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Registration number: 04873279

BOXARR Limited
Unaudited Filleted Financial Statements
for the Year Ended 31 December 2025

Pages for filing with Registrar

BOXARR Limited

Contents

Company Information | 1
Balance Sheet | 2 to 3
Notes to the Unaudited Financial Statements | 4 to 12

BOXARR Limited

Company Information

Directors | R M Young R J Humm A Skiba

Registered office | 1st Floor 25 King Street Bristol BS1 4PB

Registered number | 04873279

Accountant | Corrigan Accountants Limited 1st Floor 25 King Street Bristol BS1 4PB

BOXARR Limited

(Registration number: 04873279)
Balance Sheet as at 31 December 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 4 | 1,568 | 2,087
Current assets |  |  |
Debtors | 5 | 458,910 | 251,066
Cash at bank and in hand |  | 188,658 | 163,978
|  | 647,568 | 415,044
Creditors: Amounts falling due within one year | 6 | (637,040) | (523,379)
Net current assets/(liabilities) |  | 10,528 | (108,335)
Net assets/(liabilities) |  | 12,096 | (106,248)
Capital and reserves |  |  |
Called up share capital | 7 | 7,185 | 7,185
Share premium reserve |  | 4,724,678 | 4,724,678
Profit and loss account |  | (4,719,767) | (4,838,111)
Total equity |  | 12,096 | (106,248)

BOXARR Limited

(Registration number: 04873279)
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 in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 4 March 2026 and signed on its behalf by:

......................................... R M Young Director |  |

BOXARR Limited

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

1 | Statutory information

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

The address of its registered office is:
1st Floor
25 King Street
Bristol
BS1 4PB

2 | Accounting policies

Summary of significant accounting policies

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.

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 and the going concern basis which is based on the improvement in the company's trading and the balance sheet position at the year end.
The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The company’s financial statements have been prepared on a going concern basis which assumes that the company has sufficient funds to meet its liabilities as they fall due and continue to trade for the foreseeable future. The directors have indicated their willingness to continue to support the company and accordingly the accounts have been prepared on the basis that the company is a going concern.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.

BOXARR Limited

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 sterling at the rates prevailing on the reporting period date. Exchange gains and losses are taken to profit and loss and classified within Administrative expenses.

Tax

The tax expense or credit for the period comprises current 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible fixed assets

Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation.
The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Computer hardware | 33% on cost
Office equipment | 25% on cost

Research and development costs

Expenditure on research and development is written off to the profit and loss during the year in which it is incurred.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

Trade debtors

Trade debtors are recognised initially at the transaction price. They are subsequently measured less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are recognised at the transaction price.

BOXARR Limited

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

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.

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.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.

Share based payments

The company has issued options over its unissued shares to employees and other parties. FRS 102 requires that the cost of equity-settled transactions is measured by reference to the fair value of the equity instruments granted at the date at which they are granted and is recognised as an expense over the vesting period, which ends on the date on which the relevant option holders become fully entitled to the award. Fair value is determined using the Black Scholes method.
FRS 102 then requires that at each balance sheet date before vesting, the cumulative expense is calculated, representing the extent to which the vesting period has expired and taking into account management's best estimate of the achievement or otherwise of non-market conditions and of the number of equity instruments that will ultimately vest. The movement in cumulative expense since the previous balance sheet date is recognised in the profit and loss account, with a corresponding entry in equity.
As permitted by FRS102, these financial statements do not include any expense for those share options granted prior to the period in which FRS102 was adopted for the first time (i.e. prior to 1 January 2016).
In respect of options granted since 1 January 2016, no such expense is included in these financial statements (including the results of the comparative period) on the grounds the expense is not material.

BOXARR Limited

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

3 | Staff numbers

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

4 | Tangible fixed assets

| Office Equipment £ | Computer hardware £ | Total £
Cost
At 1 January 2025 | 1,513 | 17,860 | 19,373
Additions | - | 678 | 678
Disposals | (1,513) | (4,073) | (5,586)
At 31 December 2025 | - | 14,465 | 14,465
Depreciation
At 1 January 2025 | 1,513 | 15,773 | 17,286
Charge for the year | - | 1,197 | 1,197
Eliminated on disposal | (1,513) | (4,073) | (5,586)
At 31 December 2025 | - | 12,897 | 12,897
Carrying amount
At 31 December 2025 | - | 1,568 | 1,568
At 31 December 2024 | - | 2,087 | 2,087

