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Registered number: 09031562 STARTUPBOOTCAMP IOT LTD ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
STARTUPBOOTCAMP IOT LTD COMPANY INFORMATION
DIRECTOR | Mr R Crouan
REGISTERED NUMBER | 09031562
REGISTERED OFFICE | 44F Randolph Avenue
| London
| W9 1BE
INDEPENDENT AUDITORS | Lakin Rose Limited
| Chartered Accountants & Statutory Auditors
| Cambridge House
| Camboro Business Park
| Girton
| Cambridge
| CB3 0QH
STARTUPBOOTCAMP IOT LTD CONTENTS
| Page
Strategic Report | 1 - 2
Director's Report | 3 - 4
Independent Auditors' Report | 5 - 9
Statement of Income and Retained Earnings | 10
Balance Sheet | 11
Statement of Cash Flows | 12
Notes to the Financial Statements | 13 - 17
STARTUPBOOTCAMP IOT LTD STRATEGIC REPORT FOR THE YEAR ENDED 31 MAY 2025
INTRODUCTION
The principal operation of Startupbootcamp IoT Ltd was to fund and support the activities of the Innovation and growth program for the Internet of Things and Industrial internet led by DisruptVenture Ltd. This program selected between 8 to 12 early stage companies every year, to help them grow and get to market with a ready to sell product by connecting them to Mentors, Corporate Partners, Workshop Experts and Investors. The company delivered its first program during 2017 and it’s last in March 2019. Programs were funded by raising equity finance from Cisco Systems International B.V. and DLL (ZVP Fin Tech B.V) and sponsorship revenues from Premier Farnell. Historically the company’s revenue derived mainly from Corporate partners and investors who understand the need to keep abreast of new innovation which may impact on their core business. They recognised the importance of outsourcing this activity, relying on Startupbootcamp IoT to identify these innovators so that they can work with them directly.
BUSINESS REVIEW
The company's only activity during this year was to passively hold investments it has previously made via the IoT program.
PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties have not changed since 2020. There are still some concerns with the ability of the investments held to provide a return in the form of either dividends and/or crystallisation of the original investment. This is not something within the control of this company.
FINANCIAL KEY PERFORMANCE INDICATORS
The success of the IoT program will be the crystallisation of investments now held.
OTHER KEY PERFORMANCE INDICATORS
Measurement will centre around the return these startup businesses generate once they have brought their products to market as well as their ability to grow or fold as a global view on the portfolio. Page 1
STARTUPBOOTCAMP IOT LTD STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025
DIRECTOR'S STATEMENT OF COMPLIANCE WITH DUTY TO PROMOTE THE SUCCESS OF THE COMPANY
Under section 172(1) of the Companies Act 2006, the Board has a duty to act in good faith and in a way that would be most likely to promote the success of the Company for the benefit of its shareholders whilst having regard to matters set out in S172(1) (a-f) of the Act: 1 - the likely long term consequences of decisions; 2- the interest of the Company’s employees; 3- the need to foster the Company’s business relationships with suppliers, customers and others; 4- the impact of the Company’s operations on the community and the environment; 5- the desirability of the Company maintaining a reputation for high standards of business and conduct; and 6- the need to act fairly as between the Company’s owners. To discharge their section 172(1) duties the Board had regard to the factors set out above in making the principal decisions taken by the Company. The Company is a limited company with no employees. However it has some suppliers and equity interests in other companies. Due to the nature of the business, the Board primarily considers the interests of its shareholders and in particular it’s parent company, CISCO with regard to performing their duties under S172(1). All Board decisions made during the year were made to promote the long term success of both the Company, it’s holdings in the remaining startups and its ultimate parent company. DEVELOPMENT DURING THE YEAR There was no real main decision taken by the Board during the year and all activities were done in the best interest of the company's stakeholders as a whole. This report was approved by the board on 30 January 2026 and signed on its behalf.
Mr R Crouan Director
Page 2
STARTUPBOOTCAMP IOT LTD DIRECTOR'S REPORT FOR THE YEAR ENDED 31 MAY 2025 The director presents his report and the financial statements for the year ended 31 May 2025.
DIRECTOR'S RESPONSIBILITIES STATEMENT
The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to: ∙select suitable accounting policies for the company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
RESULTS AND DIVIDENDS
The loss for the year, after taxation, amounted to £5,034 (2024 - loss £9,933). A dividend for the year has not been recommended or paid.
