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REGISTERED NUMBER: 09604780 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

FEEDSTOCK LTD

FEEDSTOCK LTD (REGISTERED NUMBER: 09604780)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 4 |

FEEDSTOCK LTD

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2025

| DIRECTOR: | Mr L Wurfbain

| REGISTERED OFFICE: | 7 Savoy Court

| London

| WC2R 0EX

| REGISTERED NUMBER: | 09604780 (England and Wales)

| ACCOUNTANTS: | Green and Purple Limited

| Building 1000

| Cambridge Research Park

| Waterbeach

| Cambridgeshire

| CB25 9PD

FEEDSTOCK LTD (REGISTERED NUMBER: 09604780)

BALANCE SHEET

31 DECEMBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Intangible assets | 4 | 5,391,499 |  | 5,771,665 |  |

Tangible assets | 5 | 1,502 |  | 1,731 |  |

5,393,001 |  | 5,773,396 |  |

CURRENT ASSETS

Debtors | 6 | 109,515 |  | 120,095 |  |

Prepayments and accrued income | 13,859 |  | 11,981 |  |

Cash at bank | 43,880 |  | 5,234 |  |

167,254 |  | 137,310 |  |

CREDITORS

Amounts falling due within one year | 7 | (403,641 | ) | (504,445 | ) |

NET CURRENT LIABILITIES | (236,387 | ) | (367,135 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 5,156,614 |  | 5,406,261 |  |

CREDITORS

Amounts falling due after more than one year | 8 | - |  | (9,167 | ) |

PROVISIONS FOR LIABILITIES | (597,826 | ) | (647,801 | ) |

NET ASSETS | 4,558,788 |  | 4,749,293 |  |

CAPITAL AND RESERVES

Called up share capital | 9 | 636 |  | 577 |  |

Share premium | 6,250,435 |  | 6,029,634 |  |

Retained earnings | (1,692,283 | ) | (1,280,918 | ) |

SHAREHOLDERS' FUNDS | 4,558,788 |  | 4,749,293 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

FEEDSTOCK LTD (REGISTERED NUMBER: 09604780)

BALANCE SHEET - continued

31 DECEMBER 2025

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 5 March 2026 and were signed by:

Mr L Wurfbain - Director

FEEDSTOCK LTD (REGISTERED NUMBER: 09604780)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1. | Statutory information

| Feedstock Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | Accounting policies

| Basis of preparing the financial statements

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

| Going Concern

| The financial statements have been prepared on a going concern basis. The company incurred a loss before tax of £487,008 during the period. The company have prepared forecasts which take account of the impact of the macro-economic challenges and the directors are of the opinion that they should continue to adopt the going concern basis.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Intangible assets

| Development costs are initially recognised at cost. After initial recognition they are measured at cost less any accumulated amortisation and accumulated impairment losses.

| Tangible fixed assets

| Tangible assets are initially recorded at cost and subsequently stated at cost less accumulation depreciation.

| Depreciation

| Depreciation is provided at the following rates:

| Office equipment |  | 10% reducing balance |  |

| Computer equipment |  | 25% straight line |  |

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

FEEDSTOCK LTD (REGISTERED NUMBER: 09604780)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

2. | Accounting policies - continued

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. | Employees and directors

| The average number of employees during the year was 2 (2024 - 2 ) .

4. | Intangible fixed assets

| Other

| intangible

| assets

£ |

| Cost

| At 1 January 2025 | 7,129,068 |  |

| Additions | 332,738 |  |

| At 31 December 2025 | 7,461,806 |  |

| Amortisation

| At 1 January 2025 | 1,357,403 |  |

| Charge for year | 712,904 |  |

| At 31 December 2025 | 2,070,307 |  |

| Net book value

| At 31 December 2025 | 5,391,499 |  |

| At 31 December 2024 | 5,771,665 |  |

5. | Tangible fixed assets

| Plant and

| machinery

| etc

£ |

| Cost

| At 1 January 2025 | 26,438 |  |

| Additions | 1,083 |  |

| Disposals | (7,675 | ) |

| At 31 December 2025 | 19,846 |  |

| Depreciation

| At 1 January 2025 | 24,707 |  |

| Charge for year | 450 |  |

| Eliminated on disposal | (6,813 | ) |

| At 31 December 2025 | 18,344 |  |

| Net book value

| At 31 December 2025 | 1,502 |  |

| At 31 December 2024 | 1,731 |  |

FEEDSTOCK LTD (REGISTERED NUMBER: 09604780)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

6. | Debtors: amounts falling due within one year |

2025 | 2024 |

£ | £ |

| Trade debtors | 1,171 |  | 52,685 |  |

| Other debtors | 108,344 |  | 67,410 |  |

109,515 |  | 120,095 |  |

7. | Creditors: amounts falling due within one year |

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts | 9,168 |  | 10,000 |  |

| Trade creditors | 17,486 |  | 21,844 |  |

| Taxation and social security | 37,335 |  | 17,196 |  |

| Other creditors | 339,652 |  | 455,405 |  |

403,641 |  | 504,445 |  |

8. | Creditors: amounts falling due after more than one year |

2025 | 2024 |

£ | £ |

| Bank loans | - |  | 9,167 |  |

9. | Called up share capital

| Allotted, issued and fully paid:

| Number |  | Class |  | Nominal value |  | 31.12.2025 |  | 31.12.2024 |  |

| 100,000 |  | Ordinary |  | 0.001 |  | 100 |  | 100 |  |

| 60,382 |  | Ordinary A |  | 0.001 |  | 60 |  | 60 |  |

| 26,772 |  | Series Seed |  | 0.001 |  | 27 |  | 27 |  |

| 3,768 |  | Series Seed B |  | 0.001 |  | 4 |  | 4 |  |

| 55,370 |  | Series A |  | 0.001 |  | 55 |  | 55 |  |

| 6,117 |  | Series A Preferred |  | 0.001 |  | 6 |  | 6 |  |

| 1,800 |  | Ordinary B |  | 0.001 |  | 2 |  | 2 |  |

| 147,644 |  | C Preferred |  | 0.001 |  | 207 |  | 148 |  |

| 175,000 |  | C Ordinary |  | 0.001 |  | 175 |  | 175 |  |

|  | 636 |  | 577 |  |

| During the period, the company issued the following shares:

| On 22nd September 2025, 59,371 C Preferred shares of £0.001 nominal value were issued for £3.72 each.

FEEDSTOCK LTD (REGISTERED NUMBER: 09604780)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

10. | Share-based payment transactions

| Share Options |  | 31.12.2025 |  | 31.12.2024 |  |

|  | Number |  | Number |  |

| Outstanding at the beginning of the period |  | 84,768 |  | 14,768 |  |

| Granted during the period |  | - |  | 70,000 |  |

| Exercised during the period |  | - |  | - |  |

| Cancelled during the period |  | - |  | - |  |

| Outstanding at the end of the period |  | 84,768 |  | 84,768 |  |

| The total charge for the year relating to employee share based payment plans was £Nil (December 2024: £Nil) in accordance with the provisions of FRS 102 (Section 1A).

| On 15 August 2017, the Company commenced the operation of an Enterprise Management Incentive scheme (EMI). At 31 December 2025, 28,900 (December 2024:28,900) EMI options remained in issue. These options have an exercise price of between £0.001 and £20.92 per share.