BOXARR Limited

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

5 | Debtors: amounts falling due within one year

| 2025 £ | 2024 £
Trade debtors | 346,570 | 169,580
Other debtors | 4,675 | 7,325
Prepayments | 107,665 | 74,161
| 458,910 | 251,066

6 | Creditors

| 2025 £ | 2024 £
Trade creditors | 60,393 | 25,640
Social security and other taxes | 18,404 | 14,422
Other Creditors | 9,600 | 9,600
Accruals and deferred Income | 548,643 | 473,717
| 637,040 | 523,379

7 | Share capital

Alloted, called up and fully paid shares

|  |  | 2025 |  |  |  | 2024 |  |
|  | No. |  | £ |  | No. |  | £ |
Ordinary shares of £0.01 each |  | 439,554 |  | 4,396 |  | 439,554 |  | 4,396 |
A1 Ordinary shares of £0.0099 each |  | 164,988 |  | 16 |  | 164,988 |  | 16 |
Deferred shares of £0.0001 each |  | 164,988 |  | 1,633 |  | 164,988 |  | 1,633 |
A Ordinary shares of £0.01 each |  | 114,000 |  | 1,140 |  | 114,000 |  | 1,140 |
|  | 883,530 |  | 7,185 |  | 883,530 |  | 7,185 |

BOXARR Limited

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

8 | Related party transactions

Summary of transactions with other related parties

During the year ended 31 December 2025, the company entered into transactions with related parties. All transactions were carried out on normal commercial terms. Amounts outstanding at the year‑end are unsecured, interest‑free and are repayable on demand unless stated otherwise.

Expenditure with and payables to related parties

2025 | Entities with joint control or significant influence £
Related party transactions | 101,889
Amounts payable to related party | 10,540

2024 | Entities with joint control or significant influence £
Related party transactions | 90,100
Amounts payable to related party | 4,560

BOXARR Limited

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

9 | Share-based payments

Share options

Scheme details and movements

The company has issued options over its unissued shares to employees and other parties. Some options vest when they are granted but most vest at annual intervals ranging from 1 to 5 years from the date of grant, and vesting may also be conditional upon other criteria such as the option holder's continuing employment by the company.
The term of the options ranges from 2 to 10 years from the date of grant.

The movements in the number of share options during the year were as follows:

| 2025 Number | 2024 Number
Outstanding, start of period | 122,864 | 44,864
Granted during the period | - | 95,026
Forfeited during the period | - | (12,000)
Exercised during the period | - | (5,026)
Outstanding, end of period | 122,864 | 122,864
Exercisable, end of period | 77,864 | 32,864

The movements in the weighted average exercise price of share options during the year were as follows:

| 2025 £ | 2024 £
Outstanding, start of period | 1.05 | 3.38
Granted during the period | 0.00 | 0.01
Forfeited during the period | 0.00 | 1.97
Exercised during the period | 0.00 | 0.01
Outstanding, end of period | 1.05 | 1.05
Exercisable, end of period | 1.65 | 3.90

BOXARR Limited

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

As permitted by FRS102, these financial statements do not include any expense for options brought forward at 1 January 2016, because they were granted prior to the period in which FRS102 was adopted for the first time.
In respect of options granted since 1 January 2016, no such expense is included in these financial statements (including the results of the comparative period) on the grounds the expense is not material.

EMI options

Scheme details and movements

The company has issued options over its EMI shares to employees and other parties. Some options vest when they are granted but most vest at annual intervals ranging from 1 to 5 years from the date of grant, and vesting may also be conditional upon other criteria such as the option holder's continuing employment by the company.
The term of the options ranges from 2 to 10 years from the date of grant.

The movements in the number of share options during the year were as follows:

| 2025 Number | 2024 Number
Outstanding, start of period | 117,182 | 50,482
Granted during the period | - | 100,000
Forfeited during the period | - | (33,300)
Outstanding, end of period | 117,182 | 117,182
Exercisable, end of period | 67,182 | 17,182

The movements in the weighted average exercise price of share options during the year were as follows:

| 2025 £ | 2024 £
Outstanding, start of period | 0.30 | 3.10
Granted during the period | 0.00 | 0.01
Forfeited during the period | 0.00 | 3.68
Outstanding, end of period | 0.30 | 0.30
Exercisable, end of period | 0.51 | 1.97

BOXARR Limited

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

As permitted by FRS102, these financial statements do not include any expense for the options brought forward at 1 January 2016, because they were granted prior to the period in which FRS102 was adopted for the first time.
In respect of options granted since 1 January 2016, no such expense is included in these financial statements (including the results of the comparative period) on the grounds the expense is not material.