DIRECTOR
The director who served during the year was:
Mr R Crouan
FUTURE DEVELOPMENTS
The company has no future plans to continue to support any IoT programs and intends to passively hold investments made to date.
ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS
The company currently has a limited creditor base and keeps those it does deal with fully informed of developments. Page 3
STARTUPBOOTCAMP IOT LTD DIRECTOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025
DISCLOSURE OF INFORMATION TO AUDITORS
The director at the time when this Director's Report is approved has confirmed that: ∙so far as he is aware, there is no relevant audit information of which the company's auditors are unaware, and ∙he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.
POST BALANCE SHEET EVENTS
There have been no significant events affecting the company since the year end. This report was approved by the board on 30 January 2026 and signed on its behalf.
Mr R Crouan Director
Page 4
STARTUPBOOTCAMP IOT LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STARTUPBOOTCAMP IOT LTD
OPINION
We have audited the financial statements of Startupbootcamp IOT Ltd (the 'company') for the year ended 31 May 2025, which comprise the Statement of Income and Retained Earnings, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the company's affairs as at 31 May 2025 and of its loss for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
BASIS FOR OPINION
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
CONCLUSIONS RELATING TO GOING CONCERN
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. Page 5
STARTUPBOOTCAMP IOT LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STARTUPBOOTCAMP IOT LTD (CONTINUED)
OTHER INFORMATION
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of director's remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
RESPONSIBILITIES OF DIRECTORS
As explained more fully in the Director's Responsibilities Statement set out on page 3, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so. Page 6
STARTUPBOOTCAMP IOT LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STARTUPBOOTCAMP IOT LTD (CONTINUED)
AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Extent to which the audit was considered capable of detecting irregularities, including fraud We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. Identifying and assessing potential risks related to irregularities In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: • the nature of the industry and sector, control environment and business performance including the design of the company’s remuneration policies, key drivers for directors’ remuneration, bonus levels and performance targets; • results of our enquiries of management about their own identification and assessment of the risks of irregularities; • any matters we identified having obtained and reviewed the company’s documentation of their policies and procedures relating to: - identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance; - detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; - the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; • the matters discussed among the audit engagement team and involving relevant internal specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to disposal of unlisted investments. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and UK tax legislation. Page 7
STARTUPBOOTCAMP IOT LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STARTUPBOOTCAMP IOT LTD (CONTINUED) In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. We identified no such laws and regulations applicable to the company. Audit response to risks identified As a result of performing the above, we identified misstatement of funds from disposal of investments as a key audit risk related to the potential risk of fraud. Our procedures to respond to risks identified included the following: • reviewing the financial statement disclosures and testing to supporting documentation to to validate investments were still owned by the company. To include, where appropriate, searches of Companies House records to support continued ownership; • enquiring of management concerning actual investments still in ownership; • performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; • obtained an understanding of impairment and held discussions with management to understand the basis of recognition or non-recognition of impairment provisions; and • in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or non compliance with laws and regulations throughout the audit. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report. Page 8
STARTUPBOOTCAMP IOT LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STARTUPBOOTCAMP IOT LTD (CONTINUED)
USE OF OUR REPORT
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Natalie Peacock (Senior Statutory Auditor) for and on behalf of Lakin Rose Limited Chartered Accountants Statutory Auditors Cambridge House Camboro Business Park Girton Cambridge CB3 0QH 30 January 2026 Page 9
STARTUPBOOTCAMP IOT LTD STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED 31 MAY 2025
| 2025 | 2024
| £ | £
Administrative expenses |  | (5,034) | (9,414)
Operating loss |  | (5,034) | (9,414)
Investment income |  | - | (519)
Loss before tax |  | (5,034) | (9,933)
Tax on loss |  | - | -
Loss after tax |  | £(5,034) | £(9,933)
Retained earnings at the beginning of the year |  | (674,736) | (664,803)
|  | (674,736) | (664,803)
Loss for the year |  | (5,034) | (9,933)
Retained earnings at the end of the year |  | £(679,770) | £(674,736)
There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of income and retained earnings.
The notes on pages 13 to 17 form part of these financial statements.
