that are readily convertible to known amounts of cash and subject to an insignificant risk of changes in value. Cash equivalents include investments in money market funds which are readily available and held for the purpose of meeting short-term cash commitments. Financial assets measured at amortised cost are reviewed for impairment at each reporting date, and any impairment loss is recognised in profit or loss. Basic financial liabilities, including trade and other payables, are initially recognised at transaction price and subsequently measured at amortised cost.
Foreign exchange
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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Research and development
Research and development expenditure is written off to the profit and loss account in the period in which it is incurred. Research expenditure is recognised as an expense when incurred. Development expenditure is also expensed as incurred, as the directors consider that the criteria for capitalisation are not met or that the amounts involved are not material to the financial statements. Accordingly, no development costs have been capitalised as intangible assets during the current or prior periods.
Leased assets
At the balance sheet date, the Company had the following future minimum lease payments under non-cancellable operating leases: Not later than one year £243,084 Later than one year and not later than five years £0 Later than five years £0 Total commitments £243,084 Operating lease payments relate primarily to property leases. Rentals are charged to the profit and loss account on a straight-line basis over the lease term.
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Basecamp Research Ltd Notes to the Accounts for the year ended 31 December 2024
Share-based payment policy
The company operates equity-settled share-based payment arrangements under both an Enterprise Management Incentive (EMI) plan and a Company Share Option Plan (CSOP) for certain employees and directors. These arrangements provide participants with options over the company’s equity instruments, subject to service and, where applicable, performance conditions. Options granted under the EMI and CSOP plans vest over a four-year period. Twenty-five per cent of the options vest on the first anniversary of the vesting commencement date, provided the relevant service conditions are met. The remaining seventy-five per cent vest in equal monthly instalments over the following thirty-six months, subject to continued service. The fair value of share options granted is measured at the grant date using the Black-Scholes option pricing model. The model incorporates assumptions determined at the grant date, including the estimated market value of the underlying shares, the exercise price of the option, expected volatility, expected option life, risk-free interest rates and expected dividend yield. The estimated market value of the underlying shares at the grant date is determined using recent arm’s length share transactions where available, adjusted as appropriate to reflect the rights attaching to the relevant share class and the terms of the option plan. Where required, discounts are applied to reflect differences between the share classes and the option terms under the EMI and CSOP arrangements. Expected volatility is estimated by reference to the company’s stage of development and comparable market data. The expected life of the options is determined based on the period between the grant date and the expected exit date, reflecting management’s expectation that options will be exercised shortly after vesting. The risk-free interest rate is based on sterling overnight index average (SONIA) rates applicable at the grant date for a maturity consistent with the expected option life. No dividend yield is assumed, as the company does not expect to pay dividends during the expected life of the options. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the number of options expected to vest, with a corresponding credit recognised in equity within the capital contribution reserve. Vesting conditions which are service-related or non-market performance conditions are not taken into account when measuring fair value at the grant date but are reflected through an estimate of the number of options expected to vest. This estimate is reviewed at each reporting date and revised where necessary, with any cumulative adjustment recognised in the income statement. Where options fail to vest due to employees ceasing to provide services during the vesting period, any previously recognised expense in respect of those options is reversed. Where options are cancelled or lapse after vesting, no reversal of expense is made. Where options are cancelled or settled during the vesting period by the company, the cancellation is treated as an acceleration of vesting, and the amount that would otherwise have been recognised for services received over the remainder of the vesting period is recognised immediately in the income statement.
Investments in subsidiaries
Investments in subsidiaries are stated in the Company’s individual financial statements at cost less any accumulated impairment losses. Cost includes the consideration paid to acquire the investment. At each reporting date, investments in subsidiaries are reviewed for indicators of impairment. Where such indicators exist, the carrying value of the investment is tested for impairment and any impairment loss is recognised in profit or loss. Income from investments in subsidiaries is recognised when the Company’s right to receive payment is established.
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Basecamp Research Ltd Notes to the Accounts for the year ended 31 December 2024
4
Tangible fixed assets
Plant & machinery
Computer equipment
Total
£
£
£
Cost or valuation
At cost
At cost
At 1 January 2024
34,832
325,333
360,165
Additions
-
4,968,814
4,968,814
At 31 December 2024
34,832
5,294,147
5,328,979
Depreciation
At 1 January 2024
24,659
59,695
84,354
Charge for the year
10,173
230,437
240,610
At 31 December 2024
34,832
290,132
324,964
Net book value
At 31 December 2024
-
5,004,015
5,004,015
At 31 December 2023
10,173
265,638
275,811
5
Debtors
2024
2023
£
£
Amounts falling due within one year
VAT
259,026
120,515
Trade debtors
41,361
39,600
Amounts due from group undertakings etc.
87,402
-
Accrued income and prepayments
766,250
49,708
Other debtors
3,241,465
1,872,754
4,395,504
2,082,577
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
460,773
632,475
Other creditors
6,764
578
Deferred income
-
100,000
467,537
733,053
7
Share capital
2024
2023
£
£
Allotted, called up and fully paid:
2,000,000 Ordinary Shares of £0.000001 each
2
2
769,231 A preference shares of £0.000001 each
0.76
0.76
1,481,374 A1 preference shares of £0.000001 each
1.48
1.48
1,677,397 A2 preference shares of £0.000001 each
1.67
1.67
3,063,333 B preference shares of £0.000001 each
3.06
-
8.97
5.91
Shares issued during the period:
3,063,333 B preference shares of £0.000001 each
3.06
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Basecamp Research Ltd Notes to the Accounts for the year ended 31 December 2024
8
Capital contribution reserve
The total share-based payment charge recognised in the profit and loss account for the year was £81,904. Included within this amount is a charge of £35,431 relating to equity-settled share-based payment arrangements granted in the period from 2021 to 2023 which had not previously been recognised. The directors have concluded that the impact of recognising these costs in the current year is not material to the prior period financial statements. Accordingly, no restatement of comparative information has been made and the charge has been recognised in the current year. The remaining £46,473 relates to share-based payment expense arising in respect of options granted and vesting during the current year.
9
Post balance sheet events
Subsequent to the balance sheet date, on 12 January 2026, the company received investment of USD 25,000,000 under a Simple Agreement for Future Equity (SAFE) from NVIDIA Ventures. The SAFE entitles the investor to future equity in the company upon the occurrence of a qualifying financing event, in accordance with the terms of the agreement. As the SAFE was entered into after the balance sheet date and relates to conditions arising subsequent to that date, no adjustment has been made to the figures included in these financial statements.
10
Average number of employees
During the year the average number of employees was 26 (2023: 29).
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