Page 10
STARTUPBOOTCAMP IOT LTD REGISTERED NUMBER: 09031562 BALANCE SHEET AS AT 31 MAY 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 5 |  | 28 |  | 28
|  |  | 28 |  | 28
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 6 | 1 |  | 1 |
Cash at bank and in hand |  | 124,951 |  | 133,385 |
|  | 124,952 |  | 133,386 |
Creditors: amounts falling due within one year | 7 | (25,729) |  | (29,129) |
Net current assets |  |  | 99,223 |  | 104,257
Total assets less current liabilities |  |  | 99,251 |  | 104,285
Net assets |  |  | £99,251 |  | £104,285
Capital and reserves |  |  |  |  |
Called up share capital | 9 |  | 779,021 |  | 779,021
Profit and loss account | 10 |  | (679,770) |  | (674,736)
|  |  | £99,251 |  | £104,285
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 January 2026.
Mr R Crouan
Director
The notes on pages 13 to 17 form part of these financial statements. Page 11
STARTUPBOOTCAMP IOT LTD STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MAY 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Loss for the financial year | (5,034) | (9,933)
Adjustments for: |  |
Impairments of investments | - | 519
(Decrease) in creditors | (3,400) | (400)
Net cash generated from operating activities | (8,434) | (9,814)
Net (decrease) in cash and cash equivalents | (8,434) | (9,814)
Cash and cash equivalents at beginning of year | 133,385 | 143,199
Cash and cash equivalents at the end of year | £124,951 | £133,385
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 124,951 | 133,385
| £124,951 | £133,385
The notes on pages 13 to 17 form part of these financial statements.
Page 12
STARTUPBOOTCAMP IOT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
1. | GENERAL INFORMATION
The company is a private company limited by shares and is incorporated and domiciled in England & Wales. The address of its registered office is 44F Randolph Avenue, London, W9 1BE. 2.ACCOUNTING POLICIES
| 2.1 | BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies. The following principal accounting policies have been applied:
| 2.2 | GOING CONCERN
The financial statements have been prepared on the going concern basis which assumes that the company will continue as a going concern for the foreseeable future. The director has considered the company's cash position at the date of approval of the financial statements and its cash forecasts for the foreseeable future. The director is satisfied that the company has adequate cash resources and sufficiently predictable levels of expenditure to conclude that the company is a going concern and hence continue to adopt that basis of accounting in preparing these financial statements.
| 2.3 | FINANCE COSTS
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.4 | VALUATION OF INVESTMENTS
Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
| 2.5 | FINANCIAL INSTRUMENTS
The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement Page 13
STARTUPBOOTCAMP IOT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.5 | FINANCIAL INSTRUMENTS (continued)
of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. 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 the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Page 14
STARTUPBOOTCAMP IOT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.5 | FINANCIAL INSTRUMENTS (continued)
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.
3. | AUDITORS' REMUNERATION
| During the year, the company obtained the following services from the company's auditors and their associates:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the company's auditors and their associates for the audit of the company's financial statements | 4,300 | 3,800
4. | EMPLOYEES
| The Company has no employees other than the directors, who did not receive any remuneration (2024 - £NIL).
Page 15
STARTUPBOOTCAMP IOT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
5. | FIXED ASSET INVESTMENTS
|  | Unlisted investments
|  | £
| Cost or valuation |
| At 1 June 2024 | 28
| At 31 May 2025 | 28
| Net book value |
| At 31 May 2025 | £28
| At 31 May 2024 | £28
6. | DEBTORS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Called up share capital not paid | 1 | 1
|  | £1 | £1
7. | CREDITORS: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other creditors | 20,731 | 20,731
| Accruals and deferred income | 4,998 | 8,398
|  | £25,729 | £29,129
Page 16
STARTUPBOOTCAMP IOT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
8. | FINANCIAL INSTRUMENTS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Financial assets |  |
| Financial assets measured at fair value through profit or loss | £124,951 | £133,385
| Financial assets measured at fair value through profit or loss comprise cash at bank.
9. | SHARE CAPITAL
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 779,020 (2024 - 779,020) Ordinary shares of £1.00 each | 779,020 | 779,020
|  | 1 (2024 - 1) A Ordinary share of £1.00 | 1 | 1
|  |  | £779,021 | £779,021
| The Ordinary shares have prior call on dividends and on liquidation in preference to the A Ordinary share.
10. | RESERVES
Profit and loss account This account includes all current and prior period retained profit and losses.
11. | CONTROLLING PARTY
The company is controlled by CISCO Systems International B.V. by virtue of its majority shareholding. The ultimate controlling party is CISCO Systems Inc, a company incorporated in United States of America.
Page 17